RNS Number : 5527W
Commercial Intnl Bank (Egypt) SAE
02 August 2018
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Consolidated Financial Statements

June 30th ,  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/5527W_1-2018-8-1.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL POSITION

 

 

 

As of June 30th, 2018

 

 

 

Amounts in EGP Thousands

Note

June 30th, 2018

December 31st , 2017

 

 

 

 

Assets

 

 

 

Cash and balances with central bank

15

24,601,352

14,663,289

Due from  banks

16

51,245,308

45,319,766

Treasury bills and other governmental notes

17

33,938,896

54,478,202

Trading financial assets

18

6,906,100

7,295,197

Loans and advances to banks, net

19

82,146

1,313

Loans and advances to customers, net

20

107,000,546

88,427,103

Derivative financial instruments

21

31,113

40,001

Financial investments

 

 

 

- Available for sale

22

38,248,938

30,474,781

- Held to maturity

22

40,185,122

45,167,722

Investments in associates

23

86,596

65,039

Other assets

24

7,748,224

6,886,607

Intangible assets

41

303,819

368,923

Deferred tax assets (Liabilities)

32

365,051

179,630

Property, plant and equipment

25

1,418,080

1,414,519

Total assets

 

312,161,291

294,782,092

Liabilities and equity

 

 

 

Liabilities

 

 

 

Due to banks

26

5,657,628

1,877,918

Due to customers

27

266,825,822

250,723,052

Derivative financial instruments

21

138,292

196,984

Current tax liabilities

 

1,685,554

2,778,973

Other liabilities

29

3,977,842

5,476,531

Other loans

28

3,699,637

3,674,736

Provisions

30

1,651,212

1,615,159

Total liabilities

 

283,635,987

266,343,353

Equity

 

 

 

Issued and paid up capital

31

11,618,011

11,618,011

Reserves

34

11,722,597

10,137,515

Reserve for employee stock ownership plan (ESOP)

 

705,195

489,334

Retained earnings*

 

4,479,501

6,193,879

Total equity

 

28,525,304

28,438,739

Total liabilities and equity

 

 

312,161,291

294,782,092

 

 

 

 

*Including net profit for the current period

 

 

 

 

 

 

 

INCOME  STATEMENT

 

 

 

As of June 30th , 2018

 

 

 

 

 

 

 

 

 

 

 

Amounts in EGP Thousands

Note

June 30th , 2018

June 30th, 2017

 

 

 

 

Continued Operations

 

 

 

Interest and similar income

 

16,932,688

13,197,728

Interest and similar expense

 

(9,079,533)

(7,454,779)

Net interest income

6

7,853,155

5,742,949

 

 

 

 

Fee and commission income

 

1,632,017

1,317,034

Fee and commission expense

 

(437,896)

(267,157)

Net fee and commission income

7

1,194,121

1,049,877

 

 

 

 

Dividend income

8

20,533

26,136

Net trading income

9

385,925

620,594

Profits (Losses) on financial investments 

22

401,995

10,980

Administrative expenses

10

(1,933,064)

(1,500,726)

Other operating (expenses) income

11

(649,306)

(528,307)

Intangible assets amortization

41

(65,104)

(65,104)

Impairment charge for credit losses

12

(1,291,167)

(809,346)

Bank's share in the profits of associates

 

7,457

18,279

Profit before income tax

 

5,924,545

4,565,332

 

 

 

 

Income tax expense

13

(1,685,554)

(1,249,710)

Deferred tax assets (Liabilities)

32 & 13

185,421

(3,055)

Net profit from continued operations

 

4,424,412

3,312,567

 

 

 

 

Net profit from discontinued operations

 

-

122,234

Profit (loss) of disposal from discontinued operations

42

-

150,550

Net profit for the period

 

4,424,412

3,585,351

 

 

 

 

Minority interest

 

-

24,050

Bank shareholders

 

4,424,412

3,561,301

 

 

 

 

Earnings per share

14

 

 

Basic

 

3.36

2.75

Diluted

 

3.30

2.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW STATEMENT

As of June 30th , 2018

 

 

 

 

 

 

Amounts in EGP Thousands

 

 

 

 

 

June 30th , 2018

June 30th, 2017

Cash flow from operating activities

 

 

 

Profit before income tax from continued operations

 

5,924,545

          4,565,332

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

 

 

 

Fixed assets depreciation

 

180,206

170,012

Impairment charge for credit losses

 

1,291,167

809,346

Other provisions charges

 

99,715

148,424

Impairment charge for other assets

 

214,000

-

Available for sale investments exchange revaluation differences

 

(91,952)

26,389

Intangible assets amortization

 

65,104

65,104

Financial investments impairment charge

 

19,842

(106,782)

Utilization of other provisions

 

(872)

(21,939)

Other provisions no longer used

 

(62,000)

(97,879)

Exchange differences of  other provisions

 

(790)

16,191

(Losses) Profits from selling financial investments

 

(421,837)

101,465

Shares based payments

 

215,861

153,340

Bank's share in the profits of associates

 

(7,457)

(18,279)

Operating profits before changes in operating assets and liabilities

 

7,425,532

5,810,724

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

Due from banks

 

(27,757,024)

(6,167,220)

Treasury bills and other governmental notes

 

20,314,670

(4,707,972)

Trading financial assets

 

389,097

913,504

Derivative financial instruments

 

(42,938)

37,540

Loans and advances to banks and customers

 

(19,945,443)

(5,880,018)

Other assets

 

(549,525)

(563,155)

Non current assets held for sale

 

-

205,346

Due to banks

 

3,779,710

(1,423,407)

Due to customers

 

16,102,770

13,197,334

Income tax obligations paid

 

(2,778,973)

(2,017,034)

Other liabilities

 

(1,498,689)

75,098

Net Cash Provided from operating activities

 

(4,560,813)

(519,260)

 

 

 

 

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

 

(404,485)

(328,120)

Proceeds from redemption of held to maturity financial investments

 

4,982,600

10,030,359

Payment for purchases of held to maturity financial investments 

 

-

(4,594,910)

Payment for purchases of  available for sale financial investments

 

(10,731,239)

(1,916,162)

Proceeds from selling available for sale financial investments

 

724,732

668,553

Proceeds from selling non current assets held for sale

 

-

500,867

Net cash (used in) provided from investing activities

 

(5,438,967)

4,361,337

 

 

 

Cash flow from financing activities

 

 

Increase (decrease) in long term loans

24,901

(13,956)

Dividend paid

(2,143,177)

(1,350,207)

Capital increase

 

-

79,351

Net cash used in financing activities

 

(2,118,276)

(1,284,812)

 

 

 

 

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

                

(12,118,056)

2,557,265

Beginning balance of cash and cash equivalent

 

49,208,837

61,518,700

Cash and cash equivalent at the end of the period

 

37,090,781

64,075,965

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

Cash and balances with central bank

 

24,601,352

19,497,893

Due from banks

 

51,245,308

58,552,276

Treasury bills and other governmental  notes

 

33,938,896

43,092,546

Obligatory reserve balance with CBE

 

(14,042,817)

(10,832,277)

Due from banks with maturities more than three months

 

(24,312,780)

(3,339,073)

Treasury bills with maturity more than three months

 

(34,339,178)

(42,895,400)

Total cash and cash equivalent

 

37,090,781

64,075,965

 

 

 

 
                                   

 

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

 

Consolidated statement of changes in shareholders' equity  for the period ended on June 30th, 2017

 

 

 

 

Jun. 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

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

            4,445,617

                       -  

                 1,682

                      -  

                     -  

                     -  

       (4,599,733)

              (145,010)

                         -  

                       -  

                    -  

                       -  

Dividend paid

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

       (1,350,207)

                         -  

                         -  

         (1,350,207)

                    -  

        (1,350,207)

Net profit of the period

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

         3,561,301

                         -  

                         -  

          3,561,301

             24,050

          3,585,351

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

                        -  

                   -  

                        -  

                       -  

                       -  

             354,495

                     -  

                     -  

                      -  

                         -  

                         -  

             354,495

                    -  

             354,495

Transferred (from) to  bank risk reserve

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                  615

                     -  

                 (615)

                         -  

                         -  

                       -  

                    -  

                       -  

Cost of employees stock ownership plan (ESOP)

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

                      -  

                153,340

                         -  

             153,340

                    -  

             153,340

Balance at the end of the period

          11,618,011

       1,332,807

            9,000,020

               20,645

               11,815

        (1,825,749)

               3,634

                     -  

         3,651,174

                351,790

                         -  

        24,164,147

                    -  

        24,164,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity  for the period ended on June 30th, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 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

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Transferred to reserves

                        -  

          377,486

            3,616,832

                       -  

                    606

                      -  

                     -  

                     -  

       (3,994,924)

                         -  

                         -  

                       -  

                    -  

                       -  

Dividend paid

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

       (2,143,177)

                         -  

                         -  

         (2,143,177)

                    -  

        (2,143,177)

Net profit of the period

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

         4,424,412

                         -  

                         -  

          4,424,412

                    -  

          4,424,412

Net unrealised gain/(loss) on AFS

                        -  

                   -  

                        -  

                       -  

                       -  

        (2,410,531)

                     -  

                     -  

                      -  

                         -  

                         -  

         (2,410,531)

                    -  

        (2,410,531)

Transferred (from) to  bank risk reserve

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                  689

                     -  

                 (689)

                         -  

                         -  

                       -  

                    -  

                       -  

Cost of employees stock ownership plan (ESOP)

                        -  

                   -  

                        -  

                       -  

                       -  

                      -  

                     -  

                     -  

                      -  

                215,861

                         -  

             215,861

                    -  

             215,861

Balance at the end of the period

          11,618,011

       1,710,293

          12,616,855

               20,645

               12,421

        (4,053,489)

               4,323

        1,411,549

         4,479,501

                705,195

                         -  

        28,525,304

                    -  

        28,525,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
                                                                     

 


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