Standalone Financial Statemen

RNS Number : 8602Q

Commercial Intnl Bank (Egypt) SAE

11 August 2010

 



Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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	4,443,419,294		4,179,212,739
Due From Banks	16	7,373,216,564		7,785,042,557
Treasury Bills & Other Notes Discountable at CBE	17	8,966,484,676		13,191,665,954
Trading Financial Assets	18	525,279,647		380,620,682
Loans & Overdrafts for Banks (Net after provisions)	19	171,581,721		200,765,433
Loans & Overdrafts for Customers (Net after provisions)	20	31,970,221,338		27,242,306,896
Financial Derivatives	21	179,172,680		225,347,220
Financial Investments
Available for Sale	22	12,117,471,590		7,420,529,606
Held to Maturity Financial Investments	22	541,595,709		579,926,673
Financial Investments in Subsidiary and associated companies	23	1,155,303,731		1,138,277,487
Real Estate investments	24	39,734,864		42,485,364
Debit Balances and Other Assets	25	1,180,313,426		918,003,883
Deferred Tax	33	37,960,358		39,799,318
Fixed Assets (Net)	26	725,285,450		718,847,964
Total Assets		69,427,040,048		64,062,831,776
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	765,564,434		458,145,229
Customer Deposits	28	59,633,149,045		54,842,629,843
Financial Derivatives	21	128,103,062		150,526,830
Credit Balances & Other Liabilities	30	826,865,606		1,128,964,486
Long Term Loans	29	29,106,602,986		93,237,042
Other Provisions	31	395,966,085		443,728,578
Total Liabilities		61,915,251,217		57,117,232,007
Shareholders' Equity
Issued & Paid- in Capital	32	2,950,721,800		2,925,000,000
Reserves	32	3,318,682,262		2,077,203,969
Reserve for employee stock ownership plan (ESOP)		121,008,772		161,728,984
Retained Earning		20,231,298		(1,942,684)
Total Shareholders' Equity		6,410,644,132		5,161,990,269
Net Profit of the Period		1,101,144,699		1,783,609,500
Total Shareholders' Equity & Net Profit		7,511,788,831		6,945,599,768
Total Liabilities &  Shareholders' Equity		69,427,040,048		64,062,831,776
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,467,215,063		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	2,171,823,754		2,065,422,884
Interest Expense and Similar Charges	6	(1,080,940,095)		(1,059,411,520)
Net Interest Income		1,090,883,659		1,006,011,364
Fees & Commissions Income	7	413,742,057		313,645,336
Fees and Commissions Expense	7	(35,069,249)		(31,987,769)
Net Income from Fees and Commissions		378,672,808		281,657,567
Dividends Income	8	114,614,465		124,448,940
Net Trading Income	9	167,524,037		266,321,735
(Losses) Profit from Financial Investments	22	161,353,260		31,032,893
Administrative Expenses	10	(580,477,568)		(530,589,593)
Other operating (Expenses) Income	11	(27,887,628)		(26,274,460)
Return (Losses) of impairment of loans	12	2,072,511		72,963,371
Net Profit before Tax		1,306,755,545		1,225,571,817
Income Tax	13	(203,771,886)		(195,628,806)
Deferred Tax	13&33	(1,838,960)		9,380,366
Net Profit After Tax		1,101,144,699		1,039,323,377
Earning per share
Basic	14	3.00		3.00
Diluted	14	2.95		2.95
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
Cash Flow From Operating Activities
Net Income Before Tax		1,306,755,545		1,225,571,817
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		89,779,487		94,192,342
Provisions (Formed during the period)		4,421,035		10,012,329
Trading Financial Investment Evaluation Differences		(15,180,477)		(20,074,180)
Impairment of Assets		(29,504,655)		(1,163,011)
Utilization of Provision (except Provisions for Doubtful Debts)		(1,539,864)		(5,061,073)
Provisions no longer used		(55,312,726)		(72,963,371)
FCY Revaluation Differences of Provision Balances except Doubtful Debt		4,669,062		1,916,734
Losses From Selling of Fixed Assets		(2,048,472)		(15,393,221)
Losses From Selling of financial Investments		(142,299,409)		(45,535,354)
Losses from selling an investment in subsidiary		96		-
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		1,196,520,038		1,212,080,000
Net Decrease (Increase) in Assets
Due from banks		467,843,381		(1,910,710,733)
Treasury Bills & Other Governmental Notes		4,014,639,846		2,216,468,549
Trading Financial Assets		(129,477,489)		(256,677,449)
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		(254,897,996)		125,335.428
Due to Banks		307,419,205		3,360,421,235
Customer Deposits		4,790,519,202		1,991,336,877
Credit Balances & Other Liabilities		(505,870,768)		(543,208,000)
Net Cash Provided from Operating Activities		5,270,715,463		5,266,833,923
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Jun. 30, 2010		Jun. 30, 2010		Jun. 30, 2009
Cash Flow From Investment Activities
Investments in subsidiaries & associated companies		(17,026,244)		64,368,072
Purchase of Fixed Assets, premises and Fitting-out of Branches		(101,580,048)		(82,211,182)
Redemption of Held-to-Maturity Financial Investments		49,226,583		48,739,592
Held to Maturity financial Investments Purchases		(10,895,619)		(6,169,428)
Available for Sale Financial Investments		(4,465,290,295)		(4,766,623,773)
Real Estate investments		2,750,500		3,839,052
Net Cash (Used in) Provided from Investment  Activities		(4,542,815,124)		(4,738,057,667)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		14,429,961		(1,413,896)
Dividends Paid		(658,369,589)		(478,236,553)
Net Cash (Used in) provided from Financing Activities		(618,217,828)		(479,650,449)
Net cash & cash equivalent changes		109,682,511		49,125,806
Beginning Balance of cash and cash equivalent		10,062,335,630		8,622,040,072
Cash & Cash equivalent Balance At the End of the period		10,172,018,141		8,671,165,878
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,443,419,294		4,114,701,616
Due From Banks		7,373,216,564		7,807,348,485
Treasury Bills & other  governmental notes		8,966,484,676		11,154,734,981
Due from Banks (time deposits) More than Three Months		(7,041,616,954)		(7,627,665,005)
Treasury Bills with Maturity  More than Three Months		(3,569,485,439)		(6,777,954,199)
Total Cash & Cash Equivalent		10,172,018,141		8,671,165,878

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)	Retained Earnings (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	Total (EGP)
Beginning Balance	2,925,000,000	432,851,511	407,547,602	(1,942,684)	185,993,785	(20,312,399)	-	1,615,100,458	86,727,903	5,630,966,176
Effect of adjusting accounting standards	-	-	-	-	20,536,766	-	-	-	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	(1,942,684)	206,530,551	(20,312,399)	-	1,615,100,458	86,727,903	5,651,502,942
Transfer to Reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,836,905)	-	-
Dividends Paid	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)
Net Profit of the Period	-	-	-	-	-	-	-	1,039,323,377	-	1,039,323,377
Addition from financial investment revaluation	-	-	-	-	-	64,529,337	-	-	-	64,529,337
Effect of adjusting accounting standards	-	-	-	-	-	-	38,088,499	(38,088,499)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	40,268,360	40,268,360
Balance at the end of the Period	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	44,216,938	38,088,499	1,001,234,878	126,996,263	6,317,387,462

Jun.30, 2010	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 period (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	1,756,956,710	161,728,984	6,945,599,768
Capital Increase	25,721,800	-	-	-	-	-	-	-	-	25,721,800
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	(1,098,587,119)	-	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the period	-	-	-	-	-	-	-	1,101,144,699	-	1,101,144,699
Transfer to retained earnings	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment 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
Balance at the end of period	2,950,721,800	601,454,369	2,552,960,414	20,231,298	184,356,569	(46,741,879)	126,071,842	1,001,725,649	121,008,772	7,511,788,833

 

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