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Commercial International Bank (Egypt) S.A.E. |
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Consolidated Financial Statements |
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September 30, 2016 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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Consolidated balance sheet as at September 30, 2016 |
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Amounts in EGP Thousands |
Note |
September 30, 2016 |
|
Dec. 31, 2015 |
Assets |
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Cash and balances with central bank |
15 |
12,434,973 |
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9,848,954 |
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Due from banks |
16 |
41,177,611 |
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21,002,305 |
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Treasury bills and other governmental notes |
17 |
21,613,272 |
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22,130,170 |
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Trading financial assets |
18 |
3,661,744 |
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5,848,377 |
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Loans and advances to banks, net |
19 |
77,334 |
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38,443 |
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Loans and advances to customers, net |
20 |
60,707,839 |
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56,797,576 |
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Non-current assets held for sale |
42 |
4,632,682 |
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1,066,270 |
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Derivative financial instruments |
21 |
66,018 |
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80,995 |
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Financial investments |
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- Available for sale* |
22 |
29,879,804 |
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46,289,075 |
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- Held to maturity* |
22 |
26,312,316 |
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9,261,220 |
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Investments in associates |
23 |
35,477 |
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159,983 |
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Other assets |
24 |
4,355,550 |
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4,789,291 |
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Goodwill |
41 |
177,280 |
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209,842 |
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Intangible assets |
41 |
531,683 |
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629,340 |
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Deferred tax assets (Liabilities) |
32 |
258,066 |
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258,157 |
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Property, plant and equipment |
25 |
1,217,397 |
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1,090,181 |
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Total assets |
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207,139,046 |
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179,500,179 |
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Liabilities and Equity |
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Liabilities |
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Due to banks |
26 |
477,662 |
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1,600,769 |
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Due to customers |
27 |
178,068,513 |
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155,234,416 |
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Non-current liabilities held for sale |
42 |
3,656,096 |
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371,622 |
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Derivative financial instruments |
21 |
65,622 |
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145,735 |
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Current tax liabilities |
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1,452,955 |
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1,949,694 |
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Other liabilities |
29 |
2,888,038 |
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2,622,269 |
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Long term loans |
28 |
147,628 |
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131,328 |
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Other provisions |
30 |
1,037,363 |
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861,761 |
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Total liabilities |
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187,793,877 |
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162,917,594 |
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Equity |
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Issued and paid up capital |
31 |
11,538,660 |
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11,470,603 |
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Reserves |
34 |
2,883,313 |
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151,993 |
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Reserve for employee stock ownership plan (ESOP) |
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302,441 |
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248,148 |
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Retained earnings (losses) |
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29,753 |
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(64,566) |
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Total equity |
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14,754,167 |
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11,806,178 |
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Net profit for the period/year |
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4,458,186 |
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4,728,976 |
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Total equity and net profit for the period/year |
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19,212,353 |
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16,535,154 |
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Minority interest |
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132,816 |
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47,431 |
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Total minority interest , equity and net profit for period/year |
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19,345,169 |
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16,582,585 |
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Total liabilities, equity, minority interest and net profit for period |
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207,139,046 |
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179,500,179 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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INCOME STATEMENT |
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As of September 30, 2016 |
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Amounts in EGP Thousands |
Note |
September 30, 2016 |
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September 30, 2015 |
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Continued Operations |
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Interest and similar income |
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13,486,623 |
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10,697,287 |
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Interest and similar expense |
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(6,420,760) |
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(4,789,881) |
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Net interest income |
6 |
7,065,863 |
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5,907,406 |
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Fee and commission income |
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1,385,726 |
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1,382,314 |
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Fee and commission expense |
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(279,399) |
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(198,851) |
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Net fee and commission income |
7 |
1,106,327 |
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1,183,463 |
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Dividend income |
8 |
32,019 |
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33,769 |
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Net trading income |
9 |
696,412 |
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439,725 |
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Profits on financial investments |
22 |
(13,418) |
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158,337 |
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Administrative expenses |
10 |
(1,793,714) |
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(1,408,680) |
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Other operating (expenses) income |
11 |
(557,683) |
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(338,433) |
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Goodwill amortization |
41 |
(32,561) |
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- |
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Intangible assets amortization |
41 |
(97,656) |
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- |
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Impairment charge for credit losses |
12 |
(577,684) |
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(1,120,280) |
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Bank's share in the profits of associates |
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1,143 |
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49,917 |
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Profit before income tax |
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5,829,048 |
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4,905,224 |
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Income tax expense |
13 |
(1,452,955) |
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(1,430,088) |
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Deferred tax assets (Liabilities) |
32 & 13 |
(91) |
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85,688 |
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Net profit from continued operations |
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4,376,002 |
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3,560,824 |
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Discontinued Operations |
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Net profit from discontinued operations |
42 |
95,897 |
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22,904 |
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Net profit for the period |
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4,471,899 |
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3,583,728 |
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Minority interest |
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13,713 |
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373 |
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Bank shareholders |
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4,458,186 |
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3,583,355 |
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Earnings per share |
14 |
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Basic |
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3.40 |
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2.69 |
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Diluted |
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3.35 |
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2.65 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT |
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As of September 30, 2016 |
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Amounts in EGP Thousands |
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September 30, 2016 |
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September 30, 2015 |
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Cash flow from operating activities |
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Profit before income tax from continued operations |
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5,829,048 |
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4,905,224 |
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Profit before income tax from Discontinued Operations |
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122,401 |
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27,697 |
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Adjustments to reconcile net profit to net cash provided by operating activities |
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Fixed assets depreciation |
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205,146 |
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168,497 |
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Impairment charge for credit losses |
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577,684 |
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1,120,280 |
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Other provisions charges |
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165,575 |
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118,158 |
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Trading financial investments revaluation differences |
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50,748 |
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361,086 |
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Available for sale and held to maturity investments exchange revaluation differences |
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(263,567) |
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(96,639) |
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Goodwill amortization |
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32,561 |
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- |
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Intangible assets amortization |
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97,656 |
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- |
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Financial investments impairment charge |
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57,328 |
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(28,083) |
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Utilization of other provisions |
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(2,822) |
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(4,682) |
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Other provisions no longer used |
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(47,405) |
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- |
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Exchange differences of other provisions |
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60,254 |
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19,004 |
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Profits from selling property, plant and equipment |
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(575) |
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(1,127) |
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Profits from selling financial investments |
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(10,935) |
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(161,897) |
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Profits from selling associates |
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(84,948) |
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- |
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Shares based payments |
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145,981 |
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127,827 |
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Investments in associates revaluation |
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(1,143) |
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(49,917) |
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Operating profits before changes in operating assets and liabilities |
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6,932,987 |
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6,505,428 |
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Net decrease (increase) in assets and liabilities |
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Due from banks |
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(19,125,704) |
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(7,329,262) |
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Treasury bills and other governmental notes |
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(531,505) |
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2,335,423 |
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Trading financial assets |
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2,135,885 |
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(3,000,201) |
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Derivative financial instruments |
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(65,136) |
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(106,398) |
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Loans and advances to banks and customers |
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(4,526,838) |
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(9,571,984) |
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Other assets |
(3,049,285) |
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(345,895) |
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Due to banks |
(1,123,107) |
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(201,313) |
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Due to customers |
22,834,097 |
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32,345,469 |
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Income tax obligations paid |
(1,949,694) |
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(1,814,609) |
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Other liabilities |
3,634,746 |
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(181,761) |
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Net cash provided from operating activities |
5,166,446 |
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18,634,897 |
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Cash Flow From Investing Activities |
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Payment for purchase of subsidiary and associates |
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48,607 |
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- |
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Proceeds from selling subsidiary and associates |
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161,503 |
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- |
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Payment for purchases of property, plant, equipment and branches constructions |
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(439,372) |
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(237,923) |
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Proceeds from redemption of held to maturity financial investments |
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4,094 |
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3,917,715 |
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Payment for purchases of held to maturity financial investments |
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(2,367,123) |
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(4,019,548) |
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Payment for purchases of available for sale financial investments |
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(3,024,361) |
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(21,237,674) |
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Proceeds from selling available for sale financial investments |
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4,416,515 |
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4,692,659 |
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Net cash used in investing activities |
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(1,200,137) |
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(16,000,677) |
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Cash flow from financing activities |
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Increase (decrease) in long term loans |
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16,300 |
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(74,422) |
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Dividend paid |
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(1,463,450) |
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(1,563,646) |
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Capital increase |
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68,057 |
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94,748 |
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Net cash used in financing activities |
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(1,379,093) |
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(1,543,320) |
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Net increase (decrease) in cash and cash equivalent during the period |
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2,587,216 |
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1,090,900 |
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Beginning balance of cash and cash equivalent |
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12,622,530 |
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15,062,901 |
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Cash and cash equivalent at the end of the period |
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15,209,746 |
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16,153,801 |
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Cash and Cash Equivalent Comprise |
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Cash and Balances with Central Bank |
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12,434,973 |
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9,230,657 |
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Due From Banks |
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41,177,611 |
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15,882,704 |
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Treasury Bills and Other Governmental Notes |
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21,613,272 |
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28,544,522 |
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Obligatory Reserve Balance With CBE |
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(9,846,334) |
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(7,032,352) |
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Due from Banks (Time Deposits) More than Three Months |
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(33,025,910) |
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(10,696,968) |
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Treasury Bills With Maturity More than Three months |
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(17,143,866) |
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(19,774,762) |
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Total Cash & Cash Equivalent |
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15,209,746 |
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16,153,801 |
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