14 May 2009 07:00
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Commercial International Bank (Egypt) S.A.E. | |||||
Consolidated Financial Statements | |||||
March 31, 2009 | |||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
FINANCIAL POSITION |
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As of Mar. 31, 2009 | |||||
Amounts in L.E. | Note | 31-Mar-2009 | 31-Dec-2008 | ||
Assets | |||||
Cash & Due From Central Bank | 5 | 5,118,485,646 | 4,473,013,600 | ||
Due From Banks | 6 | 8,456,786,434 | 6,572,191,780 | ||
Treasury Bills & Other Notes Discountable at CBE | 7 | 10,699,658,592 | 12,456,955,210 | ||
Trading Financial Assets | 8 | 905,576,320 | 641,627,430 | ||
Loans & Overdrafts | 11&12 | 26,727,428,671 | 26,330,327,878 | ||
Financial Derivatives | 13 | 697,768,236 | 704,890,792 | ||
Financial Investments | |||||
Available for Sale | 9 | 5,662,578,125 | 2,774,965,250 | ||
Held to Maturity Financial Investments | 9 | 656,924,240 | 681,263,274 | ||
Financial Investments in Subsidiary and associated companies | 14 | 93,168,720 | 92,923,215 | ||
Brokers-Debit Balance | 129,372,367 | 151,604,732 | |||
Debit Balances and Other Assets | 16 | 793,080,991 | 972,855,164 | ||
Goodwill | 39 | 200,523,251 | 200,523,251 | ||
Intangible Assets | 39 | 624,071,976 | 640,938,786 | ||
Deferred Tax | 28 | 25,541,274 | 19,372,767 | ||
Fixed Assets (Net) | 17 | 766,272,406 | 748,340,702 | ||
Total Assets | 61,557,237,249 | 57,461,793,831 | |||
Liabilities & Shareholders' Equity | |||||
Liabilities | |||||
Due to Banks | 18 | 2,145,068,852 | 228,994,222 | ||
Customer Deposits | 19 | 51,164,601,610 | 48,790,029,809 | ||
Brokers-Credit Balance | 216,747,408 | 200,921,933 | |||
Reconciliation Accounts-Credit Balance | 4,420,500 | 27,897,554 | |||
Financial Derivatives | 13 | 574,775,091 | 636,914,744 | ||
Credit Balances & Other Liabilities | 20 | 1,007,151,415 | 1,270,466,914 | ||
Long Term Loans | 21 | 115,754,589 | 109,273,933 | ||
Other Provisions | 22 | 372,031,296 | 372,645,236 | ||
Total Liabilities | 55,600,550,761 | 51,637,144,345 | |||
Shareholders' Equity | |||||
Paid-in Capital | 23 | 2,925,000,000 | 2,925,000,000 | ||
Reserves | 23 | 2,567,185,847 | 1,308,202,274 | ||
Reserve for employee stock ownership plan (ESOP) |
| 107,147,160 | 86,727,903 | ||
Retained Earning | (176,653,249) | 71,546,625 | |||
Total Shareholders' Equity | 5,422,679,758 | 4,391,476,802 | |||
Net Profit of the Period | 471,102,424 | 1,370,592,741 | |||
Total Shareholders' Equity & Net Profit | 5,893,782,182 | 5,762,069,544 | |||
Minority Interest | 62,904,306 | 62,579,942 | |||
Total Shareholders Equity & Minority Interest | 5,956,686,488 | 5,824,649,486 | |||
Total Liabilities & Shareholders' Equity | 61,557,237,249 | 57,461,793,831 | |||
Contingent & commitments Liabilities | |||||
Letters of Credit, Guarantees and other commitments | 24 | 13,721,541,672 | 13,290,994,705 | ||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
INCOME STATEMENT | |||||
As of Mar. 31 2009 | |||||
Amounts in LE. | Note | Mar. 31, 2009 | Mar. 31, 2008 | ||
Interest and Similar Income | 25 | 1,023,464,594 | 845,057,605 | ||
Interest and Similar Expenses | 25 | (531,339,571) | (459,155,445) | ||
Net Interest Income | 492,125,023 | 385,902,160 | |||
Fees & Commissions Income | 167,843,388 | 231,967,821 | |||
Fees and Commissions Expense | (16,029,590) | (10,667,364) | |||
Net Income from Fees and Commissions | 151,813,798 | 221,300,457 | |||
Dividends Income | 99,707,405 | 57,068,109 | |||
Net Trading Income | 26 | 177,114,218 | 129,119,614 | ||
Provisions | 12 & 22 | (42,898,811) | (163,354,750) | ||
(Losses) Profit from Financial Investments | 9 | (2,454,862) | 16,109,009 | ||
Administrative Expenses | (281,267,506) | (204,464,564) | |||
Other operating (Expenses) Income | 10 | (28,322,424) | 94,577,031 | ||
Intangible Assets Amortization | (16,866,810) | - | |||
Net Profit before Tax | 548,950,031 | 536,257,066 | |||
Income Tax | 29 | (82,106,651) | (34,917,169) | ||
Deferred Tax | 28 | 4,583,407 | (36,223,115) | ||
Net Profit After Tax | 471,426,787 | 465,116,782 | |||
Minority Interest | 324,363 | 763,160 | |||
Bank Shareholders | 471,102,424 | 464,353,622 | |||
Earning per share | |||||
Basic | 30 | 1.43 | 1.41 | ||
Diluted | 30 | 1.39 | 1.39 | ||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1a | |||||
As of Mar. 31 2009 | |||||
Amounts in LE. | Mar. 31, 2009 | Mar. 31, 2008 | |||
Cash Flow From Operating Activities | |||||
Net Income Before Tax | 548,950,031 | 536,257,066 | |||
Adjustments To Reconcile Net Income | |||||
Total Net Cash Provided by operating Activities | |||||
Depreciation | 47,517,609 | 32,711,421 | |||
Provisions (Additions during the period) | 42,898,811 | 163,354,750 | |||
Trading Financial Investment Evaluation Differences | (9,294,939) | (6,573,629) | |||
Intangible Assets Amortization | (16,866,810) | - | |||
Impairment of Assets | (2,329,265) | 39,596,737 | |||
Utilization of Provision (Other than Provision for Doubtful Debts) | (5,012,830) | (504,570) | |||
Provisions no longer used | - | (94,769,464) | |||
FCY Revaluation Differences of Provision Balances except Doubtful Debt | 2,899,477 | (619,241) | |||
Losses From Selling of Fixed Assets | (609,735) | (29,524) | |||
Losses From Selling of financial Investments | (7,567,855) | (8,020,930) | |||
Losses from dispose part of a subsidiary | - | (50,258,991) | |||
FCY Revaluation Difference of Long Term Loans | (560,550) | 1,320,333 | |||
Share Based Payments | 20,419,257 | 13,792,481 | |||
Operating Profit Before Changes in Operating Assets and Liabilities | 620,443,200 | 626,256,257 | |||
Net Decrease (Increase) in Assets | |||||
Due from banks | (2,414,402,063) | (6,430,655,979) | |||
Treasury Bills & Other Notes Discountable at CBE | 202,115,319 | (185,450,722) | |||
Trading Financial Assets | (254,653,950) | 42,442,669 | |||
Financial Derivatives (Net) | (55,017,097) | (54,487,847) | |||
Loans & Overdrafts | (434,661,139) | (3,090,458,189) | |||
Net Increase (Decrease) In Liabilities | |||||
Debit Balances and Other Assets | 198,184,996 | (84,320,207) | |||
Due to Banks | 1,916,074,630 | 1,596,942,250 | |||
Customer Deposits | 2,374,571,801 | 8,417,291,458 | |||
Credit Balances & Other Liabilities | (333,067,366) | 418,310,059 | |||
Net Cash Provided from Operating Activities | 1,819,588,331 | 1,255,869,748 | |||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1b | |||||
As of Mar. 31 2009 | Mar. 31, 2009 | Mar. 31, 2008 | |||
Cash Flow From Investment Activities | |||||
Sales (Purchases) of subsidiaries & associated companies | 121,874,163 | 29,912,140 | |||
Purchase of Fixed Assets, premises and Fitting-out of Branches | (64,857,088) | (53,088,579) | |||
Redemption of Held-to-Maturity Financial Investments | 33,520,654 | 145,248,747 | |||
Held to Maturity financial Investments Purchases | (9,181,620) | - | |||
Available for Sale Financial Investments | (2,877,715,754) | 15,955,127 | |||
Net Cash (Used in) Provided from Investment Activities | (2,796,359,645) | 138,027,435 | |||
Cash Flow From Financing Activities | |||||
Increase (Decrease) in Long Term Loans | 7,041,206 | 6,422,990 | |||
Dividends Paid | (478,236,553) | (391,927,618) | |||
Net Cash (Used in) provided from Financing Activities | (471,195,347) | (385,504,628) | |||
Net cash & cash equivalent changes | (1,447,966,661) | 1,008,392,555 | |||
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 | 7,330,773,908 | 7,887,766,635 | |||
Cash & Cash Equivalent are Represented as Follows | |||||
Cash and Due from Central Bank | 5,118,485,646 | 6,434,125,884 | |||
Due From Banks | 8,456,786,434 | 19,996,211,940 | |||
Treasury Bills & other notes discountable at the CBE | 10,699,658,592 | 2,982,220,428 | |||
Due from Banks (Time Deposits) | (8,143,399,335) | (19,695,823,441) | |||
Treasury Bills With maturity More than 3 months | (8,800,757,429) | (1,828,968,176) | |||
Total Cash & Cash Equivalent | 7,330,773,908 | 7,887,766,635 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
As of Mar. 31 2009 |
2008 | Capital | Legal Reserve | General Reserve | Intangible Assets Value for Bank 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 | - | 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 | - | - | - | - | (13,571,026) | - | - | - | - | (13,571,026) | - | (13,571,026) |
Capital Increase | 975,000,000 | - | (975,000,000) | - | - | - | - | - | - | - | - | - |
Transfer to reserves | - | 61,620,639 | 834,064,668 | - | - | - | - | (895,685,307) | - | - | - | - |
Dividends paid | - | - | - | - | (5,997,898) | - | - | (336,709,547) | - | (342,707,445) | (3,338,247) | (346,045,692) |
Net Profits for period | - | - | - | - | - | - | - | 1,370,592,742 | - | 1,370,592,742 | (5,177,543) | 1,365,415,199 |
Usage part of reserve | - | - | - | - | - | - | (81,888,576) | - | - | (81,888,576) | - | (81,888,576) |
Change during the Period | - | - | - | - | (13,951,462) | - | - | - | - | (13,951,462) | 13,951,462 | - |
Transferred to Retained Earnings | - | - | - | - | 53,380,500 | - | - | (53,380,500) | - | - | - | - |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | 57,568,319 | 57,568,319 | - | 57,568,319 |
Adjustments on Income Tax | - | - | - | - | (461,324) | - | - | - | - | (461,324) | - | (461,324) |
Minority Share for Retained Earnings | - | - | - | - | (4,927,294) | - | - | - | - | (4,927,294) | 4,927,294 | - |
Majority Share in Intangible Assets | - | - | - | 302,794,421 | 15,725,631 | - | - | - | - | 318,520,052 | 46,953,816 | 365,473,868 |
Ending Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 71,546,625 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,762,069,544 | 62,579,942 | 5,824,649,486 |
2009 | Capital | Legal Reserve | General Reserve | Intangible Assets Value for Bank 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 | 2,925,000,000 | 432,851,511 | 407,547,602 | 302,794,421 | 71,546,625 | 185,993,785 | (20,985,045) | 1,370,592,741 | 86,727,903 | 5,762,069,544 | 62,579,942 | 5,824,649,486 |
Transfer to Reserves | - | 80,755,023 | 1,056,108,882 | - | - | - | - | (1,136,863,905) | - | - | - | - |
Transfer to Retained Earnings | - | - | - | - | (244,507,717) | - | - | 244,507,717 | - | - | - | - |
Dividends paid | - | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) | - | (478,236,553) |
Net Profits of the Period | - | - | - | - | - | - | - | 471,102,424 | - | 471,102,424 | 324,363,26 | 471,426,787 |
Change during the Period | - | - | - | - | (3,692,157) | - | - | - | - | (3,692,157) | - | (3,692,157) |
Addition from Financial Investments Revaluation | - | - | - | - | - | - | 122,119,668 | - | - | 122,119,668 | - | 122,119,668 |
Reserve for employee stock ownership plan ESOP | - | - | - | - | - | - | - | - | 20,419,257 | 20,419,257 | - | 20,419,257 |
Ending Balance | 2.925,000,000 | 513,606,534 | 1,463,656,484 | 302,794,421 | (176,653,249) | 185,993,785 | 101,134,623 | 471,102,424 | 107,147,160 | 5,893,782,183 | 62,904,306 | 5,956,686,488 |