11 Aug 2011 07:00
Commercial International Bank (Egypt) S.A.E. | ||||
Consolidated Financial Statements | ||||
June 30, 2011 | ||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
FINANCIAL POSITION | ||||
As of Jun. 30, 2011 | ||||
Amounts in L.E. | Note | 30-Jun-2011 | 31-Dec-2010 | |
Assets | ||||
Cash & Due From Central Bank | 15 | 6,075,170,048 | 5,675,241,791 | |
Due From Banks | 16 | 9,812,636,221 | 7,054,682,826 | |
Treasury Bills & Other Governmental Notes | 17 | 7,047,441,434 | 8,821,003,566 | |
Trading Financial Assets | 18 | 537,173,722 | 1,585,747,835 | |
Loans & Overdrafts for Banks ( Net after Provision) | 19 | 146,921,747 | 125,833,038 | |
Loans & Overdrafts for Customers ( Net after Provision) | 20 | 37,100,983,028 | 35,048,707,894 | |
Financial Derivatives | 21 | 161,806,648 | 139,263,948 | |
Financial Investments | ||||
Available for Sale | 22 | 14,127,065,717 | 13,613,839,805 | |
Held to Maturity | 22 | 133,973,919 | 299,250,313 | |
Financial Investments in associated companies | 23 | 119,235,956 | 96,827,733 | |
Brokers-Debit Balances | 123,400,733 | 180,368,320 | ||
Reconciliation Accounts- Debit Balances | - | 8,185,474 | ||
Real Estate Investments | 24 | 28,334,464 | 28,695,664 | |
Debit Balances and other Assets | 25 | 1,337,353,645 | 1,384,657,474 | |
Goodwill | 140,327,059 | 160,373,782 | ||
Intangible Assets | 41 | 343,086,724 | 376,820,344 | |
Deferred Tax | 33 | 134,024,871 | 117,602,829 | |
Fixed Assets (Net) | 26 | 640,396,748 | 708,330,987 | |
Total Assets | 78,009,332,684 | 75,425,433,624 | ||
Liabilities & Shareholders' Equity | ||||
Liabilities | ||||
Due to Banks | 27 | 630,396,269 | 1,322,279,909 | |
Customer Deposits | 28 | 67,287,568,883 | 63,364,177,278 | |
Brokers-Credit Balance | 101,724,793 | 393,321,036 | ||
Reconciliation Accounts-Credit Balances | 65,130,902 | - | ||
Financial Derivatives | 21 | 94,617,313 | 113,551,039 | |
Credit Balances & Other Liabilities | 30 | 986,624,553 | 1,165,163,338 | |
Long Term Loans | 29 | 261,157,679 | 129,113,426 | |
Other Provisions | 31 | 316,801,255 | 318,889,536 | |
Total Liabilities | 69,744,021,646 | 66,806,495,563 | ||
Shareholders' Equity | ||||
Issued and Paid In Capital | 32 | 5,901,443,600 | 5,901,443,600 | |
Reserves | 32 | 1,721,711,150 | 719,067,070 | |
Reserve for employee stock ownership plan (ESOP) |
| 190,930,486 | 149,520,858 | |
Retained Earning | (346,601,295) | (203,604,610) | ||
Total Shareholders' Equity | 7,467,483,941 | 6,566,426,917 | ||
Net Profit of the Period/year after tax | 750,795,396 | 2,005,545,505 | ||
Total Shareholders' Equity & Net Profit for the Period/year | 8,218,279,337 | 8,571,972,423 | ||
Minority Interest | 47,031,701 | 46,965,639 | ||
Total Minority interest and shareholders' equity | 8,265,311,038 | 8,618,938,062 | ||
Total Liabilities & Shareholders' Equity and minority interest | 78,009,332,684 | 75,425,433,625 | ||
Contingent liabilities & commitments | ||||
Letters of Credit, Guarantees and other commitments | 37 | 11,844,206,326 | 11,879,698,713 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
INCOME STATEMENT | ||||
As of Jun. 30 2011 | ||||
Amounts in LE. | Note | Jun. 30, 2011 | Jun. 30, 2010 | |
Interest and Similar Income | 6 | 2,587,280,676 | 2,173,625,359 | |
Interest Expenses and Similar Charges | 6 | (1,324,813,156) | (1,081,606,785) | |
Net Interest Income | 1,262,467,520 | 1,092,018,574 | ||
Fees & Commissions Income | 7 | 447,969,895 | 471,853,605 | |
Fees and Commissions Expense | 7 | (41,227,766) | (37,936,902) | |
Net Fees and Commissions Income | 406,742,129 | 433,916,703 | ||
Dividends Income | 8 | 57,164,372 | 94,796,974 | |
Net Trading Income | 9 | 178,883,837 | 173,657,204 | |
Profit from Financial Investments | 22 | 81,273,153 | 161,389,039 | |
Goodwill Amortization | (20,046,723) | (20,046,723) | ||
Administrative Expenses | 10 | (712,863,574) | (646,266,259) | |
Other operating (Expenses) Income | 11 | (78,927,185) | (32,929,863) | |
Losses of impairment from loans | 12 | (201,264,786) | 2,072,511 | |
Intangible Assets Amortization | 41 | (33,733,620) | (33,733,620) | |
Bank's share in the profits of Associates | 10,896,229 | 11,392,763 | ||
Net Profit before Tax | 950,591,353 | 1,236,267,034 | ||
Income Tax | 13 | (216,050,496) | (210,211,143) | |
Deferred Tax | 13&33 | 16,422,042 | (1,622,092) | |
Net Profit After Tax | 750,962,898 | 1,024,433,799 | ||
Minority Interest | 167,503 | 987,410 | ||
Bank Shareholders | 750,795,396 | 1,023,446,389 | ||
Earning per share | ||||
Basic | 14 | 1.22 | 1.40 | |
Diluted | 14 | 1.19 | 1.36 | |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT | ||||
As of Jun. 30 2011 | ||||
Amounts in LE. | Jun. 30, 2011 | Jun. 30, 2010 | ||
Cash Flow from Operating Activities | ||||
Net Income Before Tax | 950,591,353 | 1,236,267,034 | ||
Adjustments To Reconcile Net Income | ||||
To Net Cash Provided by operating Activities | ||||
Depreciation | 102,694,841 | 91,786,471 | ||
Provisions (Formed during the period) | 204,097,392 | 42,704,627 | ||
Trading Financial Investment Evaluation Differences | 32,976,379 | (15,180,477) | ||
Intangible Assets Amortization | 33,733,620 | 33,733,620 | ||
Goodwill Amortization | 20,046,723 | 20,046,723 | ||
Financial Investments Impairment | (49,775,434) | (29,504,655) | ||
Utilization of Provisions (Except Provision for Doubtful Debts) | (5,218,667) | (1,539,864) | ||
Provisions no longer used (Except Provision for Doubtful Debts) | (2,085,267) | (55,673,466) | ||
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts) | 4,010,666 | 4,669,062 | ||
Profits From Selling Fixed Assets | (2,661,678) | (2,048,472) | ||
Profits From Selling Financial Investments | (90,782,148) | (142,299,409) | ||
Profits From Selling an Investment in Associated | (1,873,813) | 96 | ||
FCY Revaluation Difference of Long Term Loans | 5,036,272 | (1,064,016) | ||
Share Based Payments | 41,409,628 | 37,844,433 | ||
Investment in Subsidiary and Associated Company Evaluation Differences | (11,408,222) | (28,419,007) | ||
Impairment of Real Estate Investments | 361,200 | 2,750,500 | ||
Operating Profits Before Changes in Operating Assets and Liabilities | 1,231,152,844 | 1,194,073,199 | ||
Net Decrease (Increase) in Assets and Liabilities | ||||
Due from banks | (3,090,538,362) | 467,843,381 | ||
Treasury Bills & Other Governmental Notes | 3,218,771,820 | 4,014,793,870 | ||
Trading Financial Assets | 1,015,597,733 | (264,474,901) | ||
Financial Derivatives (Net) | (41,476,427) | 82,750,772 | ||
Loans & Overdrafts | (2,276,256,247) | (4,698,730,728) | ||
Debit Balances and Other Assets | 142,114,045 | (257,619,944) | ||
Due to Banks | (691,883,640) | 307,419,205 | ||
Customer Deposits | 3,923,391,605 | 4,931,471,005 | ||
Credit Balances & Other Liabilities | (622,420,045) | (616,199,591) | ||
Net Cash Provided from Operating Activities | 2,808,453,327 | 5,161,326,268 | ||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT | ||||
As of Jun. 30 2011 | Jun. 30, 2011 | Jun. 30, 2010 | ||
Cash Flow From Investing Activities | ||||
Payments to purchase associated companies | (11,000,000) | - | ||
Purchase of Fixed Assets, premises and Fitting-out of Branches | (61,756,079) | (26,839,508) | ||
Redemption of Held-to-Maturity Financial Investments | 170,571,760 | 59,240,052 | ||
Held to Maturity financial Investments Purchases | - | (20,893,124) | ||
Purchase of Available for Sale Financial Investments | (677,660,821) | (4,527,576,564) | ||
Net Cash (Used in) Provided from Investment Activities | (579,845,140) | (4,516,069,145) | ||
Cash Flow From Financing Activities | ||||
Increase (Decrease) in Long Term Loans | 127,007,982 | 14,429,961 | ||
Dividends Paid | (843,063,191) | (661,806,331) | ||
Capital Increase | - | 25,721,800 | ||
Net Cash (Used in) Financing Activities | (716,055,209) | (621,654,570) | ||
Net cash & cash equivalent changes | 1,512,552,977 | 23,602,553 | ||
Beginning Balance of cash and cash equivalent | 8,058,126,497 | 10,230,779,568 | ||
Cash & Cash equivalent Balance At the End of the period | 9,570,679,474 | 10,254,382,122 | ||
Cash & Cash Equivalent are Represented as Follows | ||||
Cash and Due from Central Bank | 6,075,170,048 | 4,444,111,709 | ||
Due From Banks | 9,812,636,221 | 7,450,054,044 | ||
Treasury Bills & other governmental notes | 7,047,441,434 | 8,971,318,763 | ||
Obligatory Reserve balance with CBE | (2,811,219,930) | (2,501,850,088) | ||
Due from Banks (Time Deposits) more than three months | (6,680,007,036) | (4,539,766,866) | ||
Treasury Bills With maturity More than 3 months | (3,873,341,263) | (3,569,485,439) | ||
Total Cash & Cash Equivalent | 9,570,679,474 | 10,254,382,122 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Jun. 30 2011 |
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Jun 30,2010 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank share before acquisition | Retained Earning (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk reserve (EGP) | Profits for the period (EGP)
| Reserve for Employee Stock ownership plan ESOP (EGP) | Total Shareholders Equity (EGP) | Minority Interest (EGP) | Total (EGP) |
Beginning Balance | 2,925,000,000 | 513,606,534 | 1,463,504,300 | 302,794,421 | (176,287,838) | 206,530,551 | (107,124,766) | 26,652,790 | 1,717,315,559 | 161,728,984 | 7,033,720,534 | 45,607,323 | 7,079,327,857 |
Capital Increase | 25,721,800 | - | - | - | - | - | - | - | - | - | 25,721,800 | - | 25,721,800 |
Transferred to reserves | - | 87,847,835 | 1,010,739,284 | - | - | - | - | - | (1,098,587,119) | - | - | - | - |
Transferred to Retained earning | - | - | - | - | (37,980,544) | (22,173,982) | - | - | 52,154,526 | - | (8,000,000) | - | (8,000,000) |
Dividends paid | - | - | - | - | - | - | - | - | (661.806.331) | - | (661.806.331) | - | (661.806.331) |
Net profits of the period | - | - | - | - | - | - | - | - | 1,023,446,389 | - | 1,023,446,389 | 987,410 | 1,024,433,799 |
Changes during the period | - | - | - | - | 1,594,467 | - | - | - | - | - | 1,594,467 | - | 1,594,467 |
Addition from financial Investment revaluation | - | - | - | - | - | - | 59,847,721 | - | - | - | 59,847,721 | - | 59,847,721 |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | - | 99,419,052 | (99,419,052) | - | - | - | - |
Reserve for employee stock ownership plan ESOP | - | - | 78,564,646 | - | - | - | - | - | - | (40,720,212) | 37,844,434 | - | 37,844,434 |
Balance at the end of the period | 2,950,721,800 | 601,454,369 | 2,552,808,230 | 302,794,421 | (212,673,915) | 184,356,569 | (47,277,045) | 126,071,842 | 933,103,972 | 121,008,772 | 7,512,369,014 | 46,594,733 | 7,558,963,747 |
Jun. 30, 2011 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank share before acquisition | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk reserve (EGP) | Profits of the period | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest (EGP) | Total (EGP) |
Beginning Balance | 5,901,443,600
| 125,128,337 | 78,412,462 | 302,794,421 | (203,604,610) | 184,356,569 | 1,722,491 | 156,992,515 | 1,875,205,780 | 149,520,858 | 8,571,972,422 | 46,965,639 | 8,618,938,061 |
Transferred to Reserves | - | 106,216,559 | 1,066,083,988 | - | - | 1,574,746 | - | - | (1,173,875,293) | - | - | - | - |
Transferred to Retained Earnings
| - | - | - | - | (121,501,406) | - | - | - | 121.501.406 | - | - | - | - |
Dividends paid
| - | - | - | - | (20,231,298) | - | - | - | (822,831,893) | - | (843,063,191) | - | (843,063,191) |
Net Profits of the Period | - | - | - | - | - | - | - | - | 750,795,396 | - | 750,795,396 | 167,503 | 750,962,898 |
Change during the period | - | - | - | - | (1,263,981) | - | - | - | - | - | (1,263,981) | (101,441) | (1,365,422) |
Addition from Financial Investments Revaluation | - | - | - | - | - | - | (301,570,937) | - | - | - | (301,570,937) | - | (301,570,937) |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | - | (62,694,093) | 62,694,093 | - | - | - | - |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | - | 41,409,628 | 41,409,628 | - | 41,409,628 |
Balance at the end of the period | 5,901,443,600
| 231,344,896 | 1,144,496,449 | 302,794,421 | (346,601,295) | 185,931,315 | (299,848,446) | 94,298,422 | 813,489,488 | 190,430,486 | 8,218,279,337 | 47,031,701 | 8,265,311,038 |
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