Last checked at 11 Feb 2009 07:00
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| Commercial International Bank (Egypt) S.A.E. | |||||
| Financial Statements | |||||
| December 31, 2008 | |||||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| FINANCIAL POSITION |
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| As of December 31, 2008 | |||||
| Amounts in L.E. | Note | Dec. 31, 2008 | Dec. 31, 2007 restated | ||
| Assets | |||||
| Cash & Due From Central Bank | 4 | 6,493,358,437 | 4,953,205,430 | ||
| Due From Banks | 5 | 4,391,051,249 | 13,782,062,043 | ||
| Treasury Bills & Other Notes Discountable at CBE | 6 | 12,449,007,406 | 2,948,674,319 | ||
| Trading Financial Investments | 7 | 497,554,487 | 588,473,270 | ||
| Loans & Overdrafts | 10&11 | 26,330,327,878 | 20,478,590,841 | ||
| Financial Derivatives | 12 | 704,890,792 | 75,307,833 | ||
| Financial Investments | |||||
| Available for Sale | 8 | 2,762,232,983 | 2,347,587,666 | ||
| Held to Maturity | 8 | 681,263,274 | 443,894,166 | ||
| Financial Investments in Subsidiary and associated companies | 13 | 1,138,332,672 | 365,723,936 | ||
| Debit Balances and Other Assets | 15 | 942,621,482 | 1,020,565,573 | ||
| Deferred Tax | 21,840,568 | 52,819,475 | |||
| Fixed Assets (Net) | 16 | 715,251,587 | 607,104,820 | ||
| Total Assets | 57,127,732,815 | 47,664,009,372 | |||
| Liabilities & Shareholders' Equity | |||||
| Liabilities | |||||
| Due to Banks | 17 | 213,470,012 | 2,377,082,435 | ||
| Customer Deposits | 18 | 48,938,109,663 | 39,514,539,992 | ||
| Financial Derivatives | 12 | 636,914,744 | 63,166,763 | ||
| Dividends & Profit Sharing | - | 336,727,470 | |||
| Credit Balances & Other Liabilities | 19 | 1,194,593,545 | 735,103,795 | ||
| Long Term Loans | 20 | 109,273,933 | 161,356,219 | ||
| Other Provisions | 21 | 363,218,186 | 395,332,813 | ||
| Total Liabilities | 51,455,580,083 | 43,583,309,487 | |||
| Shareholders' Equity | |||||
| Issued & Paid- in Capital | 22 | 2,925,000,000 | 1,950,000,000 | ||
| Reserves | 22 | 1,033,696,029 | 2,089,911,959 | ||
| Reserve for employee stock ownership plan (ESOP) | 30 | 86,727,903 | 29,159,584 | ||
| Retained Earning | 11,628,342 | 11,628,342 | |||
| Total Shareholders' Equity | 4,057,052,274 | 4,080,699,885 | |||
| Net Profit of the Year | 1,615,100,458 | 0 | |||
| Total Shareholders' Equity & Net Profit | 5,672,152,732 | 4,080,699,885 | |||
| Total Liabilities & Shareholders' Equity | 57,127,732,815 | 47,664,009,372 | |||
| Contingent & commitments Liabilities | 23 | 13,290,994,705 | 11,559,866,680 | ||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| INCOME STATEMENT | |||||
| For Year Ended December 31, 2008 | |||||
| Amounts in LE. | Note | Dec. 31, 2008 | Dec. 31, 2007 Restated | ||
| Interest and similar income | 24 | 3,772,875,880 | 2,993,373,614 | ||
| Interest and similar expenses | 24 | (1,963,661,240) | (1,796,702,031) | ||
| Net Interest Income | 1,809,214,640 | 1,196,671,583 | |||
| Fees and Commissions income | 686,456,733 | 547,669,248 | |||
| Fees and Commissions Expense | (73,587,145) | (25,286,540) | |||
| Net Income from Fees and Commissions | 612,869,588 | 522,382,708 | |||
| Dividends Income | 141,572,634 | 66,158,925 | |||
| Net Trading Income | 25 | 337,579,386 | 276,191,855 | ||
| Provisions | 11&21 | (394,545,539) | (250,416,667) | ||
| Profit (losses) from Financial Investments | 8 | 115,831,055 | 226,135,001 | ||
| Administrative Expenses | (949,681,007) | (636,363,618) | |||
| Other Operating Income | 9 | 183,048,413 | 181,676 | ||
| Net Profit before Tax | 1,855,889,170 | 1,400,941,463 | |||
| Income Tax | 28 | (209,809,805) | (180,303,950) | ||
| Deferred Tax | 27 | (30,978,907) | 12,186,756 | ||
| Net Profit After Tax | 1,615,100,458 | 1,232,824,269 | |||
| Earning per share | |||||
| Basic | 29 | 4.89 | 3.73 | ||
| Diluted | 29 | 4.84 | 3.71 | ||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1a | |||||
| For Year Ended Dec. 31, 2008 | |||||
| Amounts in LE. | Dec. 31, 2008 | Dec. 31, 2007 Restated | |||
| Cash Flow From Operating Activities | |||||
| Net Income Before Tax | 1,855,889,170 | 1,400,941,463 | |||
| Adjustments To Reconcile Net Income | |||||
| Total Net Cash Provided by operating | |||||
| Depreciation | 153,818,325 | 120,918,839 | |||
| Provisions (Additions during the period) | 394,545,539 | 250,416,667 | |||
| Trading Financial Investment Evaluation Diff. | 87,784,923 | (7,680,871) | |||
| Impairment of Assets | 54,837,345 | (4,185,378) | |||
| Utilization of Provision (Other than Provision for Doubtful Debts) | (10,943,385) | - | |||
| Provisions No Longer Used | (165,365,215) | (7,036,600) | |||
| Difference in revaluation of FCY Provision Balances (Except Doubtful Debts) | 516,745 | (1,904,981) | |||
| Gains From Selling of Fixed Assets | (5,052,568) | (1,269,870) | |||
| Profit From Selling of Investments | (219,181,953) | (174,061,817) | |||
| Profits from Dispose part of a Subsidiary | (50,258,991) | (148,393,558) | |||
| FCY Revaluation Difference of Long Term Loans | (922,993) | 1,733,674 | |||
| Share based payments | 57,568,319 | 29,159,584 | |||
| Operating Profit Before Changes in Operating Assets and Liabilities | 2,153,235,261 | 1,458,637,152 | |||
| Net Decrease (Increase) in Assets | |||||
| Due from banks | 9,567,610,757 | (7,960,703,701) | |||
| Treasury Bills & Other Governmental Notes | (7,353,852,038) | 2,266,818,190 | |||
| Trading Financial Assets | 3,133,860 | 306,349,739 | |||
| Financial Derivatives (Net) | 80,117,118 | (12,141,070) | |||
| Loans & Overdrafts | (6,220,116,065) | (3,054,288,046) | |||
| Debit Balances & Other Assets | (13,465,835) | (199,356,212) | |||
| Net Increase (Decrease) In Liabilities | |||||
| Due to Banks | (2,163,612,423) | 1,164,558,315 | |||
| Customer Deposits | 9,423,569,671 | 7,914,312,674 | |||
| Credit Balances & Other Liabilities | 237,857,404 | (150,080,573) | |||
| Income Tax paid | (29,422,851) | (80,317,367) | |||
| Net Cash Provided from Operating Activities | 5,685,054,859 | 1,653,789,221 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1b | |||||
| For Year Ended Dec.31,2008 | Dec. 31, 2008 | Dec. 31, 2007 Restated | |||
| Cash Flow From Investment Activities | |||||
| Sale (Purchase) of Subsidiaries & Associated Companies | (772,608,736) | 107,524,396 | |||
| Prepaid for Fixed Assets, premises and Fitting-out of Branches | (142,698,585) | (278,980,037) | |||
| Redemption of Held-to-Maturity Investments | 276,189,303 | - | |||
| Held to Maturity Financial Investment Purchases | (513,558,411) | 378,390,172 | |||
| Available for Sale Financial Investments | (281,257,648) | 1,121,812,258 | |||
| Net Cash (Used in) Investment Activities | (1,433,934,077) | 1,328,746,789 | |||
| Cash Flow From Financing Activities | |||||
| Increase (Decrease) in Long Term Loans | (51,159,293) | 60,455,684 | |||
| Dividends Paid | (336,727,470) | (287,235,147) | |||
| Net Cash (Used in) provided from Financing Activities | (387,886,763) | (226,779,463) | |||
| Net cash & cash equivalent Changes | 3,863,234,019 | 2,755,756,547 | |||
| Beginning Balance of cash and cash equivalent | 6,779,152,548 | 4,023,396,001 | |||
| Cash & Cash equivalent Balance At the End of the Year | 10,642,386,576 | 6,779,152,548 | |||
| Cash & Cash Equivalent are Represented as Follows | |||||
| Cash and Due from Central Bank | 6,493,358,437 | 4,953,205,430 | |||
| Due From Banks | 4,391,051,249 | 13,782,062,043 | |||
| Treasury Bills & Other Governmental Notes | 12,449,007,406 | 2,948,674,319 | |||
| Due From Banks (Time Deposits) | (3,696,607,777) | (13,264,218,534) | |||
| Treasury Bills with Maturity More than Three Months | (8,994,422,748) | (1,640,570,710) | |||
| Total Cash & Cash Equivalent | 10,642,386,567 | 6,779,152,548 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
| STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
| As of December 31, 2008 | |
| 2007 | Capital | Legal Reserves | General Reserves | Retained Earning* | Special Reserves | Reserves for Inv. Rev.* | Profits of the year | Reserve for ESOP | Total |
| Beginning Balance | 1,950,000,000 | 371,230,872 | 548,482,934 | - | 162,709,903 | 7,458,634 | - | - | 3,039,882,343 |
| Effect of Adjusting Accounting Standards | - | - | - | 61,784,246 | 332,016 | 80,445,723 | - | - | 142,561,985 |
| Beginning Balance After Adjustments | 1,950,000,000 | 371,230,872 | 548,482,934 | 61,784,246 | 163,041,919 | 87,904,357 | - | - | 3,182,444,328 |
| Effect of Adjusting Accounting Standard | - | - | - | (50,155,904) | 50,567,396 | - | (411,492) | - | - |
| Transfer to Reserves | - | 61,620,639 | 834,064,668 | - | - | - | (895,685,307) | - | - |
| Dividends Paid | - | - | - | - | - | - | (336,727,470) | - | (336,727,470) |
| Usage Part of Reserve | - | - | - | - | - | (27,000,826) | - | - | (27,000,826) |
| Adjusted Net Profits of the Year | - | - | - | - | - | - | 1,232,824,269 | - | 1,232,824,269 |
| Reserve for Employee Stock Ownership plan (ESOP)** | - | - | - | - | - | - | - | 29,159,584 | 29,159,584 |
| Ending Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 11,628,342 | 213,609,315 | 60,903,531 | 0 | 29,159,584 | 4,080,699,885 |
| 2008 | Capital | Legal Reserves | General Reserves | Retained Earning* | Special Reserves | Reserves for Inv. Rev. | Profits of the year | Reserve for ESOP | Total |
| Beginning Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 11,628,342 | 213,609,315 | 60,903,531 | 0 | 29,159,584 | 4,080,699,885 |
| Retained Earning | - | ||||||||
| Net Profits of the Period | - | - | - | - | - | 1,615,100,458 | - | 1,615,100,458 | |
| Capital Increase* | 975,000,000 | - | (975,000,000) | - | - | - | - | - | |
| Usage Part of Reserve | - | - | - | - | (81,215,930) | - | - | (81,215,930) | |
| Reserve for ESOP | - | - | - | - | - | - | 57,568,319 | 57,568,319 | |
| Ending Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | 11,628,342 | 213,609,315 | (20,312,399) | 1,615,100,458 | 86,727,903 | 5,672,152,732 |