CIB FY 2018 Consolidated Financials Results | RNS | Ticker

/News/RNS

CIB FY 2018 Consolidated Financials Results

RNS Announcement

RNS Number : 0422P

Commercial Intnl Bank (Egypt) SAE

05 February 2019

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

Consolidated Financial Statements

December 31^st , 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/0422P_1-2019-2-4.pdf

FINANCIAL POSITION

As of December 31^st , 2018

Amounts in EGP Thousands

Notes

December 31^st , 2018

December 31^st , 2017

Assets

Cash and balances with central bank

20,058,974

14,663,289

Due from banks

46,518,892

45,319,766

Treasury bills and other governmental notes

41,999,252

54,478,202

Trading financial assets

2,737,705

7,295,197

Loans and advances to banks, net

67,703

1,313

Loans and advances to customers, net

106,309,205

88,427,103

Derivative financial instruments

52,289

40,001

Financial investments

- Available for sale

39,217,890

30,474,781

- Held to maturity

73,630,764

45,167,722

Investments in associates

106,558

65,039

Other assets

9,563,018

6,886,607

Intangible assets

238,715

368,923

Deferred tax assets (Liabilities)

308,370

179,630

Property, plant and equipment

1,651,875

1,414,519

Total assets

342,461,210

294,782,092

Liabilities and equity

Liabilities

Due to banks

7,259,819

1,877,918

Due to customers

285,296,869

250,723,052

Derivative financial instruments

132,858

196,984

Current tax liabilities

3,625,579

2,778,973

Other liabilities

6,501,553

5,476,531

Other loans

3,721,529

3,674,736

Provisions

1,694,607

1,615,159

Total liabilities

308,232,814

266,343,353

Equity

Issued and paid up capital

11,668,326

11,618,011

Reserves

12,184,667

10,137,515

Reserve for employee stock ownership plan (ESOP)

738,320

489,334

Retained earnings*

9,637,083

6,193,879

Total equity

34,228,396

28,438,739

Total liabilities and equity

342,461,210

294,782,092

*Including net profit for the current year

INCOME STATEMENT

As of December 31^st , 2018

Amounts in EGP Thousands

Note

December 31^st , 2018

December 31^st , 2017

Continued Operations

Interest and similar income

37,403,709

28,671,166

Interest and similar expense

(19,260,190)

(16,167,155)

Net interest income

18,143,519

12,504,011

Fee and commission income

3,402,616

2,794,211

Fee and commission expense

(991,957)

(796,107)

Net fee and commission income

2,410,659

1,998,104

Dividend income

25,958

34,513

Net trading income

1,089,076

1,292,215

Profits (Losses) on financial investments

402,067

165,111

Administrative expenses

(4,223,959)

(3,118,839)

Other operating (expenses) income

(1,589,675)

(1,002,570)

Intangible assets amortization

(130,208)

Impairment charge for credit losses

(3,076,023)

(1,742,281)

Bank's share in the profits of associates

27,419

29,066

Profit before income tax

13,078,833

10,029,122

Income tax expense

(3,625,579)

(2,778,973)

Deferred tax assets (Liabilities)

32 & 13

128,740

(1,678)

Net profit from continued operations

9,581,994

7,248,471

Discontinued Operations

Net profit from discontinued operations

122,234

Profit (loss) of disposal from discontinued operations

168,900

Net profit for the period

9,581,994

7,539,605

Minority interest

24,050

Bank shareholders

9,581,994

7,515,555

Earnings per share

Basic

7.26

5.76

Diluted

7.22

5.67

CASH FLOW STATEMENT

As of December 31^st , 2018

Amounts in EGP Thousands

December 31^st , 2018

December 31^st, 2017

Cash flow from operating activities

Profit before income tax from continued operations

13,078,833

10,029,122

Profit before income tax from discontinued operations

291,134

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

Fixed assets depreciation

390,830

351,005

Impairment charge for credit losses

3,076,023

1,742,281

Other provisions charges

101,501

212,622

Impairment Charge for other assets

316,763

Available for sale investments exchange revaluation differences

(102,991)

100,078

Intangible assets amortization

130,208

Financial investments impairment charge

39,561

(108,349)

Utilization of other provisions

(2,114)

(25,463)

Other provisions no longer used

(17,670)

(97,897)

Exchange differences of other provisions

(2,269)

11,840

Profits from selling property, plant and equipment

(1,045)

(607)

(Profits) Losses Profits from selling financial investments

(441,628)

99,047

Shares based payments

408,346

290,884

Bank's share in the profits of associates

(27,419)

(38,636)

Operating profits before changes in operating assets and liabilities

16,946,929

12,987,269

Net decrease (increase) in assets and liabilities

Due from banks

(13,661,577)

(2,594,442)

Treasury bills and other governmental notes

4,640,524

(16,466,420)

Trading financial assets

4,557,492

(4,850,063)

Derivative financial instruments

(66,141)

120,431

Loans and advances to banks and customers

19-20

(21,255,952)

(4,775,382)

Other assets

(2,263,465)

(863,655)

Due to banks

5,381,901

(1,131,078)

Due to customers

34,573,817

18,982,257

Income tax obligations paid

(2,778,973)

(2,017,034)

Other liabilities

1,025,022

1,897,201

Net Cash (used in) provided from operating activities

27,099,577

1,289,084

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

(874,708)

(763,420)

Proceeds from selling property, plants and equipment

1,045

607

Proceeds from redemptions of held to maturity financial investments

5,532,271

13,354,468

Payment for purchases of held to maturity financial investments

(33,995,313)

(4,597,254)

Payment for purchase of available for sale financial investments

(12,670,761)

(25,868,230)

Proceeds from selling available for sale financial investments

2,059,341

1,261,980

Proceeds from selling non-current assets held for sale

768,515

Net cash (used in) provided from investing activities

(39,958,700)

(15,842,584)

Cash flow from financing activities

Increase (decrease) in long term loans 28

46,793

3,514,493

Dividend paid

(2,143,177)

(1,350,207)

Capital increase

50,315

79,351

Net cash used in financing activities

(2,046,069)

2,243,637

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

(14,905,192)

(12,309,863)

Beginning balance of cash and cash equivalent

49,208,837

61,518,700

Cash and cash equivalent at the end of the period

34,303,645

49,208,837

Cash and cash equivalent comprise:

Cash and balances with central bank

20,058,974

14,663,289

Due from banks

46,518,892

45,319,766

Treasury bills and other governmental notes

41,999,252

54,478,202

Obligatory reserve balance with CBE

(13,526,763)

(8,878,986)

Due from banks with maturities more than three months

(10,733,386)

(1,719,586)

Treasury bills with maturity more than three months

(50,013,324)

(54,653,848)

Total cash and cash equivalent

34,303,645

49,208,837

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity for the year ended December 31, 2017

Dec. 31, 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
														EGP Thousands

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	4,445,620	-	1,682	-	-	-	(4,599,736)	(145,010)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,350,204)	-	-	(1,350,204)	-	(1,350,204)
Net profit of the year	-	-	-	-	-	-	-	-	7,515,555	-	-	7,515,555	24,050	7,539,605
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	-	-	-	-	-	537,286	-	-	-	-	-	537,286	-	537,286
Transferred (from) to bank risk reserve	-	-	-	-	-	-	615	-	(615)	-	-	-	-	-
IFRS 9 risk reserve	-	-	-	-	-	-	-	1,411,549	(1,411,549)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	290,884	-	290,884	-	290,884
Balance at the end of the year	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

Consolidated statement of changes in shareholders' equity for the year ended December 31, 2018

Dec. 31, 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
														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	6,193,879	489,334	-	28,438,739	-	28,438,739
Capital increase	50,315	-	-	-	-	-	-	-	-	-	-	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)	-	(2,143,177)
Net profit of the year	-	-	-	-	-	-	-	-	9,581,994	-	-	9,581,994	-	9,581,994
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(2,107,821)	-	-	-	-	-	(2,107,821)	-	(2,107,821)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	689	-	(689)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	408,346	-	408,346	-	408,346
Balance at the end of the year	11,668,326	1,710,293	12,776,215	20,645	12,421	(3,750,779)	4,323	1,411,549	9,637,083	738,320	-	34,228,396	-	34,228,396

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

FR SSAFULFUSEEE

RNS metadata

Title: CIB FY 2018 Consolidated Financials Results
Time: 07:00:03
Date: 5 Feb 2019
Category: Results
ID: 0422P