CIB First Half 2016 Consolidated Financial Results | RNS | Ticker

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CIB First Half 2016 Consolidated Financial Results

RNS Announcement

RNS Number : 4206F

Commercial Intnl Bank (Egypt) SAE

28 July 2016

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

Consolidated Financial Statements

June 30, 2016

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of June 30, 2016

Amounts in EGP Thousands

Note

June 30, 2016

Dec. 31, 2015

Assets

Cash and balances with central bank

11,251,951

9,848,954

Due from banks

36,100,865

21,002,305

Treasury bills and other governmental notes

16,949,949

22,130,170

Trading financial assets

3,797,869

5,848,377

Loans and advances to banks, net

81,541

38,443

Loans and advances to customers, net

60,217,720

56,797,576

Non-current assets held for sale

3,435,833

1,066,270

Derivative financial instruments

95,073

80,995

Financial investments

- Available for sale*

31,068,016

46,289,075

- Held to maturity*

25,802,904

9,261,220

Investments in associates

36,007

159,983

Other assets

4,355,598

4,789,291

Goodwill

188,134

209,842

Intangible assets

564,236

629,340

Deferred tax assets (Liabilities)

263,050

258,157

Property, plant and equipment

1,170,565

1,090,181

Total assets

195,379,311

179,500,179

Liabilities and Equity

Liabilities

Due to banks

1,363,861

1,600,769

Due to customers

169,463,428

155,234,416

Non-current liabilities held for sale

2,218,954

371,622

Derivative financial instruments

66,855

145,735

Current tax liabilities

957,424

1,949,694

Other liabilities

2,841,614

2,622,269

Long term loans

144,852

131,328

Other provisions

932,697

861,761

Total liabilities

177,989,685

162,917,594

Equity

Issued and paid up capital

11,538,660

11,470,603

Reserves

2,636,311

151,993

Reserve for employee stock ownership plan (ESOP)

253,781

248,148

Retained earnings (losses)

26,727

(64,566)

Total equity

14,455,479

11,806,178

Net profit for the period/year

2,755,551

4,728,976

Total equity and net profit for the period/year

17,211,030

16,535,154

Minority interest

178,596

47,431

Total minority interest , equity and net profit for period/year

17,389,626

16,582,585

Total liabilities, equity, minority interest and net profit for period

195,379,311

179,500,179

The accompanying notes are an integral part of these financial statements .
(Review report attached)

		Hisham Ezz El-Arab
		Chairman and Managing Director

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of June 30, 2016

Amounts in EGP Thousands

Note

June 30, 2016

June 30, 2015

Continued Operations

Interest and similar income

8,595,146

6,917,409

Interest and similar expense

(4,061,260)

(3,109,039)

Net interest income

4,533,886

3,808,370

Fee and commission income

937,206

924,302

Fee and commission expense

(173,523)

(122,286)

Net fee and commission income

763,683

802,016

Dividend income

28,911

14,367

Net trading income

408,523

190,441

Profits on financial investments

1,404

158,424

Administrative expenses

(1,204,463)

(952,385)

Other operating (expenses) income

(316,881)

(144,456)

Goodwill amortization

(21,707)

Intangible assets amortization

(65,104)

Impairment charge for credit losses

(503,979)

(648,442)

Bank's share in the profits of associates

173

30,475

Profit before income tax

3,624,446

3,258,810

Income tax expense

(957,424)

(1,130,674)

Deferred tax assets (Liabilities)

32 & 13

4,893

101,087

Net profit from continued operations

2,671,915

2,229,223

Discontinued Operations

Net profit from discontinued operations

88,488

26,687

Net profit for the period

2,760,403

2,255,910

Minority interest

4,852

212

Bank shareholders

2,755,551

2,255,698

Earnings per share

Basic

2.09

1.69

Diluted

2.06

1.66

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of June 30, 2016

Amounts in EGP Thousands

June 30, 2016

June 30, 2015

Cash flow from operating activities

Profit before income tax from continued operations

3,624,446

3,258,810

Profit before income tax from Discontinued Operations

104,801

33,231

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

134,956

110,349

Impairment charge for credit losses

503,979

648,442

Other provisions charges

51,547

48,144

Trading financial investments revaluation differences

124,229

276,043

Available for sale and held to maturity investments exchange revaluation differences

(263,567)

(69,351)

Goodwill amortization

21,707

Intangible assets amortization

65,104

Financial investments impairment charge

52,614

(17,226)

Utilization of other provisions

(1,800)

(662)

Other provisions no longer used

(37,312)

Exchange differences of other provisions

58,501

9,542

Profits from selling property, plant and equipment

(537)

(798)

Profits from selling financial investments

(16,243)

(177,395)

Profits from selling associates

(84,948)

Shares based payments

97,321

85,218

Investments in associates revaluation

(173)

(30,476)

Real estate investments revaluation

(24,299)

Operating profits before changes in operating assets and liabilities

4,434,625

4,149,572

Net decrease (increase) in assets and liabilities

Due from banks

(13,870,856)

(3,812,185)

Treasury bills and other governmental notes

5,366,184

2,116,239

Trading financial assets

1,926,279

(2,519,413)

Derivative financial instruments

(92,958)

(20,771)

Loans and advances to banks and customers

(3,967,221)

(6,404,839)

Other assets

(1,831,172)

(224,710)

Due to banks

(236,908)

(532,131)

Due to customers

14,229,012

20,894,041

Income tax obligations paid

(1,949,694)

(1,814,609)

Other liabilities

2,202,795

(476,934)

Net cash provided from operating activities

6,210,086

11,354,260

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of June. 30, 2016

June 30, 2016

June 30, 2015

Cash Flow From Investing Activities

Payment for purchase of subsidiary and associates

48,607

Proceeds from selling subsidiary and associates

160,003

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

(333,546)

(166,488)

Proceeds from redemption of held to maturity financial investments

2,671

3,416,433

Payment for purchases of held to maturity financial investments

(16,544,355)

(4,019,548)

Payment for purchases of available for sale financial investments

(2,717,468)

(13,050,692)

Proceeds from selling available for sale financial investments

17,372,534

2,669,457

Net cash used in investing activities

(2,011,554)

(11,150,838)

Cash flow from financing activities

Increase (decrease) in long term loans

13,524

(36,904)

Dividend paid

(1,463,450)

(1,563,646)

Capital increase

68,057

94,748

Net cash used in financing activities

(1,381,869)

(1,505,802)

Net increase (decrease) in cash and cash equivalent during the period

2,816,663

(1,302,380)

Beginning balance of cash and cash equivalent

12,622,530

15,062,901

Cash and cash equivalent at the end of the period

15,439,193

13,760,521

Cash and Cash Equivalent Comprise

Cash and Balances with Central Bank

11,251,951

12,668,642

Due From Banks

36,100,865

8,728,922

Treasury Bills and Other Governmental Notes

16,949,949

26,569,148

Obligatory Reserve Balance With CBE

(8,412,172)

(10,528,028)

Due from Banks (Time Deposits) More than Three Months

(29,205,223)

(3,684,216)

Treasury Bills With Maturity More than Three months

(11,246,177)

(19,993,947)

Total Cash & Cash Equivalent

15,439,193

13,760,521

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity for the period ended on June 30, 2015
Jun. 30, 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 year / 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
Capital increase	94,748	-	-	-	-	-	-	-	-	94,748	-	94,748
Transferred to reserves	-	182,271	1,961,998	-	2,106	-	-	(2,083,362)	(63,013)	-	-	-
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	-	-	-	-	-	-	-	2,255,698	-	2,255,698	212	2,255,910
Change in owner ship percentage	-	-	-	1,368	-	-	-	-	-	1,368	(1,368)	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(769,771)	-	-	-	(769,771)	-	(769,771)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	85,218	85,218	-	85,218
Balance at the end of the period	9,176,482	803,355	3,812,494	(59,866)	30,214	(1,363,007)	2,513	2,255,698	199,970	14,857,853	48,038	14,905,891

Consolidated statement of changes in shareholders' equity for the period ended June 30, 2016
Jun. 30, 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 year / 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
Capital increase	68,057	-	-	-	-	-	-	-	-	-	68,057	-	68,057
Transferred to reserves	-	232,008	3,035,878	-	564	-	-	(3,176,762)	(91,688)	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	88,258	-	-	-	(88,258)	-	-	-	-	-
Dividend paid	-	-	-	(5,550)	-	-	-	(1,463,450)	-	-	(1,469,000)	(1,220)	(1,470,220)
Net profit of the period	-	-	-	-	-	-	-	2,755,551	-	-	2,755,551	4,852	2,760,403
Change in owner ship percentage	-	-	-	8,585	-	-	-	-	-	-	8,585	127,533	136,118
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(793,189)	-	-	-	-	(793,189)	-	(793,189)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	97,321	-	97,321	-	97,321
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8,551	8,551	-	8,551
Balance at the end of the period	11,538,660	1,035,363	4,554,251	26,727	30,778	(2,995,651)	3,019	2,755,551	253,781	8,551	17,211,030	178,596	17,389,626

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RNS metadata

Title: CIB First Half 2016 Consolidated Financial Results
Time: 08:00:08
Date: 28 Jul 2016
Category: Results
ID: 4206F