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