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

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

Consolidated Financial Statements

June 30, 2010

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Jun. 30, 2010

Amounts in EGP

Note

Jun. 30, 2010

Dec. 31,2009

(Restated)

Assets

Cash & Due From Central Bank

15

4,444,111,709

4,179,256,489

Due From Banks

16

7,450,054,044

7,946,147,786

Treasury Bills & Other Notes Discountable at CBE

17

8,971,318,763

13,198,960,913

Trading Financial Assets

18

770,794,333

491,138,956

Loans & Overdrafts for Banks ( Net after Provision)

19

171,581,721

200,765,433

Loans & Overdrafts for Customers ( Net after Provision)

20

31,970,221,338

27,242,306,869

Financial Derivatives

21

179,172,680

225,347,220

Financial Investments

Available for Sale

22

12,129,357,683

7,429,977,151

Held to Maturity

22

551,710,281

590,057,209

Financial Investments in associated companies

23

103,169,652

74,750,645

Brokers-Debit Balances

166,729,518

80,154,770

Reconciliation Accounts- Debit Balances

-

20,302,650

Real Estate Investments

24

39,734,864

42,485,364

Debt Balances and other Assets

25

1,187,908,662

963,058,418

Goodwill

180,420,504

200,467,228

Intangible Assets

539,737,926

573,471,546

Deferred Tax

24

37,210,493

37,232,586

Fixed Assets (Net)

25

25,719,474,202

749,602,993

Total Assets

69,612,708,373

64,245,484,253

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

765,564,434

458,145,229

Customer Deposits

28

59,580,125,527

54,648,654,522

Brokers-Credit Balance

140,500,707

212,593,347

Reconciliation Accounts-Credit Balances

23,851,737

-

Financial Derivatives

21

187,103,062

150,526,830

Credit Balances & Other Liabilities

30

857,097,768

1,162,019,568

Long Term Loans

29

106,602,986

93,237,042

Other Provisions

31

401,975,040

450,056,493

Total Liabilities

62,062,821,261

57,175,233,031

Shareholders' Equity

Issued and Paid In Capital

29

2,950,721,800

2,925,000,000

Reserves

31

3,620,789,333

2,379,311,040

Reserve for employee stock ownership plan (ESOP)

121,008,772

161,728,984

Retained Earning

(212,673,915)

(176,287,838)

Total Shareholders' Equity

6,479,845,990

5,289,752,186

Net Profit of the Period/year

1,023,446,389

1,734,891,714

Total Shareholders' Equity & Net Profit

7,503,292,379

7,024,643,900

Minority Interest

46,594,733

45,607,323

Total Liabilities & Shareholders' Equity

69,612,708,373

64,245,484,253

Contingent liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,467,165,063

12,637,872,568

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Jun. 30, 2010

Amounts in EGP.

Note

Jun. 30, 2010

Jun. 30, 2009

(Restated)

Interest and Similar Income

6

2,173,625,359

2,068,985,169

Interest Expenses and Similar Charges

6

(1,081,606,785)

(1,060,327,871)

Net Interest Income

1,092,018,574

1,008,657,298

Fees & Commissions Income

7

471,853,605

373,741,198

Fees and Commissions Expense

7

(35,069,249)

(29,671,889)

Net Income from Fees and Commissions

436,784,356

344,069,309

Dividends Income

8

94,796,974

125,577,732

Net Trading Income

9

173,657,204

247,025,568

Profit from Financial Investments

22

161,389,039

31,347,447

Goodwill Amortization

(20,046723)

-

Administrative Expenses

10

(646,266,529)

(591,445,311)

Other operating (Expenses) Income

11

(35,797,516)

(92,107,855)

Return (Losses) of impairment from loans

12

2,072,511

72,963,371

Intangible Assets Amortization

(33,733,620)

(33,733,620)

Bank's share in the profits of Associates

11,392,763

-

Net Profit before Tax

1,236,267,034

1,209,353,939

Income Tax

13

(210,211,143)

(20,021,981)

Deferred Tax

13&33

1,622,092

7,493,138

Net Profit After Tax

1,024,433,799

1,015,825,096

Minority Interest

987,410

2,800,761

Bank Shareholders

1,023,446,389

1,013,024,335

Earning per share

Basic

14

2.77

2.92

Diluted

14

2.72

2.87

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Jun. 30 2010

Amounts in EGP.

Jun.30, 2010

Jun. 30, 2009

(Restated)

Cash Flow from Operating Activities

Net Income Before Tax

1,236,267,034

1,209,353,939

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

91,786,471

96,498,846

Provisions (Formed during the period)

42,704,627

10,012,329

Trading Financial Investment Evaluation Differences

(15,180,477)

(20,047,180)

Intangible Assets Amortization

(33,733,620)

(33,733,620)

Goodwill Amortization

(20,046,723)

-

Impairment of Assets

(29,504,655)

(1,163,011)

Utilization of Provisions (Except Provision for Doubtful Debts)

(1,539,864)

(5,718,752)

Provisions no longer used

(55,673,466)

(72,963,371)

FCY Revaluation Differences of Provision Balances (except Doubtful Debts)

4,669,062

1,916,734

Profits From Selling Fixed Assets

(2,048,472)

(15,393,221)

Profits From Selling financial Investments

(142,299,409)

(45,535,354)

FCY Revaluation Difference of Long Term Loans

(1,064,017)

308,628

Share Based Payments

37,844,433

40,268,360

Operating Profits Before Changes in Operating Assets and Liabilities

1,112,181,021

1,194,563,769

Net Decrease (Increase) in Assets

Due from banks

467,843,381

(1,910,739,235)

Treasury Bills & Other Notes Discountable at CBE

4,014,793,870

2,216,468,549

Trading Financial Assets

(264,474,901)

(384,074,288)

Financial Derivatives (Net)

82,750,772

(54,273,344)

Loans & Overdrafts

(4,698,730,728)

(873,938,640)

Net Increase (Decrease) In Liabilities

Debit Balances and Other Assets

(257,619,944)

(60,705,804)

Due to Banks

307,419,205

3,344,897,025

Customer Deposits

4,931,471,005

2,008,299,608

Credit Balances & Other Liabilities

(508,638,905)

(197,776,742)

Net Cash Provided from Operating Activities

5,186,994,775

5,282,720,898

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Jun. 30 2010

Jun. 30, 2010

Jun. 30, 2009

(Restated)

Cash Flow From Investing Activities

Investments in associated companies

(28,419,007)

64,692,178

Purchase of Fixed Assets, premises and Fitting-out of Branches

(26,839,508)

(113,588,087)

Redemption of Held-to-Maturity Financial Investments

59,240,052

48,739,592

Held to Maturity financial Investments Purchases

(20,893,124)

(6,169,428)

Available for Sale Financial Investments

(4,527,576,564)

(4,765,102,108)

Real Estate Investments

2,750,500

3,839,052

Net Cash (Used in) Provided from Investment Activities

(4,541,737,651)

(4,767,588,801)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

14,429,961

(1,413,896)

Dividends Paid

(661,806,331)

(478,236,553)

Capital Increase

25,721,800

-

Net Cash (Used in) Financing Activities

(621,654,570)

(479,650,449)

Net cash & cash equivalent changes

23,602,553

35,481,648

Beginning Balance of cash and cash equivalent

10,230,779,568

8,778,740,569

Cash & Cash equivalent Balance At the End of the period

10,254,382,122

8,814,222,217

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

4,444,111,709

4,115,405,443

Due From Banks

7,450,054,044

7,943,572,892

Treasury Bills & other governmental notes

8,971,318,763

11,172,934,588

Due from Banks (Time Deposits) More than Three Months

(7,041,616,954)

(7,639,736,507)

Treasury Bills With maturity More than Three months

(3,569,485,440)

(6,777,954,499)

Total Cash & Cash Equivalent

10,254,382,122

8,814,222,217

Jun. 30, 2009

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 of 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

432,851,511

407,547,602

302,794,421

87,845,690

195,993,785

(20,985,045)

-

1,370,592,742

86,727,903

5,778,368,609

46,280,877

5,824,649,486

Effect of adjusting Accounting Standards

-

-

-

-

-

20,536,766

-

-

-

-

20,536,766

-

20,536,766

Beginning Balance after adjustments

2,925,000,000

432,851,511

407,547,602

302,794,421

87,845,690

206,530,551

(20,985,045)

-

1,370,592,742

86,727,903

5,798,905,375

46,280,877

5,845,186,252

Transferred to reserves

-

80,755,023

1,056,108,882

-

-

-

-

-

(1,136,863,905)

-

-

-

-

Transferred to Retained earning

-

-

-

-

(244,507,717)

-

-

-

244,507,717

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

-

(478,236,553)

Net profits of the period

-

-

-

-

-

-

-

-

1,013,024,335

-

1,013,024,335

2,800,761

1,015,825,096

Change during the period

-

-

-

-

(2,399,790)

-

-

-

-

-

(2,399,790)

2,148,616

(251,174)

Addition from financial Investment revaluation

-

-

-

-

-

-

64,853,443

-

-

-

64,853,443

-

64,853,443

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

40,268,360

40,268,360

-

40,268,360

Effect of adjusting accounting standards

-

-

-

-

-

-

-

38,088,499

(38,088,499)

-

-

-

-

Balance at the end of the period

2,925,000,000

513,606,534

1,463,656,484

302,794,421

(159,061,817)

206,530,551

43,868,398

38,088,499

974,935,836

126,996,263

6,436,415,170

51,230,255

6,487,645,424

Jun. 30,2010

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

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

1,708,238,924

161,728,984

7,024,643,899

45,607,323

7,070,251,222

Capital Increase

25,721,800

-

-

-

-

-

-

-

-

-

25,721,800

-

25,721,800

Transfer to Reserves

-

87,847,835

1,010,739,284

-

-

-

-

-

(1,098,587,119)

-

-

-

-

Transfer to Retained Earnings

-

-

-

-

(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

Change during the period

-

-

-

-

1,594,467

-

-

-

-

-

1,594,467

-

1,594,467

Addition from Financial Investments 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)

37,844,433

-

37,844,433

Balance at the end of the period

2.50,721,800

601,454,369

2,552,808,230

302,794,421

(212,673,915)

184,356,569

(47,277,045)

126,071,842

924,027,337

121,008,772

7,503,292,379

46,594,733

7,549,887,112