Level 2

Company Announcements

3rd Quarter Separate Results

By LSE RNS

RNS Number : 9534V
Commercial Intnl Bank (Egypt) SAE
09 November 2017
 
















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

Separate Financial Statements

September 30th ,  2017








 








 

 

 




FINANCIAL POSITION




As of September 30th , 2017




Amounts in EGP Thousands

Note

September 30, 2017

 

December 31, 2016

 

Assets




Cash and balances with central bank

15

23,174,630

10,522,040

Due from  banks

16

38,891,261

58,011,034

Treasury bills and other governmental notes

17

54,950,084

39,177,184

Trading financial assets

18

4,599,462

2,445,134

Loans and advances to banks, net

19

1,207

159,651

Loans and advances to customers, net

20

87,996,206

85,991,914

Derivative financial instruments

21

68,570

269,269

Financial investments




- Available for sale

22

17,781,240

5,447,291

- Held to maturity

22

47,494,845

53,924,936

Investments in associates

23

9,750

10,500

Non current assets held for sale

42

-

428,011

Other assets

24

5,953,798

5,446,025

Intangible assets

41

401,475

499,131

Deferred tax assets (Liabilities)

32

171,593

181,308

Property, plant and equipment

25

1,342,886

1,338,629

Total assets


282,837,007

 

263,852,057

Liabilities and equity




Liabilities




Due to banks

26

664,401

3,008,996

Due to customers

27

247,733,684

231,965,312

Derivative financial instruments

21

154,420

331,091

Current tax liabilities


1,945,105

2,017,034

Other liabilities

29

4,119,256

3,579,330

Long term loans

28

141,406

160,243

Other provisions

30

1,518,570

1,514,057

Total liabilities


256,276,842

242,576,063

Equity




Issued and paid up capital

31

11,618,011

11,538,660

Reserves

34

8,824,048

3,443,319

Reserve for employee stock ownership plan (ESOP)


428,807

343,460

Total equity


20,870,866

15,325,439

Net profit for the period/year


5,689,299

5,950,555

Total equity and net profit for the period/ year


26,560,165

21,275,994

Total liabilities and equity


282,837,007

263,852,057













INCOME  STATEMENT




As of September 30, 2017












Amounts in EGP Thousands

Note

September 30, 2017

 

September 30, 2016

 





Interest and similar income


21,008,359

13,486,623

Interest and similar expense


(11,698,658)

(6,420,760)

Net interest income

6

9,309,701

7,065,863

Fee and commission income


2,019,148

1,385,726

Fee and commission expense


(435,430)

(279,399)

Net fee and commission income

7

1,583,718

1,106,327

Dividend income

8

27,844

32,019

Net trading income

9

908,024

696,412

Profits on financial investments 

22

337,726

44,236

Administrative expenses

10

(2,262,632)

(1,793,713)

Other operating (expenses) income

11

(730,741)

(557,683)

Goodwill impairment

41

-

(32,561)

Intangible assets amortization

41

(97,656)

(97,656)

Impairment charge for credit losses

12

(1,431,865)

(577,684)

Profit before income tax


7,644,119

5,885,560





Income tax expense

13

(1,945,105)

(1,452,955)

Deferred tax assets (Liabilities)

32 & 13

(9,715)

(91)

Net profit for the Period      


5,689,299

4,432,514





Earnings per share

14



Basic


4.34

3.38

Diluted


4.27

3.33









CASH FLOW STATEMENT

As of September 30, 2017

 

 




 

Amounts in EGP Thousands



 



September 30, 2017

September 30, 2016

Cash flow from operating activities




Profit before income tax


7,644,119

 

5,885,560

 

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




Fixed assets depreciation


263,524

205,146

Impairment charge for credit losses


1,431,865

577,684

Other provisions charges


119,983

165,575

Trading financial investments revaluation differences


(269,480)

50,748

Available for sale and held to maturity investments exchange revaluation differences


115,734

(263,567)

Goodwill impairment


-

32,561

Intangible assets amortization


97,656

97,656

Financial investments impairment charge


(96,182)

46,492

Utilization of other provisions


(19,951)

(2,822)

Other provisions no longer used


(97,884)

(47,405)

Exchange differences of  other provisions


2,365

60,254

Profits from selling property, plant and equipment


(607)

(575)

Profits from selling financial investments


101,546

(10,935)

Profits (losses) from selling associates


-

(84,948)

Shares based payments


230,357

145,981

Impairment (Released) charges of non-current assets held for sale


(330,934)

-

 

Operating profits before changes in operating assets and liabilities

 


9,192,111

6,857,405

Net decrease (increase) in assets and  liabilities




Due from banks


(7,919,523)

(2,042,595)

Treasury bills and other governmental notes


(16,875,364)

538,374

Trading financial assets


(1,884,848)

2,135,885

Derivative financial instruments


24,028

(65,136)

Loans and advances to banks and customers


(3,277,713)

(4,601,222)

Other assets


(307,248)

541,151

Non-Current Assets Held for Sale


428,011

-

Due to banks


(2,344,595)

(1,123,107)

Due to customers


15,768,372

22,800,375

Income tax obligations paid


(2,017,034)

(1,949,694)

Other liabilities


539,926

265,769

Net cash provided from operating activities


(8,673,877)

23,357,205





Cash flow from investing activities




Proceeds from selling subsidiary and associates


750

161,503

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


(467,699)

(439,372)

Proceeds from redemption of held to maturity financial investments


11,026,150

4,094

Payment for purchases of held to maturity financial investments 


(4,596,059)

(2,367,123)

Payment for purchases of  available for sale financial investments


(13,263,959)

(3,024,361)

Proceeds from selling available for sale financial investments


1,146,696

4,427,351

Proceeds from selling non-current assets held for sale


628,521

-

Net cash used in investing activities


(5,525,600)

(1,237,908)





Cash flow from financing activities



Increase (decrease) in long term loans

(18,837)

16,300

Dividend paid

(1,350,207)

(1,463,450)

Capital Increase


79,351

68,057

Net cash used in financing activities


(1,289,693)

(1,381,869)

 

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


(15,489,170)

20,740,204

Beginning balance of cash and cash equivalent


61,518,700

22,583,060

Cash and cash equivalent at the end of the period


46,029,530

43,323,264





Cash and cash equivalent comprise:




Cash and balances with central bank


23,174,630

12,434,973

Due from banks


38,891,261

41,177,611

Treasury bills and other governmental  notes


54,950,084

21,613,272

Obligatory reserve balance with CBE


(12,666,252)

(9,846,334)

Due from banks with maturities more than three months


(3,257,401)

(464,462)

Treasury bills with maturity more than three months


(55,062,792)

(21,591,796)

Total cash and cash equivalent


46,029,530

43,323,264

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

 

Separate statement of changes in shareholders' equity  for the period ended September 30, 2016

Sep. 30, 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 period

Reserve for employee stock ownership plan

Total










EGP Thousands

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 period

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

           4,432,514

                     -  

            4,432,514

Net unrealised gain/(loss) on AFS

                         -  

                      -  

                         -  

                       -  

            (546,224)

                       -  

                       -  

                     -  

              (546,224)

Transferred (from) to  bank risk reserve

                         -  

                      -  

                         -  

                       -  

                       -  

                    506

                   (506)

                     -  

                         -  

Cost of employees stock ownership plan (ESOP)

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

            145,981

               145,981

Balance at the end of the period

          11,538,660

         1,035,363

             4,554,403

                30,778

         (2,748,687)

                 3,019

           4,432,514

            302,441

          19,148,491

 











 











 

Separate statement of changes in shareholders' equity  for the period ended September 30, 2017

 

Sep. 30, 2017

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 period

Reserve for employee stock ownership plan

Total

 










EGP Thousands

 

Beginning balance

           11,538,660

          1,035,363

             4,554,403

                30,778

         (2,180,244)

                  3,019

           5,950,555

            343,460

           21,275,994

 

Capital increase

                  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)

 

Net profit for the period

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

           5,689,299

                     -  

            5,689,299

 

Net unrealised gain/(loss) on AFS

                         -  

                      -  

                         -  

                       -  

              635,371

                       -  

                       -  

                     -  

                635,371

 

Transferred (from) to  bank risk reserve

                         -  

                      -  

                         -  

                       -  

                       -  

                     615

                   (615)

                     -  

                         -  

 

Cost of employees stock ownership plan (ESOP)

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

            230,357

               230,357

 

Balance at the end of the period

            11,618,011

          1,332,807

             9,000,020

                32,460

         (1,544,873)

                 3,634

           5,689,299

            428,807

           26,560,165

 











 


 











 










 










 

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