3rd Quarter Results

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

Consolidated Financial Statements

September 30, 2013

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of September 30, 2013

Amounts in EGP

Note

Sep. 30, 2013

Dec. 31, 2012

Assets

Cash & Balances with Central Bank

15

3,956,053,666

5,393,974,124

Due From Banks

16

9,101,879,265

8,047,820,388

Treasury Bills & Other Governmental Notes

17

21,734,857,255

8,017,754,432

Trading Financial Assets

18

2,185,341,436

1,515,325,502

Loans & Advances to Banks

19

166,406,169

1,178,867,739

Loans & Advances to Customers

20

41,688,854,369

40,698,313,773

Derivative Financial Instruments

21

85,311,981

137,459,761

Financial Investments

Available for Sale

22

22,048,708,596

21,177,427,597

Held to Maturity

22

4,201,625,227

4,215,787,960

Investments in Associates

23

189,034,537

165,198,634

Brokers clients-Debit Balances

257,863,654

134,944,510

Investment Property

24

9,695,686

10,395,686

Other Assets

25

2,652,421,289

2,474,945,065

Intangible Assets

40

-

33,422,415

Deferred Tax

33

84,883,875

71,450,183

Property, Plant and Equipment

26

845,807,821

683,455,846

Total Assets

109,208,744,826

93,956,543,615

Liabilities and Equity

Liabilities

Due to Banks

27

632,092,420

1,714,862,716

Due to Customers

28

94,079,451,835

78,729,121,488

Brokerage clients-Credit Balance

185,813,358

124,759,011

Reconciliation accounts-credit balances

23,027,468

1,664,718

Derivative Financial Instruments

21

97,920,747

119,099,260

Other Liabilities

30

2,248,614,160

2,059,005,013

Long Term Loans

29

110,105,397

80,495,238

Other Provisions

31

380,598,807

315,488,382

97,757,624,192

83,144,495,826

Total Liabilities

Equity

Issued and Paid In Capital

32

6,001,623,790

5,972,275,410

Reserves

32

3,526,002,033

2,970,163,921

Reserve for Employee Stock Ownership Plan (ESOP)

172,963,930

164,761,121

Retained Earnings

(546,517,847)

(568,853,097)

Total Equity

9,154,071,906

8,538,347,355

Net Profit of the Period/Year After Tax

2,249,202,041

2,226,180,503

Total Equity And Net Profit For Period/Year

11,403,273,947

10,746,527,858

Minority Interest

47,846,687

47,519,931

Total Minority Interest and Equity

11,451,120,634

10,812,047,789

Total Liabilities, Equity and Minority Interest

109,208,744,826

93,956,543,615

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

14,633,861,073

14,897,739,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of September 30, 2013

Amounts in EGP.

Note

Sep. 30, 2013

Sep. 30, 2012

Interest and Similar Income

6,972,030,784

5,709,924,331

Interest and Similar Expenses

(3,281,023,485)

(2,878,602,209)

Net Interest Income

6

3,691,007,299

2,831,322,122

Fees & Commissions Income

1,067,166,670

737,746,221

Fees and Commissions Expense

(93,749,393)

(76,765,133)

Net Income from Fees and Commissions

7

973,417,277

660,981,088

Dividend Income

8

21,416,442

22,704,086

Net Trading Income

9

577,456,537

418,171,996

Profit from Financial Investments

22

3,601,560

(29,687,230)

Goodwill Amortization

-

(2,606,628)

Administrative Expenses

10

(1,376,087,829)

(1,124,726,722)

Other operating (Expenses) Income

11

(43,278,642)

(74,848,809)

Impairment Charge for Credit Losses

12

(565,928,409)

(406,580,325)

Intangible Assets Amortization

(33,422,415)

(19,049,318)

Bank's Share in the Profits of Associates

13,017,393

1,107,855

Net Profit Before Tax

3,261,199,213

2,276,788,115

Income Tax Expense

13

(1,025,136,247)

(654,358,417)

Deferred Tax

33 & 13

13,461,774

17,342,735

Net Profit of The Year

2,249,524,740

1,639,772,433

Minority Interest

322,699

1,197,962

Bank Shareholders

2,249,202,041

1,638,574,471

Earning per share

14

Basic

3.05

2.71

Diluted

2.99

2.67

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of September 30, 2013

Amounts in EGP.

Sep. 30, 2013

Sep. 30, 2012

Cash Flow from Operating Activities

Profit Before Income Tax

3,261,199,213

2,276,788,115

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

156,820,520

127,504,186

Impairment Charges for credit losses

565,928,409

406,836,170

Other Provisions Charges

55,004,886

90,779,892

Trading Financial Investment Revaluation Differences

11,534,454

(114,094,428)

Intangible Assets Amortization

33,422,415

19,049,318

Goodwill Amortization

-

2,606,628

Available for sale and held to maturity investments exchange revaluation differences

(114,126,028)

(13,580,979)

Financial Investments Impairment Charge (Release)

(30,429,637)

7,844,587

Utilization of Other Provisions

(4,158,360)

(73,032,184)

Other Provisions No Longer Used

(141,520)

(531,054)

Exchange Differences of Other Provisions

14,405,419

1,106,792

Profits From Selling Property, Plant and Equipment

(747,854)

(3,801,360)

Profits From Selling Financial Investments

(3,720,380)

2,289,009

Exchange Differences of Long Term Loans

-

42,050

Shares Based Payments

71,885,037

66,036,546

Investments in Associates Revaluation

(16,308,603)

-

Operating Profits Before Changes in Operating Assets and Liabilities

4,000,567,971

2,795,843,288

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(966,228,638)

(233,540,939)

Treasury Bills & Other Governmental Notes

(8,063,793,255)

(43,416,593)

Trading Financial Assets

(681,550,388)

(1,049,322,183)

Derivative Financial Instruments

30,969,267

16,904,759

Loans and Advances to Banks and Customers

(544,007,435)

(471,183,299)

Other Assets

(178,411,284)

(1,035,637,518)

Due to Banks

(1,082,770,296)

(1,255,697,899)

Due to Customers

15,350,330,347

6,959,976,920

Other Liabilities

(753,238,312)

Net Cash Provided from Operating Activities

7,111,867,977

2,795,843,288

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of September 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(7,527,299)

(31,964,942)

Purchases of Property, Plant and Equipment

(440,380,644)

(167,419,342)

Redemption of Held-to-Maturity Financial Investments

14,162,733

-

Purchases of Held to Maturity Financial Investment

-

(4,183,287,258)

Purchases of Available for Sale Financial Investments

(4,969,114,267)

(9,826,460,193)

Proceeds from Selling Available For Sale Financial Investments

3,590,395,472

5,174,787,444

Proceeds from Selling Real Estate Investments

700,000

2,750,000

Net Cash Generated from (Used in) Investing Activities

(1,811,764,005)

(9,031,594,291)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

29,610,159

(36,951,273)

Dividend Paid

(1,055,843,163)

(806,206,518)

Capital Increase

29,348,380

37,712,420

Net Cash Generated from (Used in) Financing Activities

(996,884,624)

(805,445,371)

Net Increase (Decrease) in Cash and Cash Equivalent

4,303,219,348

(4,153,567,765)

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

9,969,133,815

4,053,949,368

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

3,956,053,666

3,414,510,382

Due From Banks

9,101,879,265

8,851,001,009

Treasury Bills and Other Governmental Notes

21,734,857,255

9,139,014,588

Obligatory Reserve Balance With CBE

(3,201,657,518)

(3,067,529,100)

Due from Banks (Time Deposits) More than Three Months

(5,495,127,335)

(5,418,263,433)

Treasury Bills With Maturity More than Three months

(16,126,871,518)

(8,864,784,079)

Total Cash & Cash Equivalent

9,969,133,815

4,053,949,367

September 30,

2012

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition (EGP)

Retained Earnings(losses)

(EGP)

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

5,934,562,990

231,344,896

1,234,122,776

302,794,421

(334,419,692)

185,931,315

(723,343,863)

281,689,619

1,490,041,219

137,354,418

8,740,078,098

46,356,546

8,786,434,645

Capital Increase

37,712,420

-

-

-

-

-

-

-

-

-

37,712,420

-

37,712,420

Transferred to Reserves

-

87,306,567

794,689,187

-

-

2,716,747

-

-

(833,050,374)

(51,662,127)

-

-

-

Transferred to Retained Earnings

-

-

-

-

(134,109,753)

-

-

-

134,109,753

-

-

-

-

Dividend paid

-

-

-

-

(15,105,920)

-

-

-

(791,100,598)

-

(806,206,518)

-

(806,206,518)

Net Profit of the Year

-

-

-

-

-

-

-

-

1,638,574,471

-

1,638,574,471

1,197,962

1,639,772,433

Transfer from Special Reserve

-

61,697,292

8,143,225

-

1,001,979

(70,842,496)

-

-

-

-

-

-

-

Change during the period

-

-

-

-

(353,414)

-

-

-

-

-

(353,414)

353,414

-

Addition from Financial investment revaluation

-

-

-

-

-

-

981,411,571

-

-

-

981,411,571

-

981,411,571

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(181,708,448)

181,708,448

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

66,036,546

66,036,546

-

66,036,546

Settlement of Intangible Asset value for Bank Share Before Acquisition

-

-

-

(302,794,421)

-

-

-

-

-

-

(302,794,421)

-

(302,794,421)

Balance at the end of the period

5,972,275,410

380,348,755

2,036,955,188

-

(482,986,800)

117,805,566

258,067,708

99,981,171

1,820,282,919

151,728,837

10,354,458,754

47,907,922

10,402,366,676

September 30,

2013

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings(losses)

(EGP)

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

(568,853,097)

117,805,566

153,364,794

103,716,932

2,404,153,189

164,761,121

10,764,527,858

47,519,931

10,812,047,789

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

-

-

-

23,469,954

-

-

-

(23,469,954)

-

-

-

-

Dividend paid

-

-

-

(1,001,979)

-

-

-

(1,054,841,184)

-

(1,055,843,163)

-

(1,055,843,163)

Net Profit of the Year

-

-

-

-

-

-

-

2,249,202,041

-

2,249,202,041

322,700

2,249,524,741

Transfer from Special Reserve

-

-

92,826,390

-

(92,826,390)

-

-

-

-

-

-

-

Change during the period

-

-

-

(132,365)

-

-

-

-

-

(132,365)

4,056

(128,309)

Addition from Financial investment revaluation

-

-

-

-

-

(655,713,841)

-

-

-

(655,713,841)

-

(655,713,841)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

(65,664,066)

65,664,066

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

71,885,037

71,885,037

-

71,885,037

Balance at the end of the period

6,001,623,790

490,364,921

3,406,902,468

(546,517,847)

27,366,759

(502,349,047)

38,052,866

2,314,866,106

172,963,930

11,403,273,947

47,846,687

11,451,120,634