1st Quarter Consolidated Results | RNS | Ticker

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1st Quarter Consolidated Results

RNS Announcement

RNS Number : 1161Y

Commercial Intnl Bank (Egypt) SAE

13 May 2016

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

Consolidated Financial Statements

March 31, 2016

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of March 31, 2016

Note

Mar.31, 2016

Dec. 31 ,2015

EGP Thousands

Assets

Cash and Balances with Central Bank

16,409,342

9,848,954

Due From Banks

31,110,134

21,002,305

Treasury Bills and Other Governmental Notes

18,194,950

22,130,170

Trading Financial Assets

4,967,350

5,848,377

Loans and Advances to Banks, net

43,172

38,443

Loans and Advances to Customers, net

60,012,073

56,797,576

Non-current Assets Held for Sale

3,573,823

1,066,270

Derivative Financial Instruments

150,374

80,995

Financial Investments

- Available for Sale

42,474,133

46,289,075

- Held to Maturity

9,259,909

9,261,220

Investments in Associates

35,094

159,983

Other Assets

4,483,454

4,789,291

Goodwill

198,988

209,842

Intangible Assets

596,788

629,340

Deferred Tax Assets (Liabilities)

316,592

258,157

Property, Plant and Equipment

1,080,617

1,090,181

Total Assets

192,906,793

179,500,179

Liabilities and Equity

Liabilities

Due to Banks

628,954

1,600,769

Due to Customers

169,352,150

155,234,416

Non-current Liabilities Held for Sale

2,325,907

371,622

Current Tax Liabilities

127,628

145,735

Other Liabilities

482,726

1,949,694

Long Term Loans

4,214,790

2,622,269

Other Provisions

124,234

131,328

Total Liabilities

914,715

861,761

Equity

Issued and Paid- in Capital

11,470,603

Reserves

1,464,757

151,993

Reserve for Employee Stock Ownership Plan (ESOP)

296,809

248,148

Retained Losses

32,277

(64,566)

Total Equity

13,264,446

11,806,178

Net Profit of the Year

1,291,554

4,728,976

Total Equity and Net Profit for the Year

14,556,000

16,535,154

Minority interest

179,689

47,431

Total Minority Interest, Equity and Net Profit for year

14,735,689

16,582,585

Total Liabilities, Equity, Minority Interest and Net Profit for year

192,906,793

179,500,179

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of March 31, 2016

Note

Mar. 31, 2016

Mar. 31, 2015

EGP Thousands

Interest and Similar Income

4,178,859

3,377,796

Interest and Similar Expense

(1,910,574)

(1,508,295)

Net Interest Income

2,268,285

1,869,501

Fee and Commissions Income

463,058

455,338

Fee and Commissions Expense

(83,981)

(53,418)

Net fee and commission income

379,077

401,920

Dividend Income

492

Net Trading Income

107,642

63,528

Profit (Losses) on Financial Investments

33,820

163,823

Administrative Expenses

(601,548)

(488,665)

Other Operating (Expenses) Income

(161,400)

12,623

Goodwill Amortization

(10,854)

Intangible Assets Amortization

(32,552)

Impairment Charge for Credit Losses

(287,613)

(420,898)

Bank's Share in the Profits of Associates

(740)

15,442

Profit Before Income Tax

1,694,609

1,617,274

Income Tax Expense

(482,726)

(542,567)

Deferred Tax Assets (Liabilities)

32 & 13

58,435

20,050

Net Profit from Continued Operations

1,270,318

1,094,757

Discontinued Operations

Net profit from discontinued operations

25,961

13,642

Net profit for the year

1,296,279

1,108,399

Minority interest

4,725

233

Bank shareholders

1,291,554

1,108,166

Earnings per share

Basic

1.03

0.83

Diluted

1.01

0.82

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of March 31, 2016

Mar. 31, 2016

Mar. 31, 2015

EGP Thousands

Cash Flow From Operating Activities

Profit before income tax from continued operations

1,694,609

1,617,274

Profit before income tax from Discontinued Operations

32,148

18,351

Adjustments To Reconcile Net Profit to Net Cash

Provided by Operating Activities

Fixed Assets Depreciation

64,951

54,692

Impairment Charges for credit losses

287,613

420,898

Other Provisions Charges

23,622

27,970

Trading Financial Investment Revaluation Differences

195,000

95,971

Available for sale and held to maturity investments exchange revaluation differences

(263,567)

(69,351)

Goodwill Amortization

10,854

Intangible Assets Amortization

32,552

Financial Investments Impairment Charge

19,481

22,868

Utilization of Other Provisions

(470)

(155)

Other Provisions No Longer Used

(33,132)

Exchange Differences of Other Provisions

62,934

7,920

Profits From Selling Property, Plant and Equipment

(164)

(647)

Profits From Selling Financial Investments

(16,259)

(177,242)

Profits From Selling Associates

(84,934)

Share Based Payments

48,661

42,609

Investments in Associates Revaluation

740

(15,442)

(24,299)

Operating Profits Before Changes in Operating Assets and Liabilities

2,074,639

2,021,417

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(13,650,312)

(1,637,664)

Treasury Bills & Other Governmental Notes

5,128,034

(3,500,850)

Trading Financial Assets

686,027

(1,997,694)

Derivative Financial Instruments

(87,486)

56,209

Loans and Advances to Banks and Customers

(3,506,839)

(4,715,627)

Other Assets

(2,079,531)

(112,901)

Due to Banks

(971,815)

(721,611)

Due to Customers

14,117,734

14,042,048

Income Tax Obligation Paid

(1,949,694)

(1,814,609)

Other Liabilities

3,682,924

1,024,770

Net Cash Provided from Operating Activities

3,443,681

2,643,488

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of March 31, 2016

Mar. 31, 2016

Mar. 31, 2015

Cash Flow From Investing Activities

Payment for purchase of subsidiary and associates

48,607

491

Proceeds from selling subsidiary and associates

159,989

Payment for purchases of property, plant, equipment and branches constructions

(174,558)

(116,559)

Proceeds from redemption of held to maturity financial investments

1,311

2,765,025

Payment for purchases of held to maturity financial investments

(3,813,120)

Payment for purchases of available for sale financial investments

(143,557)

(5,852,952)

Proceeds from selling available for sale financial investments

2,345,789

1,666,803

Net cash used in investing activities

2,237,581

(5,350,312)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(7,094)

(28,216)

Dividend Paid

(1,463,450)

(473,838)

Net cash used in financing activities

(1,470,544)

(502,054)

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

4,210,718

(3,208,878)

Beginning Balance of Cash and Cash Equivalent

12,622,531

15,062,901

Cash and Cash Equivalent At the End of the Year

16,833,249

11,854,023

Cash and Cash Equivalent Comprise:

Cash and Balances with Central Bank

16,409,342

8,842,134

Due From Banks

31,110,134

9,979,956

Treasury Bills and Other Governmental Notes

18,194,950

30,680,693

Obligatory Reserve Balance With CBE

(13,893,058)

(6,820,947)

Due from Banks with Maturities More than Three Months

(23,503,792)

(5,216,773)

Treasury Bills with Maturity More than Three Months

(11,484,327)

(25,611,040)

Total Cash and Cash Equivalent

16,833,249

11,854,023

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED MARCH 31, 2015

Mar. 31, 2015	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For A.F.S investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders Equity	Minority Interest	Total
												EGP Thousands

Beginning balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	1,991	3,741,456	177,765	14,754,238	49,194	14,803,432
Transferred to reserves	-	182,271	1,898,985	-	2,106	-	-	(2,083,362)	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net profit of the period	-	-	-	-	-	-	-	1,108,166	-	1,108,166	233	1,108,399
Transfer from special reserve	-	-	-	-	-	-	-	-	-	-	-	-
Change in owner ship percentage	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	117,431	-	-	-	117,431	-	117,431
Transferred (from) to bank risk reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	42,609	42,609	-	42,609
Balance at the end of the period	9,081,734	803,355	3,749,481	(61,234)	30,214	(475,805)	2,513	1,108,166	220,374	14,458,798	49,427	14,508,225

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED MARCH 31, 2016

Mar. 31, 2016	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For A.F.S investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
													EGP Thousands

Beginning balance	11,470,603	803,355	1,518,373	(64,566)	30,214	(2,202,462)	2,513	4,728,976	248,148	-	16,535,154	47,431	16,582,585
Transferred to reserves	-	232,008	2,944,190	-	564	-	-	(3,176,762)	-	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	88,258	-	-	-	(88,258)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,463,450)	-	-	(1,463,450)	-	(1,463,450)
Net profit of the period	-	-	-	-	-	-	-	1,291,554	-	-	1,291,554	4,725	1,296,279
Change in owner ship percentage	-	-	-	8,585	-	-	-	-	-	-	8,585	127,533	136,118
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(1,873,055)	-	-	-	-	(1,873,055)	-	(1,873,055)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	48,661	-	48,661	-	48,661
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8,551	8,551	-	8,551
Balance at the end of the period	11,470,603	1,035,363	4,462,563	32,277	30,778	(4,075,517)	3,019	1,291,554	296,809	8,551	14,556,000	179,689	14,735,689

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RNS metadata

Title: 1st Quarter Consolidated Results
Time: 08:00:06
Date: 13 May 2016
Category: Results
ID: 1161Y