Q3'2014 Consolidated Financial Statements | RNS | Ticker

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Q3'2014 Consolidated Financial Statements

RNS Announcement

RNS Number : 7276W

Commercial Intnl Bank (Egypt) SAE

12 November 2014

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Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements

September 30, 2014

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of September 30, 2014

Amounts in EGP Thousands.

Note

Sep. 30, 2014

Dec. 31, 2013

Assets

Cash & Balances with Central Bank

6,611,568

4,796,240

Due From Banks

13,341,202

9,003,951

Treasury Bills & Other Governmental Notes

26,584,368

23,665,429

Trading Financial Assets

3,534,602

2,295,219

Loans & Advances to Banks

142,304

132,422

Loans & Advances to Customers

45,959,546

41,733,252

Derivative Financial Instruments

67,779

103,085

Financial Investments

Available for Sale

25,560,583

23,378,104

Held to Maturity

8,989,652

4,197,177

Investments in Associates

222,499

192,753

Brokerage Clients-Debit Balances

656,295

270,811

Reconciliation Accounts- Debit Balances

48,323

28,779

Investment Property

4,056

9,696

Other Assets

3,490,984

2,892,343

Deferred Tax

83,678

83,557

Property, Plant and Equipment

967,827

969,176

Total Assets

136,265,266

113,751,994

Liabilities and Equity

Liabilities

Due to Banks

1,577,767

1,373,410

Due to Customers

115,866,842

96,845,683

Brokerage clients-Credit Balance

377,941

167,379

Derivative Financial Instruments

107,954

114,879

Current Income Tax obligations

1,337,505

1,179,709

Other Liabilities

2,380,924

1,476,957

Long Term Loans

230,878

132,153

Other Provisions

568,530

454,699

Total Liabilities

122,448,341

101,744,869

Equity

Issued and Paid In Capital

9,081,734

9,002,435

Reserves

1,972,963

307,059

Reserve for Employee Stock Ownership Plan (ESOP)

159,853

190,260

Retained Earnings (losses)

(155,160)

(546,531)

Total Equity

11,059,390

8,953,223

Net Profit of the Period/Year After Tax

2,708,967

3,006,488

Total Equity And Net Profit For Period/Year

13,768,357

11,959,711

Minority Interest

48,568

47,414

Total Minority Interest and Equity

13,816,925

12,007,125

Total Liabilities, Equity and Minority Interest

136,265,266

113,751,994

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

21,168,261

16,182,440

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of September 30, 2014

Amounts in EGP Thousands.

Note

Sep. 30, 2014

Sep. 30, 2013

Interest and Similar Income

8,201,901

6,972,030

Interest and Similar Expenses

(3,838,998)

(3,281,023)

Net Interest Income

4,362,903

3,691,007

Fees & Commissions Income

1,377,102

1,067,166

Fees and Commissions Expense

(127,327)

(93,749)

Net Income from Fees and Commissions

1,249,775

973,417

Dividend Income

28,495

21,416

Net Trading Income

576,675

577,456

Profit (losses) from Financial Investments

73,876

3,601

Administrative Expenses

(1,302,269)

(1,128,907)

Other operating (Expenses) Income

(487,391)

(290,458)

Impairment (Charge) Release for Credit Losses

(466,534)

(565,928)

Intangible Assets Amortization

(33,421)

Bank's Share in the Profits of Associates

23,578

13,017

Profit Before Income Tax

4,059,108

3,261,200

Income Tax Expense

(1,349,099)

(1,025,137)

Deferred Tax

33 & 13

121

13,462

Net Profit for The Period

2,710,130

2,249,525

Minority Interest

1,163

323

Bank Shareholders

2,708,967

2,249,202

Earnings per share

Basic

2.55

1.87

Diluted

2.50

1.85

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of September 30, 2014

Amounts in EGP Thousands.

Sep. 30, 2014

Sep. 30, 2013

Cash Flow from Operating Activities

Profit Before Income Tax

4,059,108

3,261,200

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

161,169

156,821

Impairment Charges for credit losses

466,534

565,928

Other Provisions Charges

120,713

55,005

Trading Financial Investment Revaluation Differences

(35,997)

11,534

Intangible Assets Amortization

33,422

Available for sale and held to maturity investments exchange revaluation differences

(38,176)

(114,126)

Financial Investments Impairment Charge (Release)

1,505

(30,430)

Utilization of Other Provisions

(5,931)

(4,158)

Other Provisions No Longer Used

(142)

Exchange Differences of Other Provisions

(951)

14,405

Profits From Selling Property, Plant and Equipment

(689)

(748)

Profits From Selling Financial Investments

(74,968)

(3,720)

Shares Based Payments

81,945

71,885

Investments in Associates Revaluation

(23,579)

(16,309)

Operating Profits Before Changes in Operating Assets and Liabilities

4,710,683

4,000,567

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(4,138,347)

(966,229)

Treasury Bills & Other Governmental Notes

(3,085,888)

(8,063,793)

Trading Financial Assets

(1,203,386)

(681,550)

Derivative Financial Instruments

28,381

30,969

Loans and Advances to Banks and Customers

(4,702,710)

(544,007)

Other Assets

(966,946)

(178,411)

Due to Banks

204,357

(1,082,770)

Due to Customers

19,021,159

15,350,330

Income Tax Obligations Paid

(1,179,709)

(819,362)

Other Liabilities

1,102,935

66,124

Net Cash Provided from Operating Activities

9,790,529

7,111,868

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of September 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(6,167)

(7,527)

Purchases of Property, Plant and Equipment

(195,854)

(440,381)

Redemption of Held-to-Maturity Financial Investments

2,473

14,163

Purchases of Held to Maturity Financial Investment

(4,794,948)

Purchases of Available for Sale Financial Investments

(6,849,950)

(4,969,114)

Proceeds from Selling Available For Sale Financial Investments

4,970,874

3,590,395

Proceeds from Selling Real Estate Investments

5,640

700

Net Cash Generated from (Used in) Investing Activities

(6,867,932)

(1,811,764)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

98,725

29,610

Dividend Paid

(1,253,338)

(1,055,843)

Capital Increase

79,299

29,348

Net Cash Generated from (Used in) Financing Activities

(1,075,314)

(996,885)

Net Increase (Decrease) in Cash and Cash Equivalent During the Period

1,847,283

4,303,219

Beginning Balance of Cash and Cash Equivalent

11,879,893

5,665,914

Cash & Cash Equivalent At the End of the Period

13,727,176

9,969,133

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

6,611,568

3,956,054

Due From Banks

13,341,202

9,101,879

Treasury Bills and Other Governmental Notes

26,584,368

21,734,857

Obligatory Reserve Balance With CBE

(3,432,882)

(3,201,658)

Due from Banks (Time Deposits) More than Three Months

(9,078,455)

(5,495,127)

Treasury Bills With Maturity More than Three months

(20,298,625)

(16,126,872)

Total Cash & Cash Equivalent

13,727,176

9,969,133

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2013

September 30, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,972,275	380,349	2,036,955	(568,853)	117,806	153,365	103,717	2,404,153	164,761	10,764,528	47,520	10,812,048
Capital Increase	29,348	-	-	-	-	-	-	-	-	29,348	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,388	-	-	(1,325,842)	(63,683)	-	-	-
Transferred to Retained Earnings (losses)	-	-	-	23,470	-	-	-	(23,470)	-	-	-	-
Dividend paid	-	-	-	(1,002)	-	-	-	(1,054,841)	-	(1,055,843)	-	(1,055,843)
Net Profit of the Period	-	-	-	-	-	-	-	2,249,202	-	2,249,202	323	2,249,525
Transfer from Special Reserve	-	-	92,826	-	(92,826)	-	-	-	-	-	-	-
Change in Ownership Percentage	-	-	-	(132)	-	-	-	-	-	(132)	4	(128)
Net Change at Fair Value of AFS Financial Investments	-	-	-	-	-	(655,714)	-	-	-	(655,714)	-	(655,714)
Transferred (from) to Bank Risk Reserve	-	-	-	-	-	-	(65,664)	65,664	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	71,885	71,885	-	71,885
Balance at the end of the period	6,001,623	490,365	3,406,902	(546,517)	27,368	(502,349)	38,053	2,314,866	172,963	11,403,274	47,847	11,451,121

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2014

September 30, 2014	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	9,002,435	490,365	406,090	(546,531)	27,367	(720,480)	1,991	3,108,214	190,260	11,959,711	47,414	12,007,125
Capital Increase	79,299	-	-	-	-	-	-	-	-	79,299	-	79,299
Transferred to Reserves	-	130,719	1,444,406	-	741	-	-	(1,463,514)	(112,352)	-	-	-
Transferred to Retained Earnings (losses)	-	-	-	391,362	-	-	-	(391,362)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,253,338)	-	(1,253,338)	-	(1,253,338)
Net Profit of the Period	-	-	-	-	-	-	-	2,708,967	-	2,708,967	1,163	2,710,130
Change in Ownership Percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net Change at Fair Value of AFS Financial	-	-	-	-	-	191,764	-	-	-	191,764	-	191,764
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	81,945	81,945	-	81,945
Balance at the end of the period	9,081,734	621,084	1,850,496	(155,160)	28,108	(528,716)	1,991	2,708,967	159,853	13,768,357	48,568	13,816,925

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RNS metadata

Title: Q3'2014 Consolidated Financial Statements
Time: 07:00:13
Date: 12 Nov 2014
Category: Results
ID: 7276W

Impairment (Charge) Release for Credit Losses

Intangible Assets Amortization

Bank's Share in the Profits of Associates

Profit Before Income Tax

Diluted

Cash Flow from Operating Activities

September 30,

2013

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings(losses)

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Net Profits for the period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders' Equity

Minority Interest (EGP)

Total

(EGP)

September 30,

2014

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings(losses)

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Net Profits for the period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders' Equity

Minority Interest (EGP)

Total

(EGP)