16 Nov 2011 07:00
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Commercial International Bank (Egypt) S.A.E. | |||||
Unconsolidated Financial Statements | |||||
September 30, 2011 | |||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
FINANCIAL POSITION | |||||
As of Sep.30, 2011 | |||||
Amounts in EGP. | Note | 30-Sep-2011 | 31-Dec-2010 | ||
Assets | |||||
Cash & Due From Central Bank | 15 | 4,585,370,018 | 5,675,241,791 | ||
Due From Banks | 16 | 11,595,011,255 | 6,769,607,397 | ||
Treasury Bills & Other Governmental Notes | 17 | 8,647,963,786 | 8,821,003,566 | ||
Trading Financial Assets | 18 | 599,733,069 | 1,422,038,841 | ||
Loans & Overdrafts for Banks (Net after provisions) | 19 | 179,935,995 | 125,833,038 | ||
Loans & Overdrafts for Customers (Net after provisions) | 20 | 37,781,044,706 | 35,048,707,895 | ||
Financial Derivatives | 21 | 158,821,014 | 139,263,948 | ||
Financial Investments:- | |||||
Available for Sale | 22 | 14,880,838,015 | 13,605,347,030 | ||
Held to Maturity | 22 | 69,066,925 | 289,151,745 | ||
Financial Investments in Subsidiary and Associated Co. | 23 | 1,007,819,234 | 996,317,538 | ||
Real Estate investments | 24 | 28,334,464 | 28,695,664 | ||
Debit Balances and Other Assets | 25 | 1,378,540,947 | 1,375,945,140 | ||
Deferred Tax | 33 | 84,492,142 | 79,656,694 | ||
Fixed Assets (Net) | 26 | 629,330,705 | 716,071,158 | ||
Total Assets | 81,626,302,275 | 75,092,881,445 | |||
Liabilities & Shareholders' Equity:- | |||||
Liabilities | |||||
Due to Banks | 27 | 1,515,067,636 | 1,322,279,909 | ||
Customer Deposits | 28 | 69,869,923,902 | 63,479,883,624 | ||
Financial Derivatives | 21 | 108,072,845 | 113,551,040 | ||
Credit Balances & Other Liabilities | 30 | 1,061,426,133 | 1,123,883,898 | ||
Long Term Loans | 29 | 95,915,648 | 129,113,425 | ||
Other Provisions | 31 | 272,197,292 | 310,238,930 | ||
Total Liabilities | 72,922,603,456 | 66,478,950,826 | |||
Shareholders' Equity | |||||
Issued and Paid- in Capital | 32 | 5,934,562,990 | 5,901,443,600 | ||
Reserves | 32 | 1,460,416,239 | 416,828,938 | ||
Reserve for Employee Stock Ownership Plan (ESOP) | 122,008,975 | 149,520,859 | |||
Retained Earning | - | 20,231,298 | |||
Total Shareholders' Equity | 7,516,988,204 | 6,488,024,695 | |||
Net Profit of the Period/Year after tax | 1,186,710,615 | 2,125,905,924 | |||
Total Shareholders' Equity & Net Profit of the Period/Year | 8,703,698,819 | 8,613,930,619 | |||
Total Liabilities & Shareholders' Equity | 81,626,302,275 | 75,092,881,445 | |||
Contingent Liabilities & commitments | |||||
Letters of Credit, Guarantees and other Commitments | 37 | 12,007,321,308 | 11,879,748,713 | ||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
INCOME STATEMENT | |||||
As of Sep. 30, 2011 | |||||
Amounts in EGP. | Note | Sep. 30, 2011 | Sep. 30, 2010 | ||
Interest and Similar Income | 6 | 3,973,996,549 | 3,306,493,377 | ||
Interest Expense and Similar Charges | 6 | (2,028,815,453) | (1,664,991,389) | ||
Net Interest Income | 1,945,181,095 | 1,641,501,988 | |||
Fees & Commissions Income | 7 | 614,274,291 | 609,954,166 | ||
Fees and Commissions Expense | 7 | (64,114,837) | (58,278,187) | ||
Net Fees and Commissions Income | 550,159,454 | 551,675,979 | |||
Dividends Income | 8 | 58,015,412 | 124,246,264 | ||
Net Trading Income | 9 | 1,97,209,565 | 252,193,234 | ||
Profit from Financial Investments | 22 | 78,409,261 | 171,541,834 | ||
Administrative Expenses | 10 | (968,821,954) | (877,566,249) | ||
Other operating (Expenses) Income | 11 | (45,722,562) | 3,181,161 | ||
Losses of impairment of loans | 12 | (312,228,115) | (28,702,347) | ||
Net Profit before Tax | 1,502,202,156 | 1,841,071,865 | |||
Income Tax | 13 | (320,326,989) | (299,810,196) | ||
Deferred Tax | 13&33 | 4,835,448 | (203,828) | ||
Net Profit After Tax | 1,186,710,615 | 1,541,057,841 | |||
Earning per share | |||||
Basic | 14 | 1.66 | 2.13 | ||
Diluted | 14 | 1.62 | 2.08 | ||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT | |||||
As of Sep. 30, 2011 | |||||
Amounts in EGP. | Sep. 30, 2011 | Sep. 30, 2010 | |||
Cash Flow From Operating Activities | |||||
Net Income Before Tax | 1,502,202,156 | 1,841,071,865 | |||
Adjustments To Reconcile Net Income To Net Cash Provided by operating Activities | |||||
Depreciation | 143,036,462 | 134,728,750 | |||
Provisions (Formed during the period) | 315,292,360 | 83,404,585 | |||
Trading Financial Investment Evaluation Differences | 43,856,029 | (70,759,769) | |||
Financial Investments Impairment | (45,885,268) | (32,544,969) | |||
Utilization of Provisions (except Provisions for Doubtful Debts) | (3,119,614) | (1,556,850) | |||
Provisions no longer used (except provisions for doubtful debts) | (40,284,922) | (108,037,726) | |||
FCY Revaluation Differences of Provision Balances (except Doubtful Debt) | 3,926,263 | 4,657,616 | |||
Profits From Selling of Fixed Assets | (2,664,190) | (2,073,253) | |||
Profits From Selling of Financial Investments | (93,073,621) | (126,694,967) | |||
Profits from selling an Investment in Associated | (1,873,813) | 96 | |||
FCY Revaluation Difference of Long Term Loans | 459,526 | 176,557 | |||
Share Based Payments | 62,114,443 | 56,766,651 | |||
Investment in Subsidiary and Associated Co. Evaluation differences | (501,696) | (614,711) | |||
Impairment from Real estate investments | 361,200 | 5,989,700 | |||
Operating Profits Before Changes in Operating Assets and Liabilities | 1,883,847,325 | 1,784,513,575 | |||
Net Decrease (Increase) in Assets and liabilities | |||||
Due from banks | (4,998,033,002) | 135,222,889 | |||
Treasury Bills & Other Governmental Notes | 121,265,205 | 1,047,055,612 | |||
Trading Financial Assets | 778,449,743 | (474,142,850) | |||
Financial Derivatives (Net) | (25,035,261) | 38,530,721 | |||
Loans & Overdrafts | (3,100,295,504) | (6,528,511,716) | |||
Debit Balances and Other Assets | 34,117,966 | (52,520,084) | |||
Due to Banks | 192,787,727 | 292,228,569 | |||
Customer Deposits | 6,390,040,278 | 5,712,154,680 | |||
Credit Balances & Other Liabilities | (382,784,752) | (350,311,291) | |||
Net Cash Provided from Operating Activities | 894,359,724 | 1,604,220,105 | |||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT | |||||
As of Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2010 | |||
Cash Flow From Investing Activities | |||||
Payments to purchase Subsidiary and Associated Co. | (11,000,000) | (16,455,599) | |||
Income from Selling Subsidiary and Associated Co. | - | 48,750 | |||
Purchase of fixed assets, premises and fitting out of branches | (90,345,592) | (122,473,601) | |||
Redemption of Held-to-Maturity Financial Investments | 230,201,187 | 249,632,622 | |||
Held to Maturity Financial Investment Purchases | (5,000,000) | (15,919,404) | |||
Purchase of Available for Sale Financial Investment | (1,490,030,694) | (4,561,124,872) | |||
Net Cash (Used in) Provided from Investing Activities | (1,366,175,100) | (4,466,292,104) | |||
Cash Flow From Financing Activities | |||||
Increase (Decrease) in Long Term Loans | (33,657,304) | 41,651,016 | |||
Dividends Paid | (841,922,204) | (658,369,589) | |||
Capital Increase | 33,119,390 | 25,721,800 | |||
Net Cash (Used in) provided from Financing Activities | (842,460,118) | (590,996,773) | |||
Net Cash and Cash Equivalent Changes | (1,314,275,493) | (3,453,068,773) | |||
Beginning Balance of Cash and Cash Equivalent | 7,778,944,041 | 10,062,335,630 | |||
Cash & Cash equivalent Balance At the End of the Period | 6,464,668,548 | 6,609,266,857 | |||
Cash & Cash Equivalent are Represented as Follows:- | |||||
Cash and Due from Central Bank | 4,585,370,018 | 4,532,172,246 | |||
Due From Banks | 11,595,011,255 | 7,571,838,916 | |||
Treasury Bills and Other Governmental Notes | 8,647,963,786 | 8,416,562,813 | |||
Obligatory Reserve balance with CBE | (2,782,468,103) | (2,429,632,454) | |||
Due from Banks (Time Deposits) More than Three Months | (8,610,360,530) | (4,944,604,992) | |||
Treasury Bills with Maturity More than Three Months | (6,970,847,877) | (6,537,069,672) | |||
Total Cash & Cash Equivalent | 6,464,668,548 | 6,609,266,857 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Sep. 30 2011 |
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Sep. 30, 2010 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Investments Revaluation Diff. (EGP) | Banking Risks Reserve
(EGP) | Profits of the Period (EGP) | Reserve for Employee Stock Ownership Plan (ESOP) (EGP) | Total (EGP) |
Beginning Balance | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684) | 206,530,551 | (106,589,600) | 26,652,790 | 1,756,956,708 | 161,728,985 | 6,945,599,768 |
Capital Increase | 2,976,443,600 | (476,326,032) | (2,474,395,768) | - | - | - | - | - | - | 25,721,800 |
Transferred to Reserves | - | 87,847,835 | 1,089,303,930 | - | - | - | - | (1,098,587,119) | (78,564,646) | - |
Dividends Paid | - | - | - | - | - | - | - | (658,369,589) | - | (658,369,589) |
Net Profit of the period | - | - | - | - | - | - | - | 1,541,057,841 | - | 1,541,057,841 |
Transferred to Retained Earning | - | - | - | 22,173,982 | (22,173,982) | - | - | - | - | - |
Addition from Financial Investment Revaluation | - | - | - | - | - | 110,090,291 | - | - | - | 110,090,291 |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | 113,960,161 | (113,960,161) | - | - |
Reserve for Employee Stock Ownership Plan (ESOP) | - | - | - | - | - | - | - | - | 56,766,651 | 56,766,651 |
Balance at the end of Period | 5,901,443,600 | 125,128,337 | 78,564,646 | 20,231,298 | 184,356,569 | 3,500,691 | 140,612,951 | 1,427,097,680 | 139,930,991 | 8,020,866,762 |
Sep. 30, 2011 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (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 (EGP) |
Beginning Balance | 5,901,443,600
| 125,128,337 | 78,564,646 | 20,231,298 | 184,356,569 | 2,126,596 | 156,992,515 | 1,995,566,199 | 149,520,859 | 8,613,930,618 |
Capital Increase | 33,119,390 | - | - | - | - | - | - | - | - | 33,119,390 |
Transferred to Reserves | - | 106,216,559 | 1,115710,315 | - | 1,574,746 | - | - | (1,173,875,293) | (89,626,327) | - |
Dividends Paid | - | - | - | (20,231,298) | - | - | - | (821,690,906) | - | (841,922,204) |
Net Profit of the Period | - | - | - | - | - | - | - | 1,186,710,615 | - | 1,186,710,615 |
Addition from Financial Investment Revaluation | - | - | - | - | - | (350,254,044) | - | - | - | (350,254,044) |
Transferred from bank Risk Reserves | - | - | - | - | - | - | 76,166,450 | (76,166,450) | - | - |
Reserve for Employee Stock Ownership Plan (ESOP) | - | - | - | - | - | - | - | - | 62,114,443 | 62,114,443 |
Balance at the End of Period | 5,934,562,990 | 231,344,896 | 1,234,274,960 | - | 185,931,315 | (348,127,448) | 233,158,965 | 1,110,544,166 | 122,008,975 | 8,703,698,819 |
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