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

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

Consolidated Financial Statements

December 31, 2008

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED FINANCIAL POSITION 

As of December 31, 2008

Amounts in L.E.

Note

Dec. 31, 2008

Dec. 31, 2007

restated

Assets

Cash & Due From Central Bank

5

6,493,360,095

4,953,205,430

Due From Banks

6

4,551,845,285

13,883,232,504

Treasury Bills & Other Governmental Notes

7

12,456,955,210

2,951,621,063

Trading Financial Assets

8

641,627,430

683,832,861

Loans & Overdrafts

11&12

26,330,327,878

20,478,590,841

Financial Investments

Available for Sale

9

2,774,965,250

2,353,862,934

Held to Maturity Financial Investments

9

681,263,274

443,894,166

Financial Investments in Subsidiary and associated companies

14

92,923,215

90,714,548

Brokers-Debit Balances 

151,604,732

122,917,170

Reconciliation Accounts-Debit Balances

-

21,108,871

Debit Balances & Other Assets

16

972,855,164

1,035,176,214

Goodwill

39

2,00,523,251

140,613,801

Intangible Assets

39

640,938,786

-

Deferred Tax

28

19,372,767

51,900,192

Fixed Assets (Net)

17

748,340,702

620,238,882

Total Assets

57,461,793,831

47,906,217,310

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

18

228,994,222

2,378,613,378

Customer Deposits

19

48,790,029,809

39,476,052,841

Brokers - Credit Balance

200,921,933

162,358,363

Reconciliation Accounts-Credit Balances 

27,897,554

1,292,008

Financial Derivatives 

13

636,914,744

63,166,763

Credit Balances & Other Liabilities

20

1,229,280,358

759,678,951

Long Term Loans

21

109,273,933

161,356,219

Other Provisions

22

372,645,236

397,924,539

Total Liabilities

51,595,957,789

43,400,443,062

Shareholders' Equity

Issued & Paid- in Capital

2,925,000,000

1,950,000,000

Reserves

1,335,817,804

1,194,226,652

Reserve for employee stock ownership plan (ESOP) 

31

86,727,903

29,159,584

Retained Earning

99,069,113

41,349,498

Net Profit of the Year

1,370,592,742

1,285,775,354

Total Shareholders' Equity & Net Profit

5,817,207,562

4,500,511,088

Minority interest

48,628,480

5,263,160

Total Shareholders Equity & Minority Interest

23

5,865,836,042

4,505,774,248

Total Liabilities & Shareholders' Equity 

57,461,793,831

47,906,217,310

Contingent & commitments Liabilities

24

13,290,944,705

11,559,841,635

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED INCOME STATEMENT

For Year Ended December 31, 2008

Amounts in LE.

Note

Dec. 31, 2008

Dec. 31, 2007

Restated

Interest and similar income

25

3,765,207,513

2,998,066,645

Interest and similar expenses

25

(1,966,547,421)

(1,797,842,883)

Net Interest Income

1,798,660,092

1,200,223,762

Fees and Commissions income

821,333,569

665,185,633

Fees and Commissions Expense

(73,587,145)

(25,286,540)

Net Income from Fees and Commissions

747,746,424

639,899,093

Dividends Income

102,559,579

71,536,293

Net Trading Income

26

345,367,741

276,721,777

Provisions 

(410,519,381)

(250,988,033)

Profit (losses) from Financial Investments

9

109,312,249

226,736,631

Goodwill Impairment

(183,698,000)

-

Administrative Expenses

(1,038,662,088)

(697,705,206)

Other Operating Income

10

179,386,060

5,267,755

Intangible Assets Amortization

(33,733,620)

-

Net Profit before Tax

1,616,419,056

1,471,692,072

Income Tax

29

(218,777,585)

(194,218,288)

Deferred Tax

29&28

(32,226,272)

11,459,368

Net Profit After Tax

1,365,415,199

1,288,933,152

Minority interest

(5,177,543)

2,746,306

Bank Shareholders

1,370,592,742

1,286,186,846

Earning per share

Basic

30

4.15

3.89

Diluted

30

4.11

3.87

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED 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

1,616,419,056

1,471,692,072

Adjustments To Reconcile Net Income

Total Net Cash Provided by operating

Depreciation

157,078,362

122,518,015

Provisions (Additions during the period)

410,519,381

250,988,033

Trading Financial Investment Evaluation Diff.

88,799,961

(8,210,793)

Impairment of Assets

33,733,620

-

Utilization of Provision (Other than Provision for Doubtful Debts)

(11,957,034)

-

Provisions No Longer Used

(165,739,690)

(7,036,600)

Difference in revaluation of FCY Provision Balances

(Except Doubtful Debts)

518,328

(1,904,981)

Gains From Selling of Fixed Assets

(5,052,568)

(1,269,870)

Profit From Selling of Investments

(227,427,627)

(174,663,447)

Profits from Selling an investment in subsidiary

(50,258,991)

(148,393,558)

Goodwill Impairment

183,698,000

-

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

2,086,976,124

1,534,612,129

Net Decrease (Increase) in Assets

Due from banks

9,556,516,685

(7,961,652,630)

Treasury Bills & Other Governmental Notes 

(7,358,853,097)

2,268,535,711

Trading Financial Assets

(46,594,530)

225,460,301

Financial Derivatives (Net) 

(55,834,978)

(12,141,070)

Loans & Overdrafts

(6,220,116,065)

(3,054,288,046)

Debit Balances & Other Assets

(9,204,729)

(213,637,494)

Net Increase (Decrease) In Liabilities

Due to Banks

(2,149,619,156)

1,166,089,258

Customer Deposits

9,313,976,968

7,875,825,643

Credit Balances & Other Liabilities

618,321,121

(85,419,369)

Income Tax paid

(155,475,345)

(80,317,367)

Net Cash Provided from Operating Activities

5,580,092,998

1,663,067,065

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

 CONSOLIDATED CASH FLOW STATEMENT 1b

For Year Ended Dec.31,2008

Dec. 31, 2008

Dec. 31, 2007

Restated

Cash Flow From Investing Activities

Sale (Purchase) of Subsidiaries & Associated Companies

(2,208,667)

15,148,088

Prepaid for Fixed Assets, premises and Fitting-out of Branches

(198,887,584)

(284,632,707)

Redemption of Held-to-Maturity  Financial Investments

(237,369,108)

378,390,172

Available for Sale Financial Investments

(211,077,065)

1,119,236,499

Financial Investments in subsidiary (Goodwill)

(621,580,409)

(117,495,626)

Net Cash (Used in)  Provided from

Investing Activities

(1,271,122,833)

1,110,646,426

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(51,159,293)

60,455,684

Dividends Paid

(346,045,692)

(310,359,381)

Net Cash (Used in) Financing Activities

(397,204,985)

(249,903,697)

Net cash & cash equivalent Changes

3,911,765,180

2,523,809,795

Beginning Balance of cash and cash equivalent

6,879,374,081

4,355,564,286

Cash & Cash equivalent Balance At the End of the Year

10,791,139,261

6,879,374,081

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

6,493,360,095

4,953,205,430

Due From Banks

4,551,845,285

13,883,232,505

Treasury Bills & Other Governmental Notes

12,456,955,210

2,951,621,063

Due From Banks (Time Deposits)

(3,708,650,777)

(13,265,167,463)

Treasury Bills with Maturity More than Three Months

(9,002,370,552)

(1,643,517,454)

Total Cash & Cash Equivalent

10,791,139,261

6,879,374,081

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of December 31, 2008

2007

Capital

Legal Reserves

General Reserves

Intangible Assets Reserve

Retained Earning

Special Reserves

Reserves for Inv. Rev.*

Profits of the year

Reserve for ESOP

Total Shareholders Equity & Retained Earnings

Minority Interest

Total

Beginning Balance

1,950,000,000

371,230,872

548,482,934

-

29,721,156

162,709,903

7,458,634

-

-

3,069,603,499

2,516,854

3,072,120,353

Effect of Adjusting Accounting Standards After Tax

-

-

 -

-

61,784,246

332,016

80,445,723

-

-

142,561,985

-

142,561,985

Beginning Balance After Adjustments

1,950,000,000

371,230,872

548,482,934

-

91,505,402

163,041,919

87,904,357

-

-

3,212,165,484

2,516,854

3,214,682,338

Effect of Adjusting Accounting Standard After Tax

-

-

-

-

(50,155,904)

50,567,396

-

(411,492)

-

-

-

-

Usage Part of Reserve

-

-

-

-

-

-

(27,000,826)

-

-

(27,000,826

-

(27,000,826)

Adjusted Net Profits of the Year

-

-

-

-

-

-

-

1,286,186,846

-

1,286,186,846

2,746,306

1,288,933,152

Reserve for Employee Stock Ownership plan (ESOP)**

-

-

-

-

-

-

-

-

29,159,584

29,159,584

-

29,159,584

Ending Balance

1,950,000,000

371,230,872

548,482,934

-

41,349,498

213,609,315

60,903,531

1,285,775,354

29,159,584

4,500,511,088

5,263,160

4,505,774,248

2008

Capital

Legal Reserves

General Reserves

Intangible Assets Reserve

Retained Earning*

Special Reserves

Reserves for Inv. Rev.

Profits of the year

Reserve for ESOP

Total Shareholders Equity & Retained Earnings

Minority Interest

Total

Beginning Balance

1,950,000,000

371,230,872

548,482,934

-

41,349,498

213,609,315

60,903,531

1,285,775,354

29,159,584

4,500,511,088

5,263,160

4,505,774,248

Transfer to reserves

-

61,620,639

834,064,668

-

-

-

-

(895,685,307)

-

-

-

-

Net Profits of the Year

-

-

-

-

-

-

-

1,370,592,742

-

1,370,592,742

(5,177,543)

1,365,415,199

Capital Increase*

975,000,000

-

(975,000,000)

-

-

-

-

-

-

-

-

-

Distributed Profits

-

-

-

-

(5,997,898)

-

-

(336,709,547)

-

(342,707,445)

(3,338,247)

(346,045,692)

Reverse Part of Reserve

-

-

-

-

-

-

(81,888,576)

-

-

(81,888,576)

-

(81,888,576)

Undivided Profit

-

-

-

-

53,380,500

-

-

(53,380,500)

-

-

-

-

Reserve for ESOP

-

-

-

-

-

-

-

-

57,568,319

57,568,319

-

57,568,319

Adjustment on Income Tax

-

-

-

-

(461,324)

-

-

-

-

(461,324)

-

(461,324)

Minority Share in Retained Earnings

-

-

-

-

(4,927,294)

-

-

-

-

(4,927,294)

4,927,294

-

A Mojority Stake 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

99,069,113

213,609,315

(20,985,045)

1,370,592,642

86,727,903

5,817,207,562

48,628,480

5,865,836,042