RNS Number : 5681D
Commercial Intnl Bank (Egypt) SAE
01 February 2018
 












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

Consolidated Financial Statements

December 31st ,  2017










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FINANCIAL POSITION




As of December 31st, 2017



Amounts in EGP Thousands

Note

December 31st, 2017

December 31st , 2016

 





Assets




Cash and balances with central bank

15

14,663,289

10,522,040

Due from  banks

16

45,319,766

58,011,034

Treasury bills and other governmental notes

17

54,478,202

39,177,184

Trading financial assets

18

7,295,197

2,445,134

Loans and advances to banks, net

19

1,313

159,651

Loans and advances to customers, net

20

88,427,103

85,224,148

Non current assets held for sale

42

-

4,890,438

Derivative financial instruments

21

40,001

269,269

Financial investments




- Available for sale

22

30,474,781

5,447,291

- Held to maturity

22

45,167,722

53,924,936

Investments in associates

23

65,039

36,723

Other assets

24

6,886,607

5,434,563

Intangible assets

41

368,923

499,131

Deferred tax assets (Liabilities)

32

179,630

181,308

Property, plant and equipment

25

1,414,519

1,320,905

Total assets


294,782,092

267,543,755

Liabilities and equity




Liabilities




Due to banks

26

1,877,918

3,008,996

Due to customers

27

250,723,052

231,740,795

Non current liabilities held for sale

42

-

3,684,676

Derivative financial instruments

21

196,984

331,091

Current tax liabilities


2,778,973

2,017,034

Other liabilities

29

5,476,531

3,579,330

Long term loans

28

3,674,736

160,243

Other provisions

30

1,615,159

1,514,057

Total liabilities


266,343,353

246,036,222

Equity




Issued and paid up capital

31

11,618,011

Reserves

34

8,725,966

3,451,756

Reserve for employee stock ownership plan (ESOP)


489,334

343,460

Retained earnings (losses)


89,873

31,462

Total equity


20,923,184

15,365,338

Net profit for the period/year


7,515,555

6,009,118

Total equity and net profit for the period/year


28,438,739

21,374,456

Minority interest


-

133,077

Total minority interest , equity and net profit for the period


28,438,739

21,507,533

Total liabilities, equity, minority interest and net profit for the period

 


294,782,092

267,543,755













INCOME  STATEMENT




As of December 31st , 2017









Amounts in EGP Thousands

Note

December 31st , 2017

 

December 31st 0, 2016

 




Continued Operations




Interest and similar income


28,671,170

19,144,218

Interest and similar expense


(16,167,155)

(9,126,512)

Net interest income

6

12,504,015

10,017,706





Fee and commission income


2,676,944

1,965,529

Fee and commission expense


(624,278)

(417,573)

Net fee and commission income

7

2,052,666

1,547,956





Dividend income

8

34,514

34,236

Net trading income

9

1,292,215

1,315,182

Profits on financial investments 

22

165,111

(25,533)

Administrative expenses

10

(3,112,508)

(2,432,652)

Other operating (expenses) income

11

(1,063,468)

(1,237,187)

Goodwill impairment


-

(209,842)

Intangible assets amortization

41

(130,208)

(130,208)

Impairment charge for credit losses

12

(1,742,281)

(892,874)

Bank's share in the profits of associates


29,066

2,989

Profit before income tax


10,029,122

7,989,773





Income tax expense

13

(2,778,973)

(2,017,034)

Deferred tax assets (Liabilities)

32 & 13

(1,678)

(76,849)

Net profit from continued operations


7,248,471

5,895,890





Net profit from discontinued operations

 


122,234

127,376

Profit (loss) of disposal from discontinued operations

43

168,900

-

Net profit for the period


7,539,605

6,023,266

Minority interest


24,050

14,148

Bank shareholders


7,515,555

6,009,118





Earnings per share

14



Basic


5.76

4.54

Diluted


5.67

4.47





 













CASH FLOW STATEMENT

As of December 31st , 2017

 

 




 

Amounts in EGP Thousands



 



December 31st , 2017

December 31st , 2016

Cash flow from operating activities




Profit before income tax from continued operations


10,029,122

7,989,773

Profit before income tax from discontinued operations


-

158,041

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




Fixed assets depreciation


351,005

285,381

Impairment charge for credit losses


1,742,281

892,874

Other provisions charges


212,622

150,847

Trading financial investments revaluation differences


(248,072)

(269,283)

Available for sale and held to maturity investments exchange revaluation differences


100,078

(2,219,961)

Goodwill impairment


-

209,842

Intangible assets amortization


130,208

130,208

Financial investments impairment charge


(83,079)

82,428

Utilization of other provisions


(25,463)

(3,696)

Other provisions no longer used


(97,897)

(78,405)

Exchange differences of  other provisions


11,840

583,550

Profits from selling property, plant and equipment


(607)

(1,682)

Profits from selling financial investments


99,047

(35,193)

Profits from selling investments in associates


-

90,447

Impairment (Released) charges of Associates


(9,570)

(131,799)

Shares based payments


290,884

187,000

Bank's share in the profits of associates


(38,636)

-

Associates Financial Investments Revaluation Differences


-

2,989

Operating profits before changes in operating assets and liabilities


12,463,763

 

8,023,361

 





Net decrease (increase) in assets and  liabilities




Due from banks


(2,594,442)

264,072

Treasury bills and other governmental notes


(16,466,420)

(16,057,258)

Trading financial assets


(4,601,991)

3,672,526

Derivative financial instruments


95,161

(2,918)

Loans and advances to banks and customers


(4,019,132)

(29,440,654)

Other assets


(1,121,981)

(4,450,111)

Non current assets held for sale


428,011

-

Due to banks


(1,131,078)

1,408,227

Due to customers


18,802,058

76,506,379

Income tax obligations paid


(2,017,034)

(1,949,694)

Other liabilities


1,897,201

4,354,673

Net Cash Provided from operating activities


1,734,116

42,328,603





Cash flow from investing activities




Proceeds from redemption of subsidiaries and associates


750

(12,036)

Payment (Proceeds) for purchases and sell of subsidiary and associates


(44,318)

176,161

Payment for purchases of property, plant, equipment and branches constructions


(745,089)

(560,631)

Proceeds from redemption of held to maturity financial investments


13,354,468

4,094

Payment for purchases of held to maturity financial investments 


(4,597,254)

(1,243,669)

Payment for purchases of  available for sale financial investments


(25,868,230)

(3,334,122)

Proceeds from selling available for sale financial investments


973,963

2,946,710

Proceeds from selling non-current assets held for sale


628,521

(2,989)

 

Net cash used in investing activities

 


(16,297,189)

 

(2,026,482)

 

Cash flow from financing activities



Increase (decrease) in long term loans

3,524,063

28,915

Dividend paid

(1,350,204)

(1,463,450)

Capital Increase


79,351

68,057

Net cash used in financing activities


2,253,210

(1,366,478)

 

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

                

(12,309,863)

38,935,643

Beginning balance of cash and cash equivalent


61,518,700

22,583,057

Cash and cash equivalent at the end of the year


49,208,837

61,518,700





Cash and cash equivalent comprise:




Cash and balances with central bank


14,663,289

10,522,040

Due from banks


45,319,766

58,011,034

Treasury bills and other governmental  notes


54,478,202

39,177,184

Obligatory reserve balance with CBE


(8,878,986)

(5,438,235)

Due from banks with maturities more than three months


(1,719,586)

(2,565,895)

Treasury bills with maturity more than three months


(54,653,848)

(38,187,428)

Total cash and cash equivalent


49,208,837

61,518,700





 

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

 

Consolidated statement of changes in shareholders' equity  for the period ended on December 31st, 2016





Dec. 31, 2016

Issued and paid up capital

Legal reserve

General reserve

Retained earnings (losses)

Special reserve

Reserve For  A.F.S  investments revaluation diff.

Banking risks reserve

IFRS 9 risk reserve

Net profit for the year

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total















EGP Thousands
















Beginning balance

          11,470,603

          803,355

            1,518,373

               (64,566)

               30,214

        (2,202,462)

               2,513

                     -  

         4,728,976

                248,148

                         -  

        16,535,154

             47,431

        16,582,585

Capital increase

                 68,057

                   -  

                        -  

                         -  

                       -  

                      -  

                     -  

                     -  

                      -  

                         -  

                         -  

               68,057

                    -  

               68,057

Transferred to reserves

                        -  

          232,008

            3,035,878

                         -  

                    564

                      -  

                     -  

                     -  

       (3,176,762)

                (91,688)

                         -  

                       -  

                    -  

                       -  

Transferred to retained earnings (losses)

                        -  

                   -  

                        -  

                 88,258

                       -  

                      -  

                     -  

                     -  

            (88,258)

                         -  

                         -  

                       -  

                    -  

                       -  

Dividend paid

                        -  

                   -  

                        -  

                 (3,896)

                       -  

                      -  

                     -  

                     -  

       (1,463,450)

                         -  

                         -  

         (1,467,346)

             (1,394)

        (1,468,740)

Net profit of the year

                        -  

                   -  

                        -  

                         -  

                       -  

                      -  

                     -  

                     -  

         6,009,118

                         -  

                         -  

          6,009,118

             14,148

          6,023,266

Change in ownership percentage

                        -  

                   -  

                        -  

                 11,666

                       -  

                      -  

                     -  

                     -  

                      -  

                         -  

                         -  

               11,666

             72,892

               84,558

Net unrealised gain/(loss) on AFS

                        -  

                   -  

                        -  

                         -  

                       -  

               22,219

                     -  

                     -   

                      -  

                         -  

                         -  

               22,219

                    -  

               22,219

Transferred (from) to  bank risk reserve

                        -  

                   -  

                        -  

                         -  

                       -  

                      -  

                  506

                     -  

                 (506)

                         -  

                         -  

                       -  

                    -  

                       -  

Cost of employees stock ownership plan (ESOP)

                        -  

                   -  

                        -  

                         -  

                       -  

                      -  

                     -  

                     -  

                      -  

                187,000

                         -  

             187,000

                    -  

             187,000

Cumulative foreign currencies translation differences

                        -  

                   -  

                        -  

                         -  

                       -  

                      -  

                     -  

                     -  

                      -  

                         -  

8588

                 8,588

                    -  

                 8,588

Balance at the end of the year

          11,538,660

       1,035,363

            4,554,251

                 31,462

               30,778

        (2,180,243)

               3,019

                     -  

         6,009,118

                343,460

                    8,588

        21,374,456

           133,077

        21,507,533










































 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity  for the period ended on December 31st, 2017

 

 

 














 

 
















 

Dec. 31, 2017

Issued and paid up capital

Legal reserve

General reserve

Retained earnings (losses)

Special reserve

Reserve For  A.F.S  investments revaluation diff.

Banking risks reserve

IFRS 9 risk reserve

Net profit for the year

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

                 31,462

               30,778

        (2,180,244)

               3,019

                     -  

         6,009,118

                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

                 58,563

                 1,682

                      -  

                     -  

                     -  

       (4,658,299)

              (145,010)

                         -  

                       -  

                    -  

                       -  

 

Dividend paid

                        -  

                   -  

                        -  

                         -  

                       -  

                      -  

                     -  

                     -  

       (1,350,204)

                         -  

                         -  

         (1,350,204)

                    -  

        (1,350,204)

 

Net profit for 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

                 89,873

               32,460

        (1,642,958)

               3,634

        1,411,549

         6,104,006

                489,334

                         -  

        28,438,739

                    -  

        28,438,739

 









































































































































































 

 

 

 


















 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 

 















 















 















 















 

 


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