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Commercial International Bank (Egypt) S.A.E. Separate Financial Statements December 31st, 2016 | | | | |||||||
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FINANCIAL POSITION | | | | |||||||
As of December 31st, 2016 | | | | |||||||
Amounts in EGP Thousands | Note | December 31, 2016
| December 31, 2015
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Assets | | | | |||||||
Cash and balances with central bank | 15 | 10,522,040 | 9,848,954 | |||||||
Due from banks | 16 | 58,011,034 | 21,002,305 | |||||||
Treasury bills and other governmental notes | 17 | 39,177,184 | 22,130,170 | |||||||
Trading financial assets | 18 | 2,445,134 | 5,848,377 | |||||||
Loans and advances to banks, net | 19 | 159,651 | 38,443 | |||||||
Loans and advances to customers, net | 20 | 85,991,914 | 57,172,705 | |||||||
Derivative financial instruments | 21 | 269,269 | 80,995 | |||||||
Financial investments | | | | |||||||
- Available for sale | 22 | 5,447,291 | 46,289,075 | |||||||
- Held to maturity | 22 | 53,924,936 | 9,261,220 | |||||||
Investments in associates | 23 | 10,500 | 12,600 | |||||||
Non current assets held for sale | 42 | 428,011 | 503,066 | |||||||
Other assets | 24 | 5,446,025 | 4,799,937 | |||||||
Goodwill | 41 | - | 209,842 | |||||||
Intangible assets | 41 | 499,131 | 629,340 | |||||||
Deferred tax assets (Liabilities) | 32 | 181,308 | 258,157 | |||||||
Property, plant and equipment | 25 | 1,338,629 | 1,107,905 | |||||||
Total assets | | 263,852,057 | 179,193,091 | |||||||
Liabilities and equity | | | | |||||||
Liabilities | | | | |||||||
Due to banks | 26 | 3,008,996 | 1,600,769 | |||||||
Due to customers | 27 | 231,965,312 | 155,369,922 | |||||||
Derivative financial instruments | 21 | 331,091 | 145,735 | |||||||
Current tax liabilities | | 2,017,034 | 1,949,694 | |||||||
Other liabilities | 29 | 3,579,330 | 2,622,269 | |||||||
Long term loans | 28 | 160,243 | 131,328 | |||||||
Other provisions | 30 | 1,514,057 | 861,761 | |||||||
Total liabilities | | 242,576,063 | 162,681,478 | |||||||
Equity | | | | |||||||
Issued and paid up capital | 31 | 11,538,660 | 11,470,603 | |||||||
Reserves | 34 | 3,443,319 | 152,144 | |||||||
Reserve for employee stock ownership plan (ESOP) | | 343,460 | 248,148 | |||||||
Total equity | | 15,325,439 | 11,870,895 | |||||||
Net profit for the year | | 5,950,555 | 4,640,718 | |||||||
Total equity and net profit for the year | | 21,275,994 | 16,511,613 | |||||||
Total liabilities and equity | | 263,852,057 | 179,193,091 | |||||||
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INCOME STATEMENT | | | | |||||||
As of December 31, 2016 | | | | |||||||
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Amounts in EGP Thousands | Note | December 31, 2016
| December 31, 2015
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Interest and similar income | | 19,144,218 | 14,765,337 | |||||||
Interest and similar expense | | (9,126,512) | (6,650,008) | |||||||
Net interest income | 6 | 10,017,706 | 8,115,329 | |||||||
Fee and commission income | | 1,965,529 | 1,885,544 | |||||||
Fee and commission expense | | (417,573) | (299,696) | |||||||
Net fee and commission income | 7 | 1,547,956 | 1,585,848 | |||||||
Dividend income | 8 | 34,236 | 35,062 | |||||||
Net trading income | 9 | 1,315,182 | 710,398 | |||||||
Profits on financial investments | 22 | 32,121 | 270,998 | |||||||
Administrative expenses | 10 | (2,432,652) | (2,028,404) | |||||||
Other operating (expenses) income | 11 | (1,237,187) | (523,490) | |||||||
Goodwill impairment | 41 | (209,842) | (7,236) | |||||||
Intangible assets amortization | 41 | (130,208) | (21,701) | |||||||
Impairment charge for credit losses | 12 | (892,874) | (1,682,439) | |||||||
Profit before income tax | | 8,044,438 | 6,454,365 | |||||||
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Income tax expense | 13 | (2,017,034) | (1,949,694) | |||||||
Deferred tax assets (Liabilities) | 32 & 13 | (76,849) | 136,047 | |||||||
Net profit for the year | | 5,950,555 | 4,640,718 | |||||||
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Earnings per share | 14 | | | |||||||
Basic | | 4.56 | 3.56 | |||||||
Diluted | | 4.49 | 3.51 | |||||||
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CASH FLOW STATEMENT As of December 31, 2016
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Amounts in EGP Thousands | | |
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| | December 31, 2016 | December 30, 2015 | |||||||
Cash flow from operating activities | | | | |||||||
Profit before income tax | | 8,044,438 | 6,454,365 | |||||||
Adjustments to reconcile net profit to net cash provided by operating activities | | | | |||||||
Fixed assets depreciation | | 285,381 | 223,510 | |||||||
Impairment charge for credit losses | | 892,874 | 1,682,439 | |||||||
Other provisions charges | | 150,847 | 135,866 | |||||||
Trading financial investments revaluation differences | | (269,283) | 353,590 | |||||||
Available for sale and held to maturity investments exchange revaluation differences | | (2,219,961) | (96,638) | |||||||
Goodwill impairment | | 209,842 | 7,236 | |||||||
Intangible assets amortization | | 130,208 | 21,701 | |||||||
Financial investments impairment charge | | (49,371) | 140,751 | |||||||
Utilization of other provisions | | (3,696) | (5,286) | |||||||
Other provisions no longer used | | (78,405) | (505) | |||||||
Exchange differences of other provisions | | 583,550 | 13,330 | |||||||
Profits from selling property, plant and equipment | | (1,682) | (564) | |||||||
Profits from selling financial investments | | (35,193) | (163,270) | |||||||
Profits from selling associates | | 32,793 | (285,431) | |||||||
Shares based payments | | 187,000 | 133,395 | |||||||
Operating profits before changes in operating assets and liabilities | | 7,859,342 | 8,614,489 | |||||||
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Net decrease (increase) in assets and liabilities | | | | |||||||
Due from banks | | 264,072 | 2,131,806 | |||||||
Treasury bills and other governmental notes | | (14,019,180) | 5,497,825 | |||||||
Trading financial assets | | 3,672,526 | (2,474,396) | |||||||
Derivative financial instruments | | (2,918) | (20,247) | |||||||
Loans and advances to banks and customers | | (29,833,291) | (9,495,679) | |||||||
Other assets | | (599,879) | (1,042,543) | |||||||
Goodwill | | - | (217,078) | |||||||
Intangible assets | | - | (651,041) | |||||||
Due to banks | | 1,408,227 | 469,384 | |||||||
Due to customers | | 76,595,390 | 33,124,989 | |||||||
Income tax obligations paid | | (1,949,694) | (1,814,609) | |||||||
Other liabilities | | 957,061 | 80,304 | |||||||
Net cash provided from operating activities | | 44,351,656 | 34,203,204 | |||||||
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Cash flow from investing activities | | | | |||||||
Proceeds from selling subsidiary and associates | | 44,362 | 334,451 | |||||||
Payment for purchases of property, plant, equipment and branches constructions | | (560,631) | (360,587) | |||||||
Proceeds from redemption of held to maturity financial investments | | 4,094 | 3,919,074 | |||||||
Payment for purchases of held to maturity financial investments | | (1,243,669) | (4,019,548) | |||||||
Payment for purchases of available for sale financial investments | | (3,334,123) | (25,392,460) | |||||||
Proceeds from selling available for sale financial investments | | 3,078,510 | 5,301,726 | |||||||
Proceeds (payments) from real estate investments | | - | 884,094 | |||||||
Net cash used in investing activities | | (2,011,457) | (19,333,250) | |||||||
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Cash flow from financing activities | | | ||||||||
Increase (decrease) in long term loans | 28,915 | (111,550) | ||||||||
Dividend paid | (1,463,450) | (1,563,646) | ||||||||
Capital increase | 68,057 | 94,748 | ||||||||
Net cash used in financing activities | | (1,366,478) | (1,580,448)
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Net increase (decrease) in cash and cash equivalent during the period | | 40,973,721 | 13,289,506 | |||||||
Beginning balance of cash and cash equivalent | | 28,100,866 | 14,811,360 | |||||||
Cash and cash equivalent at the end of the period | | 69,074,587 | 28,100,866 | |||||||
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Cash and cash equivalent comprise: | | | | |||||||
Cash and balances with central bank | | 10,522,040 | 9,848,954 | |||||||
Due from banks | | 58,011,034 | 21,002,305 | |||||||
Treasury bills and other governmental notes | | 39,177,184 | 22,130,170 | |||||||
Obligatory reserve balance with CBE | | (5,438,235) | (8,268,202) | |||||||
Due from banks with maturities more than three months | | (2,565,895) | - | |||||||
Treasury bills with maturity more than three months | | (30,631,541) | (16,612,361) | |||||||
Total cash and cash equivalent | | 69,074,587 | 28,100,866 | |||||||
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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Separate statement of changes in shareholders' equity for the period ended December 31, 2015 | |||||||||||||||||||
Dec. 31, 2015 | Issued and paid up capital | Legal reserve | General reserve | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the year | Reserve for employee stock ownership plan | Total |
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Beginning balance | 9,081,734 | 621,084 | 1,850,648 | 28,108 | (593,237) | 1,991 | 3,647,530 | 177,766 | 14,815,624 |
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Capital increase | 2,388,869 | - | (2,294,121) | - | - | - | - | - | 94,748 |
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Transferred to reserves | - | 182,271 | 1,961,998 | 2,106 | - | - | (2,083,362) | (63,013) | - |
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Dividend paid | - | - | - | - | - | - | (1,563,646) | - | (1,563,646) |
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Net profit for the year | - | - | - | - | - | - | 4,640,718 | - | 4,640,718 |
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Net Unrealised gain/(loss) on AFS | - | - | - | - | (1,609,226) | - | - | - | (1,609,226) |
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Transferred (from) to bank risk reserve | - | - | - | - | - | 522 | (522) | - | - |
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Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | 133,395 | 133,395 |
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Balance at the end of the year | 11,470,603 | 803,355 | 1,518,525 | 30,214 | (2,202,463) | 2,513 | 4,640,718 | 248,148 | 16,511,613 |
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Separate statement of changes in shareholders' equity for the period ended December 31, 2016 | |||||||||
Dec. 31, 2016 | Issued and paid up capital | Legal reserve | General reserve | Special reserve | Reserve For A.F.S investments revaluation diff. | Banking risks reserve | Net profit for the year | Reserve for employee stock ownership plan | Total |
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Beginning balance | 11,470,603 | 803,355 | 1,518,525 | 30,214 | (2,202,463) | 2,513 | 4,640,718 | 248,148 | 16,511,613 |
Capital increase | 68,057 | - | - | - | - | - | - | - | 68,057 |
Transferred to reserves | - | 232,008 | 3,035,878 | 564 | - | - | (3,176,762) | (91,688) | - |
Dividend paid | - | - | - | - | - | - | (1,463,450) | - | (1,463,450) |
Net profit for the year | - | - | - | - | - | - | 5,950,555 | - | 5,950,555 |
Net unrealised gain/(loss) on AFS | - | - | - | - | 22,219 | - | - | - | 22,219 |
Transferred (from) to bank risk reserve | - | - | - | - | - | 506 | (506) | - | - |
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | 187,000 | 187,000 |
Balance at the end of the year | 11,538,660 | 1,035,363 | 4,554,403 | 30,778 | (2,180,244) | 3,019 | 5,950,555 | 343,460 | 21,275,994 |
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