CIB's 2011 Year-end Standalone Financials

RNS Number : 9437X

Commercial Intnl Bank (Egypt) SAE

23 February 2012




Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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 and Due with Central Bank	15		7,492,064,510		5,675,241,791
Due From Banks	16		8,449,298,705		6,769,607,397
Treasury Bills and Other Governmental Notes	17		9,213,390,067		8,821,003,566
Trading Financial Assets	18		561,084,273		1,422,038,841
Loans and Advances to Banks	19		1,395,594,609		125,833,038
Loans and Advances to Customers	20		39,669,785,864		35,048,707,895
Derivative Financial Investments	21		146,544,656		139,263,948
Financial Investments
Available for Sale			15,412,566,069		13,605,347,030
Held to Maturity			29,092,920		289,151,745
Investments in Subsidiary and Associates	23		995,595,778		996,317,538
Real Estate Investments	24		12,774,686		28,695,664
Other Assets	25		1,518,509,876		1,375,945,140
Deferred Tax	33		95,141,726		79,656,694
Property, Plant and Equipment	26		636,775,294		716,071,158
Total Assets			85,628,219,033		75,092,881,445

Liabilities and Equity
Liabilities

Due to Banks	27		3,340,794,517		1,322,279,909
Due to Customers	28		71,574,047,530		63,479,883,624
Derivative Financial Instruments	21		114,287,990		113,551,040
Other Liabilities	30		1,313,785,436		1,128,919,206
Long Term Loans	29		99,333,376		129,113,425
Other Provisions	31		264,625,909		310,238,930
Total Liabilities			76,706,874,758		66,483,986,134

Equity
Issued & Paid- in Capital	32		5,934,562,990		5,901,443,600
Reserves	32		1,085,472,868		396,687,711
Reserve for Employee Stock Ownership Plan (ESOP)			137,354,419		149,520,859
Retained Earnings			15,105,920		20,231,298
Total Equity			7,172,496,197		6,488,024,694
Net Profit of the Year After Tax			1,748,848,078		2,141,011,844
Total Equity and Net Profit for the Year			8,921,344,275		8,613,930,617
Total Liabilities and Equity			85,628,219,033		75,092,881,445
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37		12,559,603,516		11,879,748,713
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			5,459,248,277		4,521,390,287
Interest and Similar Expense			(2,780,703,161)		(2,266,569,515)

Net Interest Income	6		2,678,545,116		2,254,820,772

Fee and Commissions Income			865,620,940		835,154,241
Fee and Commissions Expense			(87,451,431)		(84,876,559)
Net Income from Fees and Commissions	7		778,169,509		750,277,682
Dividend Income	8		69,921,078		1284,309,092
Net Trading Income	9		330,958,993		433,251,040
Profit from Financial Investments	22		76,063,911		102,559,206
Administrative Expenses	10		(1,336,701,608)		(1,187,939,938)
Other Operating (Expenses) Income	11		(85,530,954)		1,771,329
Impairment Charge for Credit Loses	12		(320,648,863)		(6,163,496)
Net Profit before Tax			2,179,777,182		2,532,885,687
Income Tax Expense	13		(446,414,136)		(431,731,219)
Deferred Tax	13 and 33		15,485,032		39,857,376
Net Profit of the Year			1,748,848,078		2,141,011,844
Earning per share	14
Basic			2.44		3.00
Diluted			2.39		2.94

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			2,179,777,182		2,532,885,687
Adjustments To Reconcile Net Profit to Net Cash
Provided by Operating Activities
Depreciation			185,074,214		179,021,238
Assets Impairment Charges			322,276,483		6,783,757
Other Provisions Charges			4,217,707		77,632,778
Trading Financial Investment Revaluation Differences			61,887,578		(76,970,503)
Financial Investments Impairment Charge (Release)			(60,754,172)		(84,837,159)
Utilization of Other Provisions			(3,412,238)		(1,990,637)
Other Provisions No Longer Used			(48,748,110)		(178,037,726)
Exchange Differences of Other Provisions			2,329,620		7,340,620
Profits From Selling Property, Plant and Equipment			(2,716,747)		(1,574,746)
Profits From Selling Financial Investments			(100,273,310)		(209,478,369)
Profits from Selling Associates			(1,873,813)		96
Exchange Difference of Long Term Loans			164,818		141,768
Share Based Payments			77,459,887		66,356,519
Investments in Subsidiary and Associates Revaluation		17,721,760		158,363,395
Real Estate Investments Impairment Charges			400,000		7,800,000
Operating Profits Before Changes in Operating Assets and Liabilities			2,633,530,859		2,653,111,036

Net Decrease (Increase) in Assets and Liabilities
Due from banks			(1,857,455,963)		1,114,664,704
Treasury Bills & Other Governmental Notes			(1,729,254,403)		492,012,203
Trading Financial Assets			799,066,990		(964,447,656)
Derivative Financial Instrument			(6,543,758)		49,107,482
Loans and Advances to Banks and Customers			(6,213,116,023)		(7,776,687,046)
Other Assets			(92,518,310)		(452,877,544)
Due to Banks			2,018,514,608		864,134,680
Due to Customers			8,094,163,906		6,637,253,781
Other Liabilities			(261,547,906)		(436,811,802)
Net Cash Provided from Operating Activities			3,384,840,000		4,179,459,838


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 Subsidiary and Associates			(18,000,000)		(16,452,199)
Proceeds from Selling Subsidiary and Associates			1,000,000		48,750
Purchases of Property, Plant and Equipment			(153,108,029)		(179,733,400)
Redemption of Held-to-Maturity Financial Investments			270,175,192		311,446,590
Purchases of Held to Maturity Financial Investments			(5,000,000)		(5,012,498)
Purchases of Available for Sale Financial Investments			(4,535,816,258)		(9,474,625,202)
Proceeds from Selling Available for Sale Financial Investments			2,181,325,960		3,492,400,008
Proceeds from Selling Real Estate Investments			15,520,978		5,989,700
Net Cash Generated from (Used in) Investing Activities			(2,243,902,157)		(5,865,938,251)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans			(29,944,867)		35,734,615
Dividends Paid			(841,922,204)		(658,369,589)
Capital Increase			33,119,390		25,721,800
Net Cash Generated from (Used in) Financing Activities			(838,747,681)		(596,913,174)

Net Increase (Decrease) in Cash and Cash Equivalent			302,190,161		(2,283,391,587)
Beginning Balance of Cash and Cash Equivalent			7,778,944,041		10,062,335,629
Cash and Cash Equivalent Balance At the End of the Year			8,081,134,202		7,778,944,041

Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank			7,492,064,510		5,675,241,791
Due From Banks			8,449,298,705		9,266,085,911
Treasury Bills and Other Governmental Notes			9,213,390,067		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			(5,237,471,784)		(6,394,795,631)
Treasury Bills with Maturity More than Three Months			(8,821,367,485)		(7,092,113,081)
Total Cash & Cash Equivalent			8,081,134,202		7,778,944,042

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)	Retained Earnings (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	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,708	161,728,985	6,945,599,768
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	25,721,800
Transferred to Reserves	-	87,847,835	1,089,303,930	-	-	-	-	(1,098,587,119)	(78,564,646)	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the Year	-	-	-	-	-	-	-	2,141,011,844	-	2,141,011,844
Transferred to Retained Earnings	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from Financial Investment Revaluation	-	-	-	-	-	108,716,196	-	-	-	108,716,196
Transferred to Bank Risk Reserve	-	-	-	-	-	-	130,339,725	(130,339,725)	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	66,356,519	66,356,519
The Effect of Changing Accounting Policies	-	-	-	-	-	(20,141,227)	-	-	-	(20,141,227)
Balance at the end of the Year	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	(18,014,631)	156,992,515	2,010,672,119	149,520,859	8,608,895,311

Dec.31, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (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	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	(18,014,631)	156,992,515	2,010,672,119	149,520,859	8,608,895,311
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	33,119,390
Transferred to Reserves	-	106,216,559	1,155,710,314	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-
Dividends Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the Year	-	-	-	-	-	-	-	1,748,848,078	-	1,748,848,078
Addition from Financial Investment Revaluation	-	-	-	-	-	(705,056,187)	-	-	-	(705,056,187)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	124,697,104	(124,697,104)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	77,459,887	77,459,887
The Effect of Changing Accounting Policies	-	-	-	15,105,920	-	-	-	(15,105,920)	-	-
Balance at the End of Year	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(723,070,818)	281,689,619	1,624,150,975	137,354,419	8,921,344,275