18 Feb 2010 07:00
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Commercial International Bank (Egypt) S.A.E. | ||||
Financial Statements | ||||
December 31, 2009 | ||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
FINANCIAL POSITION |
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As of December 31, 2009 |
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Amounts in L.E. | Note | Dec. 31, 2009 |
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Dec. 31,2008 |
Assets |
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Cash & Due From Central Bank | 5 | 4,179,212,739 |
| 4,473,011,942 |
Due From Banks | 6 | 7,785,042,557 |
| 6,411,397,744 |
Treasury Bills & Other Governmental Notes | 7 | 13,191,665,954 |
| 12,449,007,406 |
Trading Financial Assets | 8 | 380,620,682 |
| 497,554,487 |
Net Loans & Overdrafts | 11&12 | 27,303,684,185 |
| 26,330,327,878 |
Financial Derivatives | 13 | 225,347,220 |
| 704,890,792 |
Financial Investments |
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Available for Sale | 9 | 7,420,529,606 |
| 2,762,232,984 |
Held to Maturity | 9 | 579,926,673 |
| 681,263,274 |
Financial Investments in Subsidiary and associated companies | 14 | 1,138,277,487 |
| 1,138,332,627 |
Debit Balances and Other Assets | 16 | 960,489,245 |
| 942,621,482 |
Deferred Tax | 28 | 39,799,318 |
| 21,840,568 |
Fixed Assets (Net) | 17 | 718,847,964 |
| 715,251,587 |
Total Assets |
| 63,923,443,630 |
| 57,127,732,816 |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks | 18 | 458,145,229 |
| 213,470,012 |
Customer Deposits | 19 | 54,842,629,843 |
| 48,938,109,663 |
Financial Derivatives | 13 | 150,526,830 |
| 636,914,744 |
Credit Balances & Other Liabilities | 20 | 1,106,662,383 |
| 1,235,780,102 |
Long Term Loans | 21 | 93,237,042 |
| 109,273,933 |
Other Provisions | 22 | 373,832,092 |
| 363,218,186 |
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Total Liabilities |
| 57,025,033,419 |
| 51,496,766,640 |
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Shareholders' Equity |
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Issued & Paid- in Capital | 23 | 2,925,000,000 |
| 2,925,000,000 |
Reserves | 23 | 2,056,667,203 |
| 1,006,080,499 |
Reserve for employee stock ownership plan (ESOP) |
| 161,728,984 |
| 86,727,903 |
Retained Earning |
| (1,942,684) |
| (1,942,684) |
Total Shareholders' Equity |
| 5,141,453,503 |
| 4,015,865,718 |
Net Profit of the Year |
| 1,756,956,708 |
| 1,615,100,458 |
Total Shareholders' Equity & Net Profit |
| 6,898,410,211 |
| 5,630,966,176 |
Total Liabilities & Shareholders' Equity |
| 63,923,443,630 |
| 57,127,732,816 |
Contingent & commitments Liabilities | 24 | 12,637,872,568 |
| 13,290,994,705 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
INCOME STATEMENT |
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For Year Ended December 31, 2009 |
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Amounts in LE. | Note | Dec. 31, 2009 |
| Dec. 31, 2008 |
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Interest and similar income | 25 | 4,026,337,183 |
| 3,631,009,316 |
Interest and similar expenses | 25 | (2,000,868,482) |
| (1,988,581,582) |
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Net Interest Income |
| 2,025,468,701 |
| 1,642,427,734 |
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Fees and Commissions income |
| 704,436,353 |
| 687,404,799 |
Fees and Commissions Expense |
| (67,147,458) |
| (53,330,476) |
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Net Income from Fees and Commissions |
| 637,288,895 |
| 634,074,323 |
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Dividends Income |
| 126,062,373 |
| 139,603,428 |
Net Trading Income | 26 | 404,153,055 |
| 514,178,749 |
Provisions | 12&22 | (96,243,322) |
| (394,144,903) |
Profit (losses) from Financial Investments | 9 | 65,751,144 |
| 107,630,232 |
Administrative Expenses |
| (1,040,787,351) |
| (950,081,643) |
Other Operating Income (Expenses) | 10 | (36,084,926) |
| 162,201,251 |
Net Profit before Tax |
| 2,085,608,569 |
| 1,855,889,171 |
Income Tax | 29 | (346,610,611) |
| (209,809,806) |
Deferred Tax | 28&29 | 17,958,750 |
| (30,978,907) |
Net Profit After Tax |
| 1,756,956,708 |
| 1,615,100,458 |
Earning per share |
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Basic | 30 | 5.32 |
| 4.89 |
Diluted | 30 | 5.20 |
| 4.84 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1a |
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For Year Ended Dec. 31, 2009 |
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Amounts in LE. |
| Dec. 31, 2009 |
| Dec. 31, 2008 |
Cash Flow From Operating Activities |
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Net Income Before Tax |
| 2,085,608,569 |
| 1,855,889,171 |
Adjustments To Reconcile Net Income |
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Total Net Cash Provided by operating |
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Depreciation |
| 184,283,445 |
| 153,818,325 |
Provisions (Additions during the period) |
| 96,760,400 |
| 394,545,539 |
Trading Financial Investment Evaluation Diff. |
| (11,988,038) |
| 87,784,923 |
Impairment of Assets |
| 22,423,516 |
| 54,837,345 |
Utilization of Provision (Other than Provision for Doubtful Debts) |
| (5,934,246) |
| (10,943,385) |
Provisions No Longer Used |
| (517,078) |
| (165,365,215) |
Difference in revaluation of FCY Provision Balances (Except Doubtful Debts) |
| (724,579) |
| 516,745 |
Gains From Selling of Fixed Assets |
| (15,797,710) |
| (5,052,568) |
Profit From Selling of Investments |
| (113,051,948) |
| (219,181,954) |
Profits from Dispose part of a Subsidiary |
| - |
| (50,258,991) |
FCY Revaluation Difference of Long Term Loans | 310,424 |
| (922,993) | |
Share based payments | 75,001,081 |
| 57,568,319 | |
Operating Profit Before Changes in Operating Assets and Liabilities |
| 2,316,373,836 |
| 2,153,235,261 |
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Net Decrease (Increase) in Assets |
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Due from banks |
| (1,792,506,063) |
| 9,567,610,757 |
Treasury Bills & Other Governmental Notes |
| 1,410,297,463 |
| (7,353,852,038) |
Trading Financial Assets |
| 128,921,844 |
| 3,133,860 |
Financial Derivatives (Net) |
| (6,844,342) |
| (55,834,978) |
Loans & Overdrafts |
| (1,047,276,956) |
| (6,220,116,065) |
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Net Increase (Decrease) In Liabilities |
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Debit Balances & Other Assets |
| (64,378,784) |
| (13,465,835) |
Due to Banks |
| 244,675,217 |
| (2,163,612,423) |
Customer Deposits |
| 5,904,520,180 |
| 9,423,569,671 |
Credit Balances & Other Liabilities |
| (475,728,331) |
| 263,170,719 |
Net Cash Provided from Operating Activities | 6,618,054,065 |
| 5,603,838,929 | |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1b |
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For Year Ended Dec.31,2009 |
| Dec. 31, 2009 |
| Dec. 31, 2008 |
Cash Flow From Investment Activities |
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Sale (Purchase) of Subsidiaries & Associated Companies |
| (86,222,017) |
| (772,608,736) |
Purchase of Fixed Assets, premises and Fitting-out of Branches |
| (130,621,033) |
| (142,698,585) |
Redemption of Held-to-Maturity Investments |
| 100,347,555 |
| 276,189,303 |
Held to Maturity Financial Investment (Purchases) |
| 989,046 |
| (513,558,411) |
Available for Sale Financial Investments (Purchases) Sell |
| (4,567,668,190) |
| (200,041,718) |
Net Cash (Used in) Investment Activities |
| (4,683,174,638) |
| (1,352,718,147) |
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Cash Flow From Financing Activities |
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Increase (Decrease) in Long Term Loans |
| (16,347,315) |
| (51,159,293) |
Dividends Paid |
| (478,236,553) |
| (336,727,470) |
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Net Cash (Used in) provided from Financing Activities |
| (494,583,868) |
| (387,886,763) |
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Net cash & cash equivalent Changes |
| 1,440,295,558 |
| 3,863,234,019 |
Beginning Balance of cash and cash equivalent |
| 8,622,040,072 |
| 6,779,152,548 |
Cash & Cash equivalent Balance At the End of the Year |
| 10,062,335,630 |
| 10,642,386,567 |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
| 4,179,212,740 |
| 6,493,358,437 |
Due From Banks |
| 7,785,042,557 |
| 4,391,051,249 |
Treasury Bills & Other Governmental Notes |
| 13,191,665,954 |
| 12,449,007,406 |
Due From Banks (Time Deposits) |
| (7,509,460,335) |
| (3,696,607,777) |
Treasury Bills with Maturity More than Three Months |
| (7,584,125,285) |
| (8,994,422,748) |
Total Cash & Cash Equivalent |
| 10,062,335,631 |
| 10,642,386,567 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of December 31, 2009 |
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2008 | Capital | Legal Reserves | General Reserves | Retained Earning* | Special Reserves | Reserves for Inv. Rev.* | Profits of the year | Reserve for ESOP | Total |
Beginning Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 11,628,342 | 185,993,785 | 60,903,531 | - | 29,159,584 | 4,053,084,355 |
Derivatives Revaluations Settlement* | - | - | - | (13,571,026) | - | - | - | - | (13,571,026) |
Capital Increase* | 975,000,000 | - | (975,000,000) | - | - | - | - | - | - |
Net Profits of the Year | - | - | - | - | - | - | 1,615,100,458 | - | 1,615,100,458 |
Usage Part of Reserve | - | - | - | - | - | (81,215,930) | - | - | (81,215,930) |
Reserve for Employee Stock Ownership plan (ESOP)** | - | - | - | - | - | - | - | 57,568,319 | 57,568,319 |
Ending 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 |
2009 | Capital | Legal Reserves | General Reserves | Retained Earning* | Special Reserves | Reserves for Inv. Rev. | Profits of the year | Reserve for ESOP | Total |
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 |
Transfer to Reserves | - | 80,755,023 | 1,056,108,882 | - | - | - | (1,136,863,905) | - | - |
Dividends Paid | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) |
Net Profits of The Year | - | - | - | - | - | - | 1,756,956,708 | - | 1,756,956,708 |
Addition from financial Investment Revaluation | - | - | - |
| - | (86,277,201) | - | - | (86,277,201) |
Reserve for ESOP | - | - | - |
| - | - | - | 75,001,081 | 75,001,081 |
Ending Balance | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684,) | 185,993,785 | (106,589,600) | 1,756,956,708 | 161,728,984 | 6,898,410,211 |