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10 Nov 2016 07:00
Commercial International Bank (Egypt) S.A.E. Separate Financial Statements September 30, 2016 | |||||||||||
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FINANCIAL POSITION | |||||||||||
As of September 30, 2016 | |||||||||||
Amounts in EGP Thousands | Note | September 30, 2016
| September 30, 2015
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Assets | |||||||||||
Cash and balances with central bank | 15 | 12,434,973 | 9,848,954 | ||||||||
Due from banks | 16 | 41,177,611 | 21,002,305 | ||||||||
Treasury bills and other governmental notes | 17 | 21,613,272 | 22,130,170 | ||||||||
Trading financial assets | 18 | 3,661,744 | 5,848,377 | ||||||||
Loans and advances to banks, net | 19 | 77,334 | 38,443 | ||||||||
Loans and advances to customers, net | 20 | 61,157,352 | 57,172,705 | ||||||||
Derivative financial instruments | 21 | 66,018 | 80,995 | ||||||||
Financial investments | |||||||||||
- Available for sale | 22 | 29,879,804 | 46,289,075 | ||||||||
- Held to maturity | 22 | 26,312,316 | 9,261,220 | ||||||||
Investments in associates | 23 | 11,100 | 12,600 | ||||||||
Non-current assets held for sale | 42 | 428,011 | 503,066 | ||||||||
Other assets | 24 | 4,366,371 | 4,799,937 | ||||||||
Goodwill | 41 | 177,280 | 209,842 | ||||||||
Intangible assets | 41 | 531,683 | 629,340 | ||||||||
Deferred tax assets (Liabilities) | 32 | 258,066 | 258,157 | ||||||||
Property, plant and equipment | 25 | 1,235,121 | 1,107,905 | ||||||||
Total assets | 203,388,056 | 179,193,091 | |||||||||
Liabilities and equity | |||||||||||
Liabilities | |||||||||||
Due to banks | 26 | 477,662 | 1,600,769 | ||||||||
Due to customers | 27 | 178,170,297 | 155,369,922 | ||||||||
Derivative financial instruments | 21 | 65,622 | 145,735 | ||||||||
Current tax liabilities | 1,452,955 | 1,949,694 | |||||||||
Other liabilities | 29 | 2,888,038 | 2,622,269 | ||||||||
Long term loans | 28 | 147,628 | 131,328 | ||||||||
Other provisions | 30 | 1,037,363 | 861,761 | ||||||||
Total liabilities | 184,239,565 | 162,681,478 | |||||||||
Equity | |||||||||||
Issued and paid up capital | 31 | 11,538,660 | 11,470,603 | ||||||||
Reserves | 34 | 2,874,876 | 152,144 | ||||||||
Reserve for employee stock ownership plan (ESOP) | 302,441 | 248,148 | |||||||||
Total equity | 14,715,977 | 11,870,895 | |||||||||
Net profit for the period/year | 4,432,514 | 4,640,718 | |||||||||
Total equity and net profit for the period/year | 19,148,491 | 16,511,613 | |||||||||
Total liabilities and equity | 203,388,056 | 179,193,091 | |||||||||
INCOME STATEMENT | |||||||||||
As of September 30, 2016 | |||||||||||
Amounts in EGP Thousands | Note | September 30, 2016
| September 30, 2015
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Interest and similar income | 13,486,623 | 10,739,385 | |||||||||
Interest and similar expense | (6,420,760) | (4,831,979) | |||||||||
Net interest income | 6 | 7,065,863 | 5,907,406 | ||||||||
Fee and commission income | 1,385,726 | 1,383,052 | |||||||||
Fee and commission expense | (279,399) | (199,589) | |||||||||
Net fee and commission income | 7 | 1,106,327 | 1,183,463 | ||||||||
Dividend income | 8 | 32,019 | 33,769 | ||||||||
Net trading income | 9 | 696,412 | 439,725 | ||||||||
Profits on financial investments | 22 | 44,236 | 158,337 | ||||||||
Administrative expenses | 10 | (1,793,713) | (1,412,574) | ||||||||
Other operating (expenses) income | 11 | (557,683) | (334,540) | ||||||||
Goodwill amortization | 41 | (32,561) | - | ||||||||
Intangible assets amortization | 41 | (97,656) | - | ||||||||
Impairment charge for credit losses | 12 | (577,684) | (1,120,280) | ||||||||
Profit before income tax | 5,885,560
| 4,855,306 | |||||||||
Income tax expense | 13 | (1,452,955) | (1,430,088) | ||||||||
Deferred tax assets (Liabilities) | 32 & 13 | (91) | 85,687 | ||||||||
Net profit for the period | 4,432,514 | 3,510,905 | |||||||||
Earnings per share | 14 | 3.40 | 2.69 | ||||||||
Basic | 3.35 | 2.65 | |||||||||
Diluted
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CASH FLOW STATEMENT As of September 30, 2016
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Amounts in EGP Thousands |
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September 30, 2016 | September 30, 2015 | ||||||||||
Cash flow from operating activities | |||||||||||
Profit before income tax | 5,885,560 | 4,855,306 | |||||||||
Adjustments to reconcile net profit to net cash provided by operating activities | |||||||||||
Fixed assets depreciation | 205,146 | 163,728 | |||||||||
Impairment charge for credit losses | 577,684 | 1,120,280 | |||||||||
Other provisions charges | 165,575 | 113,569 | |||||||||
Trading financial investments revaluation differences | 50,748 | 352,177 | |||||||||
Available for sale and held to maturity investments exchange revaluation differences | (263,567) | (96,639) | |||||||||
Goodwill amortization | 32,561 | - | |||||||||
Intangible assets amortization | 97,656 | - | |||||||||
Financial investments impairment charge | 57,328 | (28,083) | |||||||||
Utilization of other provisions | (2,822) | (4,649) | |||||||||
Other provisions no longer used | (47,405) | - | |||||||||
Exchange differences of other provisions | 60,254 | 19,004 | |||||||||
Profits from selling property, plant and equipment | (575) | (1,127) | |||||||||
Profits from selling financial investments | (10,935) | (161,897) | |||||||||
Profits from selling associates | (84,948) | - | |||||||||
Shares based payments | 145,981 | 127,827 | |||||||||
Operating profits before changes in operating assets and liabilities | 6,868,241 | 6,459,496 | |||||||||
Net decrease (increase) in assets and liabilities Due from banks Treasury bills and other governmental notes Trading financial assets Derivative financial instruments Loans and advances to banks and customers Other assets Due to banks Due to customers Income tax obligations paid Other liabilities Net cash provided from operating activities
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(19,125,704) (531,505) 2,135,885 (65,136) (4,601,222) 541,151 (1,123,107) 22,800,375 (1,949,694) 265,769 5,215,053 |
(7,329,312) 2,335,423 (2,978,385) (106,398) (9,479,160) (315,794) (201,313) 32,133,953 (1,814,609) (21,732) 18,682,169 | |||||||||
Cash flow from investing activities | |||||||||||
Proceeds from selling subsidiary and associates | 161,503 | - | |||||||||
Payment for purchases of property, plant, equipment and branches constructions | (439,372) | (233,948) | |||||||||
Proceeds from redemption of held to maturity financial investments | 4,094 | 3,917,715 | |||||||||
Payment for purchases of held to maturity financial investments | (2,367,123) | (4,019,548) | |||||||||
Payment for purchases of available for sale financial investments | (3,024,361) | (21,237,674) | |||||||||
Proceeds from selling available for sale financial investments | 4,416,515 | 4,698,647 | |||||||||
Proceeds (payments) from real estate investments | - | 884,094 | |||||||||
Net cash used in investing activities | (1,248,744) | (15,990,714)
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Cash flow from financing activities | |||||||||||
Increase (decrease) in long term loans | 16,300 | (74,422) | |||||||||
Dividend paid | (1,463,450) | (1,563,646) | |||||||||
Capital increase | 68,057 | 94,748 | |||||||||
Net cash used in financing activities | (1,379,093)
| (1,543,320) | |||||||||
Net increase (decrease) in cash and cash equivalent during the period | 2,587,216 | 1,148,135 | |||||||||
Beginning balance of cash and cash equivalent | 12,622,530 | 14,811,360 | |||||||||
Cash and cash equivalent at the end of the period | 15,209,746 | 15,959,495 | |||||||||
Cash and cash equivalent comprise: | |||||||||||
Cash and balances with central bank | 12,434,973 | 9,230,657 | |||||||||
Due from banks | 41,177,611 | 15,690,424 | |||||||||
Treasury bills and other governmental notes | 21,613,272 | 28,542,497 | |||||||||
Obligatory reserve balance with CBE | (9,846,334) | (7,032,352) | |||||||||
Due from banks with maturities more than three months | (33,025,910) | (10,696,968) | |||||||||
Treasury bills with maturity more than three months | (17,143,866) | (19,774,763) | |||||||||
Total cash and cash equivalent | 15,209,746
| 15,959,495
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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Separate statement of changes in shareholders' equity for the period ended September 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Separate statement of changes in shareholders' equity for the period ended September 30, 2016 | ||||||||||
Sep. 30, 2016 | Issued and paid up capital | Legal reserve | General reserve | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the year / period | Reserve for employee stock ownership plan | Total |
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EGP Thousands |
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Beginning balance | 11,470,603 | 803,355 | 1,518,525 | 30,214 | (2,202,463) | 2,513 | 4,640,718 | 248,148 | 16,511,613 |
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Capital increase | 68,057 | - | - | - | - | - | - | - | 68,057 |
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Transferred to reserves | - | 232,008 | 3,035,878 | 564 | - | - | (3,176,762) | (91,688) | - |
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Dividend paid | - | - | - | - | - | - | (1,463,450) | - | (1,463,450) |
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Net profit for the period | - | - | - | - | - | - | 4,432,514 | - | 4,432,514 |
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Net unrealised gain/(loss) on AFS | - | - | - | - | (546,224) | - | - | - | (546,224) |
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Transferred (from) to bank risk reserve | - | - | - | - | - | 506 | (506) | - | - |
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Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | 145,981 | 145,981 |
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Balance at the end of the period | 11,538,660 | 1,035,363 | 4,554,403 | 30,778 | (2,748,687) | 3,019 | 4,432,514 | 302,441 | 19,148,491 |
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