1st half consolidated results

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

Consolidated Financial Statements

June 30, 2013

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of June 30, 2013

Amounts in EGP

Note

June 30, 2013

Dec. 31, 2011

Assets

Cash & Balances with Central Bank

15

6,417,883,889

5,393,974,124

Due From Banks

16

9,942,222,622

8,047,820,388

Treasury Bills & Other Governmental Notes

17

17,799,004,050

8,017,754,432

Trading Financial Assets

18

1,807,799,496

1,515,325,502

Loans & Advances to Banks

19

118,736,640

1,178,867,739

Loans & Advances to Customers

20

42,195,725,873

40,698,313,773

Derivative Financial Instruments

21

80,138,385

137,459,761

Financial Investments

Available for Sale

22

19,018,435,790

21,177,427,597

Held to Maturity

22

4,203,912,350

4,215,787,960

Investments in Associates

23

186,930,315

165,198,634

Brokers-Debit Balances

178,934,655

134,944,510

Investment Property

24

9,695,686

10,395,686

Other Assets

25

2,622,150,320

2,474,945,065

Intangible Assets

40

29,244,613

33,422,415

Deferred Tax

33

133,517,870

129,356,874

Property, Plant and Equipment

26

837,880,061

683,455,846

Total Assets

105,582,212,615

94,014,450,306

Liabilities and Equity

Liabilities

Due to Banks

27

953,508,142

1,714,862,716

Due to Customers

28

91,187,302,033

78,729,121,488

Brokers-Credit Balance

167,916,044

124,759,011

Reconciliation accounts- credit balances

34,249,300

1,664,718

Derivative Financial Instruments

21

86,538,113

119,099,260

Other Liabilities

30

1,844,015,404

2,059,005,013

Long Term Loans

29

117,795,397

80,495,238

Other Provisions

31

395,925,190

315,488,382

Total Liabilities

94,787,249,623

83,144,495,826

Equity

Issued and Paid In Capital

32

6,001,623,790

5,972,275,410

Reserves

32

3,756,300,963

2,970,163,921

Reserve for Employee Stock Ownership Plan (ESOP)

149,002,251

164,761,121

Retained Earnings

(488,609,753)

(510,946,406)

Total Equity

9,418,317,251

8,596,254,046

Net Profit of the Period/Year After Tax

1,328,840,907

2,226,180,503

Total Equity And Net Profit For Period/Year

10,747,158,158

10,822,434,549

Minority Interest

47,804,834

47,519,931

Total Minority Interest and Equity

10,794,962,992

10,869,954,480

Total Liabilities, Equity and Minority Interest

105,582,212,615

94,014,450,306

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

15,834,415,580

14,897,739,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of June 30, 2013

Amounts in EGP.

Note

June 30, 2013

June 30, 2012

Interest and Similar Income

4,508,235,033

3,602,430,763

Interest and Similar Expenses

(2,098,423,604)

(1,801,233,932)

Net Interest Income

6

2,409,811,429

1,801,196,831

Fees & Commissions Income

721,374,919

477,424,825

Fees and Commissions Expense

(63,183,179)

(47,766,855)

Net Income from Fees and Commissions

7

658,191,740

429,657,970

Dividend Income

8

14,064,372

21,744,400

Net Trading Income

9

381,716,804

204,616,711

Profit from Financial Investments

22

2,148,593

(23,267,142)

Goodwill Amortization

-

(1,737,752)

Administrative Expenses

10

(941,406,590)

(756,065,029)

Other operating (Expenses) Income

11

(40,617,852)

(56,004,253)

Impairment Charge for Credit Losses

12

(490,785,133)

(159,244,620)

Intangible Assets Amortization

(4,177,802)

(12,699,546)

Bank's Share in the Profits of Associates

10,165,541

(471,111)

Net Profit Before Tax

1,999,111,102

1,447,726,459

Income Tax Expense

13

(674,177,022)

(430,386,683)

Deferred Tax

33 & 13

4,189,077

11,456,066

Net Profit of The Year

1,329,123,157

1,028,795,842

Minority Interest

282,250

655,973

Bank Shareholders

1,328,840,907

1,028,139,869

Earning per share

14

Basic

1.97

1.77

Diluted

1.94

1.74

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of June 30, 2013

Amounts in EGP.

June 30, 2013

June 30, 2012

Cash Flow from Operating Activities

Net Profit Before Tax

1,999,111,102

1,447,726,459

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

92,706,053

84,143,375

Assets Impairment Charges

490,785,133

159,262,715

Other Provisions Charges

69,071,603

86,724,165

Trading Financial Investment Revaluation Differences

(5,284,126)

(27,220,349)

Intangible Assets Amortization

4,177,802

12,699,546

Goodwill Amortization

-

1,737,752

Available for sale and held to maturity investments exchange revaluation differences

(136,563,408)

(6,075,233)

Financial Investments Impairment Charge (Release)

(31,201,193)

16,728,215

Utilization of Other Provisions

(4,019,910)

(72,300,072)

Other Provisions No Longer Used

(141,520)

(531,054)

Exchange Differences of Other Provisions

15,526,634

(711,571)

Profits From Selling Property, Plant and Equipment

(495,294)

(1,633,796)

Profits From Selling Financial Investments

(2,228,946)

(8,415,397)

Exchange differences of long term loans

-

(20,812)

Shares Based Payments

47,923,358

44,135,782

Investments in Associates Revaluation

(14,204,380)

-

Real Estate Investments Impairment Charges

Operating Profits Before Changes in Operating Assets and Liabilities

2,525,162,908

1,736,249,725

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(1,804,750,632)

(962,784,101)

Treasury Bills & Other Governmental Notes

(6,760,815,159)

(1,601,411,260)

Trading Financial Assets

(287,189,868)

(638,630,558)

Derivative Financial Instruments

24,760,229

28,057,118

Loans and Advances to Banks and Customers

(928,066,134)

135,430,874

Other Assets

(63,536,059)

(799,386,923)

Due to Banks

(761,354,574)

(1,555,779,809)

Due to Customers

12,458,180,545

5,299,136,367

Other Liabilities

(813,553,325)

(258,575,320)

Net Cash Provided from Operating Activities

3,588,837,931

1,382,306,113

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of June 30, 2013

June 30, 2013

June 30, 2012

Cash Flow From Investing Activities

Purchases of Property, Plant and Equipment

(374,266,234)

(109,963,446)

Redemption of Held-to-Maturity Financial Investments

11,875,610

-

Purchases of Held to Maturity Financial Investment

-

(3,634,130,249)

Purchases of Available for Sale Financial Investments

(778,731,294)

(4,845,384,951)

Proceeds from Selling Available For Sale Financial Investments

2,682,301,736

4,989,103,162

Proceeds from Selling Real Estate Investments

700,000

2,750,000

Net Cash Generated from (Used in) Investing Activities

1,534,352,518

(3,613,779,994)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

37,300,159

(8,237,604)

Dividend Paid

(1,055,843,161)

(806,206,518)

Capital Increase

29,348,380

37,712,420

Net Cash Generated from (Used in) Financing Activities

(989,194,622)

(776,731,702)

Net Increase (Decrease) in Cash and Cash Equivalent

4,133,995,827

(3,008,205,584)

Beginning Balance of Cash and Cash Equivalent

5,665,914,467

8,207,517,133

Cash & Cash Equivalent Balance At the End of the Period

9,799,910,294

5,199,311,549

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

6,417,883,889

5,542,320,904

Due From Banks

9,942,222,622

9,880,244,903

Treasury Bills and Other Governmental Notes

17,799,004,050

9,414,560,183

Obligatory Reserve Balance With CBE

(3,284,941,291)

(3,028,051,899)

Due from Banks (Time Deposits) More than Three Months

(6,250,365,556)

(6,186,983,796)

Treasury Bills With Maturity More than Three months

(14,823,893,420)

(10,442,778,746)

Total Cash & Cash Equivalent

9,799,910,294

5,199,311,549

June 30,

2013

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(losses)

Special Reserves

(EGP)

Reserves for A.F.S Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of the period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

5,972,275,410

380,348,755

2,036,955,188

(510,946,406)

117,805,566

153,364,794

103,716,932

2,404,153,189

164,761,121

10,822,434,549

47,519,931

10,869,954,480

Capital Increase

29,348,380

-

-

-

-

-

-

-

-

29,348,380

-

29,348,380

Transferred to Reserves

-

110,016,166

1,277,120,890

-

2,387,583

-

-

(1,325,842,412)

(63,682,227)

-

-

-

Transferred to Retained Earnings

-

-

-

23,469,594

-

-

-

(23,469,594)

-

-

-

-

Dividend paid

-

-

-

(1,001,979)

-

-

-

(1,054,841,182)

-

(1,055,843,161)

-

(1,055,843,161)

Net Profit of the Year

-

-

-

-

-

-

-

1,328,840,907

-

1,328,840,907

282,251

1,329,123,158

Transfer from Special Reserve

-

-

-

-

-

-

-

-

-

-

-

-

Change during the period

-

-

-

(130,962)

-

-

-

-

-

(130,962)

2,652

(128,310)

Addition from Financial

-

-

-

-

-

(425,414,911)

-

-

-

(425,414,911)

-

(425,414,911)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

(15,016,039)

15,016,039

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

47,923,358

47,923,358

-

47,923,358

Balance at the end of the period

6,001,623,790

490,364,921

3,314,076,078

(488,609,753)

120,193,149

(272,050,117)

88,700,893

1,343,856,947

149,002,251

10,747,158,159

47,804,834

10,794,962,992