CIB 1H 2018 Separate Financial Results | RNS | Ticker

CIB 1H 2018 Separate Financial Results

RNS Announcement

RNS Number : 6308W

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. 5523W 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.

Separate 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/6308W_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

24,601,352

14,663,289

Due from banks

51,245,308

45,319,766

Treasury bills and other governmental notes

33,938,896

54,478,202

Trading financial assets

6,906,100

7,295,197

Loans and advances to banks, net

82,146

1,313

Loans and advances to customers, net

107,000,546

88,427,103

Derivative financial instruments

31,113

40,001

Financial investments

- Available for sale

38,248,938

30,474,781

- Held to maturity

40,185,122

45,167,722

Investments in associates and subsidiaries

68,569

54,068

Other assets

7,766,424

6,886,807

Intangible assets

303,819

368,923

Deferred tax assets (Liabilities)

365,051

179,630

Property, plant and equipment

1,418,080

1,414,519

Total assets

312,161,464

294,771,321

Liabilities and equity

Liabilities

Due to banks

5,657,628

1,877,918

Due to customers

266,870,541

250,767,370

Derivative financial instruments

138,292

196,984

Current tax liabilities

1,685,554

2,778,973

Other liabilities

3,995,842

5,476,531

Other loans

3,699,637

3,674,736

Provisions

1,651,212

1,615,159

Total liabilities

283,698,706

266,387,671

Equity

Issued and paid up capital

11,618,011

Reserves

11,722,597

10,137,515

Reserve for employee stock ownership plan (ESOP)

705,195

489,334

Retained earnings*

4,416,955

6,138,790

Total equity

28,462,758

28,383,650

Total liabilities and equity

312,143,464

294,771,321

*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

Interest and similar income

16,932,688

13,197,728

Interest and similar expense

(9,079,533)

(7,454,779)

Net interest income

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

1,194,121

1,049,877

Dividend income

20,533

26,136

Net trading income

385,925

620,594

Profits (Losses) on financial investments

401,995

323,564

Administrative expenses

(1,933,064)

(1,500,726)

Other operating (expenses) income

(649,306)

(528,307)

Intangible assets amortization

(65,104)

Impairment charge for credit losses

(1,291,167)

(809,346)

Profit before income tax

5,917,088

4,859,637

Income tax expense

(1,685,554)

(1,249,710)

Deferred tax assets (Liabilities)

32 & 13

185,421

(3,055)

Net profit for the period

4,416,955

3,606,872

Earnings per share

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

5,917,088

4,859,637

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

Financial investments impairment charge

19,842

(106,782)

Exchange differences in financial investments in subsidiary

(401)

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

Released charges of non-current assets held for sale

(312,584)

Operating profits before changes in operating assets and liabilities

7,425,131

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

16,103,171

13,197,334

Income tax obligations paid

(2,778,973)

(2,017,034)

Other liabilities

(1,498,689)

75,098

Net cash (used in) 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 subsidiary and 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

Separate 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	Total
											EGP Thousands
Beginning balance	11,538,660	1,035,363	4,554,403	20,645	10,133	(2,180,244)	3,019	-	5,950,555	343,460	21,275,994
Capital increase	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)
Net profit for the period	-	-	-	-	-	-	-	-	3,606,872	-	3,606,872
Net unrealised gain/(loss) on AFS	-	-	-	-	-	354,495	-	-	-	-	354,495
Transferred (from) to bank risk reserve	-	-	-	-	-	-	615	-	(615)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	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	-	3,606,872	351,790	24,119,845

Separate 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	Total
											EGP Thousands
Beginning balance	11,618,011	1,332,807	9,000,023	20,645	11,815	(1,642,958)	3,634	1,411,549	6,138,790	489,334	28,383,650
Transferred to reserves	-	377,486	3,616,832	-	606	-	-	-	(3,994,924)	-	-
Dividend paid	-	-	-	-	-	-	-	-	(2,143,177)	-	(2,143,177)
Net profit for the period	-	-	-	-	-	-	-	-	4,416,955	-	4,416,955
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(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
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	4,416,955	705,195	28,462,758

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END

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RNS metadata

Title: CIB 1H 2018 Separate Financial Results
Time: 11:43:17
Date: 2 Aug 2018
Category: Results
ID: 6308W