13 May 2010 07:00
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Commercial International Bank (Egypt) S.A.E. | |||||
Consolidated Financial Statements | |||||
March 31, 2010 | |||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
FINANCIAL POSITION |
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As of Mar. 31, 2010 |
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Amounts in L.E. | Note | 31-Mar-2010 |
| 31-Dec-2009 (Restated) | |
Assets |
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Cash & Due From Central Bank | 15 | 4,098,896,337 |
| 4,179,256,489 | |
Due From Banks | 16 | 8,080,344,588 |
| 7,946,147,786 | |
Treasury Bills & Other Notes Discountable at CBE | 17 | 13,575,742,969 |
| 13,198,960,913 | |
Trading Financial Assets | 18 | 565,803,757 |
| 491,138,956 | |
Loans & Overdrafts for Banks ( Net after Provision) | 19 | 191,260,819 |
| 200,765,433 | |
Loans & Overdrafts for Customers ( Net after Provision) | 20 | 29,337,106,271 |
| 27,242,306,869 | |
Financial Derivatives | 21 | 158,429,339 |
| 225,347,220 | |
Financial Investments |
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Available for Sale | 22 | 8,971,680,580 |
| 7,429,977,151 | |
Held to Maturity | 22 | 567,682,491 |
| 590,057,209 | |
Financial Investments in associated companies | 23 | 86,863,558 |
| 74,750,645 | |
Brokers-Debit Balances |
| 178,931,462 |
| 80,154,770 | |
Reconciliation Accounts- Debit Balances |
| - |
| 20,302,650 | |
Real Estate Investments | 24 | 42,485,364 |
| 42,485,364 | |
Debt Balances and other Assets | 25 | 1,176,681,129 |
| 963,058,418 | |
Goodwill |
| 190,443,866 |
| 200,467,228 | |
Intangible Assets |
| 556,604,736 |
| 573,471,546 | |
Deferred Tax | 24 | 45,280,919 |
| 37,232,586 | |
Fixed Assets (Net) | 25 | 745,043,219 |
| 749,602,993 | |
Total Assets |
| 68,569,281,403 |
| 64,245,484,253 | |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks | 27 | 1,061,560,353 |
| 458,145,229 | |
Customer Deposits | 28 | 58,162,948,569 |
| 54,648,654,522 | |
Brokers-Credit Balance |
| 286,673,337 |
| 212,593,347 | |
Reconciliation Accounts-Credit Balances |
| 16,138,275 |
| - | |
Financial Derivatives | 21 | 107,471,850 |
| 150,526,830 | |
Credit Balances & Other Liabilities | 30 | 1,400,047,942 |
| 1,162,019,568 | |
Long Term Loans | 29 | 89,230,051 |
| 93,237,042 | |
Other Provisions | 31 | 411,278,468 |
| 450,056,493 | |
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Total Liabilities |
| 61,535,348,845 |
| 57,175,233,031 | |
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Shareholders' Equity |
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Issued and Paid In Capital | 29 | 2,925,000,000 |
| 2,925,000,000 | |
Reserves | 31 | 3,566,504,525 |
| 2,379,311,040 | |
Reserve for employee stock ownership plan (ESOP) |
| 180,651,201 |
| 161,728,984 | |
Retained Earning |
| (212,673,915) |
| (176,287,838) | |
Total Shareholders' Equity |
| 6,459,481,810 |
| 5,289,752,186 | |
Net Profit of the Period/year |
| 528,380,846 |
| 1,734,891,714 | |
Total Shareholders' Equity & Net Profit |
| 6,987,862,656 |
| 7,024,643,900 | |
Minority Interest |
| 46,069,902 |
| 45,607,323 | |
Total Liabilities & Shareholders' Equity |
| 68,569,281,403 |
| 64,245,484,253 | |
Contingent liabilities & commitments |
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Letters of Credit, Guarantees and other commitments | 37 | 11,757,591,390 |
| 12,637,872,568 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
INCOME STATEMENT |
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As of Mar. 31 2010 |
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Amounts in LE. | Note | Mar. 31, 2010 |
| Mar. 31, 2009 | |
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Interest and Similar Income | 6 | 1,035,830,917 |
| 1,049,573,089 | |
Interest Expenses and Similar Charges | 6 | (516,009,902) |
| (531,339,572) | |
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Net Interest Income |
| 519,821,015 |
| 518,233,517 | |
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Fees & Commissions Income | 7 | 231,363,496 |
| 167,843,388 | |
Fees and Commissions Expense | 7 | (17,151,477) |
| (16,029,590) | |
Net Income from Fees and Commissions |
| 214,212,019 |
| 151,813,798 | |
Dividends Income | 8 | 64,123,657 |
| 99,707,405 | |
Net Trading Income | 9 | 83,597,485 |
| 151,005,723 | |
(Losses) Profit from Financial Investments | 22 | 58,397,638 |
| (2,454,862) | |
Goodwill Amortization |
| (10,023,361) |
| - | |
Administrative Expenses | 10 | (320,782,046) |
| (281,267,506) | |
Other operating (Expenses) Income | 11 | 23,157,996 |
| (54,123,142) | |
Return (Losses) of impairment from loans | 12 | (1,911,080) |
| (11,765,527) | |
Intangible Assets Amortization |
| (16,866,810) |
| (16,866,810) | |
Bank's share in the profits of Associates |
| 12,073,718 |
| - | |
Net Profit before Tax |
| 625,800,230 |
| 554,282,597 | |
Income Tax | 13 | (103,405,138) |
| (86,848,070) | |
Deferred Tax | 13&33 | 6,448,333 |
| 4,583,409 | |
Net Profit After Tax |
| 528,843,425 |
| 572,017,936 | |
Minority Interest |
| 462,579 |
| 324,363 | |
Bank Shareholders |
| 528,380,846 |
| 471,693,573 | |
Earning per share |
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Basic | 14 | 1.46 |
| 1.43 | |
Diluted | 14 | 1.42 |
| 1.39 | |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1a |
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As of Mar. 31 2010 |
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Amounts in LE. |
| Mar. 31, 2010 |
| Mar. 31, 2009 | |
Cash Flow from Operating Activities |
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Net Income Before Tax |
| 625,800,230 |
| 554,282,597 | |
Adjustments To Reconcile Net Income |
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To Net Cash Provided by operating Activities |
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Depreciation |
| 46,300,428 |
| 47,517,609 | |
Provisions (Formed during the period) |
| 33,833,418 |
| 37,566,244 | |
Trading Financial Investment Evaluation Differences |
| (14,065,167) |
| (9,294,939) | |
Intangible Assets Amortization |
| (16,866,810) |
| (16,866,810) | |
Goodwill Amortization |
| (10,023,361) |
| - | |
Impairment of Assets |
| (1,296,453) |
| (2,329,265) | |
Utilization of Provisions (Except Provision for Doubtful Debts) |
| (1,361,150) |
| (5,012,830) | |
Provisions no longer used |
| (37,914,910) |
| - | |
FCY Revaluation Differences of Provision Balances (except Doubtful Debts) |
| 409,559 |
| 2,899,477 | |
Losses From Selling Fixed Assets |
| (1,833,430) |
| (609,735) | |
Losses From Selling financial Investments |
| (62,495,543) |
| (7,567,855) | |
FCY Revaluation Difference of Long Term Loans | (886,352) |
| (560,550) | ||
Share Based Payments | 18,922,217 |
| 20,419,257 | ||
Operating Profits Before Changes in Operating Assets and Liabilities |
| 578,522,774 |
| 620,443,200 | |
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Net Decrease (Increase) in Assets |
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Due from banks |
| (24,633,442) |
| (2,414,402,063) | |
Treasury Bills & Other Notes Discountable at CBE |
| 1,454,236,087 |
| 202,115,319 | |
Trading Financial Assets |
| (60,599,634) |
| (254,653,950) | |
Financial Derivatives (Net) |
| 23,862,901 |
| (55,017,097) | |
Loans & Overdrafts |
| (2,087,309,696) |
| (434,661,139) | |
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Net Increase (Decrease) In Liabilities |
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Debit Balances and Other Assets |
| (247,822,932) |
| 194,345,944 | |
Due to Banks |
| 603,415,124 |
| 1,916,074,630 | |
Customer Deposits |
| 3,514,294,047 |
| 2,374,571,801 | |
Credit Balances & Other Liabilities |
| 244,539,821 |
| (333,067,366) | |
Net Cash Provided from Operating Activities | 4,047,798,934 |
| 1,815,749,279 | ||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1b |
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As of Mar. 31 2009 |
| Mar. 31, 2009 |
| Mar. 31, 2008 | |
Cash Flow From Investing Activities |
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Investments in associated companies |
| (12,112,913) |
| (245,505) | |
Purchase of Fixed Assets, premises and Fitting-out of Branches |
| (5,707,103) |
| (64,857,088) | |
Redemption of Held-to-Maturity Financial Investments |
| 33,318,731 |
| 33,520,654 | |
Held to Maturity financial Investments Purchases |
| 10,944,014 |
| (9,181,620) | |
Available for Sale Financial Investments |
| (1,477,911,433) |
| (2,755,596,086) | |
Real Estate Investments |
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| 3,839,052 | |
Net Cash (Used in) Provided from Investment Activities |
| (1,473,356,731) |
| (2,792,520,593) | |
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Cash Flow From Financing Activities |
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Increase (Decrease) in Long Term Loans |
| (3,120,639) |
| 7,041,206 | |
Dividends Paid |
| (661,806,331) |
| (478,236,553) | |
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Net Cash (Used in) Financing Activities |
| (664,926,970) |
| (471,195,347) | |
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Net cash & cash equivalent changes |
| 1,909,515,233 |
| (1,447,966,661) | |
Beginning Balance of cash and cash equivalent |
| 10,230,779,568 |
| 8,778,740,569 | |
Cash & Cash equivalent Balance At the End of the period |
| 12,140,294,802 |
| 7,330,773,908 | |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
| 4,098,896,337 |
| 5,118,485,646 | |
Due From Banks |
| 8,080,344,588 |
| 8,456,786,434 | |
Treasury Bills & other governmental notes |
| 13,575,742,969 |
| 10,699,658,592 | |
Due from Banks (Time Deposits) |
| (7,484,826,893) |
| (8,143,399,335) | |
Treasury Bills With maturity More than 3 months |
| (6,129,862,199) |
| (8,800,757,429) | |
Total Cash & Cash Equivalent |
| 12,142,294,802 |
| 7,330,773,908 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Mar. 31 2010 |
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2009 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank share before acquisition | Retained Earning (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk reserve (EGP) | Profits of the Year (EGP)
| Reserve for Employee Stock ownership plan ESOP (EGP) | Total Shareholders Equity (EGP) |
Beginning Balance | 2,925,000,000
| 432,851,511 | 507,547,602 | 302,794,421 | 87,845,690 | 185,993,785 | (20,985,045) | - | 1,370,592,742 | 86,727,903 | 5,778,368,609 |
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 | 302,794,421 | 87,845,690 | 206,530,551 | (20,985,045) | - | 1,370,592,742 | 86,727,903 | 5,798,905,375 |
Transfer to reserves | - | 80,755,023 | 1,056,108,883 | - | - | - | - | - | (1,136,863,906) | - | - |
Transfer to Retained earning | - | - | - | - | (244,507,717) | - | - | - | 244,507,717 | - | - |
Dividends paid | - | - | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) |
Net profits of the year | - | - | - | - | - | - | - | - | 1,734,891,714 | - | 1,734,891,714 |
Change during the year | - | - | (152,185) | - | (1,023,965) | - | - | - | - | - | (1,176,150) |
Addition from financial Investment revaluation | - | - | - | - | - | - | (86,139,721) | - | - | - | (86,139,721) |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | - | 75,001,081 | 75,001,081 |
Effect of adjusting accounting standards | - | - | - | - | (18,601,847) | - | - | 26,652,790 | (26,652,790) | - | (18,601,847) |
Balance at the end of the year | 2,925,000,000 | 513,606,534 | 1,463,504,300 | 302,794,421 | (176,287,838) | 206,530,551 | (107,124,766) | 26,652,790 | 1,708,238,924 | 161,728,984 | 7,024,643,899 |
2010 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank share before acquisition | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk reserve (EGP) | Profits of the Year | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity |
Beginning Balance | 2,925,000,000
| 513,606,534 | 1,463,504,300 | 302,794,421 | (176,287,838) | 206,530,551 | (107,124,766) | 26,652,790 | 1,708,238,924 | 161,728,984 | 7,024,643,899 |
Transfer to Reserves | - | 87,847,835 | 1,010,739,284 | - | - | - | - | - | (1,098,587,119) | - | - |
Transfer to Retained Earnings
| - | - | - | - | (37,980,544) | (22,173,982) | - | - | 52,154,526 | - | (8,000,000) |
Dividends paid
| - | - | - | - | - | - | - | - | (661,806,331) | - | (661,806,331) |
Net Profits of the Period | - | - | - | - | - | - | - | - | 528,380,846 | - | 528,380,846 |
Change during the year | - | - | - | - | 1,594,467 | - | - | - | - | - | 1,594,467 |
Addition from Financial Investments Revaluation | - | - | - | - | - | - | 84,127,558 | - | - | - | 84,127,558 |
Effects of adjusting accounting standards | - | - | - | - | - | - | - | 44,378,643 | (44,378,643) | - | - |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | - | 18,922,217 | 18,922,217 |
Revaluation Differences of Fixed Assets | - | - | - | - | - | - | - | - | - | - | - |
Balance at the end of the period | 2.925,000,000
| 601,454,369 | 2,474,243,584 | 302,794,421 | (212,673,915) | 184,356,569 | 22,997,208 | 71,031,433 | 484,002,203 | 180,651,201 | 6,987,862,656 |