CIB FY 2018 Separate Financials Results | RNS | Ticker

CIB FY 2018 Separate Financials Results

RNS Announcement

RNS Number : 0423P

Commercial Intnl Bank (Egypt) SAE

05 February 2019





Commercial International Bank (Egypt) S.A.E. Separate Financial Statements December 31^st , 2018

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

Assets
Cash and balances with central bank	15		20,058,974			14,663,289
Due from banks	16		46,518,892			45,319,766
Treasury bills and other governmental notes	17		41,999,252			54,478,202
Trading financial assets	18		2,737,705			7,295,197
Loans and advances to banks, net	19		67,703			1,313
Loans and advances to customers, net	20		106,309,205			88,427,103
Derivative financial instruments	21		52,289			40,001
Financial investments
- Available for sale	22		39,217,890			30,474,781
- Held to maturity	22		73,630,764			45,167,722
Investments in associates and subsidiaries	23		68,633			54,068
Other assets	24		9,563,218			6,886,807
Intangible assets	41		238,715			368,923
Deferred tax assets (Liabilities)	32		308,370			179,630
Property, plant and equipment	25		1,651,875			1,414,519
Total assets			342,423,485			294,771,321
Liabilities and equity
Liabilities
Due to banks	26		7,259,819			1,877,918
Due to customers	27		285,340,472			250,767,370
Derivative financial instruments	21		132,858			196,984
Current tax liabilities			3,625,579			2,778,973
Other liabilities	29		6,501,553			5,476,531
Other loans	28		3,721,529			3,674,736
Provisions	30		1,694,607			1,615,159
Total liabilities			308,276,417			266,387,671
Equity
Issued and paid up capital	31		11,668,326			11,618,011
Reserves	34		12,184,667			10,137,515
Reserve for employee stock ownership plan (ESOP)	34		738,320			489,334
Retained earnings*	34		9,555,755			6,138,790
Total equity			34,147,068			28,383,650
Total liabilities and equity			342,423,485			294,771,321

*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


Interest and similar income			37,403,709			28,671,166
Interest and similar expense			(19,260,190)			(16,167,155)
Net interest income	6		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	7		2,410,659			1,998,104

Dividend income	8		25,958			34,513
Net trading income	9		1,089,076			1,292,215
Profits (Losses) on financial investments	22		402,067			496,045
Administrative expenses	10		(4,222,779)			(3,118,839)
Other operating (expenses) income	11		(1,589,675)			(1,002,570)
Intangible assets amortization	41		(130,208)			(130,208)
Impairment charge for credit losses	12		(3,076,023)			(1,742,281)
Profit before income tax			13,052,594			10,330,990

Income tax expense	13		(3,625,579)			(2,778,973)
Deferred tax assets (Liabilities)	32 & 13		128,740			(1,678)
Net profit for the period			9,555,755			7,550,339

Earnings per share	14
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				13,052,594			10,330,990
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation		25		390,830			351,005
Impairment charge for credit losses		12		3,076,023			1,742,281
Other provisions charges		30		101,501			212,622
Impairment charge for other assets		24		316,763			-
Available for sale investments exchange revaluation differences		22		(102,991)			100,078
Intangible assets amortization		41		130,208			130,208
Financial investments impairment charge		22		39,561			(108,349)
Exchange differences in financial investments in subsidiary		23		(465)			-
Utilization of other provisions		30		(2,114)			(25,463)
Other provisions no longer used		30		(17,670)			(97,897)
Exchange differences of other provisions		30		(2,269)			11,840
Profits from selling property, plant and equipment		11		(1,045)			(607)
(Profits) Losses from selling financial investments		22		(441,628)			99,047
Shares based payments				408,346			290,884
Released charges of non-current assets held for sale				-			(340,504)
Operating profits before changes in operating assets and liabilities				16,947,644			12,696,135

Net decrease (increase) in assets and liabilities
Due from banks		16		(13,661,577)			(2,594,442)
Treasury bills and other governmental notes		42		4,640,524			(16,466,420)
Trading financial assets		18		4,557,492			(4,850,063)
Derivative financial instruments		21		(66,141)			120,431
Loans and advances to banks and customers		19-20		(21,255,952)			(4,007,616)
Other assets		43		(2,263,465)			(1,133,497)
Due to banks		26		5,381,901			(1,131,078)
Due to customers		27		34,573,102			18,802,058
Income tax obligations paid				(2,778,973)			(2,017,034)
Other liabilities		29		1,025,022			1,897,201
Net cash (used in) provided from operating activities				27,099,577			1,315,675

Cash flow from investing activities
Proceeds from redemption of subsidiary and associates				-			750
Payment for purchases of subsidiary and associates				(10,575)			(44,318)
Payment for purchases of property, plant, equipment and branches constructions				(874,708)			(745,696)
Proceeds from selling property, plant and equipment		11		1,045			607
Proceeds from redemption of held to maturity financial investments		22		5,532,271			13,354,468
Payment for purchases of held to maturity financial investments		22		(33,995,313)			(4,597,254)
Payment for purchases of available for sale financial investments		22		(12,670,761)			(25,868,230)
Proceeds from selling available for sale financial investments		22		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)			(15,869,178)

Cash flow from financing activities
Increase (decrease) in long term loans 28				46,793			3,514,493
Dividend paid				(2,143,177)			(1,350,204)
Capital Increase				50,315			79,351
Net cash used in financing activities				(2,046,069)			2,243,640

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		15		20,058,974			14,663,289
Due from banks		16		46,518,892			45,319,766
Treasury bills and other governmental notes		17		41,999,252			54,478,202
Obligatory reserve balance with CBE		15		(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		17		(50,013,324)			(54,653,848)
Total cash and cash equivalent				34,303,645			49,208,837

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Separate 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	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	4,445,620	-	1,682	-	-	-	(4,599,736)	(145,010)	-
Dividend paid	-	-	-	-	-	-	-	-	(1,350,204)	-	(1,350,204)
Net profit for the year	-	-	-	-	-	-	-	-	7,550,339	-	7,550,339
Net unrealised gain/(loss) on AFS	-	-	-	-	-	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
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	6,138,790	489,334	28,383,650

Separate 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	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 year	-	-	-	-	-	-	-	-	9,555,755	-	9,555,755
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(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
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	9,555,755	738,320	34,147,068

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END

FR EANALEDANEFF

RNS metadata

Title: CIB FY 2018 Separate Financials Results
Time: 07:00:03
Date: 5 Feb 2019
Category: Results
ID: 0423P