Interim Results

RNS Number : 2009B

Commercial Intnl Bank (Egypt) SAE

12 August 2008

 



Commercial International Bank (Egypt) S.A.E.
Financial Statements
March 31, 2008
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30 2008
Amounts in L.E.	Note	30-June 2008		31-Dec-2007
Assets
Cash & Due From Central Bank	4	7,218,498,485		4,953,205,430
Due From Banks	5	14,522,244,685		13,782,062,043
Treasury Bills & Other Notes Discountable at CBE	6	2,776,871,582		2,948,674,319
Trading Financial Investments	7	778,685,567		588,473,270
Available for Sale Financial Investments	8	3,520,219,325		2,279,926,299
Loans & Overdrafts (Net of Provision for Doubtful Debts)	9&10	24,196,338,592		20,478,590,841
Held to Maturity Financial Investments	11	286,853,806		443,894,166
Financial Investments in Subsidiary and associated companies	12	345,159,835		365,723,936
Debit Balances and Other Assets	14	1,725,390,609		1,020,565,573
Deferred Tax	27	25,013,643		52,819,475
Fixed Assets (Net)	15	605,340,809		607,104,820
Total Assets		56,000,616,938		47,521,040,172
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	16	4,118,143,802		2,377,082,435
Customer Deposits	17	45,617,890,899		39,514,539,992
Dividends & Profit Sharing		0		336,727,470
Credit Balances & Other Liabilities	18	794,569,372		773,862,137
Long Term Loans	19	125,900,638		161,356,219
Other Provisions	20	416,680,652		395,332,813
Total Liabilities		51,073,185,363		43,558,901,066
Shareholders' Equity
Issued & Paid- in Capital		1,950,000,000		1,950,000,000
Reserves		1,005,541,430		1,982,979,522
Reserve for employee stock ownership plan (ESOP)	30	58,009,830		29,159,584
Capital Increase Reserve	30	975,000,000		-
Total Shareholders' Equity	21	3,988,551,260		3,962,139,106
Net Profit of the Period		938,880,315		-
Total Shareholders' Equity & Net Profit		4,927,431,575		3,962,139,106
Total Liabilities & Shareholders' Equity		56,000,616,938		47,521,040,172
Contingent & commitments Liabilities	22	12,633,488,278		11,529,010,709
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of June. 30 2008
Amounts in LE.	Note	June. 30, 2008		June. 30, 2007
Interest Received from clients & Banks		1,547,978,621		1,183,516,681
Interest Received from Treasury Bills & Bonds		188,595,819		227,025,291
Interest Paid to Clients & Banks		(911,376,754)		(877,427,969)
Net Interest Income		825,197,686		533,114,003
Banking Fees & Commissions		363,336,660		282,332,402
Share Dividends		125,586,173		42,983,621
Foreign Exchange Profit	23	163,656,658		65,320,283
Profit from Selling Financial Investment		148,151,191		50,507,094
Profit from dispose part of subsidiaries	24	50,258,991		148,393,558
Trading financial Investment Revaluation Differences		(15,280,544)		2,433,163
Provisions no longer used	25	94,706,704		-
Other Income		30,337,240		13,622,254
Total Fee Income		960,753,073		605,592,375
Net Operating Income		1,785,950,759		1,138,706,378
Provisions		(164,755,386)		(147,500,000)
Other financial Investment Revaluation Differences	26	(87,605,853)		18,736,033
General & Administrative Expenses & Depreciation		(407,082,773)		(277,733,312)
Other Expenses		(55,055,061)		(38,307,332)
		(714,499,073)		(444,804,611)
Net Operating Profits		1,071,451,686		693,901,767
Non-Operating income		5,034,478		-
Net Profit before Tax		1,076,486,164		693,901,767
Income Tax	28	(109,800,017)		(68,463,423)
Deferred Tax	28&27	(27,805,832)		9,936,179
Net Profit After Tax		938,880,315		635,374,523
Earnings per share	29	4.26		2.88
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June. 30 2008
Amounts in LE.		June 30, 2008		June 30, 2007
Cash Flow From Operating Activities
Net Income Before Tax		1,076,486,164		693,901,767
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		65,209,394		58,369,810
Provisions (Additions during the period)		164,755,386		147,500,000
Trading Financial Investment Evaluation		15,280,544		(2,433,163)
Other Financial Investment Evaluation		87,605,853		(18,736,033)
Utilization of Provision (Other than Provision for Doubtful Debts)		(10,361,191)		-
Provisions no longer used		(94,706,704)		-
FCY Revaluation Differences of Provision Balances except Doubtful Debt		(1,783,606)		(111,248)
Gains From Selling of Fixed Assets		(5,034,478)		-
Profit From Selling of financial Investments		(148,151,191)		(50,507,094)
Profits from dispose part of a subsidiary		(50,258,991)		(148,393,558)
FCY Revaluation Difference of Long Term Loans		729,177		419,660
Reserve for employee stock ownership plan (ESOP)		28,850,246		14,579,792
Operating Profit Before Changes in Operating Assets and Liabilities		1,128,620,603		694,589,933
Net Decrease (Increase) in Assets
Due from banks		(1,015,132,615)		(4,968,766,697)
Treasury Bills & Other Notes Discountable at CBE		55,781,462		3,272,774,493
Trading Financial Investments		(205,492,841)		344,657,129
Available for Sale Financial Investments		(1,129,488,697)		1,123,301,245
Loans & Overdrafts		(3,902,357,346)		(2,297,011,795)
Debit Balances & Other Assets		(629,643,698)		(348,449,201)
Net Increase (Decrease) In Liabilities
Due to Banks		1,741,061,367		512,143,781
Customer Deposits		6,103,350,907		2,533,057,841
Credit Balances & Other Liabilities		5,613,922		(362,878,094)
Net Cash Provided from Operating Activities		2,152,313,064		503,418,635
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June. 30 2008		June 30, 2008		June 30, 2007
Cash Flow From Investment Activities
Sales (Purchases) of subsidiaries & associated companies		18,126,009		82,426,172
Prepaid for Fixed Assets, premises and Fitting-out of Branches		(80,245,398)		(153,256,708)
Redemption of Held-to-Maturity Financial Investments		157,040,360		271,009,186
Net Cash (Used in) Investment Activities		94,920,971		200,178,650
Cash Flow From Financing Activities
Increase in Long Term Loans		(36,184,758)		26,750,908
Dividends Paid		(336,727,470)		(287,235,147)
Reserve for Financial Investments Revaluation Diff.		-		(328,756)
Net Cash (Used in) provided from Financing Activities		(372,912,228)		(260,812,995)
Net cash & cash equivalent changes		1,874,321,807		442,784,290
Beginning Balance of cash and cash equivalent		6,779,152,548		4,023,396,002
Cash & Cash equivalent Balance At the End of the period		8,653,474,355		4,466,180,292
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		7,218,498,485		3,417,012,100
Due From Banks		14,522,244,685		10,397,066,725
Treasury Bills & other notes discountable at the CBE		2,776,871,582		1,558,997,404
Due from Banks (time deposits)		(14,279,351,149)		(10,272,281,530)
Treasury Bills with Maturity More than Three Months		(1,584,789,248)		(634,614,407)
Total Cash & Cash Equivalent		8,653,474,355		4,466,180,292

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of June 30 2008

2007	Capital	Legal Reserves	General Reserves	Capital Increase Reserve	Special Reserves	Reserves for Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	0	162,709,903	7,458,634	0	0	3,039,882,343
Transfer to reserves	0	61,620,639	834,064,668	0	0	0	(895,685,307)	0	0
Distributed profits	0	0	0	0	0	0	(336,727,470)	0	(336,727,470)
Net Profit for period	0	0	0	0	0	0	1,232,412,777	0	1,232,412,777
Usage part of reserve	0	0	0	0	0	(2,588,128)	0	0	(2,588,128)
Reserve for employee stock ownership plan ESOP	0	0	0	0	0	0	0	29,159,584	29,159,584
Ending Balance	1,950,000,000	432,851,511	1,382,547,602	0	162,709,903	4,870,506	0	29,159,584	3,962,139,106

2008	Capital	Legal Reserves	General Reserves	Capital Increase Reserve	Special Reserves	Reserves for Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total
Beginning Balance	1,950,000,000	432,851,511	1,382,547,602	0	162,709,903	4,870,506	0	29,159,584	3,962,139,106
Net Profit for period	0	0	0	0	0	0	938,880,315	0	938,880,315
Capital Increase Reserve	0	0	(975,000,000)	975,000,000	0	0	0	0	0
Usage part of reserve	0	0	0	0	0	(2,338,092)	0	0	(2,338,092)
Reserve for employee stock ownership plan ESOP	0	0	0	0	0	0	0	28,850,246	28,850,246
Ending Balance	1,950,000,000	432,851,511	407,547,602	975,000,000	162,709,903	2,432,414	938,880,315	58,009,830	4,927,431,575

 

END

 

 

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