16 May 2014 07:00
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Commercial International Bank (Egypt) S.A.E. | |||||||||
Unconsolidated Financial Statements | |||||||||
March 31, 2014 | |||||||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||||||
FINANCIAL POSITION | |||||||||
As of March. 31, 2014 | |||||||||
Amounts in EGP. | Note | March 31, 2014 | Dec. 31 ,2013 | ||||||
Assets | |||||||||
Cash and Balances with Central Bank | 15 | 4,694,156,406 | 4,796,240,354 | ||||||
Due From Banks | 16 | 9,700,572,320 | 8,893,670,965 | ||||||
Treasury Bills and Other Governmental Notes | 17 | 22,768,621,764 | 23,654,812,174 | ||||||
Trading Financial Assets | 18 | 3,416,233,656 | 2,246,347,806 | ||||||
Loans and Advances to Banks | 19 | 43,542,211 | 132,422,732 | ||||||
Loans and Advances to Customers | 20 | 42,683,088,366 | 41,837,951,712 | ||||||
Derivative Financial Investments | 21 | 93,698,197 | 103,085,538 | ||||||
Financial Investments | |||||||||
Available for Sale | 22 | 27,053,060,381 | 23,363,501,695 | ||||||
Held to Maturity | 22 | 4,185,480,015 | 4,187,173,991 | ||||||
Investments in Subsidiary and Associates | 23 | 605,387,225 | 599,276,660 | ||||||
Investment Property | 24 | 4,056,000 | 9,695,686 | ||||||
Other Assets | 25 | 2,966,228,564 | 2,879,794,496 | ||||||
Deferred Tax | 33 | 65,757,407 | 83,755,441 | ||||||
Property, Plant and Equipment | 26 | 986,108,579 | 964,538,516 | ||||||
Total Assets | 119,265,991,091 | 113,752,267,766 | |||||||
Liabilities and Equity | |||||||||
Liabilities | |||||||||
Due to Banks | 27 | 876,140,847 | 1,373,410,040 | ||||||
Due to Customers | 28 | 102,851,393,543 | 96,940,270,000 | ||||||
Derivative Financial Instruments | 21 | 118,091,960 | 114,878,583 | ||||||
Current Income Tax obligations | 1,152,996,108 | 1,179,708,811 | |||||||
Other Liabilities | 30 | 1,621,544,763 | 1,446,046,680 | ||||||
Long Term Loans | 29 | 141,302,084 | 132,153,227 | ||||||
Other Provisions | 31 | 494,788,351 | 450,755,558 | ||||||
Total Liabilities | 107,256,257,656 | 101,637,222,899 | |||||||
Equity | |||||||||
Issued & Paid- in Capital | 32 | 9,081,734,430 | 9,002,435,690 | ||||||
Reserves | 32 | 2,044,048,206 | 307,223,285 | ||||||
Reserve for Employee Stock Ownership Plan (ESOP) |
| 105,223,752 | 190,260,457 | ||||||
Total Equity | 11,231,006,388 | 9,499,919,432 | |||||||
Net Profit of the Period/Year After Tax | 778,727,047 | 2,615,125,435 | |||||||
Total Equity and Net Profit for the Period/Year | 12,009,733,435 | 12,115,044,867 | |||||||
Total Liabilities and Equity | 119,265,991,091 | 113,752,267,766 | |||||||
Contingent Liabilities and Commitments | |||||||||
Letters of Credit, Guarantees and other commitments | 37 | 18,051,540,509 | 16,182,489,160 | ||||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||||||
INCOME STATEMENT | |||||||||
As of March. 31, 2014 | |||||||||
Amounts in EGP. | Note | March 31, 2014 | March 31, 2013 | ||||||
Interest and Similar Income | 2,564,459,415 | 2,142,541,043 | |||||||
Interest and Similar Expense | (1,192,662,060) | (1,007,452,996) | |||||||
Net Interest Income | 6 | 1,371,797,355 | 1,135,088,047 | ||||||
Fee and Commissions Income | 356,427,131 | 289,209,214 | |||||||
Fee and Commissions Expense | (36,851,976) | (29,298,795) | |||||||
Net Income from Fees and Commissions | 7 | 319,575,155 | 259,910,419 | ||||||
Dividend Income | 8 | 1,234,794 | 737,384 | ||||||
Net Trading Income | 9 | 151,931,713 | 132,136,317 | ||||||
Profit (Losses) from Financial Investments | 22 | 3,968,948 | 1,952,434 | ||||||
Administrative Expenses | 10 | (392,434,440) | (344,644,091) | ||||||
Other Operating (Expenses) Income | 11 | (149,158,334) | (53,277,425) | ||||||
Impairment Charge ( Release) for Credit Losses | 12 | (184,587,065) | (226,326,368) | ||||||
Net Profit before Tax | 1,122,328,126 | 905,576,717 | |||||||
Income Tax Expense | 13 | (325,603,045) | (258,746,199) | ||||||
Deferred Tax | 33 & 13 | (17,998,034) | 8,307,460 | ||||||
Net Profit of the Period | 778,727,047 | 655,137,978 | |||||||
Earning per share | 14 | ||||||||
Basic | 0.76 | 0.66 | |||||||
Diluted | 0.75 | 0.65 | |||||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||||||
CASH FLOW STATEMENT 1a | |||||||||
As of March. 31, 2014 | |||||||||
Amounts in EGP. | March 31, 2014 | March 31, 2013 | |||||||
Cash Flow From Operating Activities | |||||||||
Net Profit Before Tax | 1,122,328,126 | 905,576,717 | |||||||
Adjustments To Reconcile Net Profit to Net Cash | |||||||||
Provided by Operating Activities | |||||||||
Depreciation | 51,160,489 | 40,398,449 | |||||||
Impairment charge for credit losses | 184,587,065 | 226,326,368 | |||||||
Other Provisions Charges | 45,221,385 | 34,710,014 | |||||||
Trading Financial Investment Revaluation Differences | 3,520,438 | 27,708,950 | |||||||
Available for sale and held to maturity investments exchange revaluation differences | (3,336,225) | (96,308,651) | |||||||
Financial Investments Impairment Charge (Release) | 411,873 | (3,095,044) | |||||||
Utilization of Other Provisions | (1,633,053) | (223,505) | |||||||
Other Provisions No Longer Used | - | (141,520) | |||||||
Exchange Differences of Other Provisions | 444,461 | 9,997,924 | |||||||
Profits From Selling Property, Plant and Equipment | (72,757) | (491,491) | |||||||
Profits From Selling Financial Investments | (3,973,106) | (1,951,651) | |||||||
Share Based Payments | 27,314,941 | 23,961,679 | |||||||
Investments in Subsidiary and Associates Revaluation | (110,565) | (2,773,485) |
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Operating Profits Before Changes in Operating Assets and Liabilities | 1,425,863,072 | 1,163,694,754 | |||||||
Net Decrease (Increase) in Assets and Liabilities | |||||||||
Due from banks | (814,219,816) | (1,187,119,103) | |||||||
Treasury Bills & Other Governmental Notes | 1,349,983,072 | (2,179,687,466) | |||||||
Trading Financial Assets | (1,173,406,288) | 342,061,660 | |||||||
Derivative Financial Instruments | 12,600,718 | 22,681,045 | |||||||
Loans and Advances to Banks and Customers | (940,843,197) | (1,231,840,550) | |||||||
Other Assets | (90,095,764) | (4,940,151) | |||||||
Due to Banks | (497,269,193) | (715,615,737) | |||||||
Due to Customers | 5,911,123,543 | 7,314,053,459 | |||||||
Income Tax obligations Paid | (352,315,748) | (242,162,433) | |||||||
Other Liabilities | 175,498,083 | 227,533,737 | |||||||
Net Cash Provided from Operating Activities | 5,006,918,482 | 3,508,659,215 | |||||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||||||
CASH FLOW STATEMENT 1b | |||||||||
As of March. 31, 2014 | March 31, 2014 | March 31, 2013 | |||||||
Cash Flow From Investing Activities | |||||||||
Purchases of Subsidiary and Associates | (6,000,000) | - | |||||||
Purchases of Property, Plant and Equipment | (68,996,099) | (112,435,909) | |||||||
Redemption of Held-to-Maturity Financial Investments | 1,693,976 | 8,067,598 | |||||||
Purchases of Available for Sale Financial Investments | (4,913,751,526) | (737,071,950) | |||||||
Proceeds from Selling Available for Sale Financial Investments | 1,493,776,127 | 1,532,349,018 | |||||||
Proceeds from Selling Real Estate Investments | 5,639,686 | - | |||||||
Net Cash Generated from (Used in) Investing Activities | (3,487,637,836) | 690,908,757 | |||||||
Cash Flow From Financing Activities | |||||||||
Increase (Decrease) in Long Term Loans | 9,148,857 | 48,635,000 | |||||||
Dividends Paid | (1,253,337,989) | (309,308,739) | |||||||
Capital Increase | 79,298,740 | - | |||||||
Net Cash Generated from (Used in) Financing Activities | (1,164,890,392) | (260,673,739) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalent during the period | 354,390,254 | 3,938,894,233 | |||||||
Beginning Balance of Cash and Cash Equivalent | 11,758,996,230 | 5,536,080,094 | |||||||
Cash and Cash Equivalent Balance At the End of the Period | 12,113,386,484 | 9,474,974,327 | |||||||
Cash & Cash Equivalent Comprise | |||||||||
Cash and Balances with Central Bank | 4,694,156,406 | 5,616,291,150 | |||||||
Due From Banks | 9,700,572,320 | 9,299,527,722 | |||||||
Treasury Bills and Other Governmental Notes | 22,768,621,764 | 13,719,596,497 | |||||||
Obligatory Reserve Balance With CBE | (3,225,921,408) | (3,306,582,184) | |||||||
Due from Banks (Time Deposits) More than Three Months | (5,961,288,644) | (5,611,093,131) | |||||||
Treasury Bills with Maturity More than Three Months | (15,862,753,954) | (10,242,765,727) | |||||||
Total Cash & Cash Equivalent | 12,113,386,484 | 9,474,974,327 | |||||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of March 31, 2014 |
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March 31, 2013 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP)
| Retained Earnings (losses) (EGP) | Special Reserves (EGP) | Reserve for A.F.S investments revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Net Profits for the Period (EGP) | Reserve for Employee Stock Ownership Plan ESOP | Total (EGP) |
Beginning Balance | 5,972,275,410 | 380,348,755 | 2,037,107,372 | 1,001,979 | 117,805,566 | 153,506,781 | 103,716,932 | 2,380,683,598 | 164,761,121 | 11,311,207,514 |
Transferred to Reserves | - | 110,016,166 | 1,213,438,663 | - | 2,387,583 | - | - | (1,325,842,412) | - | - |
Dividends Paid | - | - | - | (1,001,979) | - | - | - | (1,054,841,186) | - | (1,055,843,165) |
Net Profit of the Period | - | - | - | - | - | - | - | 655,137,978 | - | 655,137,978 |
Net Change at fair value of AFS Financial Investments | - | - | - | - | - | (208,260,559) | - | - | - | (208,260,559) |
Transferred (From) to Bank Risk Reserve | - | - | - | - | - | - | (19,199,133) | 19,199,133 | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | - | - | - | - | - | - | 23,961,679 | 23,961,679 |
Balance at the End of Period | 5,972,275,410 | 490,364,921 | 3,250,546,035 | - | 120,193,149 | (54,753,778) | 84,517,799 | 674,337,111 | 188,722,800 | 10,726,203,447 |
March 31, 2014 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP)
| Retained Earnings (losses) (EGP) | Special Reserves (EGP) | Reserve for A.F.S investments revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Net Profits for the Period (EGP) | Reserve for Employee Stock Ownership Plan ESOP | Total (EGP) |
Beginning Balance | 9,002,435,690 | 490,364,921 | 406,242,752 | - | 27,366,759 | (720,468,079) | 1,990,756 | 2,716,851,611 | 190,260,457 | 12,115,044,867 |
Capital Increase | 79,298,740 | - | - | - | - | - | - | - | - | 79,298,740 |
Transferred to Reserves | - | 130,719,237 | 1,444,405,339 | - | 740,692 | - | - | (1,463,513,622) | (112,351,646) | - |
Dividends Paid | - | - | - | - | - | - | - | (1,253,337,989) | - | (1,253,337,989) |
Net Profit of the Period | - | - | - | - | - | - | - | 778,727,047 | - | 778,727,047 |
Transfer from Special Reserve | - | - | - | - | - | - | - | - | - | - |
Net Change at fair value of AFS Financial Investment | - | - | - | - | - | 262,685,829 | - | - | - | 262,685,829 |
Transferred to (From) Bank Risk Reserve | - | - | - | - | - | - | - | - | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | - | - | - | - | - | - | 27,314,941 | 27,314,941 |
Balance at the End of Period | 9,081,734,430 | 621,084,159 | 1,850,648,091 | - | 28,107,451 | (457,782,250) | 1,990,756 | 778,727,047 | 105,223,752 | 12,009,733,435 |
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