Consolidated Financial Statem

RNS Number : 8601Q

Commercial Intnl Bank (Egypt) SAE

11 August 2010

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2010
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Jun. 30, 2010
Amounts in EGP	Note	Jun. 30, 2010		Dec. 31,2009 (Restated)
Assets
Cash & Due From Central Bank	15	4,444,111,709		4,179,256,489
Due From Banks	16	7,450,054,044		7,946,147,786
Treasury Bills & Other Notes Discountable at CBE	17	8,971,318,763		13,198,960,913
Trading Financial Assets	18	770,794,333		491,138,956
Loans & Overdrafts for Banks ( Net after Provision)	19	171,581,721		200,765,433
Loans & Overdrafts for Customers ( Net after Provision)	20	31,970,221,338		27,242,306,869
Financial Derivatives	21	179,172,680		225,347,220
Financial Investments
Available for Sale	22	12,129,357,683		7,429,977,151
Held to Maturity	22	551,710,281		590,057,209
Financial Investments in associated companies	23	103,169,652		74,750,645
Brokers-Debit Balances		166,729,518		80,154,770
Reconciliation Accounts- Debit Balances		-		20,302,650
Real Estate Investments	24	39,734,864		42,485,364
Debt Balances and other Assets	25	1,187,908,662		963,058,418
Goodwill		180,420,504		200,467,228
Intangible Assets		539,737,926		573,471,546
Deferred Tax	24	37,210,493		37,232,586
Fixed Assets (Net)	25	25,719,474,202		749,602,993
Total Assets		69,612,708,373		64,245,484,253
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	765,564,434		458,145,229
Customer Deposits	28	59,580,125,527		54,648,654,522
Brokers-Credit Balance		140,500,707		212,593,347
Reconciliation Accounts-Credit Balances		23,851,737		-
Financial Derivatives	21	187,103,062		150,526,830
Credit Balances & Other Liabilities	30	857,097,768		1,162,019,568
Long Term Loans	29	106,602,986		93,237,042
Other Provisions	31	401,975,040		450,056,493
Total Liabilities		62,062,821,261		57,175,233,031
Shareholders' Equity
Issued and Paid In Capital	29	2,950,721,800		2,925,000,000
Reserves	31	3,620,789,333		2,379,311,040
Reserve for employee stock ownership plan (ESOP)		121,008,772		161,728,984
Retained Earning		(212,673,915)		(176,287,838)
Total Shareholders' Equity		6,479,845,990		5,289,752,186
Net Profit of the Period/year		1,023,446,389		1,734,891,714
Total Shareholders' Equity & Net Profit		7,503,292,379		7,024,643,900
Minority Interest		46,594,733		45,607,323
Total Liabilities &  Shareholders' Equity		69,612,708,373		64,245,484,253
Contingent liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,467,165,063		12,637,872,568
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Jun. 30, 2010
Amounts in EGP.	Note	Jun. 30, 2010		Jun. 30, 2009 (Restated)
Interest and Similar Income	6	2,173,625,359		2,068,985,169
Interest Expenses and Similar Charges	6	(1,081,606,785)		(1,060,327,871)
Net Interest Income		1,092,018,574		1,008,657,298
Fees & Commissions Income	7	471,853,605		373,741,198
Fees and Commissions Expense	7	(35,069,249)		(29,671,889)
Net Income from Fees and Commissions		436,784,356		344,069,309
Dividends Income	8	94,796,974		125,577,732
Net Trading Income	9	173,657,204		247,025,568
Profit from Financial Investments	22	161,389,039		31,347,447
Goodwill Amortization		(20,046723)		-
Administrative Expenses	10	(646,266,529)		(591,445,311)
Other operating (Expenses) Income	11	(35,797,516)		(92,107,855)
Return (Losses) of impairment from loans	12	2,072,511		72,963,371
Intangible Assets Amortization		(33,733,620)		(33,733,620)
Bank's share in the profits of Associates		11,392,763		-
Net Profit before Tax		1,236,267,034		1,209,353,939
Income Tax	13	(210,211,143)		(20,021,981)
Deferred Tax	13&33	1,622,092		7,493,138
Net Profit After Tax		1,024,433,799		1,015,825,096
Minority Interest		987,410		2,800,761
Bank Shareholders		1,023,446,389		1,013,024,335
Earning per share
Basic	14	2.77		2.92
Diluted	14	2.72		2.87
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Jun. 30 2010
Amounts in EGP.		Jun.30, 2010		Jun. 30, 2009 (Restated)
Cash Flow from Operating Activities
Net Income Before Tax		1,236,267,034		1,209,353,939
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		91,786,471		96,498,846
Provisions (Formed during the period)		42,704,627		10,012,329
Trading Financial Investment Evaluation Differences		(15,180,477)		(20,047,180)
Intangible Assets Amortization		(33,733,620)		(33,733,620)
Goodwill Amortization		(20,046,723)		-
Impairment of Assets		(29,504,655)		(1,163,011)
Utilization of Provisions (Except Provision for Doubtful Debts)		(1,539,864)		(5,718,752)
Provisions no longer used		(55,673,466)		(72,963,371)
FCY Revaluation Differences of Provision Balances (except Doubtful Debts)		4,669,062		1,916,734
Profits From Selling Fixed Assets		(2,048,472)		(15,393,221)
Profits From Selling financial Investments		(142,299,409)		(45,535,354)
FCY Revaluation Difference of  Long Term Loans		(1,064,017)		308,628
Share Based Payments		37,844,433		40,268,360
Operating Profits Before Changes in Operating Assets and Liabilities		1,112,181,021		1,194,563,769
Net Decrease (Increase) in Assets
Due from banks		467,843,381		(1,910,739,235)
Treasury Bills & Other Notes Discountable at CBE		4,014,793,870		2,216,468,549
Trading Financial Assets		(264,474,901)		(384,074,288)
Financial Derivatives (Net)		82,750,772		(54,273,344)
Loans & Overdrafts		(4,698,730,728)		(873,938,640)
Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(257,619,944)		(60,705,804)
Due to Banks		307,419,205		3,344,897,025
Customer Deposits		4,931,471,005		2,008,299,608
Credit Balances & Other Liabilities		(508,638,905)		(197,776,742)
Net Cash Provided from Operating Activities		5,186,994,775		5,282,720,898
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Jun. 30 2010		Jun. 30, 2010		Jun. 30, 2009 (Restated)
Cash Flow From Investing Activities
Investments in associated companies		(28,419,007)		64,692,178
Purchase of Fixed Assets, premises and Fitting-out of Branches		(26,839,508)		(113,588,087)
Redemption of Held-to-Maturity Financial Investments		59,240,052		48,739,592
Held to Maturity financial Investments Purchases		(20,893,124)		(6,169,428)
Available for Sale Financial Investments		(4,527,576,564)		(4,765,102,108)
Real Estate Investments		2,750,500		3,839,052
Net Cash (Used in) Provided from Investment  Activities		(4,541,737,651)		(4,767,588,801)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		14,429,961		(1,413,896)
Dividends Paid		(661,806,331)		(478,236,553)
Capital Increase		25,721,800		-
Net Cash (Used in) Financing Activities		(621,654,570)		(479,650,449)
Net cash & cash equivalent changes		23,602,553		35,481,648
Beginning Balance of cash and cash equivalent		10,230,779,568		8,778,740,569
Cash & Cash equivalent Balance At the End of the period		10,254,382,122		8,814,222,217
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,444,111,709		4,115,405,443
Due From Banks		7,450,054,044		7,943,572,892
Treasury Bills & other governmental notes		8,971,318,763		11,172,934,588
Due from Banks (Time Deposits) More than Three Months		(7,041,616,954)		(7,639,736,507)
Treasury Bills With maturity More than Three months		(3,569,485,440)		(6,777,954,499)
Total Cash & Cash Equivalent		10,254,382,122		8,814,222,217

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Jun, 30, 2010

Jun. 30, 2009	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 Period (EGP)	Reserve for Employee Stock ownership plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	195,993,785	(20,985,045)	-	1,370,592,742	86,727,903	5,778,368,609	46,280,877	5,824,649,486
Effect of adjusting Accounting Standards	-	-	-	-	-	20,536,766	-	-	-	-	20,536,766	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	206,530,551	(20,985,045)	-	1,370,592,742	86,727,903	5,798,905,375	46,280,877	5,845,186,252
Transferred to reserves	-	80,755,023	1,056,108,882	-	-	-	-	-	(1,136,863,905)	-	-	-	-
Transferred to Retained earning	-	-	-	-	(244,507,717)	-	-	-	244,507,717	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)	-	(478,236,553)
Net profits of the period	-	-	-	-	-	-	-	-	1,013,024,335	-	1,013,024,335	2,800,761	1,015,825,096
Change during the period	-	-	-	-	(2,399,790)	-	-	-	-	-	(2,399,790)	2,148,616	(251,174)
Addition from financial Investment revaluation	-	-	-	-	-	-	64,853,443	-	-	-	64,853,443	-	64,853,443
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	40,268,360	40,268,360	-	40,268,360
Effect of adjusting accounting standards	-	-	-	-	-	-	-	38,088,499	(38,088,499)	-	-	-	-
Balance at the end of the period	2,925,000,000	513,606,534	1,463,656,484	302,794,421	(159,061,817)	206,530,551	43,868,398	38,088,499	974,935,836	126,996,263	6,436,415,170	51,230,255	6,487,645,424

Jun. 30,2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	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	1,708,238,924	161,728,984	7,024,643,899	45,607,323	7,070,251,222
Capital Increase	25,721,800	-	-	-	-	-	-	-	-	-	25,721,800	-	25,721,800
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	-	(1,098,587,119)	-	-	-	-
Transfer to Retained Earnings	-	-	-	-	(37,980,544)	(22,173,982)	-	-	52,154,526	-	(8,000,000)	-	(8,000,000)
Dividends paid	-	-	-	-	-	-	-	-	(661,806,331)	-	(661,806,331)	-	(661,806,331)
Net Profits of the Period	-	-	-	-	-	-	-	-	1,023,446,389	-	1,023,446,389	987,410	1,024,433,799
Change during the period	-	-	-	-	1,594,467	-	-	-	-	-	1,594,467	-	1,594,467
Addition from Financial Investments Revaluation	-	-	-	-	-	-	59,847,721	-	-	-	59,847,721	-	-
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	99,419,052	(99,419,052)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	78,564,646	-	-	-	-	-	-	(40,720,212)	37,844,433	-	37,844,433
Balance at the end of the period	2.50,721,800	601,454,369	2,552,808,230	302,794,421	(212,673,915)	184,356,569	(47,277,045)	126,071,842	924,027,337	121,008,772	7,503,292,379	46,594,733	7,549,887,112

 

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