Final Results

RNS Number : 1196N

Commercial Intnl Bank (Egypt) SAE

10 February 2009

 



Commercial International Bank (Egypt) S.A.E.
Financial Statements
December 31, 2008
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2008
Amounts in L.E.	Note	Dec. 31, 2008		Dec. 31, 2007 restated
Assets
Cash & Due From Central Bank	4	6,493,358,437		4,953,205,430
Due From Banks	5	4,391,051,249		13,782,062,043
Treasury Bills & Other Notes Discountable at CBE	6	12,449,007,406		2,948,674,319
Trading Financial Investments	7	497,554,487		588,473,270
Loans & Overdrafts	10&11	26,330,327,878		20,478,590,841
Financial Derivatives	12	704,890,792		75,307,833
Financial Investments
Available for Sale	8	2,762,232,983		2,347,587,666
Held to Maturity	8	681,263,274		443,894,166
Financial Investments in Subsidiary and associated companies	13	1,138,332,672		365,723,936
Debit Balances and Other Assets	15	942,621,482		1,020,565,573
Deferred Tax		21,840,568		52,819,475
Fixed Assets (Net)	16	715,251,587		607,104,820
Total Assets		57,127,732,815		47,664,009,372
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	17	213,470,012		2,377,082,435
Customer Deposits	18	48,938,109,663		39,514,539,992
Financial Derivatives	12	636,914,744		63,166,763
Dividends & Profit Sharing		-		336,727,470
Credit Balances & Other Liabilities	19	1,194,593,545		735,103,795
Long Term Loans	20	109,273,933		161,356,219
Other Provisions	21	363,218,186		395,332,813
Total Liabilities		51,455,580,083		43,583,309,487
Shareholders' Equity
Issued & Paid- in Capital	22	2,925,000,000		1,950,000,000
Reserves	22	1,033,696,029		2,089,911,959
Reserve for employee stock ownership plan (ESOP)	30	86,727,903		29,159,584
Retained Earning		11,628,342		11,628,342
Total Shareholders' Equity		4,057,052,274		4,080,699,885
Net Profit of the Year		1,615,100,458		0
Total Shareholders' Equity & Net Profit		5,672,152,732		4,080,699,885
Total Liabilities & Shareholders' Equity		57,127,732,815		47,664,009,372
Contingent & commitments Liabilities	23	13,290,994,705		11,559,866,680
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
For Year Ended December 31, 2008
Amounts in LE.	Note	Dec. 31, 2008		Dec. 31, 2007 Restated
Interest and similar income	24	3,772,875,880		2,993,373,614
Interest and similar expenses	24	(1,963,661,240)		(1,796,702,031)
Net Interest Income		1,809,214,640		1,196,671,583
Fees and Commissions income		686,456,733		547,669,248
Fees and Commissions Expense		(73,587,145)		(25,286,540)
Net Income from Fees and Commissions		612,869,588		522,382,708
Dividends Income		141,572,634		66,158,925
Net Trading Income	25	337,579,386		276,191,855
Provisions	11&21	(394,545,539)		(250,416,667)
Profit (losses) from Financial Investments	8	115,831,055		226,135,001
Administrative Expenses		(949,681,007)		(636,363,618)
Other Operating Income	9	183,048,413		181,676
Net Profit before Tax		1,855,889,170		1,400,941,463
Income Tax	28	(209,809,805)		(180,303,950)
Deferred Tax	27	(30,978,907)		12,186,756
Net Profit After Tax		1,615,100,458		1,232,824,269
Earning per share
Basic	29	4.89		3.73
Diluted	29	4.84		3.71
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
For Year Ended Dec. 31, 2008
Amounts in LE.		Dec. 31, 2008		Dec. 31, 2007 Restated
Cash Flow From Operating Activities
Net Income Before Tax		1,855,889,170		1,400,941,463
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		153,818,325		120,918,839
Provisions (Additions during the period)		394,545,539		250,416,667
Trading Financial Investment Evaluation Diff.		87,784,923		(7,680,871)
Impairment of Assets		54,837,345		(4,185,378)
Utilization of Provision (Other than Provision for Doubtful Debts)		(10,943,385)		-
Provisions No Longer Used		(165,365,215)		(7,036,600)
Difference in revaluation of FCY Provision Balances (Except Doubtful Debts)		516,745		(1,904,981)
Gains From Selling of Fixed Assets		(5,052,568)		(1,269,870)
Profit From Selling of Investments		(219,181,953)		(174,061,817)
Profits from Dispose part of a Subsidiary		(50,258,991)		(148,393,558)
FCY Revaluation Difference of Long Term Loans		(922,993)		1,733,674
Share based payments		57,568,319		29,159,584
Operating Profit Before Changes in Operating Assets and Liabilities		2,153,235,261		1,458,637,152
Net Decrease (Increase) in Assets
Due from banks		9,567,610,757		(7,960,703,701)
Treasury Bills & Other Governmental Notes		(7,353,852,038)		2,266,818,190
Trading Financial Assets		3,133,860		306,349,739
Financial Derivatives (Net)		80,117,118		(12,141,070)
Loans & Overdrafts		(6,220,116,065)		(3,054,288,046)
Debit Balances & Other Assets		(13,465,835)		(199,356,212)
Net Increase (Decrease) In Liabilities
Due to Banks		(2,163,612,423)		1,164,558,315
Customer Deposits		9,423,569,671		7,914,312,674
Credit Balances & Other Liabilities		237,857,404		(150,080,573)
Income Tax paid		(29,422,851)		(80,317,367)
Net Cash Provided from Operating Activities		5,685,054,859		1,653,789,221
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
For Year Ended Dec.31,2008		Dec. 31, 2008		Dec. 31, 2007 Restated
Cash Flow From Investment Activities
Sale (Purchase) of Subsidiaries & Associated Companies		(772,608,736)		107,524,396
Prepaid for Fixed Assets, premises and Fitting-out of Branches		(142,698,585)		(278,980,037)
Redemption of Held-to-Maturity Investments		276,189,303		-
Held to Maturity Financial Investment Purchases		(513,558,411)		378,390,172
Available for Sale Financial Investments		(281,257,648)		1,121,812,258
Net Cash (Used in) Investment Activities		(1,433,934,077)		1,328,746,789
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(51,159,293)		60,455,684
Dividends Paid		(336,727,470)		(287,235,147)
Net Cash (Used in) provided from Financing Activities		(387,886,763)		(226,779,463)
Net cash & cash equivalent Changes		3,863,234,019		2,755,756,547
Beginning Balance of cash and cash equivalent		6,779,152,548		4,023,396,001
Cash & Cash equivalent Balance At the End of the Year		10,642,386,576		6,779,152,548
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		6,493,358,437		4,953,205,430
Due From Banks		4,391,051,249		13,782,062,043
Treasury Bills & Other Governmental Notes		12,449,007,406		2,948,674,319
Due From Banks (Time Deposits)		(3,696,607,777)		(13,264,218,534)
Treasury Bills with Maturity More than Three Months		(8,994,422,748)		(1,640,570,710)
Total Cash & Cash Equivalent		10,642,386,567		6,779,152,548

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of December 31, 2008

2007	Capital	Legal Reserves	General Reserves	Retained Earning*	Special Reserves	Reserves for Inv. Rev.*	Profits of the year	Reserve for ESOP	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	-	162,709,903	7,458,634	-	-	3,039,882,343
Effect of Adjusting Accounting Standards	-	-	-	61,784,246	332,016	80,445,723	-	-	142,561,985
Beginning Balance After Adjustments	1,950,000,000	371,230,872	548,482,934	61,784,246	163,041,919	87,904,357	-	-	3,182,444,328
Effect of Adjusting Accounting Standard	-	-	-	(50,155,904)	50,567,396	-	(411,492)	-	-
Transfer to Reserves	-	61,620,639	834,064,668	-	-	-	(895,685,307)	-	-
Dividends Paid	-	-	-	-	-	-	(336,727,470)	-	(336,727,470)
Usage Part of Reserve	-	-	-	-	-	(27,000,826)	-	-	(27,000,826)
Adjusted Net Profits of the Year	-	-	-	-	-	-	1,232,824,269	-	1,232,824,269
Reserve for Employee Stock Ownership plan (ESOP)**	-	-	-	-	-	-	-	29,159,584	29,159,584
Ending Balance	1,950,000,000	432,851,511	1,382,547,602	11,628,342	213,609,315	60,903,531	0	29,159,584	4,080,699,885

2008	Capital	Legal Reserves	General Reserves	Retained Earning*	Special Reserves	Reserves for Inv. Rev.	Profits of the year	Reserve for ESOP	Total
Beginning Balance	1,950,000,000	432,851,511	1,382,547,602	11,628,342	213,609,315	60,903,531	0	29,159,584	4,080,699,885
Retained Earning				-
Net Profits of the Period	-	-	-		-	-	1,615,100,458	-	1,615,100,458
Capital Increase*	975,000,000	-	(975,000,000)		-	-	-	-	-
Usage Part of Reserve	-	-	-		-	(81,215,930)	-	-	(81,215,930)
Reserve for ESOP	-	-	-		-	-	-	57,568,319	57,568,319
Ending Balance	2,925,000,000	432,851,511	407,547,602	11,628,342	213,609,315	(20,312,399)	1,615,100,458	86,727,903	5,672,152,732

 

END

 

 

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