Last checked at 1 Feb 2017 07:00
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Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements December 31st, 2016 | |||||||||||
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FINANCIAL POSITION | |||||||||||
As of December 31st, 2016 | |||||||||||
Amounts in EGP Thousands | Note | December 31, 2016
| December 31, 2015
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Assets | |||||||||||
Cash and balances with central bank | 10,522,040 | 9,848,954 | |||||||||
Due from banks | 15 | 58,011,034 | 21,002,305 | ||||||||
Treasury bills and other governmental notes | 16 | 39,177,184 | 22,130,170 | ||||||||
Trading financial assets | 17 | 2,445,134 | 5,848,377 | ||||||||
Loans and advances to banks, net | 18 | 159,651 | 38,443 | ||||||||
Loans and advances to customers, net | 19 | 85,224,148 | 56,797,576 | ||||||||
Non-current assets held for sale | 20 | 4,890,438 | 1,066,270 | ||||||||
Derivative financial instruments | 42 | 269,269 | 80,995 | ||||||||
Financial investments | 21 | ||||||||||
- Available for sale | 5,447,291 | 46,289,075 | |||||||||
- Held to maturity | 22 | 53,924,936 | 9,261,220 | ||||||||
Investments in associates | 22 | 36,723 | 159,983 | ||||||||
Other assets | 23 | 5,434,563 | 4,789,291 | ||||||||
Goodwill | 24 | - | 209,842 | ||||||||
Intangible assets | 41 | 499,131 | 629,340 | ||||||||
Deferred tax assets (Liabilities) | 41 | 181,308 | 258,157 | ||||||||
Property, plant and equipment | 32 | 1,320,905 | 1,090,181 | ||||||||
Total assets | 25 | 267,543,755 | 179,500,179 | ||||||||
Liabilities and equity | |||||||||||
Liabilities | |||||||||||
Due to banks | 3,008,996 | 1,600,769 | |||||||||
Due to customers | 26 | 231,740,795 | 155,234,416 | ||||||||
Non current liabilities held for sale | 27 | 3,684,676 | 371,622 | ||||||||
Derivative financial instruments | 42 | 331,091 | 145,735 | ||||||||
Current tax liabilities | 21 | 2,017,034 | 1,949,694 | ||||||||
Other liabilities | 3,579,330 | 2,622,269 | |||||||||
Long term loans | 29 | 160,243 | 131,328 | ||||||||
Other provisions | 28 | 1,514,057 | 861,761 | ||||||||
Total liabilities | 30 | 246,036,222 | 162,917,594 | ||||||||
Equity | |||||||||||
Issued and paid up capital | 11,538,660 | 11,470,603 | |||||||||
Reserves | 31 | 3,451,756 | 151,993 | ||||||||
Reserve for employee stock ownership plan (ESOP) | 34 | 343,460 | 248,148 | ||||||||
Retained earnings (losses) | 31,462 | (64,566) | |||||||||
Total equity | 15,365,338 | 11,806,178 | |||||||||
Net profit for the year | 6,009,118 | 4,728,976 | |||||||||
Total equity and net profit for the year | 21,374,456 | 16,535,154 | |||||||||
Minority interest | 133,077 | 47,431 | |||||||||
Total minority interest , equity and net profit for the year | 21,507,533 | 16,582,585 | |||||||||
Total liabilities, equity, minority interest and net profit for the year | 267,543,755 | 179,500,179 | |||||||||
INCOME STATEMENT | |||||||||||
As of December 31, 2016 | |||||||||||
Amounts in EGP Thousands | Note | December 31, 2016
| December 31, 2015
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Continued Operations | |||||||||||
Interest and similar income | |||||||||||
Interest and similar expense | 19,144,218 | 14,765,337 | |||||||||
(9,126,512) | (6,650,008) | ||||||||||
Net interest income | 6 | 10,017,706 | 8,115,329 | ||||||||
Fee and commission income | 1,965,529 | 1,885,544 | |||||||||
Fee and commission expense | (417,573) | (299,696) | |||||||||
Net fee and commission income | 7 | 1,547,956 | 1,585,848 | ||||||||
Dividend income | 8 | 34,236 | 35,062 | ||||||||
Net trading income | 9 | 1,315,182 | 710,398 | ||||||||
Profits on financial investments | 22 | (25,533) | 270,998 | ||||||||
Administrative expenses | 10 | (2,432,652) | (2,024,511) | ||||||||
Other operating (expenses) income | 11 | (1,237,187) | (527,383) | ||||||||
Goodwill impairment | 41 | (209,842) | (7,236) | ||||||||
Intangible assets amortization | 41 | (130,208) | (21,701) | ||||||||
Impairment charge for credit losses | 12 | (892,874) | (1,682,439) | ||||||||
Bank's share in the profits of associates | 2,989 | 27,829 | |||||||||
Profit before income tax | 7,989,773 | 6,482,194 | |||||||||
Income tax expense | 13 | (2,017,034) | (1,949,694) | ||||||||
Deferred tax assets (Liabilities) | 32 & 13 | (76,849) | 136,047 | ||||||||
Net profit from continued operations | 42 | 5,895,890 | 4,668,547 | ||||||||
Net profit from discontinued operations
| 127,376 | 61,115 | |||||||||
Net profit for the year | 6,023,266 | 4,729,662 | |||||||||
Minority interest | 14,148 | 686 | |||||||||
Bank shareholders | 6,009,118 | 4,728,976
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Earnings per share | 14 | ||||||||||
Basic | 4.56 | 3.56 | |||||||||
Diluted | 4.49 | 3.51 | |||||||||
CASH FLOW STATEMENT As of December 31, 2016
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Amounts in EGP Thousands |
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December 31, 2016 | December 30, 2015 | ||||||||||
Cash flow from operating activities | |||||||||||
Profit before income tax from continued operations | 7,989,773 | 6,482,194 | |||||||||
Profit before income tax from discontinued operations | 158,041 | 71,161 | |||||||||
Adjustments to reconcile net profit to net cash provided by operating activities | |||||||||||
Fixed assets depreciation | 285,381 | 188,256 | |||||||||
Impairment charge for credit losses | 892,874 | 1,682,439 | |||||||||
Other provisions charges | 150,847 | 135,866 | |||||||||
Trading financial investments revaluation differences | (269,283) | 353,590 | |||||||||
Available for sale and held to maturity investments exchange revaluation differences | (2,219,961) | (96,638) | |||||||||
Goodwill impairment | 209,842 | 7,236 | |||||||||
Intangible assets amortization | 130,208 | 21,701 | |||||||||
Financial investments impairment charge | (49,371) | 140,751 | |||||||||
Utilization of other provisions | (3,696) | (17,242) | |||||||||
Other provisions no longer used | (78,405) | (505) | |||||||||
Exchange differences of other provisions | 583,550 | 13,330 | |||||||||
Profits from selling property, plant and equipment | (1,682) | (564) | |||||||||
Profits from selling financial investments | (35,193) | (163,270) | |||||||||
Profits from selling associates | 90,447 | (285,431) | |||||||||
Shares based payments | 187,000 | 133,395 | |||||||||
Investments in associates revaluation | (2,989) | (27,829) | |||||||||
Operating profits before changes in operating assets and liabilities | 8,017,383 | 8,638,440
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Net decrease (increase) in assets and liabilities | |||||||||||
Due from banks | 264,072 | 2,131,856 | |||||||||
Treasury bills and other governmental notes | (14,019,180) | 5,497,825 | |||||||||
Trading financial assets | 3,672,526 | (2,439,249) | |||||||||
Derivative financial instruments | (2,918) | (20,247) | |||||||||
Loans and advances to banks and customers | (29,440,654) | (9,714,737) | |||||||||
Other assets | (4,450,111) | (1,273,556) | |||||||||
Goodwill impairment | - | (217,078) | |||||||||
Intangible Assets | - | (651,041) | |||||||||
Due to banks | 1,408,227 | 469,384 | |||||||||
Due to customers | 76,506,379 | 33,259,457 | |||||||||
Income tax obligations paid | (1,949,694) | (1,814,609) | |||||||||
Other liabilities | 4,354,673 | 15,319 | |||||||||
Net cash provided from operating activities | 44,360,703 | 33,881,764 | |||||||||
Cash flow from investing activities | |||||||||||
Payment for purchase of subsidiary and associates | (9,047) | - | |||||||||
Proceeds from selling subsidiary and associates | 44,362 | 334,451 | |||||||||
Payment for purchases of property, plant, equipment and branches constructions | (560,631) | (304,401) | |||||||||
Proceeds from redemption of held to maturity financial investments | 4,094 | 3,919,074 | |||||||||
Payment for purchases of held to maturity financial investments | (29,979,743) | (4,019,548) | |||||||||
Payment for purchases of available for sale financial investments | (3,334,123) | (25,392,460) | |||||||||
Proceeds from selling available for sale financial investments | 31,814,584 | 5,315,438 | |||||||||
Proceeds (payments) from real estate investments | - | 884,094 | |||||||||
Net cash used in investing activities
| (2,020,504) | (19,263,352) | |||||||||
Cash flow from financing activities | |||||||||||
Increase (decrease) in long term loans | 28,915 | (111,550) | |||||||||
Dividend paid | (1,463,450) | (1,563,646) | |||||||||
Capital increase | 68,057 | 94,748 | |||||||||
Net cash used in financing activities | (1,366,478) | (1,580,448)
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Net increase (decrease) in cash and cash equivalent during the period | 40,973,721 | 13,037,964 | |||||||||
Beginning balance of cash and cash equivalent | 28,100,866 | 15,062,902 | |||||||||
Cash and cash equivalent at the end of the period | 69,074,587 | 28,100,866 | |||||||||
Cash and cash equivalent comprise: | |||||||||||
Cash and balances with central bank | 10,522,040 | 9,848,954 | |||||||||
Due from banks | 58,011,034 | 21,002,305 | |||||||||
Treasury bills and other governmental notes | 39,177,184 | 22,130,170 | |||||||||
Obligatory reserve balance with CBE | (5,438,235) | (8,268,202) | |||||||||
Due from banks with maturities more than three months | (2,565,895) | - | |||||||||
Treasury bills with maturity more than three months | (30,631,541) | (16,612,361) | |||||||||
69,074,587 | 28,100,866
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Total cash and cash equivalent
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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Consolidated statement of changes in shareholders' equity for the period ended December 31, 2015 | ||||||||||||||||||||||
Dec. 31, 2015 | Issued and paid up capital | Legal reserve | General reserve | Retained earnings (losses) | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the year | Reserve for employee stock ownership plan | Total Shareholders' Equity | Minority Interest | Total |
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EGP Thousands |
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Beginning balance | 9,081,734 | 621,084 | 1,850,496 | (155,160) | 28,108 | (593,236) | 1,991 | 3,741,456 | 177,766 | 14,754,239 | 49,194 | 14,803,433 |
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Capital increase | 2,388,869 | - | (2,294,121) | - | - | - | - | - | - | 94,748 | - | 94,748 |
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Transferred to reserves | - | 182,271 | 1,961,998 | - | 2,106 | - | - | (2,083,362) | (63,013) | - | - | - |
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Transferred to retained earnings (losses) | - | - | - | 93,926 | - | - | - | (93,926) | - | - | - | - |
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Dividend paid | - | - | - | (4,700) | - | - | - | (1,563,646) | - | (1,568,346) | (1,081) | (1,569,427) |
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Net profit of the year | - | - | - | - | - | - | - | 4,728,976 | - | 4,728,976 | 686 | 4,729,662 |
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Change in ownership percentage | - | - | - | 1,368 | - | - | - | - | - | 1,368 | (1,368) | - |
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Net unrealised gain/(loss) on AFS | - | - | - | - | - | (1,609,226) | - | - | - | (1,609,226) | - | (1,609,226) |
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Transferred (from) to bank risk reserve | - | - | - | - | - | - | 522 | (522) | - | - | - | - |
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Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 133,395 | 133,395 | - | 133,395 |
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Balance at the end of the year | 11,470,603 | 803,355 | 1,518,373 | (64,566) | 30,214 | (2,202,462) | 2,513 | 4,728,976 | 248,148 | 16,535,154 | 47,431 | 16,582,585 |
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Consolidated statement of changes in shareholders' equity for the period ended December 31, 2016 |
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Dec. 31, 2016 | Issued and paid up capital | Legal reserve | General reserve | Retained earnings (losses) | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the year | Reserve for employee stock ownership plan | Cumulative foreign currencies translation differences | Total Shareholders' Equity | Minority Interest | Total |
EGP Thousands | |||||||||||||
Beginning balance | 11,470,603 | 803,355 | 1,518,373 | (64,566) | 30,214 | (2,202,462) | 2,513 | 4,728,976 | 248,148 | - | 16,535,154 | 47,431 | 16,582,585 |
Capital increase | 68,057 | - | - | - | - | - | - | - | - | - | 68,057 | - | 68,057 |
Transferred to reserves | - | 232,008 | 3,035,878 | - | 564 | - | - | (3,176,762) | (91,688) | - | - | - | - |
Transferred to retained earnings (losses) | - | - | - | 88,258 | - | - | - | (88,258) | - | - | - | - | - |
Dividend paid | - | - | - | (3,896) | - | - | - | (1,463,450) | - | - | (1,467,346) | (1,394) | (1,468,740) |
Net profit of the year | - | - | - | - | - | - | - | 6,009,118 | - | - | 6,009,118 | 14,148 | 6,023,266 |
Change in ownership percentage | - | - | - | 11,666 | - | - | - | - | - | - | 11,666 | 72,892 | 84,558 |
Net unrealised gain/(loss) on AFS | - | - | - | - | - | 22,219 | - | - | - | - | 22,219 | - | 22,219 |
Transferred (from) to bank risk reserve | - | - | - | - | - | - | 506 | (506) | - | - | - | - | - |
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 187,000 | - | 187,000 | - | 187,000 |
Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | 8,588 | 8,588 | - | 8,588 |
Balance at the end of the year | 11,538,660 | 1,035,363 | 4,554,251 | 31,462 | 30,778 | (2,180,243) | 3,019 | 6,009,118 | 343,460 | 8,588 | 21,374,456 | 133,077 | 21,507,533 |