3rd Quarter Separate Results | RNS | Ticker

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3rd Quarter Separate Results

RNS Announcement

RNS Number : 6886G

Commercial Intnl Bank (Egypt) SAE

08 November 2018

Commercial International Bank (Egypt) S.A.E.

Separate Financial Statements

September 30^th , 2018

FINANCIAL POSITION

As of Sep 30^th, 2018

Amounts in EGP Thousands

Note

Sep 30^th, 2018

December 31^st , 2017

Assets

Cash and balances with central bank

33,253,111

14,663,289

Due from banks

45,038,599

45,319,766

Treasury bills and other governmental notes

48,324,427

54,478,202

Trading financial assets

4,113,070

7,295,197

Loans and advances to banks, net

77,309

1,313

Loans and advances to customers, net

104,354,329

88,427,103

Derivative financial instruments

14,993

40,001

Financial investments

- Available for sale

36,735,035

30,474,781

- Held to maturity

42,549,178

45,167,722

Investments in associates and subsidiaries

68,638

54,068

Other assets

10,698,705

6,886,807

Intangible assets

271,267

368,923

Deferred tax assets (Liabilities)

350,123

179,630

Property, plant and equipment

1,407,161

1,414,519

Total assets

327,255,945

294,771,321

Liabilities and equity

Liabilities

Due to banks

1,364,767

1,877,918

Due to customers

280,626,002

250,767,370

Derivative financial instruments

119,299

196,984

Current tax liabilities

2,563,006

2,778,973

Other liabilities

6,936,325

5,476,531

Other loans

3,679,094

3,674,736

Provisions

1,662,618

1,615,159

Total liabilities

296,951,111

266,387,671

Equity

Issued and paid up capital

11,668,326

11,618,011

Reserves

10,979,229

10,137,515

Reserve for employee stock ownership plan (ESOP)

654,484

489,334

Retained earnings*

7,002,795

6,138,790

Total equity

30,304,834

28,383,650

Total liabilities and equity

327,255,945

294,771,321

*Including net profit for the current period

INCOME STATEMENT

As of Sep 30^th , 2018

Amounts in EGP Thousands

Note

Sep 30^th, 2018

Sep 30^th, 2017

Interest and similar income

27,150,333

21,008,359

Interest and similar expense

(13,842,130)

(11,698,658)

Net interest income

13,308,203

9,309,701

Fee and commission income

2,464,173

2,019,148

Fee and commission expense

(703,749)

(435,430)

Net fee and commission income

1,760,424

1,583,718

Dividend income

25,063

27,844

Net trading income

745,248

908,024

Profits (Losses) on financial investments

402,153

337,726

Administrative expenses

(2,947,507)

(2,262,632)

Other operating (expenses) income

(997,218)

(730,741)

Intangible assets amortization

(97,656)

Impairment charge for credit losses

(2,803,402)

(1,431,865)

Profit before income tax

9,395,308

7,644,119

Income tax expense

(2,563,006)

(1,945,105)

Deferred tax assets (Liabilities)

32 & 13

170,493

(9,715)

Net profit for the period

7,002,795

5,689,299

Earnings per share

Basic

5.32

4.33

Diluted

5.23

4.26

CASH FLOW STATEMENT

As of Sep 30^th , 2018

Amounts in EGP Thousands

Sep 30^th , 2018

Sep 30^th , 2017

Cash flow from operating activities

Profit Before Income Tax

9,395,308

7,644,119

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

279,798

263,524

Impairment charge for credit losses

2,803,402

1,431,865

Other provisions charges

90,731

119,983

Trading financial investments revaluation differences

242,481

Available for sale investments exchange revaluation differences

(103,827)

115,734

Intangible assets amortization

97,656

Financial investments impairment charge

19,721

(96,182)

Exchange differences in financial investments in subsidiary

(470)

Utilization of other provisions

(969)

(19,951)

Other provisions no longer used

(45,079)

(97,884)

Exchange differences of other provisions

2,776

2,365

Profits from selling property, plant and equipment

(1,045)

(607)

(Losses) Profits from selling financial investments

(421,874)

101,546

Shares based payments

324,510

230,357

Released charges of non-current assets held for sale

(330,934)

Operating profits before changes in operating assets and liabilities

12,683,119

9,461,591

Net decrease (increase) in assets and liabilities

Due from banks

(42,520,192)

(7,919,523)

Treasury bills and other governmental notes

6,405,425

(16,875,364)

Trading financial assets

3,182,127

(2,154,328)

Derivative financial instruments

(42,783)

24,028

Loans and advances to banks and customers

(18,806,624)

(3,277,713)

Other assets

(3,368,677)

(307,248)

Non-current assets held for sale

428,011

Due to banks

(513,151)

(2,344,595)

Due to customers

29,858,632

15,768,372

Income tax obligations paid

(2,778,973)

(2,017,034)

Other liabilities

1,459,794

539,926

Net cash (used in) provided from operating activities

(14,441,303)

(8,673,877)

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

(652,768)

(468,306)

Proceeds from selling property, plant and equipment

1,045

607

Proceeds from redemption of held to maturity financial investments

7,321,780

11,026,150

Payment for purchases of held to maturity financial investments

(4,703,236)

(4,596,059)

Payment for purchases of available for sale financial investments

(11,372,289)

(13,263,959)

Proceeds from selling available for sale financial investments

1,985,962

1,146,696

Proceeds from selling non current assets held for sale

628,521

Net cash (used in) provided from investing activities

(7,430,081)

(5,525,600)

Cash flow from financing activities

Increase (decrease) in long term loans

4,358

(18,837)

Dividend paid

(2,143,177)

(1,350,207)

Capital Increase

50,315

79,351

Net cash used in financing activities

(2,088,504)

(1,289,693)

Net increase (decrease) in cash and cash equivalent during the period

(23,959,888)

(15,489,170)

Beginning balance of cash and cash equivalent

49,208,837

61,518,700

Cash and cash equivalent at the end of the period

25,248,949

46,029,530

Cash and cash equivalent comprise:

Cash and balances with central bank

33,253,111

23,174,630

Due from banks

45,038,599

38,891,261

Treasury bills and other governmental notes

48,324,427

54,950,084

Obligatory reserve balance with CBE

(23,004,955)

(12,666,252)

Due from banks with maturities more than three months

(30,113,810)

(3,257,401)

Treasury bills with maturity more than three months

(48,248,423)

(55,062,792)

Total cash and cash equivalent

25,248,949

46,029,530

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

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

Sep. 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	-	-	-	-	-	-	-	-	5,689,299	-	5,689,299
Net unrealised gain/(loss) on AFS	-	-	-	-	-	635,371	-	-	-	-	635,371
Transferred (from) to bank risk reserve	-	-	-	-	-	-	615	-	(615)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	230,357	230,357
Balance at the end of the period	11,618,011	1,332,807	9,000,020	20,645	11,815	(1,544,873)	3,634	-	5,689,299	428,807	26,560,165

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

Sep. 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
Capital increase	50,315	-	-	-	-	-	-	-	-	-	50,315
Transferred to reserves	-	377,486	3,776,192	-	606	-	-	-	(3,994,924)	(159,360)	-
Dividend paid	-	-	-	-	-	-	-	-	(2,143,177)	-	(2,143,177)
Net profit for the period	-	-	-	-	-	-	-	-	7,002,795	-	7,002,795
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(3,313,259)	-	-	-	-	(3,313,259)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	689	-	(689)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	324,510	324,510
Balance at the end of the period	11,668,326	1,710,293	12,776,215	20,645	12,421	(4,956,217)	4,323	1,411,549	7,002,795	654,484	30,304,834

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RNS metadata

Title: 3rd Quarter Separate Results
Time: 07:00:04
Date: 8 Nov 2018
Category: Results
ID: 6886G