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

25 Feb 2008 07:00

Commercial Intnl Bank (Egypt) SAE24 February 2008 Commercial International Bank (Egypt) S.A.E. Financial Statements December 31, 2007 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E FINANCIAL POSITION (STAND-ALONE) As of December 31, 2007 Amounts in L.E. Note 31-Dec-2007 31-Dec-2006 Assets Cash & Due From Central Bank 4 4,953,205,430 3,742,876,516 Due From Banks 5 13,782,062,043 5,432,677,413 Treasury Bills & Other Notes Discountable at CBE 6 2,948,674,319 4,058,745,805 Trading Financial Investments 7 588,473,270 887,142,138 Available for Sale Financial Investments 8 2,382,992,007 3,178,163,512 Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 20,375,525,133 17,464,675,855 Held to maturity Financial Investments 11 443,894,166 822,284,338 Financial Investments in Subsidiary and associated companies 12 365,723,936 475,836,460 Debit Balances and Other Assets 14 1,020,565,573 821,707,644 Deferred Tax 26 52,819,475 40,632,719 Fixed Assets (Net) 15 607,104,820 497,753,223 Total Assets 47,521,040,172 37,422,495,623 Liabilities & Shareholders' Equity Liabilities Due to Banks 16 2,377,082,435 1,212,524,120 Customer Deposits 17 39,514,539,992 31,600,227,198 Dividends & Profit Sharing 0 287,235,147 Credit Balances & Other Liabilities 18 773,862,137 843,634,576 Long Term Loans 19 161,356,219 99,166,861 Other Provisions 20 395,332,813 339,825,378 Total Liabilities 43,222,173,596 34,382,613,280 Shareholders' Equity Issued & Paid- in Capital 1,950,000,000 1,950,000,000 Reserves 1,087,294,215 1,089,882,343 Reserve for Employee Stock Ownership Plan 29 29,159,584 - Total Shareholders' Equity 21 3,066,453,799 3,039,882,343 Net Profit of the Period 1,232,412,777 - Total Shareholders' Equity & Net Profit 4,298,866,576 3,039,882,343 Total Liabilities & Shareholders' Equity 47,521,040,172 37,422,495,623 Contingent & commitments Liabilities 22 11,529,010,709 6,864,843,585 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT (STAND-ALONE) For the Period from Jan. 1 2007 to Dec. 31 2007 Amounts in LE. Note Dec. 31, 2007 Dec. 31, 2006 Interest Received from clients & Banks 2,592,817,080 1,749,822,089 Interest Received from Treasury Bills & Bonds 400,845,143 567,945,991 Interest Paid to Clients & Banks (1,796,702,031) (1,378,162,881) Net Interest Income 1,196,960,192 939,605,199 Banking Fees & Commissions 547,669,248 399,573,750 Share Dividends 66,158,925 47,206,917 Foreign Exchange Income 23 167,687,637 108,888,845 Profit from Selling Investment 174,061,817 145,447,016 24 148,393,558 - Trading Investment Revaluation Differences 7,680,871 16,534,014 Other Income 38,433,610 99,613,908 Total Fee Income 1,150,085,666 817,264,450 Net Operating Income 2,347,045,858 1,756,869,649 Provisions (250,416,667) (194,312,570) Other Investment Revaluation Differences 25 4,185,378 (15,812,507) General & Administration Expenses & Depreciation (636,363,618) (604,812,445) Other Expenses (77,832,699) (63,627,935) (960,427,606) (878,565,637) Net Operating Profits 1,386,618,252 878,304,012 Non-Operating income 1,269,870 418,000 Net Profit before Tax 1,387,888,122 878,722,012 Income Tax 27 (167,662,101) (83,778,952) Deferred Tax 27 & 26 12,186,756 7,101,704 Net Profit After Tax 1,232,412,777 802,044,764 Earnings per share 28 5.59 3.64 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1a (STAND-ALONE) For the Period from Jan. 1 2007 to Dec. 31 2007 Amounts in LE. Dec. 31, 2007 Dec. 31, 2006 Cash Flow from Operating Activities Net Income Before Tax 1,387,888,122 878,722,012 Adjustments To Reconcile Net Income Total Net Cash Provided by operating Depreciation 120,918,839 93,436,004 Provisions (Additions during the period) 250,416,667 194,312,750 Trading Financial Investment Evaluation (7,680,871) (16,534,014) Other Financial Investment Evaluation (4,185,378) 15,812,507 Utilization of Provision (Other than Provision for Doubtful Debts) - (330,916,414) Provisions No Longer Needed (7,036,600) - FCY Revaluation Differences of Provision Balances except Doubtful Debt (1,904,981) (333,197) Gains From Selling of Fixed Assets (1,269,870) (418,000) Profit From Selling of Investments (174,061,817) (145,447,016) Profit from Disposed Part of Subsidiary (148,393,558) - Paid Income Tax (80,317,367) (34,049,494) FCY Revaluation Difference of Long Term Loans 1,733,674 1,928,090 Reserve for employee ownership stock plan (ESOP) 29,159,584 - Operating Profit Before Changes in Operating Assets and Liabilities 1,365,266,444 656,513,228 Net Decrease (Increase) in Assets Due from banks (7,960,703,701) (1,983,839,488) Treasury Bills & Other Notes Discountable at CBE 2,266,818,190 (651,338,798) Trading Financial Investments 306,349,739 968,521,368 Available for Sale Financial Investments 1,121,812,258 (865,453,240) Loans & Overdrafts (3,054,288,046) (3,591,677,947) Debit Balances & Other Assets (198,443,941) (351,932,559) Net Increase (Decrease) In Liabilities Due to Banks 1,164,558,315 492,844,016 Customer Deposits 7,914,312,794 6,729,969,165 Credit Balances & Other Liabilities (150,080,573) (231,362,804) Net Cash Provided from Operating Activities 2,775,601,479 1,172,242,941 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b (STAND-ALONE) For the Period from Jan. 1 2007 to Dec. 31, 2007 Dec. 31, 2007 Dec. 31, 2006 Cash Flow From Investment Activities Purchase of Subsidiaries 107,524,396 (363,430,845) Prepaid for Fixed Assets, premises and Fitting-out of Branches (278,980,037) (262,195,650) Purchase of Held-to-Maturity Investments 378,390,172 276,026,346 Net Cash (Used in) Investment Activities 206,934,531 (349,600,149) Cash Flow From Financing Activities Decrease in Long Term Loans 60,455,684 (1,032,231) Dividends Paid (287,235,147) (200,165,754) Net Cash (Used in) provided from Financing Activities (226,779,463) (201,197,985) Net cash & cash equivalent 2,755,756,547 621,444,808 Beginning Balance of cash and cash equivalent 4,023,396,001 3,401,951,193 Cash & Cash equivalent Balance At the End of the period 6,779,152,548 4,023,396,001 Cash & Cash Equivalent are Represented as Follows Cash and Due from Central Bank 4,953,205,430 3,742,876,516 Due From Banks 13,782,062,043 5,432,677,413 Treasury Bills & Notes Discountable at CBE 2,948,674,319 4,058,745,805 Due to Banks (13,264,218,534) (5,303,514,833) Treasury Bills with Maturity More than Three Months (1,640,570,710) (3,907,388,900) Total Cash & Cash Equivalent 6,779,152,548 4,023,396,001 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (STAND-ALONE) For the Period from Jan. 1 2006 to Dec. 31 2006 2006 Capital Legal General Special Reserves Profits of the Reserve Total Reserves Reserves Reserves for Inv. year for ESOP* RevaluationBeginning 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 0 2,527,260,098Balance Capital 650,000,000 0 (650,000,000) 0 0 0 0 0IncreaseTransfer to 0 40,102,238 474,707,379 0 0 (514,809,617) 0 0Reserves Distributed 0 0 0 0 0 (287,235,147) 0 (287,235,147)ProfitsNet Profit 0 0 0 0 0 802,044,764 0 802,044,764Usage Part 0 0 0 0 (2,187,372) 0 0 (2,187,372)Ending 1,950,000,000 371,230,872 548,482,934 162,709,903 7,458,634 0 0 3,039,882,343Balance 2007 Capital Legal General Special Reserves for Profits of the Reserve Total Reserves Reserves Reserves Inv. year for ESOP* RevaluationBeginning 1,950,000,000 371,230,872 548,482,934 162,709,903 7,458,634 0 0 3,039,882,343Balance Usage Part 0 0 0 0 (2,588,128) 0 0 (2,588,128)Net Profit 0 0 0 0 0 1,232,412,777 0 1,232,412,777 Capital 0 0 0 0 0 0 29,159,584 29,159,584IncreaseEnding 1,950,000,000 371,230,872 548,482,934 162,709,903 4,870,506 1,232,412,777 29,159,584 4,298,866,576Balance * ESOP: Employee Stock Ownership Plan. Refer to note number (29) COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E Recommended Appropriation Account for 2007 2007 2006 Net Profit 1,232,412,777 802,044,764 Profit Available for Distribution 1,232,412,777 802,044,764 To be distributed as follows: - Legal Reserves 61,620,639 40,102,238- First Dividends Share to Shareholders 97,500,000 97,500,000- Staff Profit Sharing 123,241,278 80,204,476- Board Members Bonus 18,486,192 12,030,671- Second Dividends Share to Shareholders 97,500,000 97,500,000- General Reserve 834,064,668 474,707,379 Total 1,232,412,777 802,044,764 This information is provided by RNS The company news service from the London Stock Exchange