3rd Quarter Consolidated Results | RNS | Ticker

3rd Quarter Consolidated Results

RNS Announcement

RNS Number : 9527V

Commercial Intnl Bank (Egypt) SAE

09 November 2017





Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements September 30^th , 2017















FINANCIAL POSITION
As of September 30th, 2017
Amounts in EGP Thousands	Note	September 30, 2017		December 31, 2016

Assets
Cash and balances with central bank	15	23,174,630		10,522,040
Due from banks	16	38,891,261		58,011,034
Treasury bills and other governmental notes	17	54,950,084		39,177,184
Trading financial assets	18	4,599,462		2,445,134
Loans and advances to banks, net	19	1,207		159,651
Loans and advances to customers, net	20	87,996,206		85,224,148
Non current assets held for sale	42	-		4,890,438
Derivative financial instruments	21	68,570		269,269
Financial investments
- Available for sale	22	17,781,240		5,447,291
- Held to maturity	22	47,494,845		53,924,936
Investments in associates	23	58,602		36,723
Other assets	24	5,953,598		5,434,563
Intangible assets	41	401,475		499,131
Deferred tax assets (Liabilities)	32	171,593		181,308
Property, plant and equipment	25	1,342,886		1,320,905
Total assets		282,885,659		267,543,755
Liabilities and equity
Liabilities
Due to banks	26	664,401		3,008,996
Due to customers	27	247,733,684		231,740,795
Non current liabilities held for sale	42	-		3,684,676
Derivative financial instruments	21	154,420		331,091
Current tax liabilities		1,945,105		2,017,034
Other liabilities	29	4,119,256		3,579,330
Long term loans	28	141,406		160,243
Other provisions	30	1,518,570		1,514,057
Total liabilities		256,276,842		246,036,222
Equity
Issued and paid up capital	31	11,618,011		11,538,660
Reserves	34	8,824,048		3,451,756
Reserve for employee stock ownership plan (ESOP)		428,807		343,460
Retained earnings (losses)		89,873		31,462
Total equity		20,960,739		15,365,338
Net profit for the period/year		5,648,078		6,009,118
Total equity and net profit for the period/year		26,608,817		21,374,456
Minority interest		-		133,077
Total minority interest , equity and net profit for the period		26,608,817		21,507,533
Total liabilities, equity, minority interest and net profit for the period		282,885,659		267,543,755



INCOME STATEMENT
As of September 30, 2017


Amounts in EGP Thousands	Note	September 30, 2017		September 30, 2016

Continued Operations
Interest and similar income
Interest and similar expense		21,008,359		13,486,623
		(11,698,658)		(6,420,760)
Net interest income	6	9,309,701		7,065,863

Fee and commission income		2,019,148		1,385,726
Fee and commission expense		(435,430)		(279,399)
Net fee and commission income	7	1,583,718		1,106,327

Dividend income	8	27,844		32,019
Net trading income	9	908,024		696,412
Profits on financial investments	22	6,792		(13,418)
Administrative expenses	10	(2,262,632)		(1,793,714)
Other operating (expenses) income	11	(730,741)		(557,683)
Goodwill impairment	41	-		(32,561)
Intangible assets amortization	41	(97,656)		(97,656)
Impairment charge for credit losses	12	(1,431,865)		(577,684)
Bank's share in the profits of associates		22,629		1,143
Profit before income tax		7,335,814		5,829,048

Income tax expense	13	(1,945,105)		(1,452,955)
Deferred tax assets (Liabilities)	32 & 13	(9,715)		(91)
Net profit from continued operations		5,380,994		4,376,002

Net profit from discontinued operations	42	122,234		95,897
Profit (loss) of disposal from discontinued operations	43	168,900		-
Net profit for the period		5,672,128		4,471,899
Minority interest		24,050		13,713
Bank shareholders		5,648,078		4,458,186

Earnings per share	14
Basic		4.34		3.38
Diluted		4.27		3.33




CASH FLOW STATEMENT As of September 30, 2017
Amounts in EGP Thousands
			September 30, 2017		September 30, 2016
Cash flow from operating activities
Profit before income tax from continued operations			7,335,814		5,829,048
Profit before income tax from discontinued operations			-		122,401
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation			263,524		205,146
Impairment charge for credit losses			1,431,865		577,684
Other provisions charges			119,983		165,575
Trading financial investments revaluation differences			(269,480)		50,748
Available for sale and held to maturity investments exchange revaluation differences			115,734		(263,567)
Goodwill impairment			-		32,561
Intangible assets amortization			97,656		97,656
Financial investments impairment charge			(96,182)		46,492
Utilization of other provisions			(19,951)		(2,822)
Other provisions no longer used			(97,884)		(47,405)
Exchange differences of other provisions			2,365		60,254
Profits from selling property, plant and equipment			(607)		(575)
Profits from selling financial investments			101,546		(10,935)
Profits from selling investments in associates			-		(84,948)
Shares based payments			230,357		145,981
Bank's share in the profits of associates			(22,629)		(1,143)
Operating profits before changes in operating assets and liabilities			9,192,111		6,922,151

Net decrease (increase) in assets and liabilities
Due from banks			(7,919,523)		(2,042,595)
Treasury bills and other governmental notes			(16,875,364)		538,374
Trading financial assets			(1,884,848)		2,135,885
Derivative financial instruments			24,028		(65,136)
Loans and advances to banks and customers			(3,277,713)		(4,526,838)
Other assets			(307,248)		(3,049,285)
Non current assets held for sale			428,011		-
Due to banks			(2,344,595)		(1,123,107)
Due to customers			15,768,372		22,834,097
Income tax obligations paid			(2,017,034)		(1,949,694)
Other liabilities			539,926		3,634,746
Income tax paid			(8,673,877)		23,308,598

Cash flow from investing activities
Payment for purchase of subsidiary and associates			-		48,607
Proceeds from selling subsidiary and associates			750		161,503
Payment for purchases of property, plant, equipment and branches constructions			(467,699)		(439,372)
Proceeds from redemption of held to maturity financial investments			11,026,150		4,094
Payment for purchases of held to maturity financial investments			(4,596,059)		(2,367,123)
Payment for purchases of available for sale financial investments			(13,263,959)		(3,024,361)
Proceeds from selling available for sale financial investments			1,146,696		4,427,351
Proceeds from selling non-current assets held for sale			628,521		-
Net cash used in investing activities			(5,525,600)		(1,189,301)
Cash flow from financing activities
Increase (decrease) in long term loans			(18,837)		16,300
Dividend paid			(1,350,207)		(1,463,450)
Capital Increase			79,351		68,057
Net cash used in financing activities			(1,289,693)		(1,379,093)
Net increase (decrease) in cash and cash equivalent during the period			(15,489,170)		20,740,204
Beginning balance of cash and cash equivalent			61,518,700		22,583,060
Cash and cash equivalent at the end of the period			46,029,530		43,323,264

Cash and cash equivalent comprise:
Cash and balances with central bank			23,174,630		12,434,973
Due from banks			38,891,261		41,177,611
Treasury bills and other governmental notes			54,950,084		21,613,272
Obligatory reserve balance with CBE			(12,666,252)		(9,846,334)
Due from banks with maturities more than three months			(3,257,401)		(464,462)
Treasury bills with maturity more than three months			(55,062,792)		(21,591,796)
Total cash and cash equivalent			46,029,530		43,323,264

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity for the period ended on September 30, 2016
Sep. 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 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	-	-	-	-	-	-	-	4,458,186	-	-	4,458,186	13,713	4,471,899
Change in ownership percentage	-	-	-	11,611	-	-	-	-	-	-	11,611	72,892	84,503
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(546,224)	-	-	-	-	(546,224)	-	(546,224)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	145,981	-	145,981	-	145,981
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8588	8,588	-	8,588
Balance at the end of the period	11,538,660	1,035,363	4,554,251	29,753	30,778	(2,748,686)	3,019	4,458,186	302,441	8,588	19,212,353	132,816	19,345,169

Consolidated statement of changes in shareholders' equity for the period ended September 30, 2017

Sep. 30, 2017

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

11,538,660

1,035,363

4,554,251

31,462

30,778

(2,180,244)

3,019

6,009,118

343,460

8,588

21,374,455

133,077

21,507,532

Capital increase

79,351

Transferred to reserves

297,444

4,445,617

58,563

1,682

(4,658,296)

(145,010)

Dividend paid

(1,350,207)

Net profit for the period

5,648,078

24,050

5,672,128

Disposal of subsidiary

152

(152)

(8,588)

Change in ownership percentage

(157,127)

Net unrealised gain/(loss) on AFS

635,371

Transferred (from) to bank risk reserve

615

(615)

Cost of employees stock ownership plan (ESOP)

230,357

Balance at the end of the period

11,618,011

1,332,807

9,000,020

89,873

32,460

(1,544,873)

3,634

5,648,078

428,807

26,608,817

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RNS metadata

Title: 3rd Quarter Consolidated Results
Time: 07:00:03
Date: 9 Nov 2017
Category: Results
ID: 9527V