Last checked at 13 Aug 2009 07:00
| | |||||
| Commercial International Bank (Egypt) S.A.E. | |||||
| Consolidated Financial Statements | |||||
| June 30, 2009 | |||||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| FINANCIAL POSITION |
|
|
|
| |
| As of June 30 2009 | |||||
| Amounts in L.E. | Note | 30-June 2009 | 31-Dec-2008 | ||
| Assets | |||||
| Cash & Due From Central Bank | 5 | 4,115,405,443 | 4,473,013,600 | ||
| Due From Banks | 6 | 7,943,572,892 | 6,572,191,780 | ||
| Treasury Bills & Other Governmental Notes | 7 | 11,172,934,588 | 12,456,955,210 | ||
| Trading Financial Assets | 8 | 1,045,775,899 | 641,627,430 | ||
| Loans & Overdrafts | 12&11 | 27,161,846,172 | 26,330,327,878 | ||
| Financial Derivatives | 13 | 430,722,763 | 704,890,792 | ||
| Financial Investments: | |||||
| Available for Sale | 9 | 7,586,765,723 | 2,774,965,250 | ||
| Held to Maturity | 9 | 638,693,110 | 681,263,274 | ||
| Financial Investments in Subsidiary and associated companies | 14 | 93,084,480 | 92,923,215 | ||
| Brokers-Debit Balances | 335,162,309 | 151,604,732 | |||
| Reconciliation Accounts-Debit Balances | 4,766,261 | - | |||
| Debit Balances and Other Assets | 16 | 786,286,044 | 972,855,164 | ||
| Goodwill | 39 | 200,467,227 | 200,523,251 | ||
| Intangible Assets | 39 | 607,205,166 | 640,938,786 | ||
| Deferred Tax | 28 | 28,465,904 | 19,372,767 | ||
| Fixed Assets (Net) | 17 | 805,149,662 | 748,340,702 | ||
| Total Assets | 62,956,303,642 | 57,461,793,831 | |||
| Liabilities & Shareholders' Equity | |||||
| Liabilities | |||||
| Due to Banks | 18 | 3,573,891,247 | 228,994,222 | ||
| Customer Deposits | 19 | 50,798,329,417 | 48,790,029,809 | ||
| Brokers-Credit Balances | 530,209,824 | 200,921,933 | |||
| Reconciliation Accounts-Credit Balances | - | 27,897,554 | |||
| Financial Derivatives | 13 | 308,473,371 | 636,914,744 | ||
| Credit Balances & Other Liabilities | 20 | 894,278,928 | 1,270,466,914, | ||
| Long Term Loans | 21 | 108,168,665 | 109,273,933 | ||
| Other Provisions | 22 | 381,216,873 | 372,645,236 | ||
| Total Liabilities | 56,594,568,324 | 51,637,144,345 | |||
| Shareholders' Equity | |||||
| Issued & Paid- in Capital | 23 | 2,925,000,000 | 2,925,000,000 | ||
| Reserves | 23 | 2,509,919,622 | 1,308,202,274 | ||
| Reserve for employee stock ownership plan (ESOP) |
| 126,996,263 | 86,727,903 | ||
| Retained Earnings | (161,409,420) | (85,498,087) | |||
| Total Shareholders' Equity | 5,400,506,465 | 4,405,428,264 | |||
| Net Profit of the Period/ Year | 907,650,995 | 1,370,592,741 | |||
| Total Shareholders' Equity & Net Profit | 6,308,157,461 | 5,776,021,006 | |||
| Minority Interest | 53,577,858 | 48,628,480 | |||
| Total Shareholders' Equity & Minority Interest | 6,361,735,318 | 5,824,649,486 | |||
| Total Liabilities & Shareholders' Equity | 62,956,303,642 | 57,461,793,831 | |||
| Contingent Liabilities & Commitments | |||||
| Letters of Credit, Guarantees and Other Commitments | 24 | 12,991,858,320 | 13,290,994,705 | ||
| INCOME STATEMENT | |||||
| As of June. 30 2009 | June 30, 2009 | June 30, 2008 (Restated) | |||
| Amounts in LE. | Note | ||||
| Interest and similar income | 25 | 2,016,226,741 | 1,686,154,496 | ||
| Interest and similar expense | 25 | (1,060,327,871) | (932,802,382) | ||
| Net Interest Income | 955,898,870 | 753,352,114 | |||
| Fees & Commissions Income | 373,741,198 | 437,792,014 | |||
| Fees & Commissions Expense | (29,671,889) | 23,332,096 | |||
| Net Income from Fees & Commissions | 344,069,309 | 414,459,918 | |||
| Dividends Income | 125,577,732 | 125,171,095 | |||
| Net Trading Income | 26 | 326,783,996 | 231,639,887 | ||
| Provisions | 12&22 | (62,132,940) | (164,354,750) | ||
| Profits from Financial Investments | 9 | 31,347,447 | 95,242,542 | ||
| Administrative Expenses | (591,445,312) | (449,659,318) | |||
| Other Operating (Expenses) Income | 10 | (11,460,526) | 132,547,812 | ||
| Intangible Assets Amortization | (33,733,620) | - | |||
| Net Profit before Tax | 1,084,904,956 | 1,138,399,270 | |||
| Income Tax | 29 | (181,946,337) | (113,664,462) | ||
| Deferred Tax | 28 | 7,493,138 | (32,293,709) | ||
| Net Profit After Tax | 910,451,757 | 992,441,099 | |||
| Minority Interest | 2,800,761 | 1,853,919 | |||
| Bank Shareholders | 907,650,995 | 990,587,180 | |||
| Earnings Per Share | |||||
| Basic | 2.75 | 3.00 | |||
| Diluted | 2.69 | 2.97 | |||
| CASH FLOW STATEMENT 1a | |||||
| As of June. 30 2009 | June 30, 2009 | June 30, 2008 (Restated) | |||
| Amounts in LE. | |||||
| Cash Flow from Operating Activities | |||||
| Net Income Before Tax | 1,084,904,956 | 1,138,399,270 | |||
| Adjustments To Reconcile Net Income | |||||
| To Net Cash Provided by operating Activities | |||||
| Depreciation | 96,498,846 | 66,306,354 | |||
| Provisions (Formed during the period) | 62,132,940 | 164,755,386 | |||
| Trading Financial Investment Evaluation Differences | (20,074,180) | 13,738,256 | |||
| Intangible Assets Amortization | (33,733,620) | - | |||
| Impairment of Assets | (1,163,011) | 6,596,846 | |||
| Utilization of Provision (Except Provision for Doubtful Debts) | (5,718,752) | (10,853,463) | |||
| Provisions no longer used | (3,499,887) | (95,081,179) | |||
| FCY Revaluation Differences of Provision Balances (Except Doubtful Debts) | 1,916,734 | (1,783,606) | |||
| Losses From Selling of Fixed Assets | (15,393,221) | (5,034,478) | |||
| Losses From Selling of financial Investments | (45,535,354) | (61,306,526) | |||
| Losses from Selling an investment subsidiary | - | (50,258,991) | |||
| FCY Revaluation Difference of Long Term Loans | 308,628 | 729,177 | |||
| Share Based Payments | 40,268,360 | 28,850,246 | |||
| Operating Profit Before Changes in Operating Assets and Liabilities | 1,191,698,880 | 1,195,057,292 | |||
| Net Decrease (Increase) in Assets | |||||
| Due from banks | (1,910,739,235) | (1,026,514,914) | |||
| Treasury Bills & Other Governmental Notes | 2,216,468,549 | 58,728,206 | |||
| Trading Financial Assets | 384,074,288 | (188,063,799) | |||
| Financial Derivatives (Net) | (54,273,344) | (28,138,148) | |||
| Loans & Overdrafts | (873,938,640) | (3,902,357,346) | |||
| Net Increase (Decrease) In Liabilities | |||||
| Debit Balances & Other Assets | (60,705,804) | (701,928,013) | |||
| Due to Banks | 3,344,897,025 | 1,774,275,304 | |||
| Customer Deposits | 2,008,299,608 | 6,141,703,428 | |||
| Credit Balances & Other Liabilities | (191,072,801) | 56,127,696 | |||
| Net Cash Provided from Operating Activities | 5,286,559,950 | 3,378,889,706 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1b | |||||
| As of June. 30 2009 | June 30, 2009 | June 30, 2008 (Restated) | |||
| Cash Flow From Investment Activities | |||||
| Sales of subsidiaries & associated companies | 64,692,178 | 18,126,009 | |||
| Purchase of Fixed Assets, premises and Fitting-out of Branches | (113,588,087) | (92,465,985) | |||
| Redemption of Held-to-Maturity Financial Investments | 48,739,592 | 157,040,360 | |||
| Held to Maturity Financial Investment Purchases | (6,169,428) | - | |||
| Available for Sale Financial Investments | (4,765,102,108) | (1,133,613,027) | |||
| Financial Investments in Subsidiary (Goodwill) | - | 10,398721 | |||
| Net Cash (Used in) Provided from Investing Activities | (4,771,427,853) | (1,040,513,922) | |||
| Cash Flow From Financing Activities | |||||
| Increase (Decrease) in Long Term Loans | (1,413,896) | (36,184,758) | |||
| Dividends Paid | (478,236,553) | (391,656,089) | |||
| - | |||||
| Net Cash (Used in) Financing Activities | (479,650,449) | (427,840,847) | |||
| Net cash & cash equivalent changes | 35,481,648 | 1,910,534,937 | |||
| Beginning Balance of cash and cash equivalent | 8,778,740,569 | 6,879,374,080 | |||
| Cash & Cash equivalent Balance At the End of the period | 8,814,222,217 | 8,789,909,017 | |||
| Cash & Cash Equivalent are Represented as Follows | |||||
| Cash and Due from Central Bank | 4,115,405,443 | 7,220,447,781 | |||
| Due From Banks | 7,943,572,892 | 14,669,061,278 | |||
| Treasury Bills & other Governmental Notes | 11,172,934,588 | 2,776,871,582 | |||
| Due from Banks (time deposits) | (7,639,636,507) | (14,291,862,376) | |||
| Treasury Bills with Maturity More than Three Months | (6,777,954,199) | (1,584,789,248) | |||
| Total Cash & Cash Equivalent | 8,814,222,217 | 8,789,909,107 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
| STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
| As of June 30 2009 | |
| 2008 | Capital | Legal Reserves | General Reserves | Intangible Assets Value for Bank's Share before Acquisition | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits of the year | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest | Total |
| Beginning Balance | 1,950,000,000 | 371,230,872 | 548,482,934 | 0 | 41,349,498 | 185,993,785 | 60,903,531 | 1,285,775,354 | 29,159,584 | 4,472,895,558 | 5,263,160 | 4,478,158,718 |
| Derivatives revaluations settlement* | 0 | 0 | 0 | 0 | (13,571,026) | 0 | 0 | 0 | 0 | (13,571,026) | 0 | (13,571,026) |
| Capital Increase* | 975,000,000 | 0 | (975,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Transfer to Reserves | 0 | 61,620,639 | 834,064,668 | 0 | 0 | 0 | 0 | (895,685,307) | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | (5,997,898) | 0 | 0 | (336,709,547) | 0 | (342,707,445) | (3,338,247) | (346,045,692) |
| Net Profit of the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,370,592,742 | 0 | 1,370,592,742 | (5,177,543) | 1,365,415,199 |
| Usage part of reserve | 0 | 0 | 0 | 0 | 0 | 0 | (81,888,576) | 0 | 0 | (81,888,576) | 0 | (81,888,576) |
| Change During the Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Transferred to Retained Earnings | 0 | 0 | 0 | 0 | 53,380,500 | 0 | 0 | (53,380,500) | 0 | 0 | 0 | 0 |
| Reserve for employee stock ownership plan ESOP** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57,568,319 | 57,568,319 | 0 | 57,568,319 |
| Adjustments on Income Tax | 0 | 0 | 0 | 0 | (461,324) | 0 | 0 | 0 | 0 | (461,324) | 0 | (461,324) |
| Minority Share from Retained Earnings | 0 | 0 | 0 | 0 | (4,927,294) | 0 | 0 | 0 | 0 | (4,927,294) | 4,927,294 | 0 |
| Majority Share in Intangible Assets | 0 | 0 | 0 | 302,794,421 | 15,725,631 | 0 | 0 | 0 | 0 | 318,520,052 | 46,953,816 | 365,473,868 |
| Ending Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 85,498,087 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,776,021,006 | 48,628,480 | 5,824,649,486 |
| 2009 | Capital | Legal Reserves | General Reserves | Intangible Assets Value for Bank's Share before Acquisition | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits for the period | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest | Total |
| Beginning Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 85,498,087 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,776,021,006 | 48,628,480 | 5,824,649,486 |
| Transfer to Reserves | 0 | 80,755,023 | 1,056,108,882 | 0 | 0 | 0 | 0 | (1,136,863,905) | 0 | 0 | 0 | 0 |
| Transfer to Retained Earnings | 0 | 0 | 0 | 0 | (244,507,717) | 0 | 0 | 244,507,717 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (478,236,553) | 0 | (478,236,553) | 0 | (478,236,553) |
| Net Profits of the Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 907,650,995 | 0 | 907,650,995 | 2,800,761 | 910,451,757 |
| Change During the Period | 0 | 0 | 0 | 0 | (2,399,790) | 0 | 0 | 0 | 0 | (2,399,790) | 2,148,616 | (251,174) |
| Addition from financial Investment Revaluation | 0 | 0 | 0 | 0 | 0 | 0 | 64,853,443 | 0 | 0 | 64,853,443 | 0 | 64,853,443 |
| Reserve for employee stock ownership plan ESOP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40,268,360 | 40,268,360 | 0 | 40,268,360 |
| Ending Balance | 2,925,000,000 | 513,606,534 | 1,463,656,484 | 302,794,421 | (161,409,420) | 185,993,785 | 43,868,398 | 907,650,996 | 126,996,263 | 6,308,157,461 | 53,577,858 | 6,361,735,318 |
* Note No (23)
** Note No (31)