Last checked at 13 Aug 2009 07:00
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| Commercial International Bank (Egypt) S.A.E. | |||||
| Financial Statements | |||||
| June 30, 2009 | |||||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| FINANCIAL POSITION |
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| As of June 30 2009 | |||||
| Amounts in L.E. | Note | 30-June 2009 | 31-Dec-2008 | ||
| Assets | |||||
| Cash & Due From Central Bank | 5 | 4,114,701,616 | 4,473,011,942 | ||
| Due From Banks | 6 | 7,807,348,485 | 6,411,397,744 | ||
| Treasury Bills & Other Governmental Notes | 7 | 11,154,734,981 | 12,449,007,406 | ||
| Trading Financial Assets | 8 | 774,306,116 | 497,554,487 | ||
| Loans & Overdrafts | 12&11 | 27,161,846,172 | 26,330,327,878 | ||
| Financial Investments: | |||||
| Available for Sale | 9 | 7,575,555,122 | 2,762,232,984 | ||
| Held to Maturity | 9 | 638,693,110 | 681,263,274 | ||
| Financial Investments in Subsidiary and associated companies | 14 | 1,138,493,937 | 1,138,332,672 | ||
| Debit Balances and Other Assets | 16 | 754,460,068 | 942,621,482 | ||
| Deferred Tax | 28 | 31,220,934 | 21,840,568 | ||
| Fixed Assets (Net) | 17 | 773,811,530 | 715,251,587 | ||
| Total Assets | 62,355,894,834 | 57,127,732,816 | |||
| Liabilities & Shareholders' Equity | |||||
| Liabilities | |||||
| Due to Banks | 18 | 3,573,891,247 | 213,470,012 | ||
| Customer Deposits | 19 | 50,929,446,540 | 48,938,109,663 | ||
| Financial Derivatives | 13 | 308,473,371 | 636,914,744 | ||
| Credit Balances & Other Liabilities | 20 | 869,125,264 | 1,235,780,102 | ||
| Long Term Loans | 21 | 108,168,665 | 109,273,933 | ||
| Other Provisions | 22 | 375,312,389 | 363,218,186 | ||
| Total Liabilities | 56,164,417,476 | 51,496,766,640 | |||
| Shareholders' Equity | |||||
| Issued & Paid- in Capital | 23 | 2,925,000,000 | 2,925,000,000 | ||
| Reserves | 23 | 2,207,473,741 | 1,006,080,499 | ||
| Reserve for employee stock ownership plan (ESOP) |
| 126,996,263 | 86,727,903 | ||
| Retained Earnings | (1,942,684) | (1,942,684) | |||
| Total Shareholders' Equity | 5,257,527,320 | 4,015,865,718 | |||
| Net Profit of the Period/ Year | 933,950,038 | 1,615,100,458 | |||
| Total Shareholders' Equity & Net Profit | 6,191,477,358 | 5,630,966,176 | |||
| Total Liabilities & Shareholders' Equity | 62,355,894,834 | 57,127,732,816 | |||
| Contingent Liabilities & commitments | |||||
| Letters of Credit, Guarantees and Other Commitments | 24 | 12,991,908,320 | 13,290,994,705 | ||
| INCOME STATEMENT | |||||
| As of June. 30 2009 | June 30, 2009 | June 30, 2008 (Restated) | |||
| Amounts in LE. | Note | ||||
| Interest and similar income | 25 | 2,012,664,456 | 1,684,590,269 | ||
| Interest and similar expense | 25 | (1,059,411,520) | (928,362,172) | ||
| Net Interest Income | 953,252,936 | 756,228,097 | |||
| Fees & Commissions Income | 313,645,336 | 363,936,283 | |||
| Fees & Commissions Expense | (31,987,769) | (23,332,096) | |||
| Net Income from Fees & Commissions | 281,657,567 | 340,604,187 | |||
| Dividends Income | 124,448,940 | 124,108,529 | |||
| Net Trading Income | 26 | 319,080,163 | 229,790,721 | ||
| Provisions | 12&22 | (61,497,940) | (164,354,750) | ||
| (Losses) Profits from Financial Investments | 9 | 31,032,893 | 94,481,354 | ||
| Administrative Expenses | (530,589,594) | (407,483,408) | |||
| Other Operating (Expenses) Income | 10 | (16,262,131) | 132,414,060 | ||
| Net Profit Before Tax | 1,101,122,834 | 1,105,788,790 | |||
| Income Tax | 29 | (176,553,162) | (105,794,579) | ||
| Deferred Tax | 28&29 | 9,380,366 | (32,270,421) | ||
| Net Profit After Tax | 933,950,038 | 967,723,790 | |||
| Earnings Per Share | |||||
| Basic | 2.83 | 2.93 | |||
| Diluted | 2.76 | 2.90 | |||
| CASH FLOW STATEMENT 1a | |||||
| As of June. 30 2008 | June 30, 2009 | June 30, 2008 (Restated) | |||
| Amounts in LE. | |||||
| Cash Flow From Operating Activities | |||||
| Net Income Before Tax | 1,101,122,834 | 1,105,788,790 | |||
| Adjustments To Reconcile Net Income | |||||
| To Net Cash Provided by operating Activities | |||||
| Depreciation | 94,192,342 | 65,209,394 | |||
| Provisions (Formed during the period) | 61,497,940 | 164,755,386 | |||
| Trading Financial Investment Evaluation Differences | (20,074,180) | 15,280,544 | |||
| Impairment of Assets | (1,163,011) | - | |||
| Utilization of Provision (Other than Provision for Doubtful Debts) | (5,061,073) | (10,361,191) | |||
| Provisions no longer used | - | (94,706,704) | |||
| FCY Revaluation Differences of Provision Balances (Except Doubtful Debts) | 1,916,734 | (1,783,606) | |||
| Losses From Selling of Fixed Assets | (15,393,221) | (5,034,478) | |||
| Losses From Selling of financial Investments | (45,535,354) | (60,545,338) | |||
| Losses from Selling an investment subsidiary | - | (15,258,991) | |||
| FCY Revaluation Difference of Long Term Loans | 308,628 | 729,177 | |||
| Share Based Payments | 40,268,360 | 28,850,246 | |||
| Operating Profit Before Changes in Operating Assets and Liabilities | 1,212,079,998 | 1,157,923,229 | |||
| Net Decrease (Increase) in Assets | |||||
| Due from banks | (1,910,710,733) | (1,015,132,615) | |||
| Treasury Bills & Other Governmental Notes | 2,216,468,549 | 55,781,462 | |||
| Trading Financial Assets | (256,677,448) | (205,492,841) | |||
| Financial Derivatives (Net) | (54,273,344) | (28,138,148) | |||
| Loans & Overdrafts | (873,938,640) | (3,902,357,346) | |||
| Net Increase (Decrease) In Liabilities | |||||
| Debit Balances & Other Assets | 129,174,480 | (629,643,698) | |||
| Due to Banks | 3,360,421,235 | 1,741,061,367 | |||
| Customer Deposits | 1,991,336,877 | 6,103,350,907 | |||
| Credit Balances & Other Liabilities | (543,208,000) | 4,449,444 | |||
| Net Cash Provided from Operating Activities | 5,270,672,974 | 3,281,801,761 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
| CASH FLOW STATEMENT 1b | |||||
| As of June. 30 2009 | June 30, 2009 | June 30, 2008 | |||
| Cash Flow From Investment Activities | |||||
| Sales of subsidiaries & associated companies | 64,368,072 | 18,126,009 | |||
| Purchase of Fixed Assets, premises and Fitting-out of Branches | (82,211,182) | (80,245,398) | |||
| Redemption of Held-to-Maturity Financial Investments | 48,739,592 | 157,040,360 | |||
| Held to Maturity Financial Investment Purchases | (6,169,428) | - | |||
| Available for Sale Financial Investments | (4,766,623,773) | (1,129,488,697) | |||
| Net Cash (Used in) Provided from Investing Activities | (4,741,896,719) | (1,034,567,726) | |||
| Cash Flow From Financing Activities | |||||
| Increase (Decrease) in Long Term Loans | (1,413,896) | (36,184,758) | |||
| Dividends Paid | (478,236,553) | (336,727,470) | |||
| - | |||||
| Net Cash (Used in) Financing Activities | (479,650,449) | (372,912,228) | |||
| Net cash & cash equivalent changes | 49,125,805 | 1,874,321,807 | |||
| Beginning Balance of cash and cash equivalent | 8,622,040,072 | 6,779,152,548 | |||
| Cash & Cash equivalent Balance At the End of the period | 8,671,165,877 | 8,653,474,355 | |||
| Cash & Cash Equivalent are Represented as Follows | |||||
| Cash and Due from Central Bank | 4,114,701,615 | 7,218,498,485 | |||
| Due From Banks | 7,807,348,485 | 14,522,244,685 | |||
| Treasury Bills & other Governmental Notes | 11,154,734,981 | 2,776,871,582 | |||
| Due from Banks (time deposits) | (7,627,665,005) | (14,279,351,149) | |||
| Treasury Bills with Maturity More than Three Months | (6,777,954,199) | (1,584,789,248) | |||
| Total Cash & Cash Equivalent | 8,671,165,877 | 8,653,474,355 | |||
| COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
| STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | |
| As of June 30 2009 | |
| 2008 | Capital | Legal Reserves | General Reserves | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits of the year | Reserve for Employee Stock ownership plan ESOP | Total |
| Beginning Balance | 1,950,000,000 | 432,851,511 | 1,382,547,602 | 11,628,342 | 185,993,785 | 60,903,531 | 0 | 29,159,584 | 4,053,084,355 |
| Derivatives revaluations settlement* | 0 | 0 | 0 | (13,571,026) | 0 | 0 | 0 | 0 | (13,571,026) |
| Capital Increase* | 975,000,000 | 0 | (975,000,000) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit of the year | 0 | 0 | 0 | 0 | 0 | 0 | 1,615,100,458 | 0 | 1,615,100,458 |
| Usage part of reserve | 0 | 0 | 0 | 0 | 0 | (81,215,930) | 0 | 0 | (81,215,930) |
| Reserve for employee stock ownership plan ESOP** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57,568,319 | 57,568,319 |
| Ending Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | (1,942,684) | 185,993,785 | (20,312,399) | 1,615,100,458 | 86,727,903 | 5,630,966,176 |
| 2009 | Capital | Legal Reserves | General Reserves* | Retained Earnings* | Special Reserves | Reserves for A.F.S* Inv. Revaluation Diff. | Profits for the period | Reserve for Employee Stock ownership plan ESOP | Total |
| Beginning Balance | 2,925,000,000 | 432,851,511 | 407,547,602 | (1,942,684) | 185,993,785 | (20,312,399) | 1,615,100,458 | 86,727,903 | 5,630,966,176 |
| Transfer to Reserves | 0 | 80,755,023 | 1,056,108,882 | 0 | 0 | 0 | (1,136,863,905) | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | (478,236,553) | 0 | (478,236,553) |
| Net Profits of the Period | 0 | 0 | 0 | 0 | 0 | 0 | 933,950,038 | 0 | 933,950,038 |
| Addition from financial Investment Revaluation | 0 | 0 | 0 | 0 | 0 | 64,529,337 | 64,529,337 | ||
| Reserve for employee stock ownership plan ESOP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40,268,360 | 40,268,360 |
| Ending Balance | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684) | 185,993,785 | 44,216,938 | 933,950,438 | 126,996,263 | 6,191,477,358 |
* Note No. (23)
** Note No. (31)