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20 Jul 2017 07:00
Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/5446L_-2017-7-19.pdf | |||||||||||
Commercial International Bank (Egypt) S.A.E. Separate Financial Statements June 30th , 2017 | |||||||||||
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FINANCIAL POSITION | |||||||||||
As of June 30th , 2017 | |||||||||||
Amounts in EGP Thousands | Note | June 30, 2017
| December 31, 2016
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Assets | |||||||||||
Cash and balances with central bank | 15 | 19,497,893 | 10,522,040 | ||||||||
Due from banks | 16 | 58,552,276 | 58,011,034 | ||||||||
Treasury bills and other governmental notes | 17 | 43,092,546 | 39,177,184 | ||||||||
Trading financial assets | 18 | 1,531,630 | 2,445,134 | ||||||||
Loans and advances to banks, net | 19 | 367 | 159,651 | ||||||||
Loans and advances to customers, net | 20 | 91,221,870 | 85,991,914 | ||||||||
Derivative financial instruments | 21 | 57,218 | 269,269 | ||||||||
Financial investments | |||||||||||
- Available for sale | 22 | 6,840,040 | 5,447,291 | ||||||||
- Held to maturity | 22 | 48,489,487 | 53,924,936 | ||||||||
Investments in associates | 23 | 9,750 | 10,500 | ||||||||
Non current assets held for sale | 42 | 222,665 | 428,011 | ||||||||
Other assets | 24 | 6,150,001 | 5,446,025 | ||||||||
Intangible assets | 41 | 434,027 | 499,131 | ||||||||
Deferred tax assets (Liabilities) | 32 | 178,253 | 181,308 | ||||||||
Property, plant and equipment | 25 | 1,355,916 | 1,338,629 | ||||||||
Total assets | 277,633,939 | 263,852,057 | |||||||||
Liabilities and equity | |||||||||||
Liabilities | |||||||||||
Due to banks | 26 | 1,585,589 | 3,008,996 | ||||||||
Due to customers | 27 | 245,162,646 | 231,965,312 | ||||||||
Derivative financial instruments | 21 | 156,580 | 331,091 | ||||||||
Current tax liabilities | 1,249,710 | 2,017,034 | |||||||||
Other liabilities | 29 | 3,654,428 | 3,579,330 | ||||||||
Long term loans | 28 | 146,287 | 160,243 | ||||||||
Other provisions | 30 | 1,558,854 | 1,514,057 | ||||||||
Total liabilities | 253,514,094 | 242,576,063 | |||||||||
Equity | |||||||||||
Issued and paid up capital | 31 | 11,618,011 | 11,538,660 | ||||||||
Reserves | 34 | 8,543,172 | 3,443,319 | ||||||||
Reserve for employee stock ownership plan (ESOP) | 351,790 | 343,460 | |||||||||
Total equity | 20,512,973 | 15,325,439 | |||||||||
Net profit for the period/year | 3,606,872 | 5,950,555 | |||||||||
Total equity and net profit for the period/ year | 24,119,845 | 21,275,994 | |||||||||
Total liabilities and equity | 277,633,939 | 263,852,057 | |||||||||
INCOME STATEMENT | |||||||||||
As of June 30, 2017 | |||||||||||
Amounts in EGP Thousands | Note | June 30, 2017
| June 30, 2016
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Interest and similar income | 13,197,728 | 8,595,146 | |||||||||
Interest and similar expense | (7,454,779) | (4,061,260) | |||||||||
Net interest income | 6 | 5,742,949 | 4,533,886 | ||||||||
Fee and commission income | 1,317,034 | 937,206 | |||||||||
Fee and commission expense | (267,157) | (173,523) | |||||||||
Net fee and commission income | 7 | 1,049,877 | 763,683 | ||||||||
Dividend income | 8 | 26,136 | 28,911 | ||||||||
Net trading income | 9 | 620,594 | 408,523 | ||||||||
Profits on financial investments | 22 | 323,564 | 59,058 | ||||||||
Administrative expenses | 10 | (1,500,726) | (1,204,462) | ||||||||
Other operating (expenses) income | 11 | (528,307) | (316,881) | ||||||||
Goodwill impairment | 41 | - | (21,707) | ||||||||
Intangible assets amortization | 41 | (65,104) | (65,104) | ||||||||
Impairment charge for credit losses | 12 | (809,346) | (503,979) | ||||||||
Profit before income tax | 4,859,637 | 3,681,928 | |||||||||
Income tax expense | 13 | (1,249,710) | (957,424) | ||||||||
Deferred tax assets (Liabilities) | 32 & 13 | (3,055) | 4,893 | ||||||||
Net profit for the Period | 3,606,872 | 2,729,397 | |||||||||
Earnings per share | 14 | ||||||||||
Basic | 2.75 | 2.08 | |||||||||
Diluted | 2.71 | 2.05 | |||||||||
CASH FLOW STATEMENT As of June 30, 2017
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Amounts in EGP Thousands |
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June 30, 2017 | June 30, 2016 | ||||||||||
Cash flow from operating activities | |||||||||||
Profit before income tax | 4,859,637 | 3,681,928 | |||||||||
Adjustments to reconcile net profit to net cash provided by operating activities | |||||||||||
Fixed assets depreciation | 170,012 | 134,956 | |||||||||
Impairment charge for credit losses | 809,346 | 503,979 | |||||||||
Other provisions charges | 148,424 | 51,547 | |||||||||
Trading financial investments revaluation differences | (129,484) | 124,229 | |||||||||
Available for sale and held to maturity investments exchange revaluation differences | 26,389 | (263,567) | |||||||||
Goodwill impairment | - | 21,707 | |||||||||
Intangible assets amortization | 65,104 | 65,104 | |||||||||
Financial investments impairment charge | (121,734) | 52,614 | |||||||||
Utilization of other provisions | (21,939) | (1,800) | |||||||||
Other provisions no longer used | (97,879) | (37,312) | |||||||||
Exchange differences of other provisions | 16,191 | 58,501 | |||||||||
Profits from selling property, plant and equipment | - | (537) | |||||||||
Profits from selling financial investments | 101,465 | (16,243) | |||||||||
Profits (losses) from selling associates | - | (84,948) | |||||||||
Shares based payments | 153,340 | 97,321 | |||||||||
Impairment (Released) charges of non-current assets held for sale | (312,584) | - | |||||||||
Operating profits before changes in operating assets and liabilities
| 5,666,288 | 4,387,479 | |||||||||
Net decrease (increase) in assets and liabilities | |||||||||||
Due from banks | (6,167,220) | (608,433) | |||||||||
Treasury bills and other governmental notes | (4,707,972) | 5,366,184 | |||||||||
Trading financial assets | 1,042,988 | 1,926,279 | |||||||||
Derivative financial instruments | 37,540 | (92,958) | |||||||||
Loans and advances to banks and customers | (5,880,018) | (4,359,858) | |||||||||
Other assets | (563,155) | 551,657 | |||||||||
Non-Current Assets Held for Sale | 205,346 | - | |||||||||
Due to banks | (1,423,407) | (236,908) | |||||||||
Due to customers | 13,197,334 | 14,318,023 | |||||||||
Income tax obligations paid | (2,017,034) | (1,949,694) | |||||||||
Other liabilities | 75,098 | 219,345 | |||||||||
Net cash provided from operating activities | (534,212) | 19,521,116 | |||||||||
Cash flow from investing activities | |||||||||||
Proceeds from selling subsidiary and associates | 750 | 160,003 | |||||||||
Payment for purchases of property, plant, equipment and branches constructions | (328,120) | (333,546) | |||||||||
Proceeds from redemption of held to maturity financial investments | 10,030,359 | 2,671 | |||||||||
Payment for purchases of held to maturity financial investments | (4,594,910) | (1,856,288) | |||||||||
Payment for purchases of available for sale financial investments | (1,916,162) | (2,703,756) | |||||||||
Proceeds from selling available for sale financial investments | 683,505 | 2,670,755 | |||||||||
Proceeds from selling non-current assets held for sale | 500,867 | - | |||||||||
Net cash used in investing activities | 4,376,289 | (2,060,161) | |||||||||
Cash flow from financing activities | |||||||||||
Increase (decrease) in long term loans | (13,956) | 13,524 | |||||||||
Dividend paid | (1,350,207) | (1,463,450) | |||||||||
Capital Increase | 79,351 | 68,057 | |||||||||
Net cash used in financing activities | (1,284,812) | (1,381,869) | |||||||||
Net increase (decrease) in cash and cash equivalent during the period | 2,557,265 | 16,079,086 | |||||||||
Beginning balance of cash and cash equivalent | 61,518,700 | 22,397,171 | |||||||||
Cash and cash equivalent at the end of the period | 64,075,965 | 38,476,257 | |||||||||
Cash and cash equivalent comprise: | |||||||||||
Cash and balances with central bank | 19,497,893 | 11,251,951 | |||||||||
Due from banks | 58,552,276 | 36,100,865 | |||||||||
Treasury bills and other governmental notes | 43,092,546 | 16,949,949 | |||||||||
Obligatory reserve balance with CBE | (10,832,277) | (8,412,172) | |||||||||
Due from banks with maturities more than three months | (3,339,073) | (464,462) | |||||||||
Treasury bills with maturity more than three months | (42,895,400) | (16,949,874) | |||||||||
Total cash and cash equivalent | 64,075,965 | 38,476,257 | |||||||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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Separate statement of changes in shareholders' equity for the period ended June 30, 2016 |
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Jun. 30, 2016 | Issued and paid up capital | Legal reserve | General reserve | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the period | Reserve for employee stock ownership plan | Total |
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EGP Thousands |
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Beginning balance | 11,470,603 | 803,355 | 1,518,525 | 30,214 | (2,202,463) | 2,513 | 4,640,718 | 248,148 | 16,511,613 |
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Capital increase | 68,057 | - | - | - | - | - | - | - | 68,057 |
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Transferred to reserves | - | 232,008 | 3,035,878 | 564 | - | - | (3,176,762) | (91,688) | - |
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Dividend paid | - | - | - | - | - | - | (1,463,450) | - | (1,463,450) |
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Net profit for the period | - | - | - | - | - | - | 2,729,397 | - | 2,729,397 |
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Net unrealised gain/(loss) on AFS | - | - | - | - | (793,189) | - | - | - | (793,189) |
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Transferred (from) to bank risk reserve | - | - | - | - | - | 506 | (506) | - | - |
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Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | 97,321 | 97,321 |
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Balance at the end of the period | 11,538,660 | 1,035,363 | 4,554,403 | 30,778 | (2,995,652) | 3,019 | 2,729,397 | 253,781 | 17,149,749 |
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Separate statement of changes in shareholders' equity for the peiord ended June 30, 2017 |
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Jun. 30, 2017 | Issued and paid up capital | Legal reserve | General reserve | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the period | Reserve for employee stock ownership plan | Total |
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EGP Thousands |
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Beginning balance | 11,538,660 | 1,035,363 | 4,554,403 | 30,778 | (2,180,244) | 3,019 | 5,950,555 | 343,460 | 21,275,994 |
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Capital increase | 79,351 | - | - | - | - | - | - | - | 79,351 |
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Transferred to reserves | - | 297,444 | 4,445,617 | 1,682 | - | - | (4,599,733) | (145,010) | - |
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Dividend paid | - | - | - | - | - | - | (1,350,207) | - | (1,350,207) |
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Net profit for the period | - | - | - | - | - | - | 3,606,872 | - | 3,606,872 |
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Net unrealised gain/(loss) on AFS | - | - | - | - | 354,495 | - | - | - | 354,495 |
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Transferred (from) to bank risk reserve | - | - | - | - | - | 615 | (615) | - | - |
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Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | 153,340 | 153,340 |
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Balance at the end of the period | 11,618,011 | 1,332,807 | 9,000,020 | 32,460 | (1,825,749) | 3,634 | 3,606,872 | 351,790 | 24,119,845 |
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