11 May 2017 07:00
Click on, or paste the following link into your web browser, to view the associated PDF document. |
|
|
| ||||||||||
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 | ||||||||||
|
|
|
| ||||||||||
|
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||||||||||||||||||||||||
Consolidated statement of changes in shareholders' equity for the period ended on March 31, 2016 |
|
|
|
|
| ||||||||||||||||||||||
Mar. 31, 2016 | Issued and paid up capital | Legal reserve | General reserve | Retained earnings (losses) | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the period | Reserve for employee stock ownership plan | Cumulative foreign currencies translation differences | Total Shareholders Equity | Minority Interest | Total |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| EGP Thousands |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Beginning balance | 11,470,603 | 803,355 | 1,518,373 | (64,566) | 30,214 | (2,202,462) | 2,513 | 4,728,976 | 248,148 | - | 16,535,154 | 47,431 | 16,582,585 |
| |||||||||||||
Capital increase | - | - | - | - | - | - | - | - | - | - | - | - | - |
| |||||||||||||
Transferred to reserves | - | 232,008 | 2,944,190 | - | 564 | - | - | (3,176,762) | - | - | - | - | - |
| |||||||||||||
Transferred to retained earnings (losses) | - | - | - | 88,258 | - | - | - | (88,258) | - | - | - | - | - |
| |||||||||||||
Dividend paid | - | - | - | - | - | - | - | (1,463,450) | - | - | (1,463,450) | - | (1,463,450) |
| |||||||||||||
Net profit of the period | - | - | - | - | - | - | - | 1,291,554 | - | - | 1,291,554 | 4,725 | 1,296,279 |
| |||||||||||||
Change in ownership percentage | - | - | - | 8,585 | - | - | - | - | - | - | 8,585 | 127,533 | 136,118 |
| |||||||||||||
Net unrealised gain/(loss) on AFS | - | - | - | - | - | (1,873,055) | - | - | - | - | (1,873,055) | - | (1,873,055) |
| |||||||||||||
Transferred (from) to bank risk reserve | - | - | - | - | - | - | 506 | (506) | - | - | - | - | - |
| |||||||||||||
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 48,661 | - | 48,661 | - | 48,661 |
| |||||||||||||
Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | 8551 | 8,551 | - | 8,551 |
| |||||||||||||
Balance at the end of the period | 11,470,603 | 1,035,363 | 4,462,563 | 32,277 | 30,778 | (4,075,517) | 3,019 | 1,291,554 | 296,809 | 8,551 | 14,556,000 | 179,689 | 14,735,689 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Consolidated statement of changes in shareholders' equity for the period ended March 31, 2017 |
|
|
|
|
| ||||||||||||||||||||||
Mar. 31, 2017 | Issued and paid up capital | Legal reserve | General reserve | Retained earnings (losses) | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the period | Reserve for employee stock ownership plan | Cumulative foreign currencies translation differences | Total Shareholders Equity | Minority Interest | Total |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| EGP Thousands |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Beginning balance | 11,538,660 | 1,035,363 | 4,554,251 | 31,462 | 30,778 | (2,180,243) | 3,019 | 6,009,118 | 343,460 | 8,588 | 21,374,456 | 133,077 | 21,507,533 |
| |||||||||||||
Capital increase | - | - | - | - | - | - | - | - | - | - | - | - | - |
| |||||||||||||
Transferred to reserves | - | 297,444 | 4,300,607 | 58,563 | 1,682 | - | - | (4,658,296) | - | - | - | - | - |
| |||||||||||||
Transferred to retained earnings (losses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| |||||||||||||
Dividend paid | - | - | - | - | - | - | - | (1,350,207) | - | - | (1,350,207) | - | (1,350,207) |
| |||||||||||||
Net profit for the period | - | - | - | - | - | - | - | 1,733,385 | - | - | 1,733,385 | 24,050 | 1,757,435 |
| |||||||||||||
Disposal of subsidiary | - | - | 152 | (152) | - | - | - | - | - | (8,588) | (8,588) | - | (8,588) |
| |||||||||||||
Change in ownership percentage | - | - | - | - | - | - | - | - | - | - | - | (157,127) | (157,127) |
| |||||||||||||
Net unrealised gain/(loss) on AFS | - | - | - | - | - | 218,228 | - | - | - | - | 218,228 | - | 218,228 |
| |||||||||||||
Transferred (from) to bank risk reserve | - | - | - | - | - | - | 615 | (615) | - | - | - | - | - |
| |||||||||||||
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 77,104 | - | 77,104 | - | 77,104 |
| |||||||||||||
Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | - | - | - |
| |||||||||||||
Balance at the end of the period | 11,538,660 | 1,332,807 | 8,855,010 | 89,873 | 32,460 | (1,962,015) | 3,634 | 1,733,385 | 420,564 | - | 22,044,378 | - | 22,044,378 |
| |||||||||||||