CIB 1H 2018 Consolidated Financial Results | RNS | Ticker

CIB 1H 2018 Consolidated Financial Results

RNS Announcement

RNS Number : 6320W

Commercial Intnl Bank (Egypt) SAE

02 August 2018

Replacement The announcement for (Commercial International Bank –CIB _ Egypt) released at 02/08/2018 at 07:00 under RNS No. 5527W is to be re-released after amending the "Other Assets", "Other Liabilities", "Total Assets" and "Total Liabilities" due to a EGP 18 Million downward revision of “other assets” and “other liabilities” derived from Other provision charges impacting deferred tax. We would like to highlight that there is no impact on bottom line profits The full amended text is shown below.



Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements June 30^th , 2018
Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/6320W_1-2018-8-2.pdf












FINANCIAL POSITION
As of June 30^th, 2018
Amounts in EGP Thousands	Note	June 30^th, 2018		December 31^st , 2017

Assets
Cash and balances with central bank	15	24,601,352		14,663,289
Due from banks	16	51,245,308		45,319,766
Treasury bills and other governmental notes	17	33,938,896		54,478,202
Trading financial assets	18	6,906,100		7,295,197
Loans and advances to banks, net	19	82,146		1,313
Loans and advances to customers, net	20	107,000,546		88,427,103
Derivative financial instruments	21	31,113		40,001
Financial investments
- Available for sale	22	38,248,938		30,474,781
- Held to maturity	22	40,185,122		45,167,722
Investments in associates	23	86,596		65,039
Other assets	24	7,766,224		6,886,607
Intangible assets	41	303,819		368,923
Deferred tax assets (Liabilities)	32	365,051		179,630
Property, plant and equipment	25	1,418,080		1,414,519
Total assets		312,179,291		294,782,092
Liabilities and equity
Liabilities
Due to banks	26	5,657,628		1,877,918
Due to customers	27	266,825,822		250,723,052
Derivative financial instruments	21	138,292		196,984
Current tax liabilities		1,685,554		2,778,973
Other liabilities	29	3,995,842		5,476,531
Other loans	28	3,699,637		3,674,736
Provisions	30	1,651,212		1,615,159
Total liabilities		283,653,987		266,343,353
Equity
Issued and paid up capital	31	11,618,011		11,618,011
Reserves	34	11,722,597		10,137,515
Reserve for employee stock ownership plan (ESOP)		705,195		489,334
Retained earnings*		4,479,501		6,193,879
Total equity		28,525,304		28,438,739
Total liabilities and equity		312,161,291		294,782,092

*Including net profit for the current period

INCOME STATEMENT
As of June 30^th , 2018


Amounts in EGP Thousands	Note	June 30^th , 2018		June 30^th, 2017

Continued Operations
Interest and similar income		16,932,688		13,197,728
Interest and similar expense		(9,079,533)		(7,454,779)
Net interest income	6	7,853,155		5,742,949

Fee and commission income		1,632,017		1,317,034
Fee and commission expense		(437,896)		(267,157)
Net fee and commission income	7	1,194,121		1,049,877

Dividend income	8	20,533		26,136
Net trading income	9	385,925		620,594
Profits (Losses) on financial investments	22	401,995		10,980
Administrative expenses	10	(1,933,064)		(1,500,726)
Other operating (expenses) income	11	(649,306)		(528,307)
Intangible assets amortization	41	(65,104)		(65,104)
Impairment charge for credit losses	12	(1,291,167)		(809,346)
Bank's share in the profits of associates		7,457		18,279
Profit before income tax		5,924,545		4,565,332

Income tax expense	13	(1,685,554)		(1,249,710)
Deferred tax assets (Liabilities)	32 & 13	185,421		(3,055)
Net profit from continued operations		4,424,412		3,312,567

Net profit from discontinued operations		-		122,234
Profit (loss) of disposal from discontinued operations	42	-		150,550
Net profit for the period		4,424,412		3,585,351

Minority interest		-		24,050
Bank shareholders		4,424,412		3,561,301

Earnings per share	14
Basic		3.36		2.75
Diluted		3.30		2.70




CASH FLOW STATEMENT As of June 30^th , 2018
Amounts in EGP Thousands
			June 30^th , 2018		June 30^th, 2017
Cash flow from operating activities
Profit before income tax from continued operations			5,924,545		4,565,332
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation			180,206		170,012
Impairment charge for credit losses			1,291,167		809,346
Other provisions charges			99,715		148,424
Impairment charge for other assets			214,000		-
Available for sale investments exchange revaluation differences			(91,952)		26,389
Intangible assets amortization			65,104		65,104
Financial investments impairment charge			19,842		(106,782)
Utilization of other provisions			(872)		(21,939)
Other provisions no longer used			(62,000)		(97,879)
Exchange differences of other provisions			(790)		16,191
(Losses) Profits from selling financial investments			(421,837)		101,465
Shares based payments			215,861		153,340
Bank's share in the profits of associates			(7,457)		(18,279)
Operating profits before changes in operating assets and liabilities			7,425,532		5,810,724

Net decrease (increase) in assets and liabilities
Due from banks			(27,757,024)		(6,167,220)
Treasury bills and other governmental notes			20,314,670		(4,707,972)
Trading financial assets			389,097		913,504
Derivative financial instruments			(42,938)		37,540
Loans and advances to banks and customers			(19,945,443)		(5,880,018)
Other assets			(549,525)		(563,155)
Non current assets held for sale			-		205,346
Due to banks			3,779,710		(1,423,407)
Due to customers			16,102,770		13,197,334
Income tax obligations paid			(2,778,973)		(2,017,034)
Other liabilities			(1,498,689)		75,098
Net Cash Provided from operating activities			(4,560,813)		(519,260)

Cash flow from investing activities
Proceeds from redemption of subsidiary and associates			-		750
Payment for purchases of associates			(10,575)		-
Payment for purchases of property, plant, equipment and branches constructions			(404,485)		(328,120)
Proceeds from redemption of held to maturity financial investments			4,982,600		10,030,359
Payment for purchases of held to maturity financial investments			-		(4,594,910)
Payment for purchases of available for sale financial investments			(10,731,239)		(1,916,162)
Proceeds from selling available for sale financial investments			724,732		668,553
Proceeds from selling non current assets held for sale			-		500,867
Net cash (used in) provided from investing activities			(5,438,967)		4,361,337

Cash flow from financing activities
Increase (decrease) in long term loans			24,901		(13,956)
Dividend paid			(2,143,177)		(1,350,207)
Capital increase			-		79,351
Net cash used in financing activities			(2,118,276)		(1,284,812)

Net increase (decrease) in cash and cash equivalent during the period			(12,118,056)		2,557,265
Beginning balance of cash and cash equivalent			49,208,837		61,518,700
Cash and cash equivalent at the end of the period			37,090,781		64,075,965

Cash and cash equivalent comprise:
Cash and balances with central bank			24,601,352		19,497,893
Due from banks			51,245,308		58,552,276
Treasury bills and other governmental notes			33,938,896		43,092,546
Obligatory reserve balance with CBE			(14,042,817)		(10,832,277)
Due from banks with maturities more than three months			(24,312,780)		(3,339,073)
Treasury bills with maturity more than three months			(34,339,178)		(42,895,400)
Total cash and cash equivalent			37,090,781		64,075,965

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity for the period ended on June 30^th, 2017

Jun. 30, 2017	Issued and paid up capital	Legal reserve	General reserve	Special reserve	Capital reserve	Reserve For A.F.S investments revaluation diff.	Banking risks reserve	IFRS 9 risk reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total


Beginning balance	11,538,660	1,035,363	4,554,251	20,645	10,133	(2,180,244)	3,019	-	6,040,580	343,460	8,588	21,374,455	133,077	21,507,532
Capital increase	79,351	-	-	-	-	-	-	-	-	-	-	79,351	-	79,351
Transferred to reserves	-	297,444	4,445,617	-	1,682	-	-	-	(4,599,733)	(145,010)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,350,207)	-	-	(1,350,207)	-	(1,350,207)
Net profit of the period	-	-	-	-	-	-	-	-	3,561,301	-	-	3,561,301	24,050	3,585,351
Disposal of subsidiary	-	-	152	-	-	-	-	-	(152)	-	(8,588)	(8,588)	-	(8,588)
Change in ownership percentage	-	-	-	-	-	-	-	-	-	-	-	-	(157,127)	(157,127)
Net unrealised gain/(loss) on AFS	-	-	-	-	-	354,495	-	-	-	-	-	354,495	-	354,495
Transferred (from) to bank risk reserve	-	-	-	-	-	-	615	-	(615)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	153,340	-	153,340	-	153,340
Balance at the end of the period	11,618,011	1,332,807	9,000,020	20,645	11,815	(1,825,749)	3,634	-	3,651,174	351,790	-	24,164,147	-	24,164,147

Consolidated statement of changes in shareholders' equity for the period ended on June 30^th, 2018

Jun. 30, 2018	Issued and paid up capital	Legal reserve	General reserve	Special reserve	Capital reserve	Reserve For A.F.S investments revaluation diff.	Banking risks reserve	IFRS 9 risk reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total


Beginning balance	11,618,011	1,332,807	9,000,023	20,645	11,815	(1,642,958)	3,634	1,411,549	6,193,879	489,334	-	28,438,739	-	28,438,739
Transferred to reserves	-	377,486	3,616,832	-	606	-	-	-	(3,994,924)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(2,143,177)	-	-	(2,143,177)	-	(2,143,177)
Net profit of the period	-	-	-	-	-	-	-	-	4,424,412	-	-	4,424,412	-	4,424,412
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(2,410,531)	-	-	-	-	-	(2,410,531)	-	(2,410,531)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	689	-	(689)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	215,861	-	215,861	-	215,861
Balance at the end of the period	11,618,011	1,710,293	12,616,855	20,645	12,421	(4,053,489)	4,323	1,411,549	4,479,501	705,195	-	28,525,304	-	28,525,304

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

END

IR UUUKRWWAWRRR

RNS metadata

Title: CIB 1H 2018 Consolidated Financial Results
Time: 11:40:34
Date: 2 Aug 2018
Category: Results
ID: 6320W