Year-end 2015 IFRS Financial Statements | RNS | Ticker

Year-end 2015 IFRS Financial Statements

RNS Announcement

RNS Number : 3855Q

Commercial Intnl Bank (Egypt) SAE

28 February 2016



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Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31, 2015


Consolidated income statement for the year ended December 31, 2015

	Notes	Dec. 31, 2015	Dec. 31, 2014
		EGP Thousands	EGP Thousands

Interest and similar income		14,765,337	11,529,667
Interest and similar expense		(6,651,056)	(5,256,449)
Net interest income	3	8,114,281	6,273,218

Fee and commission income		1,932,054	1,631,008
Fee and commission expense		(299,696)	(180,109)
Net fee and commission income	4	1,632,358	1,450,899

Dividend income	5	35,062	27,501
Net trading income	6	710,398	716,789
Profits (Losses) on financial investments	22	270,998	(29,122)
Administrative expenses	7	(2,561,964)	(2,113,468)
Other operating (expenses)	8	(566,304)	(731,466)
Impairment (charge) for credit losses	9	(1,682,439)	(588,794)
Bank's share in the profits of associates	12	27,829	24,510
Profit before income tax from continued operations		5,980,219	5,030,067

Current income tax expense		(1,949,694)	(1,814,609)
Deferred income tax	10.2	136,047	38,355
Net profit from continued operations		4,166,572	3,253,813

Profit from discontinued operations (Net of tax)		61,115	72,218
Net profit for the year		4,227,687	3,326,031
Attributable to:
Equity holders of the parent		4,227,001	3,324,242
Non-controlling interest		686	1,789
Net Profit for the year		4,227,687	3,326,031

Earning per share	11
Basic attributable to equity holders of the parent		3.69	2.90
Diluted attributable to equity holders of the parent		3.64	2.86

Earnings per share from continuing operations
Basic attributable to equity holders of the parent		3.63	2.84
Diluted attributable to equity holders of the parent		3.58	2.80

		Hisham Ezz El-Arab
		Chairman and Managing Director

Statement of other comprehensive income for the year ended December 31, 2015

	Dec. 31, 2015	Dec. 31, 2014
	EGP Thousands	EGP Thousands
Profit for the year	4,227,687	3,326,031
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on available-for-sale financial assets	(1,609,226)	127,243
Other comprehensive income for the year	(1,609,226)	127,243
Total comprehensive income for the year	2,618,461	3,453,274

Attributable to:
Equity holders of the bank	2,617,775	3,451,485
Non-controlling interests	686	1,789

Consolidated statement of financial position as at December 31, 2015
			Notes	Dec. 31, 2015			Dec. 31, 2014
				EGP Thousands			EGP Thousands
Assets
Cash and balances with Central Bank			13	9,848,954			7,502,256
Due from banks			14	21,002,305			9,521,999
Treasury bills and other governmental notes			15	22,130,170			30,548,890
Financial assets held for trading			16	5,848,377			3,762,718
Loans and advances to banks, net			17	38,443			118,091
Loans and advances to customers, net			18	56,797,576			48,685,630
Non-current assets held for sale			40	1,066,270			-
Derivative financial instruments			19	80,995			52,188
Financial investments
- Available for sale			21	46,289,075			27,702,122
- Held to maturity			21	9,261,220			9,160,746
Investments in associates			23	159,983			181,661
Investment property			24	-			884,094
Other assets			25	4,789,291			4,585,686
Goodwill			41	217,078			-
Intangible assets			41	651,041			-
Deferred tax assets			10.2	258,157			121,737
Property and equipment			26	1,096,760			1,001,815
Total assets				179,535,695			143,829,633
Liabilities and equity
Liabilities
Due to banks			27	1,600,769			1,131,385
Due to customers			28	155,234,416			121,974,959
Non-current liabilities held for sale			40	371,622			-
Derivative financial instruments			19	145,735			137,175
Other liabilities			30	3,164,106			3,401,728
Current Tax Liability				1,949,694			1,831,273
Long term loans			29	131,328			242,878
Other provisions			31	861,761			730,312
Total liabilities				163,459,431			129,449,710
Equity
Issued and paid in capital			32	11,470,603			9,081,734
Reserves			33	149,480			1,905,930
Reserve for employee stock ownership plan (ESOP)				248,148			177,766
Retained earning				4,160,601			3,165,298
Total equity attributable to equity holders of the parent				16,028,832			14,330,728
Non-controlling interest				47,432			49,195
Total equity				16,076,264			14,379,923
Total liabilities , equity and non-controlling interest				179,535,695			143,829,633





				Hisham Ezz El-Arab
				Chairman and Managing Director

Consolidated statement of changes in shareholders' equity
	Attributable to equity holders of the parents
Dec. 31, 2015	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)			Retained earning	Reserves		Total	Non-controlling interest	Total equity
										EGP Thousands
Beginning balance	9,002,435	190,261			2,245,025	203,343		11,641,064	47,415	11,688,479
Profit for the year	-	-			3,326,031	-		3,326,031	1,789	3,327,820
Other comprehensive income	-	-			-	127,243		127,243	-	127,243
Total comprehensive income	-	-			3,326,031	127,243		3,453,274	1,789	3,455,063
Capital increase	79,299	-			-	-		79,299	-	79,299
Reserve for employees stock ownership plan (ESOP)	-	99,857			-	-		99,857	-	99,857
Dividend	-	-			(942,775)	-		(942,775)	-	(942,775)
Transferred to reserves	-	(112,352)			(1,462,992)	1,575,344		-	-	-
Change during the year	-	-			9	-		9	(9)	-
Balance at 31 December 2014	9,081,734	177,766			3,165,298	1,905,930		14,330,728	49,195	14,379,923
Profit for the year	-	-			4,227,687	-		4,227,687	686	4,228,373
Other comprehensive income	-	-			-	(1,609,226)		(1,609,226)	-	(1,609,226)
Total comprehensive income	-	-			4,227,687	(1,609,226)		2,618,461	686	2,619,147
Capital increase	2,388,869	-				(2,388,869)		-	-	-
Reserve for employees stock ownership plan (ESOP)	-	133,395			-	-		133,395	-	133,395
Dividend	-	-			(1,053,752)	-		(1,053,752)	(1,081)	(1,054,833)
Transferred to reserves	-	(63,013)			(2,178,632)	2,241,645		-	-	-
Change during the year	-	-			-	-		-	(1,368)	(1,368)
Balance at 31 December 2015	11,470,603	248,148			4,160,601	149,480		16,028,832	47,432	16,076,264


Consolidated cash flow statement for the year ended December 31, 2015

		Dec. 31, 2015	Dec. 31, 2014
	Notes	EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		5,980,219	5,030,067
Profit before income tax from Discontinued Operations	40	71,161
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed Assets Depreciation		197,988	231,582
Impairment charge for credit losses		1,682,439	588,794
Other provisions charges		135,866	286,724
Trading financial investments revaluation differences		353,590	(4,957)
Available for sale and held to maturity investments exchange revaluation differences		(96,638)	(38,176)
Financial investments impairment charge		140,751	65,748
Utilization of other provisions		(17,242)	(6,798)
Other provisions no longer used		(505)	(456)
Exchange differences of other provisions		13,330	(3,857)
Profits from selling property, plant and equipment		(564)	(2,106)
Profits from selling financial investments		(163,270)	(83,131)
Profits from selling associates		(285,431)	-
Shares based payments		133,395	99,857
Exchange differences of long term loans		-	-
Investments in associates revaluation		(27,829)	(24,510)
Finance expense related to financial lease contract		1,048	2,483
Operating profits before changes in operating assets and liabilities		8,118,308	6,230,321

Due from banks		(13,346,479)	(131,636)
Treasury bills and other governmental notes		5,497,825	(4,897,448)
Trading financial assets		(2,439,249)	(1,462,541)
Derivative financial instruments		(20,247)	73,193
Loans and advances to banks and customers		(9,714,737)	(7,526,841)
Other assets		(1,273,556)	(1,373,214)
Goodwill		(217,078)	-
Intangible Assets		(651,041)	-
Due to banks		469,384	(242,025)
Due to customers		33,259,457	25,129,276
Income tax obligations paid		(1,814,609)	1,411,719
Other liabilities		15,319	(1,182,253)
Net cash provided from operating activities		19,619,535	16,028,551

Cash flow from investing activities
Payment to acquire Citibank - Egypt's retail banking portfolio		(868,119)	-
Payment for purchase of associates		-	(16,877)
Proceeds from selling associates		334,451	-
Payment for purchases of property and equipment		(304,401)	(245,493)
Proceeds from redemption of held to maturity financial investments		3,919,074	-
Payment for purchases of held to maturity financial investments		(4,019,548)	(4,963,569)
Payment for purchases of available for sale financial investments		(25,392,460)	(9,079,241)
Proceeds from selling available for sale financial investments		5,315,438	4,938,025
Proceeds from selling property and equipment		-	2,106
Proceeds (payments) from real estate investments		884,094	(884,094)
Net cash (used in) investing activities		(20,131,471)	(10,249,143)


Consolidated cash flow statement for the year ended December 31, 2015 (Cont.)

		Dec. 31, 2015	Dec. 31, 2014
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Increase (decrease) in long term loans		(111,550)	110,725
Dividend paid		(1,563,646)	(942,775)
Capital increase		94,748	79,299
Payments related to finance lease		(12,380)	(15,210)
Net cash used in financing activities		(1,592,828)	(767,961)


Net increase (decrease) in cash and cash equivalent during the year		(2,104,764)	5,011,447
Beginning balance of cash and cash equivalent		16,540,665	11,529,218
Cash and cash equivalent at the end of the year		14,435,901	16,540,665

Cash and cash equivalent comprise:
Cash and balances with Central Bank		9,848,954	7,502,256
Due from banks		21,002,305	9,521,999
Treasury bills and other governmental notes		22,130,170	30,548,890
Obligatory reserve balance with CBE		(8,268,202)	(3,497,164)
Due from banks with maturities more than three months		(13,664,965)	(5,425,131)
Treasury bills with maturity more than three months		(16,612,361)	(22,110,185)
Total cash and cash equivalent		14,435,901	16,540,665

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RNS metadata

Title: Year-end 2015 IFRS Financial Statements
Time: 07:00:09
Date: 29 Feb 2016
Category: Results
ID: 3855Q