Com.int.bk.regs Regulatory News (CBKD)

Commercial International Bank (Egypt) S.A.E.

Separate Financial Statements

December 31st, 2016

FINANCIAL POSITION

As of December 31st, 2016

Amounts in EGP Thousands

Note

December 31, 2016

December 31, 2015

Assets

Cash and balances with central bank

15

10,522,040

9,848,954

Due from banks

16

58,011,034

21,002,305

Treasury bills and other governmental notes

17

39,177,184

22,130,170

Trading financial assets

18

2,445,134

5,848,377

Loans and advances to banks, net

19

159,651

38,443

Loans and advances to customers, net

20

85,991,914

57,172,705

Derivative financial instruments

21

269,269

80,995

Financial investments

- Available for sale

22

5,447,291

46,289,075

- Held to maturity

22

53,924,936

9,261,220

Investments in associates

23

10,500

12,600

Non current assets held for sale

42

428,011

503,066

Other assets

24

5,446,025

4,799,937

Goodwill

41

-

209,842

Intangible assets

41

499,131

629,340

Deferred tax assets (Liabilities)

32

181,308

258,157

Property, plant and equipment

25

1,338,629

1,107,905

Total assets

263,852,057

179,193,091

Liabilities and equity

Liabilities

Due to banks

26

3,008,996

1,600,769

Due to customers

27

231,965,312

155,369,922

Derivative financial instruments

21

331,091

145,735

Current tax liabilities

2,017,034

1,949,694

Other liabilities

29

3,579,330

2,622,269

Long term loans

28

160,243

131,328

Other provisions

30

1,514,057

861,761

Total liabilities

242,576,063

162,681,478

Equity

Issued and paid up capital

31

11,538,660

11,470,603

Reserves

34

3,443,319

152,144

Reserve for employee stock ownership plan (ESOP)

343,460

248,148

Total equity

15,325,439

11,870,895

Net profit for the year

5,950,555

4,640,718

Total equity and net profit for the year

21,275,994

16,511,613

Total liabilities and equity

263,852,057

179,193,091

INCOME STATEMENT

As of December 31, 2016

Amounts in EGP Thousands

Note

December 31, 2016

December 31, 2015

Interest and similar income

19,144,218

14,765,337

Interest and similar expense

(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

32,121

270,998

Administrative expenses

10

(2,432,652)

(2,028,404)

Other operating (expenses) income

11

(1,237,187)

(523,490)

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)

Profit before income tax

8,044,438

6,454,365

Income tax expense

13

(2,017,034)

(1,949,694)

Deferred tax assets (Liabilities)

32 & 13

(76,849)

136,047

Net profit for the year

5,950,555

4,640,718

Earnings per share

14

Basic

4.56

3.56

Diluted

4.49

3.51

CASH FLOW STATEMENT

As of December 31, 2016

Amounts in EGP Thousands

December 31, 2016

December 30, 2015

Cash flow from operating activities

Profit before income tax

8,044,438

6,454,365

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

285,381

223,510

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)

(5,286)

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

32,793

(285,431)

Shares based payments

187,000

133,395

Operating profits before changes in operating assets and liabilities

7,859,342

8,614,489

Net decrease (increase) in assets and liabilities

Due from banks

264,072

2,131,806

Treasury bills and other governmental notes

(14,019,180)

5,497,825

Trading financial assets

3,672,526

(2,474,396)

Derivative financial instruments

(2,918)

(20,247)

Loans and advances to banks and customers

(29,833,291)

(9,495,679)

Other assets

(599,879)

(1,042,543)

Goodwill

-

(217,078)

Intangible assets

-

(651,041)

Due to banks

1,408,227

469,384

Due to customers

76,595,390

33,124,989

Income tax obligations paid

(1,949,694)

(1,814,609)

Other liabilities

957,061

80,304

Net cash provided from operating activities

44,351,656

34,203,204

Cash flow from investing activities

Proceeds from selling subsidiary and associates

44,362

334,451

Payment for purchases of property, plant, equipment and branches constructions

(560,631)

(360,587)

Proceeds from redemption of held to maturity financial investments

4,094

3,919,074

Payment for purchases of held to maturity financial investments

(1,243,669)

(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

3,078,510

5,301,726

Proceeds (payments) from real estate investments

-

884,094

Net cash used in investing activities

(2,011,457)

(19,333,250)

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)

Net increase (decrease) in cash and cash equivalent during the period

40,973,721

13,289,506

Beginning balance of cash and cash equivalent

28,100,866

14,811,360

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)

Total cash and cash equivalent

69,074,587

28,100,866