24 Feb 2011 07:00
Commercial International Bank (Egypt) S.A.E. | ||||
Unconsolidated Financial Statements | ||||
December 31, 2010 | ||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
FINANCIAL POSITION | ||||
As of Dec. 31, 2010 | ||||
Amounts in EGP. | Note | Dec. 31 ,2010 | Dec.31, 2009 (Restated) | |
Assets | ||||
Cash & Due From Central Bank | 15 | 5,675,241,791 | 4,179,212,739 | |
Due From Banks | 16 | 6,769,607,397 | 7,785,042,557 | |
Treasury Bills & Other Notes Discountable at CBE | 17 | 8,821,003,566 | 13,191,665,954 | |
Trading Financial Assets | 18 | 1,422,038,841 | 380,620,682 | |
Loans & Overdrafts for Banks (Net after provisions) | 19 | 128,527,576 | 200,765,433 | |
Loans & Overdrafts for Customers (Net after provisions) | 20 | 35,046,013,357 | 27,242,306,896 | |
Financial Derivatives | 21 | 139,263,948 | 225,347,220 | |
Financial Investments | ||||
Available for Sale | 22 | 13,605,347,030 | 7,420,529,606 | |
Held to Maturity Financial Investments | 22 | 289,151,745 | 579,926,673 | |
Financial Investments in Subsidiary and associated companies | 23 | 996,317,538 | 1,138,277,487 | |
Real Estate investments | 24 | 28,695,664 | 42,485,364 | |
Debit Balances and Other Assets | 25 | 1,375,945,140 | 918,003,882 | |
Deferred Tax | 33 | 79,656,694 | 39,799,318 | |
Fixed Assets (Net) | 26 | 716,071,158 | 718,847,964 | |
Total Assets | 75,092,881,445 | 64,062,831,775 | ||
Liabilities & Shareholders' Equity | ||||
Liabilities | ||||
Due to Banks | 27 | 1,322,279,909 | 458,145,229 | |
Customer Deposits | 28 | 63,479,883,624 | 54,842,629,843 | |
Financial Derivatives | 21 | 113,551,040 | 150,526,830 | |
Credit Balances & Other Liabilities | 30 | 1,123,883,898 | 1,128,964,485 | |
Long Term Loans | 29 | 129,113,426 | 93,237,042 | |
Other Provisions | 31 | 310,238,930 | 443,728,578 | |
Total Liabilities | 66,478,950,828 | 57,117,232,007 | ||
Shareholders' Equity | ||||
Issued & Paid- in Capital | 32 | 5,901,443,600 | 2,925,000,000 | |
Reserves | 32 | 416,828,938 | 2,077,203,969 | |
Reserve for employee stock ownership plan (ESOP) |
| 149,520,859 | 161,728,985 | |
Retained Earnings | 20,231,298 | (1,942,684) | ||
Total Shareholders' Equity | 6,488,024,694 | 5,161,990,269 | ||
Net Profit of the Period | 2,125,905,924 | 1,783,609,499 | ||
Total Shareholders' Equity & Net Profit | 8,613,930,617 | 6,945,599,768 | ||
Total Liabilities & Shareholders' Equity | 75,092,881,445 | 64,062,831,775 | ||
Contingent Liabilities & commitments | ||||
Letters of Credit, Guarantees and other commitments | 37 | 11,879,748,713 | 12,637,872,568 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
INCOME STATEMENT | ||||
As of Dec. 31, 2010 | ||||
Amounts in EGP. | Note | Dec.31, 2010 | Dec. 31, 2009 (Restated) | |
Interest and Similar Income | 6 | 4,521,390,287 | 4,026,337,183 | |
Interest Expense and Similar Charges | 6 | (2,266,569,515) | (2,000,868,483) | |
Net Interest Income | 2,254,820,773 | 2,025,468,700 | ||
Fees & Commissions Income | 7 | 835,154,241 | 704,436,353 | |
Fees and Commissions Expense | 7 | (84,876,559) | (67,147,458) | |
Net Income from Fees and Commissions | 750,277,682 | 637,288,895 | ||
Dividends Income | 8 | 184,309,092 | 126,062,373 | |
Net Trading Income | 9 | 413,109,812 | 404,153,055 | |
Profit from Financial Investments | 22 | 102,559,206 | 65,220,692 | |
Administrative Expenses | 10 | (1,187,939,938) | (1,040,787,351) | |
Other operating (Expenses) Income | 11 | 1,771,329 | (84,879,302) | |
Return (Losses) of impairment of loans | 12 | (6,163,496) | (9,184,858) | |
Net Profit before Tax | 2,512,744,460 | 2,123,342,204 | ||
Income Tax | 13 | (426,695,912) | (357,691,456) | |
Deferred Tax | 13&33 | 39,857,376 | 17,958,750 | |
Net Profit After Tax | 2,125,905,924 | 1,783,609,499 | ||
Earning per share | ||||
Basic | 14 | 2.99 | 2.63 | |
Diluted | 14 | 2.93 | 2.59 | |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1a | ||||
As of Dec. 31, 2010 | ||||
Amounts in EGP. | Dec. 31, 2010 | Dec. 31, 2009 (Restated) | ||
Cash Flow From Operating Activities | ||||
Net Income Before Tax | 2,512,744,460 | 2,123,342,204 | ||
Adjustments To Reconcile Net Income | ||||
To Net Cash Provided by operating Activities | ||||
Depreciation | 179,021,238 | 184,283,445 | ||
Provisions (Formed during the year) | 84,416,535 | 59,026,765 | ||
Trading Financial Investment Evaluation Differences | (76,970,503) | (11,988,038) | ||
Impairment of Assets | 100,496,321 | 22,423,516 | ||
Utilization of Provision (except Provisions for Doubtful Debts) | (1,990,637) | (5,934,246) | ||
Provisions no longer used | (178,037.726) | (517,078) | ||
FCY Revaluation Differences of Provision Balances (except Doubtful Debt) | 7,340,620 | (724,579) | ||
Profits From Selling of Fixed Assets | (1,574,746) | (15,797,710) | ||
Profits From Selling of financial Investments | (209,478,369) | (113,051,948) | ||
Losses from selling an investment in Associated | 96 | - | ||
FCY Revaluation Difference of Long Term Loans | 141,768 | 310,424 | ||
Share Based Payments | 66,356,519 | 75,001,082 | ||
Operating Profits Before Changes in Operating Assets and Liabilities | 2,482,465,576 | 2,316,373,837 | ||
Net Decrease (Increase) in Assets | ||||
Due from banks | 1,114,664,704 | (1,792,506,063) | ||
Treasury Bills & Other Governmental Notes | 492,012,203 | 1,410,297,463 | ||
Trading Financial Assets | (964,447,656) | 128,921,843 | ||
Financial Derivatives (Net) | 49,107,482 | (6,844,342) | ||
Loans & Overdrafts | (7,776,687,045) | (1,047,276,957) | ||
Net Increase (Decrease) In Liabilities | ||||
Debit Balances and Other Assets | (452,877,544) | (69,428,725) | ||
Due to Banks | 864,134,680 | 244,675,217 | ||
Customer Deposits | 8,637,253,781 | 5,904,520,180 | ||
Credit Balances & Other Liabilities | (431,776,495) | (475,728,332) | ||
Net Cash Provided from Operating Activities | 4,013,849,685 | 6,613,004,121 | ||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1b | ||||
As of Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2009 (Restated) | ||
Cash Flow From Investing Activities | ||||
(Payments) Incomings from (Purchase) selling Subsidiary & Associated companies | 141,959,949 | (86,222,016) | ||
Purchase of Fixed Assets, premises and Fitting-out of Branches | (179,733,400) | (130,621,033) | ||
Redemption of Held-to-Maturity Financial Investments | 311,446,590 | 100,347,556 | ||
Held to Maturity financial Investments Purchases | (20,671,663) | 989,046 | ||
Purchase of available for Sale Financial Investments | (5,967,119,276) | (4,567,668,190) | ||
Real Estate investments | 13,789,700 | 5,049,941 | ||
Net Cash (Used in) Provided from Investing Activities | (5,700,328,100) | (4,678,124,696) | ||
Cash Flow From Financing Activities | ||||
Increase (Decrease) in Long Term Loans | 35,734,616 | (16,347,315) | ||
Dividends Paid | (658,369,589) | (478,236,553) | ||
Capital Increase | 25,721,800 | - | ||
Net Cash (Used in) provided from Financing Activities | (596,913,173) | (494,583,868) | ||
Net cash & cash equivalent changes | (2,283,391,588) | 1,440,295,557 | ||
Beginning Balance of cash and cash equivalent | 10,062,335,629 | 8,622,040,072 | ||
Cash & Cash equivalent Balance At the End of the Year | 7,778,944,041 | 10,062,335,629 | ||
Cash & Cash Equivalent are Represented as Follows | ||||
Cash and Due from Central Bank | 5,675,241,791 | 4,179,212,739 | ||
Due From Banks | 6,769,607,397 | 7,785,042,557 | ||
Treasury Bills & other governmental notes | 8,821,003,566 | 13,191,665,954 | ||
Due from Banks (time deposits) More than Three Months | (6,394,795,631) | (7,509,460,335) | ||
Treasury Bills with Maturity More than Three Months | (7,092,113,082) | (7,584,125,286) | ||
Total Cash & Cash Equivalent | 7,778,944,041 | 10,062,335,629 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Sep. 30, 2010 |
|
Dec.31, 2009 | 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 Year (EGP) | Reserve for Employee Stock ownership plan ESOP | Total (EGP) |
Beginning Balance | 2,925,000,000
| 432,851,511 | 407,547,602 | (1,942,684) | 185,993,785 | (20,312,399) | - | 1,615,100,458 | 86,727,903 | 5,630,966,176 |
Effect of adjusting accounting standards | - | - | - | - | 20,536,766 | - | - | - | - | 20,536,766 |
Beginning Balance after adjustments | 2,925,000,000 | 432,851,511 | 407,547,602 | (1,942,684) | 206,530,551 | (20,312,399) | - | 1,615,100,458 | 86,727,903 | 5,651,502,942 |
Transferred to Reserves | - | 80,755,023 | 1,056,108,882 | - | - | - | - | (1,136,863,905) | - | - |
Dividends Paid | - | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) |
Net Profit of the Year | - | - | - | - | - | - | - | 1,783,609,499 | - | 1,783,609,499 |
Addition from financial investment revaluation | - | - | - | - | - | (86,277,201) | - | - | - | (86,277,201) |
Effect of adjusting accounting standards | - | - | - | - | - | - | 26,652,790 | (26,652,790) | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | - | - | - | - | - | - | 75,001,082 | 75,001,082 |
Balance at the end of the Year | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684) | 206,530,551 | (106,589,600) | 26,652,790 | 1,756,956,709 | 161,728,985 | 6,945,599,768 |
Dec.31, 2010 | 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 year (EGP) | Reserve for Employee Stock ownership plan ESOP | 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 | 1,756,956,709 | 161,728,985 | 6,945,599,768 |
Capital Increase | 2,976,443,600 | (476,326,032) | (2,474,395,768) | - | - | - | - | - | - | 25,721,800 |
Transfer to Reserves | - | 87,847,835 | 1,010,739,284 | - | - | - | - | (1,098,587,119) | - | - |
Dividends Paid | - | - | - | - | - | - | - | (658,369,589) | - | (658,369,589) |
Net Profit of the Year | - | - | - | - | - | - | - | 2,125,905,924 | - | 2,125,905,924 |
Transfer to retained earnings | - | - | - | 22,173,982 | (22,173,982) | - | - | - | - | - |
Addition from financial investment revaluation | - | - | - | - | - | 108,716,196 | - | - | - | 108,716,196 |
Transferred to bank risk reserve | - | - | - | - | - | - | 130,339,725 | (130,339,725) | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | 78,564,646 | - | - | - | - | - | (12,208,126) | 66,356,519 |
Balance at the end of year | 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 |
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