Last checked at 12 Nov 2009 07:00
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| Commercial International Bank (Egypt) S.A.E. | |||||
| Consolidated Financial Statements | |||||
| September 30, 2009 | |||||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| FINANCIAL POSITION |
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| As of September 30 2009 | |||||
| Amounts in EGP. | Note | 30-Sep-2009 | 31-Dec-2008 | ||
| Assets | |||||
| Cash & Due From Central Bank | 5 | 4,174,723,405 | 4,473,013,600 | ||
| Due From Banks | 6 | 6,670,737,666 | 6,572,191,780 | ||
| Treasury Bills & Other Governmental Notes | 7 | 9,806,172,890 | 12,456,955,210 | ||
| Trading Financial Assets | 8 | 899,182,992 | 641,627,430 | ||
| Loans & Overdrafts | 11&12 | 27,182,965,732 | 26,330,327,878 | ||
| Financial Derivatives | 13 | 392,541,362 | 704,890,792 | ||
| Financial Investments: | |||||
| Available for Sale | 9 | 7,813,811,741 | 2,774,965,250 | ||
| Held to Maturity | 9 | 599,198,914 | 681,263,274 | ||
| Financial Investments in Associated companies | 14 | 92,901,765 | 92,923,215 | ||
| Brokers-Debit Balances | 205,219,606 | 151,604,732 | |||
| Debit Balances and Other Assets | 16 | 1,059,295,020 | 972,855,164 | ||
| Goodwill | 39 | 200,523,251 | 200,523,251 | ||
| Intangible Assets | 39 | 590,338,356 | 640,938,786 | ||
| Deferred Tax | 28 | 34,164,634 | 19,372,767 | ||
| Fixed Assets (Net) | 17 | 776,232,552 | 748,340,702 | ||
| Total Assets | 60,498,009,886 | 57,461,793,831 | |||
| Liabilities & Shareholders' Equity | |||||
| Liabilities | |||||
| Due to Banks | 18 | 746,253,433 | 228,994,222 | ||
| Customer Deposits | 19 | 50,836,117,565 | 48,790,029,809 | ||
| Brokers-Credit Balances | 174,574,934 | 200,921,933 | |||
| Reconciliation Accounts-Credit Balances | 84,106,592 | 27,897,554 | |||
| Financial Derivatives | 13 | 283,889,414 | 636,914,744 | ||
| Credit Balances & Other Liabilities | 20 | 1,122,291,264 | 1,270,466,914 | ||
| Long Term Loans | 21 | 96,845,301 | 109,273,933 | ||
| Other Provisions | 22 | 368,585,624 | 372,645,236 | ||
| Total Liabilities | 53,712,664,127 | 51,637,144,345 | |||
| Shareholders' Equity | |||||
| Paid- in Capital | 23 | 2,925,000,000 | 2,925,000,000 | ||
| Reserves | 23 | 2,500,347,705 | 1,308,202,274 | ||
| Reserve for employee stock ownership plan (ESOP) |
| 146,845,365 | 86,727,903 | ||
| Retained Earnings | (160,932,388) | 87,845,690 | |||
| Total Shareholders' Equity | 5,411,260,682 | 4,407,775,867 | |||
| Net Profit of the Period/ Year | 1,319,295,568 | 1,370,592,741 | |||
| Total Shareholders' Equity & Net Profit | 6,730,556,250 | 5,778,368,609 | |||
| Minority Interest | 54,789,509 | 46,280,877 | |||
| Total Shareholders' Equity & Minority Interest | 6,785,345,759 | 5,824,649,486 | |||
| Total Liabilities & Shareholders' Equity | 60,498,009,886 | 57,461,793,831 | |||
| Contingent Liabilities & Commitments | |||||
| Letters of Credit, Guarantees and Other Commitments | 24 | 12,129,814,544 | 13,290,994,705 | ||
| INCOME STATEMENT | |||||
| As of September. 30, 2009 | Sep. 30, 2009 | Sep. 30, 2008 (Restated) | |||
| Amounts in EGP. | Note | ||||
| Interest and similar income | 25 | 3,050,532,517 | 2,629,158,318 | ||
| Interest and similar Expenses | 25 | (1,541,234,046) | (1,465,116,850) | ||
| Net Interest Income | 1,509,298,471 | 1,164,041,468 | |||
| Fees & Commissions Income | 578,000,313 | 634,893,259 | |||
| Fees & Commissions Expense | (46,930,027) | (38,935,409) | |||
| Net Income from Fees & Commissions | 531,070,286 | 595,957,850 | |||
| Dividends Income | 129,389,084 | 87,134,463 | |||
| Net Trading Income | 26 | 359,818,056 | 359,508,469 | ||
| Provisions | 12&22 | (88,908,820) | (199,380,131) | ||
| Profits from Financial Investments | 9 | 63,279,476 | 118,177,543 | ||
| Administrative Expenses | (882,826,292) | (705,225,918) | |||
| Other Operating Income | 10 | 6,573,219 | 108,397,672 | ||
| Intangible Assets Amortization | (50,600,430) | - | |||
| Net Profit before Tax | 1,577,093,050 | 1,528,611,416 | |||
| Income Tax | 29 | (266,416,069) | (186,398,817) | ||
| Deferred Tax | 28 | 13,191,867 | (29,184,873) | ||
| Net Profit After Tax | 1,323,868,848 | 1,313,027,726 | |||
| Minority Interest | 4,573,280 | 8,007,333 | |||
| Bank Shareholders | 1,319,295,568 | 1,305,020,393 | |||
| Earnings Per Share | |||||
| Basic | 30 | 4.01 | 3.97 | ||
| Diluted | 30 | 3.92 | 3.93 | ||
| CASH FLOW STATEMENT 1a | |||||
| As of Sept. 30 2009 | Sep. 30, 2009 | Sep. 30, 2008 (Restated) | |||
| Amounts in EGP | |||||
| Cash Flow from Operating Activities | |||||
| Net Income Before Tax | 1,577,093,050 | 1,528,611,416 | |||
| Adjustments To Reconcile Net Income | |||||
| To Net Cash Provided by operating Activities | |||||
| Depreciation | 146,004,606 | 102,024,442 | |||
| Provisions (Formed during the period) | 88,908,819 | 199,780,767 | |||
| Trading Financial Investment Evaluation Differences | 4,743,400 | 24,743,144 | |||
| Intangible Assets Amortization | (50,600,430) | - | |||
| Impairment of Assets | 4,690,062 | 39,349,990 | |||
| Utilization of Provision (Except Provision for Doubtful Debts) | (6,542,060) | (11,522,717) | |||
| Provisions no longer used | (3,499,887) | (95,081,179) | |||
| FCY Revaluation Differences of Provision Balances (Except Doubtful Debts) | (259,087) | (478,731) | |||
| Losses From Selling Fixed Assets | 15,344,069 | (5,008,077) | |||
| Losses From Selling financial Investments | (3,416,690) | (155,853,030) | |||
| Losses from Selling an investment in subsidiary | - | (50,258,991) | |||
| FCY Revaluation Difference of Long Term Loans | 434,463 | (623,325) | |||
| Share Based Payments | 60,117,462 | 43,908,011 | |||
| Operating Profit Before Changes in Operating Assets and Liabilities | 1,833,017,777 | 1,621,333,461 | |||
| Net Decrease (Increase) in Assets | |||||
| Due from banks | (585,876,600) | 3,335,188,421 | |||
| Treasury Bills & Other Governmental Notes | 2,216,935,318 | (1,690,083,030) | |||
| Trading Financial Assets | (262,298,962) | (90,566,326) | |||
| Financial Derivatives (Net) | (40,675,900) | (29,022,253) | |||
| Loans & Overdrafts | (930,946,199) | (6,343,785,314) | |||
| Net Increase (Decrease) In Liabilities | |||||
| Debit Balances & Other Assets | (178,439,710) | (855,932,850) | |||
| Due to Banks | 517,259,211 | 800,182,573 | |||
| Customer Deposits | 2,046,087,756 | 8,347,133,453 | |||
| Credit Balances & Other Liabilities | (321,279,901) | 97,424,449 | |||
| Net Cash Provided from Operating Activities | 4,293,782,790 | 5,191,872,584 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1b | |||||
| As of Sep. 30 2009 | Sep. 30, 2009 | Sep. 30, 2008 (Restated) | |||
| Cash Flow From Investing Activities | |||||
| Sales of subsidiaries & associated companies | 55,302,976 | 20,804,793 | |||
| Purchase of Fixed Assets, premises and Fitting-out of Branches | (151,786,904) | (156,992,870) | |||
| Redemption of Held-to-Maturity Financial Investments | 82,086,393 | 132,528,735 | |||
| Held to Maturity Financial Investment Purchases | (22,033) | - | |||
| Available for Sale Financial Investments | (5,040,119,863) | (1,597,448,038) | |||
| Financial Investments in Subsidiary (Goodwill) | - | (621,580,409) | |||
| Net Cash (Used in) Provided from Investing Activities | (5,054,539,431) | (2,222,687,789) | |||
| Cash Flow From Financing Activities | |||||
| Increase (Decrease) in Long Term Loans | (12,863,095) | (52,181,207) | |||
| Dividends Paid | (478,236,553) | (346,270,332) | |||
| Net Cash (Used in) Financing Activities | (491,099,648) | (398,451,539) | |||
| Net cash & cash equivalent changes | (1,251,856,288) | 2,570,733,256 | |||
| Beginning Balance of cash and cash equivalent | 8,778,740,569 | 6,879,374,080 | |||
| Cash & Cash equivalent Balance At the End of the period | 7,526,884,281 | 9,450,107,336 | |||
| Cash & Cash Equivalent are Represented as Follows | |||||
| Cash and Due from Central Bank | 4,174,723,405 | 7,287,161,428 | |||
| Due From Banks | 6,670,737,666 | 10,560,392,018 | |||
| Treasury Bills & other Governmental Notes | 9,806,172,890 | 4,910,525,466 | |||
| Due from Banks (time deposits) | (6,314,873,872) | (9,974,371,092) | |||
| Treasury Bills with Maturity More than Three Months | (6,809,875,808) | (3,333,600,484) | |||
| Total Cash & Cash Equivalent | 7,526,884,281 | 9,450,107,336 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
| STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
| As of Sep.30,2009 All Amounts are in EGP | |
| 2008 | Capital | Legal Reserves | General Reserves | Intangible Assets Value for Bank's Share before Acquisition | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits of the year | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest | Total |
| Balance at Beginning of the Year | 1,950,000,000 | 371,230,872 | 548,482,934 | 0 | 41,349,498 | 185,993,785 | 60,903,531 | 1,285,775,354 | 29,159,584 | 4,472,895,558 | 5,263,160 | 4,478,158,718 |
| Derivatives revaluations settlement* | 0 | 0 | 0 | 0 | (13,571,026) | 0 | 0 | 0 | 0 | (13,571,026) | 0 | (13,571,026) |
| Capital Increase* | 975,000,000 | 0 | (975,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Transfer to Reserves | 0 | 61,620,639 | 834,064,668 | 0 | 0 | 0 | 0 | (895,685,307) | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | (5,997,898) | 0 | 0 | (336,709,547) | 0 | (342,707,445) | (3,338,247) | (346,045,692) |
| Net Profit of the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,370,592,742 | 0 | 1,370,592,742 | (5,177,543) | 1,365,415,199 |
| Usage part of reserve | 0 | 0 | 0 | 0 | 0 | 0 | (81,888,576) | 0 | 0 | (81,888,576) | 0 | (81,888,576) |
| Change During the Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Transferred to Retained Earnings | 0 | 0 | 0 | 0 | 53,380,500 | 0 | 0 | (53,380,500) | 0 | 0 | 0 | 0 |
| Reserve for employee stock ownership plan ESOP** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57,568,319 | 57,568,319 | 0 | 57,568,319 |
| Adjustments on Income Tax | 0 | 0 | 0 | 0 | (461,324) | 0 | 0 | 0 | 0 | (461,324) | 0 | (461,324) |
| Minority Share from Retained Earnings | 0 | 0 | 0 | 0 | (4,927,294) | 0 | 0 | 0 | 0 | (4,927,294) | 4,927,294 | 0 |
| Majority Share in Intangible Assets | 0 | 0 | 0 | 302,794,421 | 18,073,234 | 0 | 0 | 0 | 0 | 320,867,655 | 44,606,213 | 365,473,868 |
| Balance at the End of the year | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 87,845,690 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,778,368,609 | 46,280,877 | 5,824,649,486 |
| 2009 | Capital | Legal Reserves | General Reserves | Intangible Assets Value for Bank's Share before Acquisition | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits for the period | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest | Total |
| Balance at the Beginning of the period | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 87,845,690 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,778,368,609 | 46,280,877 | 5,824,649,486 |
| Transfer to Reserves | 0 | 80,755,023 | 1,056,108,882 | 0 | 0 | 0 | 0 | (1,136,863,905) | 0 | 0 | 0 | 0 |
| Transfer to Retained Earnings | 0 | 0 | 0 | 0 | (244,507,717) | 0 | 0 | 244,507,717 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (478,236,553) | 0 | (478,236,553) | 0 | (478,236,553) |
| Net Profits of the Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,319,295,568 | 0 | 1,319,295,568 | 4,573,280 | 1,323,868,848 |
| Change During the Period | 0 | 0 | 0 | 0 | (4,270,361) | 0 | 0 | 0 | 0 | (4,270,361) | 3,935,351 | (335,010) |
| Addition from financial Investment Revaluation | 0 | 0 | 0 | 0 | 0 | 0 | 55,281,526 | 0 | 0 | 55,281,526 | 0 | 55,281,526 |
| Reserve for employee stock ownership plan ESOP** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60,117,462 | 60,117,462 | 0 | 60,117,462 |
| Balance at the End of the period | 2,925,000,000 | 513,606,534 | 1,463,656,484 | 302,794,421 | (160,932,388) | 185,993,785 | 34,296,481 | 1,319,295,568 | 146,845,365 | 6,730,556,250 | 54,789,509 | 6,785,345,759 |
* Note No (23)
** Note No (31)