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

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

Consolidated Financial Statements

March 31, 2011

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Mar. 31, 2011

Amounts in L.E.

Note

31-Mar-2011

31-Dec-2010

Assets

Cash & Due From Central Bank

15

5,168,990,444

5,675,241,791

Due From Banks

16

10,037,292,508

7,054,682,826

Treasury Bills & Other Notes Discountable at CBE

17

9,309,050,446

8,821,003,566

Trading Financial Assets

18

630,345,157

1,585,747,835

Loans & Overdrafts for Banks ( Net after Provision)

19

138,686,508

128,527,576

Loans & Overdrafts for Customers ( Net after Provision)

20

36,246,869,496

35,046,013,357

Financial Derivatives

21

148,427,287

139,263,948

Financial Investments

Available for Sale

22

14,243,960,275

13,613,839,805

Held to Maturity

22

270,497,653

299,250,313

Financial Investments in associated companies

23

108,617,093

96,827,733

Brokers-Debit Balances

175,953,364

180,368,320

Reconciliation Accounts- Debit Balances

-

8,185,474

Real Estate Investments

24

28,334,464

28,695,664

Debt Balances and other Assets

25

1,266,833,674

1,384,657,474

Goodwill

150,350,421

160,373,782

Intangible Assets

41

359,953,534

376,820,344

Deferred Tax

33

127,007,564

117,602,829

Fixed Assets (Net)

26

667,882,987

708,330,987

Total Assets

79,079,052,875

75,425,433,625

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

3,163,307,305

1,322,279,909

Customer Deposits

28

65,263,741,771

63,364,177,278

Brokers-Credit Balance

256,778,006

393,321,036

Reconciliation Accounts-Credit Balances

33,472,116

-

Financial Derivatives

21

86,751,315

113,551,039

Dividends Payable

590,144,360

-

Credit Balances & Other Liabilities

30

1,276,576,449

1,165,163,338

Long Term Loans

29

264,950,901

129,113,426

Other Provisions

31

325,579,032

318,889,536

Total Liabilities

71,261,301,255

66,806,495,563

Shareholders' Equity

Issued and Paid In Capital

32

5,901,443,600

5,901,443,600

Reserves

32

1,737,951,762

719,067,070

Reserve for employee stock ownership plan (ESOP)

170,224,597

149,520,858

Retained Earning

(346,599,897)

(203,604,610)

Total Shareholders' Equity

7,463,020,062

6,566,426,917

Net Profit of the Period/year after tax

307,944,024

2,005,545,505

Total Shareholders' Equity & Net Profit for the Period/year

7,770,964,086

8,571,972,423

Minority Interest

46,787,534

46,965,639

Total Minority interest and shareholders' equity

7,817,751,620

8,618,938,062

Total Liabilities & Shareholders' Equity and minority interest

79,079,052,875

75,425,433,625

Contingent liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

12,084,540,939

11,879,698,713

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Mar. 31 2011

Amounts in LE.

Note

Mar. 31, 2011

Mar. 31, 2010

Interest and Similar Income

6

1,286,398,794

1,035,830,917

Interest Expenses and Similar Charges

6

(653,625,132)

(516,009,902)

Net Interest Income

632,773,662

519,821,015

Fees & Commissions Income

7

209,255,454

231,363,496

Fees and Commissions Expense

7

(18,812,529)

(17,151,477)

Net Income from Fees and Commissions

190,442,925

214,212,019

Dividends Income

8

574,700

64,123,657

Net Trading Income

9

114,044,932

83,597,485

Profit from Financial Investments

22

44,252,888

58,397,638

Goodwill Amortization

(10,023,361)

(10,023,361)

Administrative Expenses

10

(383,154,802)

(320,782,046)

Other operating (Expenses) Income

11

(72,839,804)

23,157,996

Losses of impairment from loans

12

(122,800,880)

(1,911,080)

Intangible Assets Amortization

41

(16,866,810)

(16,866,810)

Bank's share in the profits of Associates

12,280,486

12,073,718

Net Profit before Tax

388,683,936

625,800,230

Income Tax

13

(90,219,908)

(103,405,138)

Deferred Tax

13&33

9,404,735

6,448,333

Net Profit After Tax

307,868,763

528,843,425

Minority Interest

(75,261)

462,579

Bank Shareholders

307,944,024

528,380,846

Earning per share

Basic

14

0.59

0.91

Diluted

14

0.57

0.89

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT

As of Mar. 31 2011

Amounts in LE.

Mar. 31, 2011

Mar. 31, 2010

Cash Flow from Operating Activities

Net Income Before Tax

388,683,936

625,800,230

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

57,879,734

46,300,528

Provisions (Formed during the period)

129,239,762

33,833,418

Trading Financial Investment Evaluation Differences

41,629,180

(14,065,167)

Intangible Assets Amortization

(16,866,810)

(16,866,810)

Goodwill Amortization

(10,023,361)

(10,023,361)

Impairment of Assets

(48,065,735)

(2,242,959)

Utilization of Provisions (Except Provision for Doubtful Debts)

(2,939,853)

(1,361,150)

Provisions no longer used (Except Provision for Doubtful Debts)

(656,595)

(37,914,910)

FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)

3,969,911

409,559

Profits From Selling Fixed Assets

(942,513)

(1,833,430)

Profits From Selling Financial Investments

(48,401,288)

(62,495,543)

Profits From Selling an Investment in Associated

(1,873,813)

-

FCY Revaluation Difference of Long Term Loans

5,076,685

(886,352)

Share Based Payments

20,703,739

18,922,217

Investment in Subsidiary and Associated Company Evaluation Differences

10,259,779

(12,112,913)

Impairment of Real Estate Investments

361,200

-

Operating Profits Before Changes in Operating Assets and Liabilities

528,033,958

565,463,355

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(3,279,200,104)

24,633,442

Treasury Bills & Other Governmental Notes

2,022,306,742

1,454,263,087

Trading Financial Assets

913,773,498

(60,599,634)

Financial Derivatives (Net)

(35,963,064)

23,862,901

Loans & Overdrafts

(1,333,938,801)

(2,087,309,696)

Debit Balances and Other Assets

132,257,746

(247,822,932)

Due to Banks

1,841,027,396

603,415,124

Customer Deposits

1,899,564,493

3,514,294,047

Credit Balances & Other Liabilities

(44,880,016)

244,539,821

Net Cash Provided from Operating Activities

2,642,981,848

4,034,739,515

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT

As of Mar. 31 2011

Mar. 31, 2011

Mar. 31, 2010

Cash Flow From Investing Activities

Incoming from selling subsidiary and associated companies

1,529,580

-

Purchase of Fixed Assets, premises and Fitting-out of Branches

(26,508,211)

(5,707,103)

Redemption of Held-to-Maturity Financial Investments

34,617,947

33,318,731

Held to Maturity financial Investments Purchases

-

(9,997,507)

Purchase of Available for Sale Financial Investments

(822,951,271)

(1,477,911,433)

Net Cash (Used in) Provided from Investment Activities

(813,311,955)

(1,460,297,312)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

130,760,790

(3,120,639)

Dividends Paid

(252,918,831)

(661,806,331)

Net Cash (Used in) Financing Activities

(122,158,041)

(664,926,970)

Net cash & cash equivalent changes

1,707,511,853

1,909,515,233

Beginning Balance of cash and cash equivalent

8,058,126,497

10,230,779,568

Cash & Cash equivalent Balance At the End of the period

9,765,638,350

12,140,294,802

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

5,168,990,444

4,098,896,337

Due From Banks

10,037,292,508

8,080,344,588

Treasury Bills & other governmental notes

9,309,050,446

13,575,742,969

Due from Banks (Time Deposits) more than three months

(9,679,888,708)

(7,484,826,893)

Treasury Bills With maturity More than 3 months

(5,069,806,341)

(6,129,862,198)

Total Cash & Cash Equivalent

9,765,638,350

12,140,294,802

March 31.2010

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 period

(EGP)

Reserve for Employee Stock ownership plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Minority Interest (EGP)

Total

(EGP)

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

45,607,323

7,070,251,222

Transferred to reserves

-

87,847,835

1,010,739,284

-

-

-

-

-

(1,098,587,119)

-

-

-

-

Transferred to Retained earning

-

-

-

-

(37,980,544)

(22,173,982)

-

-

52,154,526

-

(8,000,000)

-

(8,000,000)

Dividends paid

-

-

-

-

-

-

-

-

(661.806.331)

-

(661.806.331)

-

(661.806.331)

Net profits of the year

-

-

-

-

-

-

-

-

528,380,846

-

528,380,846

462,579

528,843,425

Changes during the period

-

-

-

-

1,594,467

-

-

-

-

-

1,594,467

-

1,594,467

Addition from financial Investment revaluation

-

-

-

-

-

-

84,127,558

-

-

-

84,127,558

-

84,127,558

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

44,378,643

(44,378,643)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

18,922,217

18,922,217

-

18,922,217

Balance at the end of the year

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

46,069,902

7,033,932,558

March 31.

2011

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 period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

5,901,443,600

125,128,337

78,412,462

302,794,421

(203,604,610)

184,356,569

1,722,491

156,992,515

1,875,205,780

149,520,858

8,571,972,422

46,965,639

8,618,938,061

Transferred to Reserves

-

106,216,559

1,066,083,988

-

-

1,574,746

-

-

(1,173,875,293)

-

-

-

-

Transferred to Retained Earnings

-

-

-

-

(121,501,406)

-

-

-

121.501.406

-

-

-

-

Dividends paid

-

-

-

-

(20,231,298)

-

-

-

(822,831,893)

-

(843,063,191)

-

(843,063,191)

Net Profits of the Period

-

-

-

-

-

-

-

-

307,944,024

-

307,944,024

(75,261)

307,868,763

Change during the period

-

-

-

-

(1,262,583)

-

-

-

-

-

(1,262,583)

(102,844)

(1,365,427)

Addition from Financial Investments Revaluation

-

-

-

-

-

-

(285,330,326)

-

-

-

(285,330,326)

-

(285,330,326)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(2,648,019)

2,648,019

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

20,703,739

20,703,739

-

20,703,739

Balance at the end of the period

5,901,443,600

231,344,896

1,114,496,449

302,794,421

(346,599,897)

185,931,315

(283,607,835)

154,344,496

310,592,042

170,224,597

7,770,964,084

46,787,534

7,817,751,619