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

Consolidated IFRS Financial Statements

December 31, 2017

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Consolidated statement of profit or loss for the year ended December 31, 2017

	Notes	Dec. 31, 2017	Dec. 31, 2016
		EGP Thousands	EGP Thousands

Interest and similar income		28,671,170	19,144,218
Interest and similar expense		(16,167,383)	(9,127,195)
Net interest income	3	12,503,787	10,017,023

Fee and commission income		2,676,944	1,965,529
Fee and commission expense		(624,278)	(417,573)
Net fee and commission income	4	2,052,666	1,547,956

Dividend income	5	34,514	34,236
Net trading income	6	1,292,215	1,315,182
Profits (Losses) on financial investments	22	165,111	(25,533)
Goodwill impairment	40	-	(217,078)
Administrative expenses	7	(3,983,324)	(3,119,378)
Other operating expenses	8	(1,059,651)	(1,233,620)
Impairment charge for credit losses	9	(1,742,281)	(892,874)
Intangible Assets amortization	40	-	-
Bank's share in the profits of associates	12	29,066	2,989
Profit before income tax from continuing operations		9,292,103	7,428,903

Current income tax expense		(2,778,973)	(2,017,034)
Deferred income tax	10.2	(1,678)	(76,849)
Net profit from continuing operations		6,511,452	5,335,020

Discontinuing Operations
Profit from discontinuing operations (Net of tax)	39	122,234	127,376
Profit from disposal of discontinuing operations		168,900	-
Net profit for the year		6,802,586	5,462,396

Attributable to:
Equity holders of the parent		6,778,536	5,448,248
Non-controlling interest		24,050	14,148
Net Profit for the year		6,802,586	5,462,396



Earning per share	11
Basic attributable to equity holders of the parent		5.85	4.72
Diluted attributable to equity holders of the parent		5.76	4.65

Earning per share from continuing operations
Basic attributable to equity holders of the parent		5.60	4.61
Diluted attributable to equity holders of the parent		5.51	4.55

The accompying notes from 1 to 41 form an integral part of these consolidated financial statements.


		Hisham Ezz Al-Arab
		Chairman and Managing Director

Consolidated statement of other comprehensive income for the year ended December 31, 2017

	Notes	Dec. 31, 2017	Dec. 31, 2016
		EGP Thousands	EGP Thousands
Profit for the year		6,802,586	5,462,396
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on available-for-sale financial assets		537,286	22,219
Cumulative foreign currencies translation differences	32	(8,588)	8,588
Other comprehensive income for the year		528,698	30,807
Total comprehensive income for the year		7,331,284	5,493,203

Attributable to:
Equity holders of the parent		7,307,234	5,479,055
Non-controlling interest		24,050	14,148

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.



Consolidated statement of financial position as at December 31, 2017


	Notes	Dec. 31, 2017	Dec. 31, 2016
	Notes	EGP Thousands	EGP Thousands
Assets
Cash and balances with central bank	13	14,663,289	10,522,040
Due from banks	14	45,319,766	58,011,034
Treasury bills and other governmental notes	15	54,478,202	39,177,184
Financial assets held for trading	16	7,295,197	2,445,134
Loans and advances to banks, net	17	1,313	159,651
Loans and advances to customers, net	18	88,427,103	85,224,148
Non current assets held for sale	39	-	4,890,438
Derivative financial instruments	19	40,001	269,269
Financial investments
- Available for sale	21	30,474,781	5,447,291
- Held to maturity	21	45,167,722	53,924,936
Investments in associates and subsidiaries	23	65,039	36,723
Other assets	24	6,886,607	5,434,563
Goodwill	40	-	-
Intangible assets	40	651,041	651,041
Deferred tax assets	10.2	179,630	181,308
Property and equipment	25	1,415,746	1,324,808
Total assets		295,065,437	267,699,568
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	39	-	3,684,676
Derivative financial instruments	19	196,984	331,091
Other liabilities	29	6,346,476	4,268,775
Current Tax Liability		2,778,973	2,017,034
Long term loans	28	3,674,736	160,243
Provisions	30	1,615,159	1,514,057
Total liabilities		267,213,298	246,725,667
Equity
Issued and paid in capital	31	11,618,011	11,538,660
Reserves	32	8,867,806	3,448,737
Reserve for employee stock ownership plan (ESOP)		489,334	343,460
Retained earnings		6,876,988	5,509,967
Total equity attributable to equity holders of the parent		27,852,139	20,840,824
Non-controlling interest		-	133,077
Total equity		27,852,139	20,973,901
Total liabilities , equity and non-controlling interest		295,065,437	267,699,568


The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.


		Hisham Ezz Al-Arab
		Chairman and Managing Director

Consolidated statement of changes in shareholders' equity

	Attributable to equity holders of the parents
Dec. 31, 2017	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)	Retained earnings	Reserves	Total	Non-controlling interest	Total equity
							EGP Thousands
Beginning balance	11,470,603	248,148	4,160,601	149,480	16,028,832	47,432	16,076,264
Profit for the year	-	-	5,448,248	-	5,448,248	14,148	5,462,396
Other comprehensive income :
Net (Loss)/gain on available-for-sale financial assets	-	-	-	22,219	22,219	-	22,219
Cumulative foreign currencies translation differences	-	-	-	8,588	8,588	-	8,588
Total comprehensive income	-	-	5,448,248	30,807	5,479,055	14,148	5,493,203
Capital increase	68,057	-	-	-	68,057	-	68,057
Reserve for employee stock ownership plan (ESOP)	-	187,000	-	-	187,000	-	187,000
Dividend	-	-	(1,467,346)	-	(1,467,346)	(1,395)	(1,468,741)
Transferred to reserves	-	(91,688)	(3,176,762)	3,268,450	-	-	-
Change during the year	-	-	545,226	-	545,226	72,892	618,118
Balance at 31 December 2016	11,538,660	343,460	5,509,967	3,448,737	20,840,824	133,077	20,973,901
Profit for the year	-	-	6,778,536.0	-	6,778,536	24,050	6,802,586
Other comprehensive income :
Net (Loss)/gain on available-for-sale financial assets	-	-	-	537,286	537,286	-	537,286
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-
Total comprehensive income	-	-	6,778,536	537,286	7,315,822	24,050	7,339,872
Capital increase	79,351	-		-	79,351	-	79,351
Reserve for employee stock ownership plan (ESOP)	-	290,884	-	-	290,884	-	290,884
Dividend	-	-	(1,350,204)	-	(1,350,204)	-	(1,350,204)
Transferred to reserves	-	(145,010)	(4,745,361)	4,890,371	-	-	-
Change during the year	-	-	684,050	-	684,050	(157,127)	526,923
Cumulative foreign currencies translation differences	-	-	-	(8,588)	(8,588)	-	(8,588)
Balance at 31 December 2017	11,618,011	489,334	6,876,988	8,867,806	27,852,139	-	27,852,139

Consolidated cash flow statement for the year ended December 31, 2017

Notes

Dec. 31, 2017

Dec. 31, 2016

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

9,292,103

7,428,903

Profit before income tax from discontinued operations

158,040

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

Fixed assets depreciation

353,681

288,057

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

217,078

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

Shares based payments

290,884

187,000

Bank's share in the profits of associates

(38,636)

(131,799)

Associates financial investments revaluation differences

228

683

Operating profits before changes in operating assets and liabilities

11,609,010

7,339,888

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)

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

451,352

41,645,130

Cash flow from investing activities

Proceeds from redemption of subsidiary 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)

(44,667,810)

Payment for purchases of available for sale financial investments

(25,868,230)

(3,334,122)

Proceeds from selling available for sale financial investments

1,261,980

46,370,851

Proceeds from selling non current assets held for sale

628,521

(2,989)

Goodwill impairment

Non current assets held for sale

428,011

Net cash used in investing activities

(15,581,161)

(2,026,482)

Consolidated cash flow statement for the year ended December 31, 2017

(Cont.)

Dec. 31, 2017

Dec. 31, 2016

EGP Thousands

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

Payment related to finanace lease

(3,588)

(12,380)

Net cash used in financing activities

2,249,622

(1,378,858)

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

(12,880,187)

38,239,790

Beginning balance of cash and cash equivalent

52,675,691

14,435,901

Cash and cash equivalent at the end of the year

39,795,504

52,675,691

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

(11,132,919)

(11,408,904)

Treasury bills with maturity more than three months

(54,653,848)

(38,187,428)

Total cash and cash equivalent

39,795,504

52,675,691