11 Aug 2011 07:00
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Commercial International Bank (Egypt) S.A.E. | |||||
Unconsolidated 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 | 6,075,140,629 | 5,675,241,791 | ||
Due From Banks | 16 | 9,717,298,929 | 6,769,607,397 | ||
Treasury Bills & Other Governmental Notes | 17 | 7,019,754,673 | 8,821,003,566 | ||
Trading Financial Assets | 18 | 396,430,078 | 1,422,038,841 | ||
Loans & Overdrafts for Banks (Net after provisions) | 19 | 146,921,747 | 125,833,038 | ||
Loans & Overdrafts for Customers (Net after provisions) | 20 | 37,100,983,028 | 35,048,707,894 | ||
Financial Derivatives | 21 | 161,806,648 | 139,263,948 | ||
Financial Investments | |||||
Available for Sale | 22 | 14,115,408,829 | 13,605,347,030 | ||
Held to Maturity Financial Investments | 22 | 123,891,335 | 289,151,745 | ||
Financial Investments in Subsidiary and associated companies | 23 | 1,007,829,530 | 996,317,538 | ||
Real Estate investments | 24 | 28,334,464 | 28,695,664 | ||
Debit Balances and Other Assets | 25 | 1,330,331,410 | 1,375,945,140 | ||
Deferred Tax | 33 | 95,478,072 | 79,656,694 | ||
Fixed Assets (Net) | 26 | 649,042,879 | 716,071,158 | ||
Total Assets | 77,968,652,251 | 75,092,881,445 | |||
Liabilities & Shareholders' Equity | |||||
Liabilities | |||||
Due to Banks | 27 | 630,396,269 | 1,322,279,909 | ||
Customer Deposits | 28 | 67,392,176,057 | 63,479,883,624 | ||
Financial Derivatives | 21 | 94,617,313 | 113,551,040 | ||
Credit Balances & Other Liabilities | 30 | 958,880,150 | 1,123,883,898 | ||
Long Term Loans | 29 | 261,157,679 | 129,113,425 | ||
Other Provisions | 31 | 310,249,379 | 310,238,930 | ||
Total Liabilities | 69,647,476,847 | 66,478,950,827 | |||
Shareholders' Equity | |||||
Issued & Paid- in Capital | 32 | 5,901,443,600 | 5,901,443,600 | ||
Reserves | 32 | 1,419,407,488 | 416,828,938 | ||
Reserve for employee stock ownership plan (ESOP) |
| 190,930,487 | 149,520,859 | ||
Retained Earning | - | 20,231,298 | |||
Total Shareholders' Equity | 7,511,781,575 | 6,488,024,964 | |||
Net Profit of the Period/Year after tax | 809,393,829 | 2,125,905,924 | |||
Total Shareholders' Equity & Net Profit of the period/year | 8,321,175,404 | 8,613,930,618 | |||
Total Liabilities & Shareholders' Equity | 77,968,652,251 | 75,092,881,445 | |||
Contingent Liabilities & commitments | |||||
Letters of Credit, Guarantees and other commitments | 37 | 11,844,256,326 | 11,879,748,713 | ||
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 | 2,582,638,079 | 2,171,823,754 | ||
Interest Expense and Similar Charges | 6 | (1,324,330,260) | (1,080,940,095) | ||
Net Interest Income | 1,258,307,819 | 1,090,883,659 | |||
Fees & Commissions Income | 7 | 410,961,489 | 413,742,057 | ||
Fees and Commissions Expense | 7 | (40,772,114) | (37,936,902) | ||
Net Income from Fees and Commissions | 370,189,375 | 375,805,155 | |||
Dividends Income | 8 | 57,031,906 | 114,614,465 | ||
Net Trading Income | 9 | 171,803,224 | 167,524,037 | ||
Profit from Financial Investments | 22 | 81,338,683 | 161,353,260 | ||
Administrative Expenses | 10 | (655,264,752) | (580,477,568) | ||
Other operating (Expenses) Income | 11 | (75,510,487) | (25,019,975) | ||
Losses of impairment of loans | 12 | (201,264,786) | 2,072,511 | ||
Net Profit before Tax | 1,006,630,982 | 1,306,755,545 | |||
Income Tax | 13 | (213,058,530) | (203,771,886) | ||
Deferred Tax | 13&33 | 15,821,378 | (1,838,962) | ||
Net Profit After Tax | 809,393,829 | 1,101,144,697 | |||
Earning per share | |||||
Basic | 14 | 1.31 | 1.50 | ||
Diluted | 14 | 1.27 | 1.46 | ||
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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 | 1,006,630,981 | 1,306,755,545 | |||
Adjustments To Reconcile Net Income | |||||
To Net Cash Provided by operating Activities | |||||
Depreciation | 100,272,978 | 89,779,487 | |||
Provisions (Formed during the period) | 203,918,097 | 4,421,035 | |||
Trading Financial Investment Evaluation Differences | 39,576,450 | (15,180,477) | |||
Financial Investments Impairment | (49,775,434) | (29,504,655) | |||
Utilization of Provisions (except Provisions for Doubtful Debts) | (2,940,642) | (1,539,864) | |||
Provisions no longer used (except provisions for doubtful debts) | (2,085,267) | (55,312,726) | |||
FCY Revaluation Differences of Provision Balances (except Doubtful Debt) | 4,010,666 | 4,669,062 | |||
Profits From Selling of Fixed Assets | (2,661,678) | (2,048,472) | |||
Profits From Selling of 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 | (1,064,017) | |||
Share Based Payments | 41,409,628 | 37,844,433 | |||
Investment in subsidiary and associated co evaluation differences | (511,992) | (570,645) | |||
Impairment from Real estate investments | 361,200 | 2,750,500 | |||
Operating Profits Before Changes in Operating Assets and Liabilities | 1,250,585,298 | 1,198,699,893 | |||
Net Decrease (Increase) in Assets and liabilities | |||||
Due from banks | (3,092,558,727) | 467,843,381 | |||
Treasury Bills & Other Governmental Notes | 3,241,726,931 | 4,014,639,846 | |||
Trading Financial Assets | 986,032,312 | (129,477,489) | |||
Financial Derivatives (Net) | (41,476,427) | 82,750,772 | |||
Loans & Overdrafts | (2,276,256,247) | (4,698,730,728) | |||
Debit Balances and Other Assets | 75,270,885 | (254,897,996) | |||
Due to Banks | (691,883,640) | 307,419,205 | |||
Customer Deposits | 3,912,292,433 | 4,790,519,202 | |||
Credit Balances & Other Liabilities | (378,062,278) | (505,870,768) | |||
Net Cash Provided from Operating Activities | 2,985,670,540 | 5,272,895,318 | |||
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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 Subsidiary and Associated Co. | (11,000,000) | (16,455,599) | |||
Purchase of fixed assets, premises and fitting out of branches | (60,240,176) | (101,580,048) | |||
Redemption of Held-to-Maturity Financial Investments | 170,555,777 | 49,226,583 | |||
Held to Maturity Financial investment purchases | - | (10,895,619) | |||
Purchase of Available for sale financial Investment | (674,562,238) | (4,465,290,295) | |||
Net Cash (Used in) Provided from Investing Activities | (575,246,637) | (4,544,994,978) | |||
Cash Flow From Financing Activities | |||||
Increase (Decrease) in Long Term Loans | 127,007,982 | 14,429,961 | |||
Dividends Paid | (841,922,204) | (658,369,589) | |||
Capital Increase | - | 25,721,800 | |||
Net Cash (Used in) provided from Financing Activities | (714,914,222) | (618,217,828) | |||
Net cash & cash equivalent changes | 1,695,509,681 | 109,682,511 | |||
Beginning Balance of cash and cash equivalent | 7,778,944,041 | 10,062,335,630 | |||
Cash & Cash equivalent Balance At the End of the period | 9,474,453,722 | 10,172,018,141 | |||
Cash & Cash Equivalent are Represented as Follows | |||||
Cash and Due from Central Bank | 6,075,140,629 | 4,443,419,294 | |||
Due From Banks | 9,717,298,929 | 7,373,216,564 | |||
Treasury Bills & other governmental notes | 7,019,754,673 | 8,966,484,676 | |||
Obligatory reserve balance with CBE | (2,811,219,930) | (2,440,347,638) | |||
Due from Banks (time deposits) More than three months | (6,676,134,428) | (4,601,269,316) | |||
Treasury Bills with Maturity More than Three Months | (3,850,386,151) | (3,569,485,439) | |||
Total Cash & Cash Equivalent | 9,474,453,722 | 10,172,018,141 |
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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30 June 2010 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Profits of the Period (EGP) | Reserve for Employee Stock ownership plan ESOP | Total (EGP) |
Beginning Balance | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684) | 206,530,551 | (106,589,600) | 26,652,790 | 1,756,956,708 | 161,728,985 | 6,945,599,768 |
Capital Increase | 25,721,800 | - | - | - | - | - | - | - | - | 25,721,800 |
Transferred to Reserves | - | 87,847,835 | 1,010,739,284 | - | - | - | - | (1,098,587,119) | - | - |
Dividends Paid | - | - | - | - | - | - | - | (658,369,589) | - | (658,369,589) |
Net Profit of the period | - | - | - | - | - | - | - | 1,101,144,697 | - | 1,101,144,697 |
Transferred to retained earning | - | - | - | 22,173,982 | (22,173,982) | - | - | - | - | - |
Addition from financial investment revaluation | - | - | - | - | - | 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 |
Balance at the end of Period | 2,950,721,800 | 601,454,369 | 2,552,960,414 | 20,231,298 | 184,356,569 | (46,741,879) | 126,071,842 | 1,001,725,645 | 121,008,773 | 7,511,788,830 |
30 June 2011 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Profits of the period (EGP) | Reserve for Employee Stock ownership plan ESOP | Total (EGP) |
Beginning Balance | 5,901,443,600
| 125,128,337 | 78,564,646 | 20,231,298 | 184,356,569 | 2,126,596 | 156,992,515 | 1,995,566,199 | 149,520,859 | 8,613,930,618 |
Transferred to Reserves | - | 106,216,559 | 1,066,083,988 | - | 1,574,746 | - | - | (1,173,875,293) | - | - |
Dividends Paid | - | - | - | (20,231,298) | - | - | - | (821,690,906) | - | (841,922,204) |
Net Profit of the period | - | - | - | - | - | - | - | 809,393,829 | - | 809,393,829 |
Addition from financial investment revaluation | - | - | - | - | - | (301,636,467) | - | - | - | (301,636,467) |
Transferred from bank risk Reserves | - | - | - | - | - | - | (62,694,093) | 62,694,093 | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | - | - | - | - | - | - | 41,409,628 | 41,409,628 |
Balance at the end of period | 5,901,443,600 | 231,344,896 | 1,144,648,633 | - | 185,931,315 | (299,509,871) | 94,298,422 | 872,087,922 | 190,930,487 | 8,321,175,404 |
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