11 Nov 2010 07:00
Commercial International Bank (Egypt) S.A.E. | ||||
Consolidated Financial Statements | ||||
September 30, 2010 | ||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
FINANCIAL POSITION | ||||
As of Sep. 30, 2010 | ||||
Amounts in EGP | Note | Sep. 30, 2010 | Dec. 31,2009 (Restated) | |
Assets | ||||
Cash & Due From Central Bank | 15 | 4,532,683,673 | 4,179,256,489 | |
Due From Banks | 16 | 7,691,416,292 | 7,946,147,786 | |
Treasury Bills & Other Notes Discountable at CBE | 17 | 8,416,562,813 | 13,198,960,913 | |
Trading Financial Assets | 18 | 1,118,322,611 | 491,138,956 | |
Loans & Overdrafts for Banks ( Net after Provision) | 19 | 137,153,805 | 200,765,433 | |
Loans & Overdrafts for Customers ( Net after Provision) | 20 | 33,766,969,059 | 27,242,306,869 | |
Financial Derivatives | 21 | 219,896,414 | 225,347,220 | |
Financial Investments | ||||
Available for Sale | 22 | 12,262,788,010 | 7,429,977,151 | |
Held to Maturity | 22 | 356,320,015 | 590,057,209 | |
Financial Investments in associated companies | 23 | 104,169,316 | 74,750,645 | |
Brokers-Debit Balances | 185,015,801 | 80,154,770 | ||
Reconciliation Accounts- Debit Balances | - | 20,302,650 | ||
Real Estate Investments | 24 | 36,495,664 | 42,485,364 | |
Debt Balances and other Assets | 25 | 953,512,451 | 963,058,418 | |
Goodwill | 170,397,143 | 200,467,228 | ||
Intangible Assets | 522,871,116 | 573,471,546 | ||
Deferred Tax | 24 | 38,918,006 | 37,232,586 | |
Fixed Assets (Net) | 25 | 726,177,097 | 749,602,993 | |
Total Assets | 71,239,669,286 | 64,245,484,253 | ||
Liabilities & Shareholders' Equity | ||||
Liabilities | ||||
Due to Banks | 27 | 750,373,798 | 458,145,229 | |
Customer Deposits | 28 | 60,498,098,503 | 54,648,654,522 | |
Brokers-Credit Balance | 163,926,269 | 212,593,347 | ||
Reconciliation Accounts-Credit Balances | 24,753,115 | - | ||
Financial Derivatives | 21 | 183,606,745 | 150,526,830 | |
Credit Balances & Other Liabilities | 30 | 1,108,852,836 | 1,162,019,568 | |
Long Term Loans | 29 | 135,064,615 | 93,237,042 | |
Other Provisions | 31 | 362,767,980 | 450,056,493 | |
Total Liabilities | 63,227,443,861 | 57,175,233,031 | ||
Shareholders' Equity | ||||
Issued and Paid In Capital | 29 | 5,901,443,600 | 2,925,000,000 | |
Reserves | 31 | 720,408,400 | 2,379,311,040 | |
Reserve for employee stock ownership plan (ESOP) |
| 139,930,990 | 161,728,984 | |
Retained Earning | (212,641,747) | (176,287,838) | ||
Total Shareholders' Equity | 6,549,141,242 | 5,289,752,186 | ||
Net Profit of the Period/year | 1,416,186,038 | 1,734,891,714 | ||
Total Shareholders' Equity & Net Profit | 7,965,327,281 | 7,024,643,900 | ||
Minority Interest | 46,898,144 | 45,607,323 | ||
Total Liabilities & Shareholders' Equity | 71,239,669,286 | 64,245,484,253 | ||
Contingent liabilities & commitments | ||||
Letters of Credit, Guarantees and other commitments | 37 | 11,483,218,710 | 12,637,872,568 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
INCOME STATEMENT | ||||
As of Sep. 30, 2010 | ||||
Amounts in EGP. | Note | Sep. 30, 2010 | Sep. 30, 2009 (Restated) | |
Interest and Similar Income | 6 | 3,309,623,888 | 3,050,532,517 | |
Interest Expenses and Similar Charges | 6 | (1,665,924,377) | (1,541,234,046) | |
Net Interest Income | 1,643,699,511 | 1,509,298,471 | ||
Fees & Commissions Income | 7 | 688,909,563 | 578,000,313 | |
Fees and Commissions Expense | 7 | (58,278,187) | (46,930,027) | |
Net Income from Fees and Commissions | 630,631,376 | 531,070,286 | ||
Dividends Income | 8 | 105,061,783 | 129,389,084 | |
Net Trading Income | 9 | 262,820,234 | 359,818,056 | |
Profit from Financial Investments | 22 | 174,443,538 | 62,867,723 | |
Goodwill Amortization | (30,070,084) | - | ||
Administrative Expenses | 10 | (975,922,760) | (882,826,291) | |
Other operating (Expenses) Income | 11 | (18,690,144) | (27,992) | |
Return (Losses) of impairment from loans | 12 | (28,702,347) | (139,568,922) | |
Intangible Assets Amortization | (50,600,430) | (50,600,430) | ||
Bank's share in the profits of Associates | 12,397,111 | - | ||
Net Profit before Tax | 1,725,067,788 | 1,519,419,985 | ||
Income Tax | 13 | (307,676,349) | (257,245,945) | |
Deferred Tax | 13&33 | 85,420 | 13,191,868 | |
Net Profit After Tax | 1,417,476,859 | 1,275,365,908 | ||
Minority Interest | 1,290,821 | 4,573,280 | ||
Bank Shareholders | 1,416,186,038 | 1,270,792,628 | ||
Earning per share | ||||
Basic | 14 | 1.95 | 1.91 | |
Diluted | 14 | 1.92 | 1.87 | |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1a | ||||
As of Sep. 30 2010 | ||||
Amounts in EGP. | Sep.30, 2010 | Sep. 30, 2009 (Restated) | ||
Cash Flow from Operating Activities | ||||
Net Income Before Tax | 1,725,067,788 | 1,519,419,985 | ||
Adjustments To Reconcile Net Income | ||||
To Net Cash Provided by operating Activities | ||||
Depreciation | 137,775,086 | 146,004,606 | ||
Provisions (Formed during the period) | 85,537,000 | 146,581,885 | ||
Trading Financial Investment Evaluation Differences | (70,759,769) | 4,743,400 | ||
Intangible Assets Amortization | (50,600,430) | (50,600,430) | ||
Goodwill Amortization | (30,070,084) | - | ||
Impairment of Assets | (32,544,969) | 4,690,062 | ||
Utilization of Provisions (Except Provision for Doubtful Debts) | (1,556,850) | (6,542,060) | ||
Provisions no longer used | (108,465,097) | (3,499,887) | ||
FCY Revaluation Differences of Provision Balances (except Doubtful Debts) | 4,657,616 | (259,087) | ||
Profits From Selling Fixed Assets | (2,073,253) | 15,344,069 | ||
Profits From Selling financial Investments | (126,694,967) | (3,416,690) | ||
FCY Revaluation Difference of Long Term Loans | 176,557 | 434,463 | ||
Share Based Payments | 56,766,651 | 60,117,462 | ||
Operating Profits Before Changes in Operating Assets and Liabilities | 1,587,215,375 | 1,833,017,778 | ||
Net Decrease (Increase) in Assets | ||||
Due from banks | 135,222,889 | (585,876,600) | ||
Treasury Bills & Other Notes Discountable at CBE | 1,047,055,612 | 2,216,935,318 | ||
Trading Financial Assets | (556,423,886) | (262,298,962) | ||
Financial Derivatives (Net) | 38,530,721 | (40,675,900) | ||
Loans & Overdrafts | (6,528,511,716) | (930,946,199) | ||
Net Increase (Decrease) In Liabilities | ||||
Debit Balances and Other Assets | (54,207,075) | (178,439,710) | ||
Due to Banks | 292,228,569 | 517,259,211 | ||
Customer Deposits | 5,849,443,981 | 2,046,087,756 | ||
Credit Balances & Other Liabilities | (315,947,759) | (321,279,901) | ||
Net Cash Provided from Operating Activities | 1,494,606,710 | 4,293,782,791 | ||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1b | ||||
As of Sep. 30 2010 | Sep. 30, 2010 | Sep. 30, 2009 (Restated) | ||
Cash Flow From Investing Activities | ||||
(Payments) Incomings from (Purchase) selling associated co. | (29,418,671) | 55,302,976 | ||
Purchase of Fixed Assets, premises and Fitting-out of Branches | (48,522,895) | (151,786,904) | ||
Redemption of Held-to-Maturity Financial Investments | 249,656,598 | 82,086,393 | ||
Held to Maturity financial Investment Purchases | (15,919,404) | (22,033) | ||
Purchase of Available for Sale Financial Investments | (4,563,382,432) | (5,040,119,863) | ||
Real Estate Investments | 5,989,700 | - | ||
Net Cash (Used in) Provided from Investment Activities | (4,401,597,104) | (5,054,539,431) | ||
Cash Flow From Financing Activities | ||||
Increase (Decrease) in Long Term Loans | 41,651,016 | (12,863,095) | ||
Dividends Paid | (661,806,331) | (478,236,553) | ||
Capital Increase | 25,721,800 | - | ||
Net Cash (Used in) Financing Activities | (594,433,515) | (491,099,648) | ||
Net cash & cash equivalent changes | (3,501,423,909) | (1,251,856,288) | ||
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 | 6,729,355,659 | 7,526,884,281 | ||
Cash & Cash Equivalent are Represented as Follows | ||||
Cash and Due from Central Bank | 4,532,683,673 | 4,174,723,405 | ||
Due From Banks | 7,691,416,292 | 6,670,737,666 | ||
Treasury Bills & other governmental notes | 8,416,562,813 | 9,806,172,890 | ||
Due from Banks (Time Deposits) More than Three Months | (7,374,237,446) | (6,314,873,872) | ||
Treasury Bills With maturity More than Three months | (6,537,069,672) | (6,809,875,808) | ||
Total Cash & Cash Equivalent | 6,729,355,660 | 7,526,884,281 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
|
As of Sep, 30, 2010 |
|
Sep. 30, 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 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
| 432,851,511 | 407,547,602 | 302,794,421 | 87,845,690 | 185,993,785 | (20,985,045) | - | 1,370,592,742 | 86,727,903 | 5,778,368,609 | 46,280,877 | 5,824,649,486 |
Effect of adjusting Accounting Standards | - | - | - | - | - | 20,536,766 | - | - | - | - | 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 | 46,280,877 | 5,845,186,252 |
Transferred to reserves | - | 80,755,023 | 1,056,108,882 | - | - | - | - | - | (1,136,863,905) | - | - | - | - |
Transferred to Retained earning | - | - | - | - | (244,507,717) | - | - | - | 244,507,717 | - | - | - | - |
Dividends paid | - | - | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) | - | (478,236,553) |
Net profits of the period | - | - | - | - | - | - | - | - | 1,270,792,628 | - | 1,270,792,628 | 4,573,280 | 1,275,365,908 |
Change during the period | - | - | - | - | (4,270,361) | - | - | - | - | - | (4,270,361) | 3,935,351 | (335,010) |
Addition from financial Investment revaluation | - | - | - | - | - | - | 55,281,526 | - | - | - | 55,281,526 | - | 55,281,526 |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | - | 60,117,462 | 60,117,462 | - | 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) | 206,530,551 | 34,296,481 | - | 1,270,792,628 | 146,845,365 | 6,702,590,077 | 54,789,508 | 6,757,379,585 |
Sep. 30,2010 | 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 period | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | 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 |
Capital Increase | 2,976,443,600 | (476,326,032) | (2,474,395,768) | - | - | - | - | - | - | - | 25,721,800 | - | 25,721,800 |
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) | - | (8,000,000) |
Dividends paid
| - | - | - | - | - | - | - | - | (661,806,331) | - | (661,806,331) | - | (661,806,331) |
Net Profits of the Period | - | - | - | - | - | - | - | - | 1,416,186,038 | - | 1,416,186,038 | 1,290,821 | 1,417,476,859 |
Change during the period | - | - | - | - | 1,626,635 | - | - | - | - | - | 1,626,635 | - | 1,626,635 |
Addition from Financial Investments Revaluation | - | - | - | - | - | - | 110,188,587 | - | - | - | 110,188,587 | - | 110,188,587 |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | - | 113,960,161 | (113,960,161) | - | - | - | - |
Reserve for employee stock ownership plan ESOP | - | - | 78,564,646 | - | - | - | - | - | - | (21,797,994) | 56,766,651 | - | 56,766,651 |
Balance at the end of the period | 5,901,443,600
| 125,128,337 | 78,412,462 | 302,794,421 | (212,641,747) | 184,356,569 | 3,063,821 | 140,612,951 | 1,302,225,877 | 139,930,990 | 7,965,327,280 | 46,898,144 | 8,012,225,424 |