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Commercial International Bank (Egypt) S.A.E. Separate Financial Statements September 30th , 2017 |
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FINANCIAL POSITION |
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As of September 30th , 2017 |
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Amounts in EGP Thousands |
Note |
September 30, 2017 |
December 31, 2016 |
Assets |
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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 |
85,991,914 |
Derivative financial instruments |
21 |
68,570 |
269,269 |
Financial investments |
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- Available for sale |
22 |
17,781,240 |
5,447,291 |
- Held to maturity |
22 |
47,494,845 |
53,924,936 |
Investments in associates |
23 |
9,750 |
10,500 |
Non current assets held for sale |
42 |
- |
428,011 |
Other assets |
24 |
5,953,798 |
5,446,025 |
Intangible assets |
41 |
401,475 |
499,131 |
Deferred tax assets (Liabilities) |
32 |
171,593 |
181,308 |
Property, plant and equipment |
25 |
1,342,886 |
1,338,629 |
Total assets |
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282,837,007 |
263,852,057 |
Liabilities and equity |
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Liabilities |
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Due to banks |
26 |
664,401 |
3,008,996 |
Due to customers |
27 |
247,733,684 |
231,965,312 |
Derivative financial instruments |
21 |
154,420 |
331,091 |
Current tax liabilities |
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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 |
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256,276,842 |
242,576,063 |
Equity |
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Issued and paid up capital |
31 |
11,618,011 |
11,538,660 |
Reserves |
34 |
8,824,048 |
3,443,319 |
Reserve for employee stock ownership plan (ESOP) |
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428,807 |
343,460 |
Total equity |
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20,870,866 |
15,325,439 |
Net profit for the period/year |
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5,689,299 |
5,950,555 |
Total equity and net profit for the period/ year |
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26,560,165 |
21,275,994 |
Total liabilities and equity |
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282,837,007 |
263,852,057 |
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INCOME STATEMENT |
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As of September 30, 2017 |
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Amounts in EGP Thousands |
Note |
September 30, 2017 |
September 30, 2016 |
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Interest and similar income |
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21,008,359 |
13,486,623 |
Interest and similar expense |
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(11,698,658) |
(6,420,760) |
Net interest income |
6 |
9,309,701 |
7,065,863 |
Fee and commission income |
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2,019,148 |
1,385,726 |
Fee and commission expense |
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(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 |
337,726 |
44,236 |
Administrative expenses |
10 |
(2,262,632) |
(1,793,713) |
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) |
Profit before income tax |
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7,644,119 |
5,885,560 |
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Income tax expense |
13 |
(1,945,105) |
(1,452,955) |
Deferred tax assets (Liabilities) |
32 & 13 |
(9,715) |
(91) |
Net profit for the Period |
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5,689,299 |
4,432,514 |
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Earnings per share |
14 |
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Basic |
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4.34 |
3.38 |
Diluted |
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4.27 |
3.33 |
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CASH FLOW STATEMENT As of September 30, 2017 |
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Amounts in EGP Thousands |
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September 30, 2017 |
September 30, 2016 |
Cash flow from operating activities |
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Profit before income tax |
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7,644,119 |
5,885,560 |
Adjustments to reconcile net profit to net cash provided by operating activities |
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Fixed assets depreciation |
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263,524 |
205,146 |
Impairment charge for credit losses |
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1,431,865 |
577,684 |
Other provisions charges |
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119,983 |
165,575 |
Trading financial investments revaluation differences |
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(269,480) |
50,748 |
Available for sale and held to maturity investments exchange revaluation differences |
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115,734 |
(263,567) |
Goodwill impairment |
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- |
32,561 |
Intangible assets amortization |
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97,656 |
97,656 |
Financial investments impairment charge |
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(96,182) |
46,492 |
Utilization of other provisions |
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(19,951) |
(2,822) |
Other provisions no longer used |
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(97,884) |
(47,405) |
Exchange differences of other provisions |
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2,365 |
60,254 |
Profits from selling property, plant and equipment |
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(607) |
(575) |
Profits from selling financial investments |
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101,546 |
(10,935) |
Profits (losses) from selling associates |
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- |
(84,948) |
Shares based payments |
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230,357 |
145,981 |
Impairment (Released) charges of non-current assets held for sale |
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(330,934) |
- |
Operating profits before changes in operating assets and liabilities |
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9,192,111 |
6,857,405 |
Net decrease (increase) in assets and liabilities |
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Due from banks |
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(7,919,523) |
(2,042,595) |
Treasury bills and other governmental notes |
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(16,875,364) |
538,374 |
Trading financial assets |
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(1,884,848) |
2,135,885 |
Derivative financial instruments |
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24,028 |
(65,136) |
Loans and advances to banks and customers |
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(3,277,713) |
(4,601,222) |
Other assets |
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(307,248) |
541,151 |
Non-Current Assets Held for Sale |
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428,011 |
- |
Due to banks |
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(2,344,595) |
(1,123,107) |
Due to customers |
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15,768,372 |
22,800,375 |
Income tax obligations paid |
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(2,017,034) |
(1,949,694) |
Other liabilities |
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539,926 |
265,769 |
Net cash provided from operating activities |
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(8,673,877) |
23,357,205 |
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Cash flow from investing activities |
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Proceeds from selling subsidiary and associates |
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750 |
161,503 |
Payment for purchases of property, plant, equipment and branches constructions |
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(467,699) |
(439,372) |
Proceeds from redemption of held to maturity financial investments |
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11,026,150 |
4,094 |
Payment for purchases of held to maturity financial investments |
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(4,596,059) |
(2,367,123) |
Payment for purchases of available for sale financial investments |
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(13,263,959) |
(3,024,361) |
Proceeds from selling available for sale financial investments |
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1,146,696 |
4,427,351 |
Proceeds from selling non-current assets held for sale |
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628,521 |
- |
Net cash used in investing activities |
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(5,525,600) |
(1,237,908) |
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Cash flow from financing activities |
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Increase (decrease) in long term loans |
(18,837) |
16,300 |
Dividend paid |
(1,350,207) |
(1,463,450) |
Capital Increase |
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79,351 |
68,057 |
Net cash used in financing activities |
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(1,289,693) |
(1,381,869) |
Net increase (decrease) in cash and cash equivalent during the period |
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(15,489,170) |
20,740,204 |
Beginning balance of cash and cash equivalent |
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61,518,700 |
22,583,060 |
Cash and cash equivalent at the end of the period |
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46,029,530 |
43,323,264 |
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Cash and cash equivalent comprise: |
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Cash and balances with central bank |
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23,174,630 |
12,434,973 |
Due from banks |
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38,891,261 |
41,177,611 |
Treasury bills and other governmental notes |
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54,950,084 |
21,613,272 |
Obligatory reserve balance with CBE |
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(12,666,252) |
(9,846,334) |
Due from banks with maturities more than three months |
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(3,257,401) |
(464,462) |
Treasury bills with maturity more than three months |
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(55,062,792) |
(21,591,796) |
Total cash and cash equivalent |
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46,029,530 |
43,323,264 |
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