11 Aug 2010 07:00
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
Commercial International Bank (Egypt) S.A.E. | |||||
Unconsolidated Financial Statements | |||||
June 30, 2010 | |||||
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
FINANCIAL POSITION |
|
|
|
| |
As of Jun. 30, 2010 |
|
|
|
| |
Amounts in EGP. | Note | Jun.30,2010 |
| Dec.31, 2009 (Restated) | |
Assets |
|
|
|
| |
|
|
|
|
| |
Cash & Due From Central Bank | 15 | 4,443,419,294 |
| 4,179,212,739 | |
Due From Banks | 16 | 7,373,216,564 |
| 7,785,042,557 | |
Treasury Bills & Other Notes Discountable at CBE | 17 | 8,966,484,676 |
| 13,191,665,954 | |
Trading Financial Assets | 18 | 525,279,647 |
| 380,620,682 | |
Loans & Overdrafts for Banks (Net after provisions) | 19 | 171,581,721 |
| 200,765,433 | |
Loans & Overdrafts for Customers (Net after provisions) | 20 | 31,970,221,338 |
| 27,242,306,896 | |
Financial Derivatives | 21 | 179,172,680 |
| 225,347,220 | |
Financial Investments |
|
|
|
| |
Available for Sale | 22 | 12,117,471,590 |
| 7,420,529,606 | |
Held to Maturity Financial Investments | 22 | 541,595,709 |
| 579,926,673 | |
Financial Investments in Subsidiary and associated companies | 23 | 1,155,303,731 |
| 1,138,277,487 | |
Real Estate investments | 24 | 39,734,864 |
| 42,485,364 | |
Debit Balances and Other Assets | 25 | 1,180,313,426 |
| 918,003,883 | |
Deferred Tax | 33 | 37,960,358 |
| 39,799,318 | |
Fixed Assets (Net) | 26 | 725,285,450 |
| 718,847,964 | |
Total Assets |
| 69,427,040,048 |
| 64,062,831,776 | |
|
|
|
|
| |
Liabilities & Shareholders' Equity |
|
|
|
| |
Liabilities |
|
|
|
| |
|
|
|
|
| |
Due to Banks | 27 | 765,564,434 |
| 458,145,229 | |
Customer Deposits | 28 | 59,633,149,045 |
| 54,842,629,843 | |
Financial Derivatives | 21 | 128,103,062 |
| 150,526,830 | |
Credit Balances & Other Liabilities | 30 | 826,865,606 |
| 1,128,964,486 | |
Long Term Loans | 29 | 29,106,602,986 |
| 93,237,042 | |
Other Provisions | 31 | 395,966,085 |
| 443,728,578 | |
|
|
|
|
| |
Total Liabilities |
| 61,915,251,217 |
| 57,117,232,007 | |
|
|
|
|
| |
Shareholders' Equity |
|
|
|
| |
Issued & Paid- in Capital | 32 | 2,950,721,800 |
| 2,925,000,000 | |
Reserves | 32 | 3,318,682,262 |
| 2,077,203,969 | |
Reserve for employee stock ownership plan (ESOP) |
| 121,008,772 |
| 161,728,984 | |
Retained Earning |
| 20,231,298 |
| (1,942,684) | |
Total Shareholders' Equity |
| 6,410,644,132 |
| 5,161,990,269 | |
Net Profit of the Period |
| 1,101,144,699 |
| 1,783,609,500 | |
Total Shareholders' Equity & Net Profit |
| 7,511,788,831 |
| 6,945,599,768 | |
Total Liabilities & Shareholders' Equity |
| 69,427,040,048 |
| 64,062,831,776 | |
Contingent Liabilities & commitments |
|
|
|
| |
Letters of Credit, Guarantees and other commitments | 37 | 11,467,215,063 |
| 12,637,872,568 | |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
INCOME STATEMENT |
|
|
|
| |
As of Jun. 30, 2010 |
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
Amounts in EGP. | Note | Jun. 30, 2010 |
| Jun. 30, 2009 (Restated) | |
|
|
|
|
| |
Interest and Similar Income | 6 | 2,171,823,754 |
| 2,065,422,884 | |
Interest Expense and Similar Charges | 6 | (1,080,940,095) |
| (1,059,411,520) | |
|
|
|
|
| |
Net Interest Income |
| 1,090,883,659 |
| 1,006,011,364 | |
|
|
|
|
| |
Fees & Commissions Income | 7 | 413,742,057 |
| 313,645,336 | |
Fees and Commissions Expense | 7 | (35,069,249) |
| (31,987,769) | |
Net Income from Fees and Commissions |
| 378,672,808 |
| 281,657,567 | |
Dividends Income | 8 | 114,614,465 |
| 124,448,940 | |
Net Trading Income | 9 | 167,524,037 |
| 266,321,735 | |
(Losses) Profit from Financial Investments | 22 | 161,353,260 |
| 31,032,893 | |
Administrative Expenses | 10 | (580,477,568) |
| (530,589,593) | |
Other operating (Expenses) Income | 11 | (27,887,628) |
| (26,274,460) | |
Return (Losses) of impairment of loans | 12 | 2,072,511 |
| 72,963,371 | |
Net Profit before Tax |
| 1,306,755,545 |
| 1,225,571,817 | |
Income Tax | 13 | (203,771,886) |
| (195,628,806) | |
Deferred Tax | 13&33 | (1,838,960) |
| 9,380,366 | |
Net Profit After Tax |
| 1,101,144,699 |
| 1,039,323,377 | |
Earning per share |
|
|
|
| |
Basic | 14 | 3.00 |
| 3.00 | |
Diluted | 14 | 2.95 |
| 2.95 | |
| |||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1a |
|
|
|
| |
As of Jun. 30, 2010 |
|
|
|
| |
Amounts in EGP. |
| Jun. 30, 2010 |
| Jun. 30, 2009 | |
Cash Flow From Operating Activities |
|
|
|
| |
Net Income Before Tax |
| 1,306,755,545 |
| 1,225,571,817 | |
Adjustments To Reconcile Net Income |
|
|
|
| |
To Net Cash Provided by operating Activities |
|
|
|
| |
Depreciation |
| 89,779,487 |
| 94,192,342 | |
Provisions (Formed during the period) |
| 4,421,035 |
| 10,012,329 | |
Trading Financial Investment Evaluation Differences |
| (15,180,477) |
| (20,074,180) | |
Impairment of Assets |
| (29,504,655) |
| (1,163,011) | |
Utilization of Provision (except Provisions for Doubtful Debts) |
| (1,539,864) |
| (5,061,073) | |
Provisions no longer used |
| (55,312,726) |
| (72,963,371) | |
FCY Revaluation Differences of Provision Balances except Doubtful Debt |
| 4,669,062 |
| 1,916,734 | |
Losses From Selling of Fixed Assets |
| (2,048,472) |
| (15,393,221) | |
Losses From Selling of financial Investments |
| (142,299,409) |
| (45,535,354) | |
Losses from selling an investment in subsidiary |
| 96 |
| - | |
FCY Revaluation Difference of Long Term Loans | (1,064,017) |
| 308,628 | ||
Share Based Payments | 37,844,433 |
| 40,268,360 | ||
Operating Profits Before Changes in Operating Assets and Liabilities |
| 1,196,520,038 |
| 1,212,080,000 | |
|
|
|
|
| |
Net Decrease (Increase) in Assets |
|
|
|
| |
Due from banks |
| 467,843,381 |
| (1,910,710,733) | |
Treasury Bills & Other Governmental Notes |
| 4,014,639,846 |
| 2,216,468,549 | |
Trading Financial Assets |
| (129,477,489) |
| (256,677,449) | |
Financial Derivatives (Net) |
| 82,750,772 |
| (54,273,344) | |
Loans & Overdrafts |
| (4,698,730,728) |
| (873,938,640) | |
|
|
|
|
| |
Net Increase (Decrease) In Liabilities |
|
|
|
| |
Debit Balances and Other Assets |
| (254,897,996) |
| 125,335.428 | |
Due to Banks |
| 307,419,205 |
| 3,360,421,235 | |
Customer Deposits |
| 4,790,519,202 |
| 1,991,336,877 | |
Credit Balances & Other Liabilities |
| (505,870,768) |
| (543,208,000) | |
Net Cash Provided from Operating Activities | 5,270,715,463 |
| 5,266,833,923 | ||
|
|
|
|
| |
| |||||
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |||||
CASH FLOW STATEMENT 1b |
|
|
|
| |
As of Jun. 30, 2010 |
| Jun. 30, 2010 |
| Jun. 30, 2009 | |
Cash Flow From Investment Activities |
|
|
|
| |
Investments in subsidiaries & associated companies |
| (17,026,244) |
| 64,368,072 | |
Purchase of Fixed Assets, premises and Fitting-out of Branches |
| (101,580,048) |
| (82,211,182) | |
Redemption of Held-to-Maturity Financial Investments |
| 49,226,583 |
| 48,739,592 | |
Held to Maturity financial Investments Purchases |
| (10,895,619) |
| (6,169,428) | |
Available for Sale Financial Investments |
| (4,465,290,295) |
| (4,766,623,773) | |
Real Estate investments |
| 2,750,500 |
| 3,839,052 | |
Net Cash (Used in) Provided from Investment Activities |
| (4,542,815,124) |
| (4,738,057,667) | |
|
|
|
|
| |
Cash Flow From Financing Activities |
|
|
|
| |
Increase (Decrease) in Long Term Loans |
| 14,429,961 |
| (1,413,896) | |
Dividends Paid |
| (658,369,589) |
| (478,236,553) | |
|
|
|
|
| |
Net Cash (Used in) provided from Financing Activities |
| (618,217,828) |
| (479,650,449) | |
|
|
|
|
| |
Net cash & cash equivalent changes |
| 109,682,511 |
| 49,125,806 | |
Beginning Balance of cash and cash equivalent |
| 10,062,335,630 |
| 8,622,040,072 | |
Cash & Cash equivalent Balance At the End of the period |
| 10,172,018,141 |
| 8,671,165,878 | |
|
|
|
|
| |
Cash & Cash Equivalent are Represented as Follows |
|
|
|
| |
Cash and Due from Central Bank |
| 4,443,419,294 |
| 4,114,701,616 | |
Due From Banks |
| 7,373,216,564 |
| 7,807,348,485 | |
Treasury Bills & other governmental notes |
| 8,966,484,676 |
| 11,154,734,981 | |
Due from Banks (time deposits) More than Three Months |
| (7,041,616,954) |
| (7,627,665,005) | |
Treasury Bills with Maturity More than Three Months |
| (3,569,485,439) |
| (6,777,954,199) | |
Total Cash & Cash Equivalent |
| 10,172,018,141 |
| 8,671,165,878 |
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E | |
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
|
As of Jun. 30, 2010 |
|
Jun.30, 2009 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Profits of the Period (EGP) | Reserve for Employee Stock ownership plan ESOP | Total (EGP) |
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 |
Effect of adjusting accounting standards | - | - | - | - | 20,536,766 | - | - | - | - | 20,536,766 |
Beginning Balance after adjustments | 2,925,000,000 | 432,851,511 | 407,547,602 | (1,942,684) | 206,530,551 | (20,312,399) | - | 1,615,100,458 | 86,727,903 | 5,651,502,942 |
Transfer to Reserves | - | 80,755,023 | 1,056,108,882 | - | - | - | - | (1,136,836,905) | - | - |
Dividends Paid | - | - | - | - | - | - | - | (478,236,553) | - | (478,236,553) |
Net Profit of the Period | - | - | - | - | - | - | - | 1,039,323,377 | - | 1,039,323,377 |
Addition from financial investment revaluation | - | - | - | - | - | 64,529,337 | - | - | - | 64,529,337 |
Effect of adjusting accounting standards | - | - | - | - | - | - | 38,088,499 | (38,088,499) | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | - | - | - | - | - | - | 40,268,360 | 40,268,360 |
Balance at the end of the Period | 2,925,000,000 | 513,606,534 | 1,463,656,484 | (1,942,684) | 206,530,551 | 44,216,938 | 38,088,499 | 1,001,234,878 | 126,996,263 | 6,317,387,462 |
Jun.30, 2010 | Capital (EGP) | Legal Reserve (EGP) | General Reserve (EGP) | Retained Earnings (EGP) | Special Reserves (EGP) | Reserves for A.F.S Inv. Revaluation Diff. (EGP) | Banking Risk Reserve
(EGP) | Profits of the period (EGP) | Reserve for Employee Stock ownership plan ESOP | Total (EGP) |
Beginning Balance | 2,925,000,000
| 513,606,534 | 1,463,656,484 | (1,942,684) | 206,530,551 | (106,589,600) | 26,652,790 | 1,756,956,710 | 161,728,984 | 6,945,599,768 |
Capital Increase | 25,721,800 | - | - | - | - | - | - | - | - | 25,721,800 |
Transfer to Reserves | - | 87,847,835 | 1,010,739,284 | - | - | - | - | (1,098,587,119) | - | - |
Dividends Paid | - | - | - | - | - | - | - | (658,369,589) | - | (658,369,589) |
Net Profit of the period | - | - | - | - | - | - | - | 1,101,144,699 | - | 1,101,144,699 |
Transfer to retained earnings | - | - | - | 22,173,982 | (22,173,982) | - | - | - | - | - |
Addition from financial investment revaluation | - | - | - | - | - | 59,847,721 | - | - | - | 59,847,721 |
Transferred to bank risk reserve | - | - | - | - | - | - | 99,419,052 | (99,419,052) | - | - |
Reserve for Employee Stock ownership plan ESOP | - | - | 78,564,646 | - | - | - | - | - | (40,720,212) | 37,844,433 |
Balance at the end of period | 2,950,721,800 | 601,454,369 | 2,552,960,414 | 20,231,298 | 184,356,569 | (46,741,879) | 126,071,842 | 1,001,725,649 | 121,008,772 | 7,511,788,833 |