Last checked at 13 Aug 2008 07:00
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| Commercial International Bank (Egypt) S.A.E. | |||||
| Financial Statements | |||||
| March 31, 2008 | |||||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| FINANCIAL POSITION |
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| As of June 30 2008 | |||||
| Amounts in L.E. | Note | 30-June 2008 | 31-Dec-2007 | ||
| Assets | |||||
| Cash & Due From Central Bank | 4 | 7,218,498,485 | 4,953,205,430 | ||
| Due From Banks | 5 | 14,522,244,685 | 13,782,062,043 | ||
| Treasury Bills & Other Notes Discountable at CBE | 6 | 2,776,871,582 | 2,948,674,319 | ||
| Trading Financial Investments | 7 | 778,685,567 | 588,473,270 | ||
| Available for Sale Financial Investments | 8 | 3,520,219,325 | 2,279,926,299 | ||
| Loans & Overdrafts (Net of Provision for Doubtful Debts) | 9&10 | 24,196,338,592 | 20,478,590,841 | ||
| Held to Maturity Financial Investments | 11 | 286,853,806 | 443,894,166 | ||
| Financial Investments in Subsidiary and associated companies | 12 | 345,159,835 | 365,723,936 | ||
| Debit Balances and Other Assets | 14 | 1,725,390,609 | 1,020,565,573 | ||
| Deferred Tax | 27 | 25,013,643 | 52,819,475 | ||
| Fixed Assets (Net) | 15 | 605,340,809 | 607,104,820 | ||
| Total Assets | 56,000,616,938 | 47,521,040,172 | |||
| Liabilities & Shareholders' Equity | |||||
| Liabilities | |||||
| Due to Banks | 16 | 4,118,143,802 | 2,377,082,435 | ||
| Customer Deposits | 17 | 45,617,890,899 | 39,514,539,992 | ||
| Dividends & Profit Sharing | 0 | 336,727,470 | |||
| Credit Balances & Other Liabilities | 18 | 794,569,372 | 773,862,137 | ||
| Long Term Loans | 19 | 125,900,638 | 161,356,219 | ||
| Other Provisions | 20 | 416,680,652 | 395,332,813 | ||
| Total Liabilities | 51,073,185,363 | 43,558,901,066 | |||
| Shareholders' Equity | |||||
| Issued & Paid- in Capital | 1,950,000,000 | 1,950,000,000 | |||
| Reserves | 1,005,541,430 | 1,982,979,522 | |||
| Reserve for employee stock ownership plan (ESOP) | 30 | 58,009,830 | 29,159,584 | ||
| Capital Increase Reserve | 30 | 975,000,000 | - | ||
| Total Shareholders' Equity | 21 | 3,988,551,260 | 3,962,139,106 | ||
| Net Profit of the Period | 938,880,315 | - | |||
| Total Shareholders' Equity & Net Profit | 4,927,431,575 | 3,962,139,106 | |||
| Total Liabilities & Shareholders' Equity | 56,000,616,938 | 47,521,040,172 | |||
| Contingent & commitments Liabilities | 22 | 12,633,488,278 | 11,529,010,709 | ||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| INCOME STATEMENT | |||||
| As of June. 30 2008 | |||||
| Amounts in LE. | Note | June. 30, 2008 | June. 30, 2007 | ||
| Interest Received from clients & Banks | 1,547,978,621 | 1,183,516,681 | |||
| Interest Received from Treasury Bills & Bonds | 188,595,819 | 227,025,291 | |||
| Interest Paid to Clients & Banks | (911,376,754) | (877,427,969) | |||
| Net Interest Income | 825,197,686 | 533,114,003 | |||
| Banking Fees & Commissions | 363,336,660 | 282,332,402 | |||
| Share Dividends | 125,586,173 | 42,983,621 | |||
| Foreign Exchange Profit | 23 | 163,656,658 | 65,320,283 | ||
| Profit from Selling Financial Investment | 148,151,191 | 50,507,094 | |||
| Profit from dispose part of subsidiaries | 24 | 50,258,991 | 148,393,558 | ||
| Trading financial Investment Revaluation Differences | (15,280,544) | 2,433,163 | |||
| Provisions no longer used | 25 | 94,706,704 | - | ||
| Other Income | 30,337,240 | 13,622,254 | |||
| Total Fee Income | 960,753,073 | 605,592,375 | |||
| Net Operating Income | 1,785,950,759 | 1,138,706,378 | |||
| Provisions | (164,755,386) | (147,500,000) | |||
| Other financial Investment Revaluation Differences | 26 | (87,605,853) | 18,736,033 | ||
| General & Administrative Expenses & Depreciation | (407,082,773) | (277,733,312) | |||
| Other Expenses | (55,055,061) | (38,307,332) | |||
| (714,499,073) | (444,804,611) | ||||
| Net Operating Profits | 1,071,451,686 | 693,901,767 | |||
| Non-Operating income | 5,034,478 | - | |||
| Net Profit before Tax | 1,076,486,164 | 693,901,767 | |||
| Income Tax | 28 | (109,800,017) | (68,463,423) | ||
| Deferred Tax | 28&27 | (27,805,832) | 9,936,179 | ||
| Net Profit After Tax | 938,880,315 | 635,374,523 | |||
| Earnings per share | 29 | 4.26 | 2.88 | ||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1a | |||||
| As of June. 30 2008 | |||||
| Amounts in LE. | June 30, 2008 | June 30, 2007 | |||
| Cash Flow From Operating Activities | |||||
| Net Income Before Tax | 1,076,486,164 | 693,901,767 | |||
| Adjustments To Reconcile Net Income | |||||
| Total Net Cash Provided by operating | |||||
| Depreciation | 65,209,394 | 58,369,810 | |||
| Provisions (Additions during the period) | 164,755,386 | 147,500,000 | |||
| Trading Financial Investment Evaluation | 15,280,544 | (2,433,163) | |||
| Other Financial Investment Evaluation | 87,605,853 | (18,736,033) | |||
| Utilization of Provision (Other than Provision for Doubtful Debts) | (10,361,191) | - | |||
| Provisions no longer used | (94,706,704) | - | |||
| FCY Revaluation Differences of Provision Balances except Doubtful Debt | (1,783,606) | (111,248) | |||
| Gains From Selling of Fixed Assets | (5,034,478) | - | |||
| Profit From Selling of financial Investments | (148,151,191) | (50,507,094) | |||
| Profits from dispose part of a subsidiary | (50,258,991) | (148,393,558) | |||
| FCY Revaluation Difference of Long Term Loans | 729,177 | 419,660 | |||
| Reserve for employee stock ownership plan (ESOP) | 28,850,246 | 14,579,792 | |||
| Operating Profit Before Changes in Operating Assets and Liabilities | 1,128,620,603 | 694,589,933 | |||
| Net Decrease (Increase) in Assets | |||||
| Due from banks | (1,015,132,615) | (4,968,766,697) | |||
| Treasury Bills & Other Notes Discountable at CBE | 55,781,462 | 3,272,774,493 | |||
| Trading Financial Investments | (205,492,841) | 344,657,129 | |||
| Available for Sale Financial Investments | (1,129,488,697) | 1,123,301,245 | |||
| Loans & Overdrafts | (3,902,357,346) | (2,297,011,795) | |||
| Debit Balances & Other Assets | (629,643,698) | (348,449,201) | |||
| Net Increase (Decrease) In Liabilities | |||||
| Due to Banks | 1,741,061,367 | 512,143,781 | |||
| Customer Deposits | 6,103,350,907 | 2,533,057,841 | |||
| Credit Balances & Other Liabilities | 5,613,922 | (362,878,094) | |||
| Net Cash Provided from Operating Activities | 2,152,313,064 | 503,418,635 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1b | |||||
| As of June. 30 2008 | June 30, 2008 | June 30, 2007 | |||
| Cash Flow From Investment Activities | |||||
| Sales (Purchases) of subsidiaries & associated companies | 18,126,009 | 82,426,172 | |||
| Prepaid for Fixed Assets, premises and Fitting-out of Branches | (80,245,398) | (153,256,708) | |||
| Redemption of Held-to-Maturity Financial Investments | 157,040,360 | 271,009,186 | |||
| Net Cash (Used in) Investment Activities | 94,920,971 | 200,178,650 | |||
| Cash Flow From Financing Activities | |||||
| Increase in Long Term Loans | (36,184,758) | 26,750,908 | |||
| Dividends Paid | (336,727,470) | (287,235,147) | |||
| Reserve for Financial Investments Revaluation Diff. | - | (328,756) | |||
| Net Cash (Used in) provided from Financing Activities | (372,912,228) | (260,812,995) | |||
| Net cash & cash equivalent changes | 1,874,321,807 | 442,784,290 | |||
| Beginning Balance of cash and cash equivalent | 6,779,152,548 | 4,023,396,002 | |||
| Cash & Cash equivalent Balance At the End of the period | 8,653,474,355 | 4,466,180,292 | |||
| Cash & Cash Equivalent are Represented as Follows | |||||
| Cash and Due from Central Bank | 7,218,498,485 | 3,417,012,100 | |||
| Due From Banks | 14,522,244,685 | 10,397,066,725 | |||
| Treasury Bills & other notes discountable at the CBE | 2,776,871,582 | 1,558,997,404 | |||
| Due from Banks (time deposits) | (14,279,351,149) | (10,272,281,530) | |||
| Treasury Bills with Maturity More than Three Months | (1,584,789,248) | (634,614,407) | |||
| Total Cash & Cash Equivalent | 8,653,474,355 | 4,466,180,292 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
| STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
| As of June 30 2008 | |
| 2007 | Capital | Legal Reserves | General Reserves | Capital Increase Reserve | Special Reserves | Reserves for Inv. Revaluation Diff. | Profits for the period | Reserve for Employee Stock ownership plan ESOP | Total |
| Beginning Balance | 1,950,000,000 | 371,230,872 | 548,482,934 | 0 | 162,709,903 | 7,458,634 | 0 | 0 | 3,039,882,343 |
| Transfer to reserves | 0 | 61,620,639 | 834,064,668 | 0 | 0 | 0 | (895,685,307) | 0 | 0 |
| Distributed profits | 0 | 0 | 0 | 0 | 0 | 0 | (336,727,470) | 0 | (336,727,470) |
| Net Profit for period | 0 | 0 | 0 | 0 | 0 | 0 | 1,232,412,777 | 0 | 1,232,412,777 |
| Usage part of reserve | 0 | 0 | 0 | 0 | 0 | (2,588,128) | 0 | 0 | (2,588,128) |
| Reserve for employee stock ownership plan ESOP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29,159,584 | 29,159,584 |
| Ending Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 0 | 162,709,903 | 4,870,506 | 0 | 29,159,584 | 3,962,139,106 |
| 2008 | Capital | Legal Reserves | General Reserves | Capital Increase Reserve | Special Reserves | Reserves for Inv. Revaluation Diff. | Profits for the period | Reserve for Employee Stock ownership plan ESOP | Total |
| Beginning Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 0 | 162,709,903 | 4,870,506 | 0 | 29,159,584 | 3,962,139,106 |
| Net Profit for period | 0 | 0 | 0 | 0 | 0 | 0 | 938,880,315 | 0 | 938,880,315 |
| Capital Increase Reserve | 0 | 0 | (975,000,000) | 975,000,000 | 0 | 0 | 0 | 0 | 0 |
| Usage part of reserve | 0 | 0 | 0 | 0 | 0 | (2,338,092) | 0 | 0 | (2,338,092) |
| Reserve for employee stock ownership plan ESOP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28,850,246 | 28,850,246 |
| Ending Balance | 1,950,000,000 | 432,851,511 | 407,547,602 | 975,000,000 | 162,709,903 | 2,432,414 | 938,880,315 | 58,009,830 | 4,927,431,575 |