10 May 2012 07:00
Commercial International Bank (Egypt) S.A.E. | ||||
Consolidated Financial Statements | ||||
March 31, 2012 | ||||
| ||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
FINANCIAL POSITION | ||||
As of March 31, 2012 | ||||
Amounts in EGP | Note | March 31, 2012
| Dec. 31, 2011
| |
Assets | ||||
Cash & Balances with Central Bank | 15 | 5,395,158,277 | 7,492,064,510 | |
Due From Banks | 16 | 9,585,450,690 | 8,528,229,519 | |
Treasury Bills & Other Governmental Notes | 17 | 8,945,402,411 | 9,260,842,183 | |
Trading Financial Assets | 18 | 755,247,826 | 675,325,450 | |
Loans & Advances to Banks | 19 | 1,256,754,859 | 1,395,594,609 | |
Loans & Advances to Customers | 20 | 38,796,381,998 | 39,669,785,864 | |
Derivative Financial Instruments | 21 | 100,130,748 | 146,544,656 | |
Financial Investments | ||||
Available for Sale | 22 | 15,613,350,760 | 15,421,546,277 | |
Held to Maturity | 22 | 2,968,003,170 | 39,159,520 | |
Investments in Associates | 23 | 107,263,197 | 106,676,167 | |
Brokers-Debit Balances | 165,281,827 | 24,185,525 | ||
Reconciliation Accounts- Debit Balances | 64,521,040 | 42,507,905 | ||
Investment Property | 24 | 12,024,686 | 12,774,686 | |
Other Assets | 25 | 1,828,667,924 | 1,534,819,491 | |
Goodwill | 41 | 9,557,635 | 120,280,337 | |
Intangible Assets | 41 | 110,062,726 | 309,353,104 | |
Deferred Tax | 33 | 132,465,311 | 123,977,698 | |
Property, Plant and Equipment | 26 | 665,619,294 | 630,508,089 | |
Total Assets | 86,511,344,379 | 85,534,175,590 | ||
Liabilities and Equity | ||||
Liabilities | ||||
Due to Banks | 27 | 1,044,862,620 | 3,340,794,517 | |
Due to Customers | 28 | 74,220,144,511 | 71,467,935,259 | |
Brokers-Credit Balance | 167,469,743 | 111,851,855 | ||
Derivative Financial Instruments | 21 | 99,867,019 | 114,287,990 | |
Dividends Payable | 593,456,300 | - | ||
Other Liabilities | 30 | 1,661,017,866 | 1,342,736,040 | |
Long Term Loans | 29 | 101,931,664 | 99,333,376 | |
Other Provisions | 31 | 330,426,849 | 270,801,909 | |
Total Liabilities | 78,219,176,572 | 76,747,740,946 | ||
Equity | ||||
Issued and Paid In Capital | 32 | 5,934,562,990 | 5,934,562,990 | |
Reserves | 32 | 2,128,871,658 | 1,387,842,060 | |
Reserve for Employee Stock Ownership Plan (ESOP) |
| 159,589,436 | 137,354,418 | |
Retained Earnings | (482,974,986) | (334,419,692) | ||
Total Equity | 7,740,049,098 | 7,125,339,776 | ||
Net Profit of the Period/Year After Tax | 505,058,727 | 1,614,738,322 | ||
Total Equity And Net Profit For Period/Year | 8,245,107,825 | 8,740,078,098 | ||
Minority Interest | 47,059,982 | 46,356,546 | ||
Total Minority Interest and Equity | 8,292,167,807 | 8,786,434,644 | ||
Total Liabilities, Equity and Minority Interest | 86,511,344,379 | 85,534,175,590 | ||
Contingent Liabilities and Commitments | ||||
Letters of Credit, Guarantees and Other Commitments | 37 | 13,743,186,274 | 12,559,553,516 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
INCOME STATEMENT | ||||
As of March 31, 2012 | ||||
Amounts in EGP. | Note | March 31, 2012
| March 31, 2011
| |
Interest and Similar Income | 1,668,937,886 | 1,286,398,794 | ||
Interest and Similar Expenses | (799,348,535) | (653,625,132) | ||
Net Interest Income | 6 | 869,589,351 | 632,773,663 | |
Fees & Commissions Income | 236,641,466 | 209,255,454 | ||
Fees and Commissions Expense | (23,670,700) | (18,812,529) | ||
Net Income from Fees and Commissions | 7 | 212,970,766 | 190,442,925 | |
Dividend Income | 8 | 3,948,837 | 574,699 | |
Net Trading Income | 9 | 100,610,509 | 152,595,764 | |
Profit from Financial Investments | 22 | (367,885) | 1,188,453 | |
Goodwill Amortization | (868,876) | (10,023,361) | ||
Administrative Expenses | 10 | (380,677,854) | (383,,154,796) | |
Other operating (Expenses) Income | 11 | (37,680,487) | (68,326,206) | |
Impairment Charge for Credit Losses | 12 | (16,542,204) | (122,800,880) | |
Intangible Assets Amortization | (6,349,773) | (16,866,810) | ||
Bank's Share in the Profits of Associates | 560,511 | 12,280,486 | ||
Net Profit Before Tax | 745,192,895 | 388,683,936 | ||
Income Tax Expense | 13 | (248,259,945) | (90,219,908) | |
Deferred Tax | 33 & 13 | 8,487,613 | 9,404,735 | |
Net Profit of The Year | 505,420,563 | 307,868,763 | ||
Minority Interest | 361,836 | (75,261) | ||
Bank Shareholders | 505,058,727 | 307,944,024 | ||
Earning per share | 14 | |||
Basic | 0.18 | 0.52 | ||
Diluted | 0.78 | 0.51 | ||
| ||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1a | ||||
As of March. 31 2012 | ||||
Amounts in EGP. | March 31, 2012 | March 31, 2011 | ||
Cash Flow from Operating Activities | ||||
Net Profit Before Tax | 745,192,895 | 388,683,936 | ||
Adjustments To Reconcile Net Profit | ||||
To Net Cash Provided by Operating Activities | ||||
Depreciation | 42,167,415 | 57,879,734 | ||
Assets Impairment Charges | 16,560,299 | (48,065,735) | ||
Other Provisions Charges | 67,087,237 | 129,239,762 | ||
Trading Financial Investment Revaluation Differences | (18,693,025) | 41,629,180 | ||
Intangible Assets Amortization | 6,349,773 | (16,866,810) | ||
Goodwill Amortization | 868,876 | (10,023,361) | ||
Financial Investments Impairment Charge (Release) | (2,080,949) | - | ||
Utilization of Other Provisions | (8,253,610) | (2,939,853) | ||
Other Provisions No Longer Used | (531,054) | (656,595) | ||
Exchange Differences of Other Provisions | 1,304,271 | 3,969,911 | ||
Profits From Selling Property, Plant and Equipment | (43,012) | (942,513) | ||
Profits From Selling Financial Investments | 637,353 | (48,401,288) | ||
Profits from Selling Associates | - | (1,873,813) | ||
Exchange Differences of Long Term Loans | 90,904 | 5,076,685 | ||
Share Based Payments | 22,235,018 | 20,703,739 | ||
Investments in Associates Revaluation | (587,031) | (7,676,650) | ||
Real Estate Investments Impairment Charges | - | 361,200 | ||
Operating Profits Before Changes in Operating Assets and Liabilities | 872,305,360 | 510,097,529 | ||
Net Decrease (Increase) in Assets and Liabilities | ||||
Due from banks | (1,025,354,198) | (3,279,200,104) | ||
Treasury Bills & Other Governmental Notes | (2,799,053,252) | 2,022,307,742 | ||
Trading Financial Assets | (61,229,351) | 913,773,498 | ||
Derivative Financial Instruments | 31,992,937 | (35,963,064) | ||
Loans and Advances to Banks and Customers | 995,701,413 | (1,333,938,801) | ||
Other Assets | (457,703,493) | 132,257,746 | ||
Due to Banks | (2,295,931,897) | 1,841,027,396 | ||
Due to Customers | 2,752,209,252 | 1,899,564,493 | ||
Other Liabilities | 125,639,781 | (44,880,016) | ||
Net Cash Provided from Operating Activities | (1,861,423,448) | 2,625,045,419 | ||
| ||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | ||||
CASH FLOW STATEMENT 1b | ||||
As of March. 31, 2012 | March 31, 2012 | March 31, 2011
| ||
Cash Flow From Investing Activities | ||||
Proceeds from Selling Subsidiary and Associates | - | 1,529,580 | ||
Purchase of Property, Plant and Equipment | (76,489,984) | (26,508,211) | ||
Redemption of Held-to-Maturity Financial Investments | - | 34,617,947 | ||
Purchases of Held to Maturity Financial Investment | (2,928,843,650) | - | ||
Purchases of Available for Sale Financial Investments | (3,237,264,572) | (1,899,829,040) | ||
Proceeds from Selling Available For Sale Financial Investments | 3,133,982,206 | (2,722,780,311) | ||
Proceeds from Real Estate Investments | 750,000 | - | ||
Net Cash Generated from (Used in) Investing Activities | (3,107,866,001) | (813,311,955) | ||
Cash Flow From Financing Activities | ||||
Increase (Decrease) in Long Term Loans | 2,507,384 | 130,760,790 | ||
Dividend Paid | (212,750,218) | (252,918,831) | ||
Net Cash Generated from (Used in) Financing Activities | (210,242,834) | (122,158,041) | ||
Net Increase (Decrease) in Cash and Cash Equivalent | (5,179,532,283) | 1,707,511,853 | ||
Beginning Balance of Cash and Cash Equivalent | 8,207,517,133 | 8,058,126,497 | ||
Cash & Cash Equivalent Balance At the End of the Period | 3,027,984,849 | 9,765,638,350 | ||
Cash & Cash Equivalent Comprise | ||||
Cash and Balances with Central Bank | 5,395,158,277 | 5,168,990,444 | ||
Due From Banks | 9,585,450,690 | 10,037,292,508 | ||
Treasury Bills and Other Governmental Notes | 8,945,402,411 | 9,309,050,446 | ||
Obligatory Reserve Balance With CBE | (2,979,789,724) | (2,551,784,030) | ||
Due from Banks (Time Deposits) More than Three Months | (6,297,816,068) | (7,128,104,678) | ||
Treasury Bills With Maturity More than Three months | (8,821,367,483) | (7,092,113,082) | ||
Total Cash & Cash Equivalent | 3,027,984,849 | 9,765,638,350 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
|
As of March. 31, 2011 |
|
March. 31, 2011 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank Share before Acquisition | Retained Earnings (EGP) | Special Reserve (EGP) | Reserve for A.F.S Investment Revaluation Diff. (EGP) | Banking Risks Reserve (EGP) | Profits of the period (EGP)
| Reserve for Employee Stock Ownership Plan ESOP (EGP) | Total Shareholders Equity (EGP) | Minority Interest (EGP) | Total (EGP) |
Beginning Balance | 5,901,443,660 | 125,128,337 | 78,412,462 | 302,794,421 | (203,604,610) | 184,356,569 | (18,418,736) | 156,992,515 | 1,890,311,700 | 149,520,858 | 8,566,937,115 | 46,965,639 | 8,613,902,754 |
Transferred to Reserves | - | 106,216,559 | 1,066,083,988 | - | - | 1,574,746 | - | - | (1,173,875,293) | - | - | - | - |
Transferred to Retained Earning | - | - | - | - | (121,501,406) | - | - | - | 121,501,406 | - | - | - | - |
Dividend paid | - | - | - | - | (20,231,298) | - | - | - | (822,831,893) | - | (843,063,191) | - | (843,063,191) |
Net Profit of the year | - | - | - | - | - | - | - | - | 307,944,024 | - | 307,944,024 | (75,261) | 307,868,763 |
Change During the period | - | - | - | - | (1,262,583) | - | - | - | - | - | (1,262,583) | (102,844) | (,1365,427) |
Financial Investment | - | - | - | - | - | - | (285,330,326) | - | - | - | (285,330,326) | - | (285,330,326) |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | - | (2,648,019) | 2,648,019 | - | - | - | - |
Reserve for Employee Stock Ownership Plan ESOP | - | - | - | - | - | - | - | - | - | 20,703,739 | 20,703,739 | - | 20,703,739 |
End of the period | 5,901,443,600 | 231,344,896 | 1,144,496,450 | 302,794,421 | (346,599,897) | 185,931,315 | (303,749,062) | 154,344,496 | 325,697,963 | 170,224,597 | 7,765,928,778 | 46,787,534 | 7,812,716,312 |
March 31, 2012 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Intangible Assets Value for Bank Share before Acquisition (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Investments Revaluation Diff. (EGP) | Banking Risk reserve (EGP) | Profits of the period | Reserve for Employee Stock ownership plan ESOP | Total Shareholders Equity | Minority Interest (EGP) | Total (EGP) |
Beginning Balance | 5,934,562,990 | 231,344,896 | 1,234,122,776 | 302,794,421 | (334,419,692) | 185,931,315 | (723,343,863) | 281,689,619 | 1,490,041,219 | 137,354,418 | 8,740,078,098 | 46,356,546 | 8,786,434,644 |
Transferred to Reserves | - | 87,306,567 | 743,027,060 | - | - | 2,716,747 | - | - | (833,050,374) | - | - | - | - |
Transferred to Retained Earnings
| - | - | - | - | (134,109,753) | - | - | - | 134,109,753 | - | - | - | - |
Dividend paid
| - | - | - | - | (15,105,920) | - | - | - | (791,100,598) | - | (806,206,518) | - | (806,206,518) |
Net Profit of the Year | - | - | - | - | - | - | - | - | 505,058,727 | - | 505,058,727 | 361,836 | 505,420,563 |
Transfer from Special Reserve | - | 61,697,292 | 8,143,225 | - | 1,001,979 | - | - | - | - | - | - | - | - |
Change during the period | - | - | - | - | (341,600) | - | - | - | - | - | (341,600) | 341,600
| - |
Addition from Financial | - | - | - | - | - | - | 87,078,521 | - | - | - | 87,078,521 | - | 87,078,521 |
Transferred to Bank Risk Reserve | - | - | - | - | - | - | - | (22,811,813) | 22,811,813 | - | - | - | - |
Reserve for Employee Stock Ownership Plan ESOP | - | - | - | - | - | - | - | - | - | 22,235,018 | 22,235,018 | - | 22,235,018 |
Settlement of Intangible Asset value for Bank Share Before Acquisition | - | - | - | (302,794,421) | - | - | - | - | - | - | (302,794,421) | - | (302,794,421) |
Balance at the end of the period | 5,934,562,990
| 380,348,755 | 1985,293,061 | - | (482,974,986) | 117,805,566 | (636,265,343) | 285,877,806 | 527,870,540 | 159,589,436 | 8,245,107,825 | 47,059,982 | 8,292,167,807 |
http://www.rns-pdf.londonstockexchange.com/rns/0301D_-2012-5-9.pdf