RNS Number : 0422P
Commercial Intnl Bank (Egypt) SAE
05 February 2019
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Consolidated Financial Statements

December 31st ,  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 31st , 2018

 

 

 

Amounts in EGP Thousands

Notes

December 31st , 2018

December 31st , 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

23

106,558

65,039

Other assets

24

9,563,018

6,886,607

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

 

342,461,210

294,782,092

Liabilities and equity

 

 

 

Liabilities

 

 

 

Due to banks

26

 7,259,819

1,877,918

Due to customers

27

 285,296,869

250,723,052

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

 

 308,232,814

266,343,353

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)

 

 738,320

489,334

Retained earnings*

34

 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 31st , 2018

 

 

 

 

 

 

 

 

 

 

 

Amounts in EGP Thousands

Note

December 31st , 2018

December 31st , 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

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

165,111

Administrative expenses

10

(4,223,959)

(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)

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

13

(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

42

-

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

14

 

 

Basic

 

7.26

5.76

Diluted

 

7.22

5.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW STATEMENT

As of December 31st  , 2018

 

 

 

 

 

 

Amounts in EGP Thousands

 

 

 

 

 

December 31st , 2018

December 31st, 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

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)

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 Profits from selling financial investments

22

(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

16

(13,661,577)

(2,594,442)

Treasury bills and other governmental notes

43

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)

(4,775,382)

Other assets

44

(2,263,465)

(863,655)

Due to banks

26

5,381,901

(1,131,078)

Due to customers

27

34,573,817

18,982,257

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

 

1,289,084

 

 

 

 

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

11

1,045

607

Proceeds from redemptions 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 purchase 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)

(15,842,584)

 

 

 

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

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

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

            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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
                                                                   

 


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