Year-end 2014 Consolidated Financial Statements | RNS | Ticker

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Year-end 2014 Consolidated Financial Statements

RNS Announcement

RNS Number : 5594E

Commercial Intnl Bank (Egypt) SAE

11 February 2015

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

Consolidated Financial Statements

December 31, 2014

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of December 31, 2014

Amounts in EGP Thousand

Note

Dec.31, 2014

Dec. 31, 2013

Assets

Cash & Balances with Central Bank

7,502,256

4,796,240

Due From Banks

9,521,999

9,003,951

Treasury Bills & Other Governmental Notes

30,548,890

23,665,429

Trading Financial Assets

3,762,718

2,295,220

Loans & Advances to Banks

118,091

132,422

Loans & Advances to Customers

48,685,630

41,733,252

Derivative Financial Instruments

52,188

103,085

Financial Investments

Available for Sale

27,702,122

23,378,104

Held to Maturity

9,160,746

4,197,177

Investments in Associates

181,661

192,753

Brokerage clients-Debit Balances

771,611

270,811

Reconciliation Accounts- Debit Balances

28,779

Investment Property

884,094

Other Assets

3,814,075

2,902,039

Deferred Tax

121,737

83,557

Property, Plant and Equipment

985,504

969,176

Total Assets

143,813,322

113,751,995

Liabilities and Equity

Liabilities

Due to Banks

1,131,385

1,373,410

Due to Customers

121,974,959

96,845,683

Brokerage clients-Credit Balance

360,145

167,379

Reconciliation accounts-credit balances

8,975

Derivative Financial Instruments

137,175

114,879

Current Income Tax Obligations

1,814,609

1,179,709

Other Liabilities

2,609,452

1,476,957

Long Term Loans

242,878

132,153

Other Provisions

730,312

454,699

129,009,890

101,744,869

Total Liabilities

Equity

Issued and Paid In Capital

9,081,734

9,002,435

Reserves

1,908,443

307,060

Reserve for Employee Stock Ownership Plan (ESOP)

177,765

190,260

Retained Earnings (Losses)

(155,160)

(546,531)

Total Equity

11,012,782

8,953,224

Net Profit of the Year After Tax

3,741,456

3,006,488

Total Equity And Net Profit For Year

14,754,238

11,959,712

Minority Interest

49,194

47,414

Total Minority Interest and Equity

14,803,432

12,007,126

Total Liabilities, Equity and Minority Interest

143,813,322

113,751,995

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

25,309,960

16,182,440

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of December 31, 2014

Amounts in EGP Thousands

Note

Dec. 31, 2014

Dec. 31, 2013

Interest and Similar Income

11,544,829

9,520,697

Interest and Similar Expenses

(5,289,793)

(4,466,949)

Net Interest Income

6,255,036

5,053,748

Fees & Commissions Income

1,892,119

1,436,107

Fees and Commissions Expense

(182,135)

(128,827)

Net Income from Fees and Commissions

1,709,984

1,307,280

Dividend Income

32,270

16,915

Net Trading Income

718,261

767,392

Profit (Losses) from Financial Investments

(29,122)

(28,672)

Goodwill Amortization

Administrative Expenses

(1,875,672)

(1,574,369)

Other operating (Expenses) Income

(710,135)

(438,906)

Impairment (Charge) release for Credit Losses

(588,794)

(915,582)

Intangible Assets Amortization

(33,422)

Bank's Share in the Profits of Associates

24,510

22,097

Net Profit Before Tax

5,536,338

4,176,481

Income Tax Expense

(1,831,273)

(1,182,253)

Deferred Tax

33 & 13

38,180

12,149

Net Profit of The Year

3,743,245

3,006,377

Minority Interest

1,789

(111)

Bank Shareholders

3,741,456

3,006,488

Earning per share

Basic

3.55

2.65

Diluted

3.49

2.62

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of December 31, 2014

Amounts in EGP. Thousands

Dec. 31, 2014

Dec. 31, 2013

Cash Flow from Operating Activities

Profit Before Income Tax

5,536,338

4,176,481

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

218,322

206,979

Impairment Charges for credit losses

588,794

915,582

Other Provisions Charges

286,724

132,957

Trading Financial Investment Revaluation Differences

(4,957)

11,861

Intangible Assets Amortization

33,422

Available for sale and held to maturity investments exchange revaluation differences

(38,176)

(124,230)

Financial Investments Impairment Charge (Release)

65,748

(6,136)

Utilization of Other Provisions

(6,798)

(10,383)

Other Provisions No Longer Used

(456)

(142)

Exchange Differences of Other Provisions

(3,857)

16,778

Profits From Selling Property, Plant and Equipment

(2,106)

(741)

Profits From Selling Financial Investments

(83,131)

(4,363)

Shares Based Payments

99,857

89,182

Investments in Associates Revaluation

27,969

(20,027)

Real Estate Investments Impairment Charges

Operating Profits Before Changes in Operating Assets and Liabilities

6,684,271

5,417,220

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(131,636)

(642,434)

Treasury Bills & Other Governmental Notes

(4,897,448)

(9,149,658)

Trading Financial Assets

(1,462,541)

(783,020)

Derivative Financial Instruments

73,193

40,154

Loans and Advances to Banks and Customers

(7,526,841)

(904,075)

Other Assets

(1,373,214)

(543,895)

Due to Banks

(242,025)

(341,453)

Due to Customers

25,129,276

18,116,562

Income Tax Obligations Paid

(1,179,709)

(819,362)

Other Liabilities

1,317,572

275,584

Net Cash Provided from Operating Activities

16,390,898

10,655,623

CASH FLOW STATEMENT 1b

As of December 31, 2014

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(16,877)

(7,527)

Purchases of Property, Plant and Equipment

(243,387)

(529,367)

Redemption of Held-to-Maturity Financial Investments

18,611

Purchases of Held to Maturity Financial Investment

(4,963,569)

Purchases of Available for Sale Financial Investments

(9,079,241)

(7,463,492)

Proceeds from Selling Available For Sale Financial Investments

4,938,025

4,523,701

Purchases of Real Estate Investments

(884,094)

Net Cash Generated from (Used in) Investing Activities

(10,249,143)

(3,458,074)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

110,725

51,658

Dividend Paid

(1,253,338)

(1,055,843)

Capital Increase

79,299

29,348

Net Cash Generated from (Used in) Financing Activities

(1,063,314)

(974,837)

Net Increase (Decrease) in Cash and Cash Equivalent during the Year

5,078,441

6,222,712

Beginning Balance of Cash and Cash Equivalent

11,879,893

5,665,914

Cash & Cash Equivalent Balance At the End of the Year

16,958,334

11,888,626

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

7,502,256

4,804,974

Due From Banks

9,521,999

9,003,951

Treasury Bills and Other Governmental Notes

30,548,890

23,665,429

Obligatory Reserve Balance With CBE

(3,497,164)

(3,224,659)

Due from Banks (Time Deposits) More than Three Months

(5,007,462)

(5,148,331)

Treasury Bills With Maturity More than Three months

(22,110,185)

(17,212,738)

Total Cash & Cash Equivalent

16,958,334

11,888,626

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2013

December 31, 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 Year	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	3,030,160	-	(3,000,812)	-	-	-	-	-	-	29,348	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,387	-	-	(1,325,842)	(63,682)	-	-	-
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 Year	-	-	-	-	-	-	-	3,006,488	-	3,006,488	(111)	3,006,377
Transfer from Special Reserve	-	-	92,826	-	(92,826)	-	-	-	-	-	-	-
Change in ownership percentage	-	-	-	(146)	-	-	-	-	-	(146)	5	(141)
Net Change at Fair Value of AFS Financial investment	-	-	-	-	-	(873,844)	-	-	-	(873,844)	-	(873,844)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(101,726)	101,726	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	89,181	89,181	-	89,181
Balance at the end of the Year	9,002,435	490,365	406,090	(546,531)	27,367	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414	12,007,126

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2014

December 31, 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 Year	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	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414	12,007,126
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 Year	-	-	-	-	-	-	-	3,741,456	-	3,741,456	1,789	3,743,245
Change in Ownership Percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net Change at fair value of AFS Financial Investment	-	-	-	-	-	127,243	-	-	-	127,243	-	127,243
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	99,857	99,857	-	99,857
Balance at the end of the year	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	2,513	3,740,934	177,765	14.754,238	49,194	14,803,432

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FR BUGDDBXBBGUG

RNS metadata

Title: Year-end 2014 Consolidated Financial Statements
Time: 07:00:06
Date: 11 Feb 2015
Category: Results
ID: 5594E

Impairment (Charge) release for Credit Losses

Intangible Assets Amortization

Bank's Share in the Profits of Associates

Net Profit Before Tax

Diluted

Cash Flow from Operating Activities

December 31,

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 Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders' Equity

Minority Interest (EGP)

Total

(EGP)

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2014

December 31,

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 Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders' Equity

Minority Interest (EGP)

Total

(EGP)