CIB's 2011 Year-end Consolidated Financials

RNS Number : 9436X

Commercial Intnl Bank (Egypt) SAE

23 February 2012




Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2011



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Dec. 31, 2011
Amounts in EGP	Note	Dec. 31, 2011	Dec. 31, 2010 (Restated)
Assets

Cash & Due From Central Bank	15	7,492,064,510	5,675,241,791
Due From Banks	16	8,528,229,519	7,054,682,826
Treasury Bills & Other Governmental Notes	17	9,260,842,183	8,821,003,566
Trading Financial Assets	18	675,325,450	1,585,747,835
Loans & Advances to Banks ( Net after Provision)	19	1,395,594,609	125,833,038
Loans & Advances to Customers ( Net after Provision)	20	39,669,785,864	35,048,707,895
Derivative Financial Instruments	21	146,544,656	139,263,948
Financial Investments
Available for Sale		15,421,546,277	13,613,839,805
Held to Maturity		39,159,520	299,250,313
Investments in Associates	23	106,676,167	96,827,733
Brokers-Debit Balances		24,185,525	180,368,320
Reconciliation Accounts- Debit Balances		42,507,905	8,185,474
Real Estate Investments	24	12,774,686	28,695,664
Other Assets	25	1,534,819,491	1,384,657,473
Goodwill		120,280,337	160,373,782
Intangible Assets	41	309,353,104	376,820,344
Deferred Tax	33	123,977,698	117,602,829
Property, Plant and Equipment	26	630,508,089	708,330,987
Total Assets		85,534,175,590	75,425,433,623

Liabilities & Shareholders' Equity
Liabilities

Due to Banks	27	3,340,794,517	1,322,279,909
Due to Customer	28	71,467,935,259	63,364,177,278
Brokers-Credit Balance		111,851,855	393,321,036
Derivative Financial Instruments	21	114,287,990	113,551,040
Other Liabilities	30	1,342,737,623	1,170,198,643
Long Term Loans	29	99,333,376	129,113,426
Other Provisions	31	270,800,326	318,889,536

Total Liabilities		76,747,740,946	66,811,530,868

Equity
Issued and Paid In Capital	32	5,934,562,990	5,901,443,600
Reserves	32	1,387,842,060	698,925,842
Reserve for Employee Stock Ownership Plan (ESOP)		137,354,418	149,520,858
Retained Earnings		(334,419,692)	(203,604,610)
Total Equity		7,125,339,776	6,546,285,690
Net Profit of the Year After Tax		1,614,738,322	2,020,651,426
Total Equity And Net Profit For Year		8,740,078,098	8,566,937,116
Minority Interest		46,356,546	46,965,639
Total Minority Interest and Equity		8,786,434,644	8,613,902,755
Total Liabilities, Equity and Minority Interest		85,534,175,590	75,425,433,623
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	12,559,553,516	11,879,698,713
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of Dec. 31, 2011


Amounts in EGP.	Note	Dec. 31, 2011	Dec. 31, 2010 (Restated)

Interest and Similar Income		5,470,990,831	4,525,477,709
Interest and Similar Expenses		(2,781,039,268)	(2,267,786,715)

Net Interest Income	6	2,689,951,563	2,257,690,994

Fees & Commissions Income		930,569,533	939,363,185
Fees and Commissions Expense		(87,622,734)	(85,056,559)
Net Income from Fees and Commissions	7	842,946,799	854,306,626
Dividend Income	8	61,506,980	165,539,152
Net Trading Income	9	343,738,953	447,543,725
Profit from Financial Investments	22	93,933,572	261,754,102
Goodwill Amortization		(40,093,445)	(40,093,445)
Administrative Expenses	10	(1,449,718,695)	(1,324,853,723)
Other operating (Expenses) Income	11	(89,850,283)	(30,594,217)
Impairment Charge for Credit Loans	12	(320,648,863)	(6,163,496)
Intangible Assets Amortization	41	(67,467,240)	(196,651,202)
Bank's Share in the Profits of Associates		(7,859,808)	(4,365,556)
Net Profit Before Tax		2,056,439,533	2,384,112,959
Income Tax Expense	13	(448,586,285)	(440,873,459)
Deferred Tax	13 & 33	6,374,868	78,770,242
Net Profit of The Year		1,614,228,116	2,020,009,742
Minority Interest		(510,206)	1,358,316
Bank Shareholders		1,614,738,322	2,020,651,426
Earning per share	14
Basic		2.19	2.79
Diluted		2.14	2.74

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Dec. 31 2011
Amounts in EGP.		Dec.31, 2011	Dec.31, 2010 Restated
Cash Flow from Operating Activities
Net Profit Before Tax		2,056,439,533	2,384,112,959
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		188,125,507	184,081,368
Assets Impairment Charges		322,276,483	6,783,757
Other Provisions Charges		4,217,707	80,437,982
Trading Financial Investment Revaluation Differences		49,692,862	(76,970,503)
Intangible Assets Amortization		67,467,240	(196,651,202)
Goodwill Amortization		40,093,445	40,093,445
Financial Investments Impairment Charge (Release)		(60,754,172)	84,837,159
Utilization of Other Provisions		(4,068,833)	(1,990,637)
Other Provisions No Longer Used		(50,567,704)	(178,520,239)
Exchange Differences of Other Provisions		2,329,620	7,340,620
Profits From Selling Property, Plants and Equipment		(2,716,747)	(1,574,746)
Profits From Selling financial Investments		(100,273,310)	(209,478,369)
Losses from Selling Associates		(1,873,813)	96
Exchange Differences of Long Term Loans		164,818	141,768
Share Based Payments		77,459,887	66,356,519
Investments in Associates Revaluation		7,151,567	3,406,397
Real Estate Investments Impairment Charges		400,000	7,800,000
Operating Profits Before Changes in Operating Assets and Liabilities		2,595,564,090	2,593,508,778

Net Decrease (Increase) in Assets and Liabilities
Due from banks		(1,851,562,990)	1,108,771,731
Treasury Bills & Other Governmental Notes		(1,729,254,403)	492,012,203
Trading Financial Assets		860,729,523	(1,017,638,376)
Derivative Financial Instruments		(6,543,758)	49,107,482
Loans and Advances to Banks and Customers		(6,213,116,023)	(7,776,687,046)
Other Assets		21,744,773	(171,969,013)
Due to Banks		2,018,514,608	864,134,680
Due to Customers		8,103,757,981	8,715,522,756
Other Liabilities		(560,452,284)	(637,858,814)
Net Cash Provided from Operating Activities		3,239,381,517	4,218,904,381


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Dec. 31, 2011		Dec. 31, 2011	Dec. 31, 2010 Restated
Cash Flow From Investing Activities
Purchase of Associates		(18,000,000)	(16,455,599)
Proceeds from Selling Associates		1,000,000	48,750
Purchase of Property, Plant and Equipment		(157,632,289)	(106,117,083)
Redemption of Held-to-Maturity Financial Investments		270,207,161	311,478,559
Purchases of Held to Maturity Financial Investment		(5,000,000)	(5,012,497)
Purchases of Available for Sale Financial Investments		(4,536,303,691)	(9,474,625,202)
Proceeds from Selling Available For Sale Financial Investments		2,181,457,020	3,493,485,835
Proceeds from Real Estate Investments		15,520,978	5,989,700
Net Cash Generated from (Used in) Investing Activities		(2,248,750,821)	(5,791,207,537)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(29,944,868)	35,734,616
Dividend Paid		(844,414,580)	(661,806,331)
Capital Increase		33,119,390	25,721,800
Net Cash Generated from (Used in) Financing Activities		(841,240,058)	(600,349,915)

Net Increase (Decrease) in Cash and Cash Equivalent		149,390,638	(2,172,653,071)
Beginning Balance of Cash and Cash Equivalent		8,058,126,497	10,230,779,568
Cash & Cash Equivalent Balance At the End of the Year		8,207,517,135	8,058,126,497

Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		7,492,064,510	5,675,241,791
Due From Banks		8,528,229,519	7,054,682,826
Treasury Bills and Other Governmental Notes		9,260,842,183	8,821,003,566
Obligatory Reserve Balance With CBE		(3,014,779,811)	(2,496,478,514)
Due from Banks (Time Deposits) More than Three Months		(5,237,471,783)	(3,904,210,090)
Treasury Bills With Maturity More than Three months		(8,821,367,483)	(7,092,113,082)
Total Cash & Cash Equivalent		8,207,517,135	8,058,126,497

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Dec. 31, 2011

Dec. 31, 2010 Restated	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earning (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Profits of the year (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(176,287,838)	206,530,551	(107,124,766)	26,652,790	1,717,315,559	161,728,984	7,033,720,534	45,607,323	7,079,327,857
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	-	25,721,800	-	25,721,800
Transferred to Reserves	-	87,847,835	1,089,303,930	-	-	-	-	-	(1,098,587,119)	(78,564,646)	-	-	-
Transferred to Retained Earning	-	-	-	-	(28,903,907)	(22,173,982)	-	-	43,077,890	-	(7,999,999)	-	(7,999,999)
Dividend paid	-	-	-	-	-	-	-	-	(661,806,331)	-	(661,806,331)	-	(661,806,331)
Net Profit of the year	-	-	-	-	-	-	-	-	2,020,651,426	-	2,020,651,426	1,358,316	2,022,009,742
Change During the Year	-	-	-	-	1,587,135	-	-	-	-	-	1,587,135	-	1,587,135
Addition from Financial Investment Revaluation	-	-	-	-	-	-	108,847,257	-	-	-	108,847,257	-	108,847,257
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	130,339,725	(130,339,725)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	66,356,519	66,356,519	-	66,356,519
The Effect of Changing Accounting Policies	-	-	-	-	-	-	(20,141,227)	-	-	-	(20,141,227)	-	(20,141,227)
Balance at the End of the Year	5,901,443,600	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754

Dec. 31,2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	-	33,119,390	-	33,119,390
Transfer to Reserves	-	106,216,559	1,155,710,314	-	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(122,852,795)	-	-	-	122,852,795	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(824,183,282)	-	(844,414,580)	-	(844,414,580)
Net Profit of the Year	-	-	-	-	-	-	-	-	1,614,738,322	-	1,614,738,322	(510,206)	1,614,228,116
The Effect of Changing Accounting Policies	-	-	-	-	15,105,920	-	-	-	(15,105,920)	-	-	-	-
Change during the Year	-	-	-	-	(2,836,909)	-	-	-	-	-	(2,836,909)	(98,887)	(2,935,796)
Addition from Financial Investments Revaluation	-	-	-	-	-	-	(704,925,127)	-	-	-	(704,925,127)	-	(704,925,127)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	124,697,104	(124,697,104)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	77,459,887	77,459,887	-	77,459,887
Balance at the end of the year	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,3156	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,099	46,356,546	8,786,434,644