Com.int.bk.regs Regulatory News (CBKD)

 http://www.rns-pdf.londonstockexchange.com/rns/7800E_-2017-5-10.pdf

Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements

March 31st, 2017

FINANCIAL POSITION

As of March 31st, 2017

Amounts in EGP Thousands

Note

March 31, 2016

December 31, 2016

Assets

Cash and balances with central bank

15

15,101,163

10,522,040

Due from banks

16

65,449,817

58,011,034

Treasury bills and other governmental notes

17

39,956,034

39,177,184

Trading financial assets

18

2,209,221

2,445,134

Loans and advances to banks, net

19

69,384

159,651

Loans and advances to customers, net

20

86,670,859

85,224,148

Non current assets held for sale

42

239,875

4,890,438

Derivative financial instruments

21

95,242

269,269

Financial investments

- Available for sale

22

5,139,805

5,447,291

- Held to maturity

22

49,389,060

53,924,936

Investments in associates

23

48,663

36,723

Other assets

24

6,241,263

5,434,563

Intangible assets

41

466,579

499,131

Deferred tax assets (Liabilities)

32

195,918

181,308

Property, plant and equipment

25

1,402,583

1,320,905

Total assets

272,675,466

267,543,755

Liabilities and equity

Liabilities

Due to banks

26

2,598,068

3,008,996

Due to customers

27

239,730,858

231,740,795

Non current liabilities held for sale

42

-

3,684,676

Derivative financial instruments

21

163,896

331,091

Dividends payable

576,933

-

Current tax liabilities

598,735

2,017,034

Other liabilities

29

5,204,188

3,579,330

Long term loans

28

155,218

160,243

Other provisions

30

1,603,192

1,514,057

Total liabilities

250,631,088

246,036,222

Equity

Issued and paid up capital

31

11,538,660

11,538,660

Reserves

34

8,261,896

3,451,756

Reserve for employee stock ownership plan (ESOP)

420,564

343,460

Retained earnings (losses)

89,873

31,462

Total equity

20,310,993

15,365,338

Net profit for the period/year

1,733,385

6,009,118

Total equity and net profit for the period/year

22,044,378

21,374,456

Minority interest

-

133,077

Total minority interest , equity and net profit for the period

22,044,378

21,507,533

Total liabilities, equity, minority interest and net profit for the period

272,675,466

267,543,755

INCOME STATEMENT

As of March 31, 2016

Amounts in EGP Thousands

Note

March 31, 2017

March 31, 2016

Continued Operations

Interest and similar income

Interest and similar expense

6,376,570

4,178,859

(3,593,103)

(1,910,574)

Net interest income

6

2,783,467

2,268,285

Fee and commission income

647,861

463,058

Fee and commission expense

(130,060)

(83,981)

Net fee and commission income

7

517,801

379,077

Dividend income

8

1,799

492

Net trading income

9

386,603

107,642

Profits on financial investments

22

10,742

33,820

Administrative expenses

10

(746,457)

(601,548)

Other operating (expenses) income

11

(357,997)

(161,400)

Goodwill impairment

41

-

(10,854)

Intangible assets amortization

41

(32,552)

(32,552)

Impairment charge for credit losses

12

(506,570)

(287,613)

Bank's share in the profits of associates

11,940

(740)

Profit before income tax

2,068,776

1,694,609

Income tax expense

13

(598,735)

(482,726)

Deferred tax assets (Liabilities)

32 & 13

14,610

58,435

Net profit from continued operations

1,484,651

1,270,318

Net profit from discontinued operations

42

122,234

25,961

Profit (loss) of disposal from discontinued operations

43

150,550

-

Net profit for the period

1,757,435

1,296,279

Minority interest

Bank shareholders

24,050

4,725

1,733,385

1,291,554

Earnings per share

14

Basic

1.37

1.02

Diluted

1.35

1.00

CASH FLOW STATEMENT

As of March 31, 2016

Amounts in EGP Thousands

March 31, 2017

March 31, 2016

Cash flow from operating activities

Profit before income tax from continued operations

2,044,726

1,694,609

Profit before income tax from discontinued operations

-

32,148

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

84,592

64,951

Impairment charge for credit losses

506,570

287,613

Other provisions charges

88,440

23,622

Trading financial investments revaluation differences

(49,057)

195,000

Available for sale and held to maturity investments exchange revaluation differences

16,596

(263,567)

Goodwill impairment

-

10,854

Intangible assets amortization

32,552

32,552

Financial investments impairment charge

(59,574)

19,481

Utilization of other provisions

(358)

(470)

Other provisions no longer used

(2,470)

(33,132)

Exchange differences of other provisions

3,523

62,934

Profits from selling property, plant and equipment

-

(164)

Profits from selling financial investments

53,608

(16,259)

Profits from selling investments in associates

-

(84,934)

Shares based payments

77,104

48,661

Associates financial investments revaluation differences

11,940

740

Operating profits before changes in operating assets and liabilities

2,808,192

2,074,639

Net decrease (increase) in assets and liabilities

Due from banks

(6,369,580)

(5,624,857)

Treasury bills and other governmental notes

(1,278,538)

3,942,273

Trading financial assets

284,970

686,027

Derivative financial instruments

6,832

(87,486)

Loans and advances to banks and customers

(1,095,248)

(3,506,838)

Other assets

(739,155)

(2,079,531)

Non current assets held for sale

188,136

-

Due to banks

(410,928)

(971,815)

Due to customers

7,765,546

14,117,734

Income tax obligations paid

(2,017,034)

(1,949,694)

Other liabilities

1,624,858

3,682,924

Income tax paid

768,051

10,283,376

Cash flow from investing activities

Payment for purchase of subsidiary and associates

-

48,607

Proceeds from selling subsidiary and associates

-

159,989

Payment for purchases of property, plant, equipment and branches constructions

(204,805)

(174,558)

Proceeds from redemption of held to maturity financial investments

7,111,107

1,311

Payment for purchases of held to maturity financial investments

(2,575,231)

-

Payment for purchases of available for sale financial investments

(153,395)

(143,557)

Proceeds from selling available for sale financial investments

480,343

2,345,789

Proceeds from selling non current assets held for sale

500,867

-

Net cash used in investing activities

5,158,886

2,237,581

Cash flow from financing activities

Increase (decrease) in long term loans

(5,025)

(7,094)

Dividend paid

(773,274)

(1,463,450)

Net cash used in financing activities

(778,299)

 (1,470,544)

Net increase (decrease) in cash and cash equivalent during the period

5,148,638

11,050,413

Beginning balance of cash and cash equivalent

61,518,700

22,433,117

Cash and cash equivalent at the end of the period

66,667,338

33,483,530

Cash and cash equivalent comprise:

Cash and balances with central bank

15,101,163

16,409,342

Due from banks

65,449,817

31,110,134

Treasury bills and other governmental notes

39,956,034

18,194,950

Obligatory reserve balance with CBE

(10,066,100)

(13,893,058)

Due from banks with maturities more than three months

(4,307,610)

(149,940)

Treasury bills with maturity more than three months

(39,465,966)

(18,187,898)

Total cash and cash equivalent

66,667,338

33,483,530