12th Nov 2009 07:00
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Commercial International Bank (Egypt) S.A.E. |
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Consolidated Financial Statements |
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September 30, 2009 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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FINANCIAL POSITION |
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As of September 30 2009 |
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Amounts in EGP. |
Note |
30-Sep-2009 |
31-Dec-2008 |
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Assets |
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Cash & Due From Central Bank |
5 |
4,174,723,405 |
4,473,013,600 |
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Due From Banks |
6 |
6,670,737,666 |
6,572,191,780 |
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Treasury Bills & Other Governmental Notes |
7 |
9,806,172,890 |
12,456,955,210 |
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Trading Financial Assets |
8 |
899,182,992 |
641,627,430 |
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Loans & Overdrafts |
11&12 |
27,182,965,732 |
26,330,327,878 |
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Financial Derivatives |
13 |
392,541,362 |
704,890,792 |
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Financial Investments: |
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Available for Sale |
9 |
7,813,811,741 |
2,774,965,250 |
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Held to Maturity |
9 |
599,198,914 |
681,263,274 |
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Financial Investments in Associated companies |
14 |
92,901,765 |
92,923,215 |
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Brokers-Debit Balances |
205,219,606 |
151,604,732 |
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Debit Balances and Other Assets |
16 |
1,059,295,020 |
972,855,164 |
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Goodwill |
39 |
200,523,251 |
200,523,251 |
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Intangible Assets |
39 |
590,338,356 |
640,938,786 |
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Deferred Tax |
28 |
34,164,634 |
19,372,767 |
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Fixed Assets (Net) |
17 |
776,232,552 |
748,340,702 |
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Total Assets |
60,498,009,886 |
57,461,793,831 |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks |
18 |
746,253,433 |
228,994,222 |
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Customer Deposits |
19 |
50,836,117,565 |
48,790,029,809 |
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Brokers-Credit Balances |
174,574,934 |
200,921,933 |
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Reconciliation Accounts-Credit Balances |
84,106,592 |
27,897,554 |
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Financial Derivatives |
13 |
283,889,414 |
636,914,744 |
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Credit Balances & Other Liabilities |
20 |
1,122,291,264 |
1,270,466,914 |
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Long Term Loans |
21 |
96,845,301 |
109,273,933 |
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Other Provisions |
22 |
368,585,624 |
372,645,236 |
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Total Liabilities |
53,712,664,127 |
51,637,144,345 |
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Shareholders' Equity |
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Paid- in Capital |
23 |
2,925,000,000 |
2,925,000,000 |
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Reserves |
23 |
2,500,347,705 |
1,308,202,274 |
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Reserve for employee stock ownership plan (ESOP) |
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146,845,365 |
86,727,903 |
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Retained Earnings |
(160,932,388) |
87,845,690 |
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Total Shareholders' Equity |
5,411,260,682 |
4,407,775,867 |
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Net Profit of the Period/ Year |
1,319,295,568 |
1,370,592,741 |
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Total Shareholders' Equity & Net Profit |
6,730,556,250 |
5,778,368,609 |
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Minority Interest |
54,789,509 |
46,280,877 |
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Total Shareholders' Equity & Minority Interest |
6,785,345,759 |
5,824,649,486 |
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Total Liabilities & Shareholders' Equity |
60,498,009,886 |
57,461,793,831 |
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Contingent Liabilities & Commitments |
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Letters of Credit, Guarantees and Other Commitments |
24 |
12,129,814,544 |
13,290,994,705 |
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INCOME STATEMENT |
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As of September. 30, 2009 |
Sep. 30, 2009 |
Sep. 30, 2008 (Restated) |
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Amounts in EGP. |
Note |
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Interest and similar income |
25 |
3,050,532,517 |
2,629,158,318 |
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Interest and similar Expenses |
25 |
(1,541,234,046) |
(1,465,116,850) |
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Net Interest Income |
1,509,298,471 |
1,164,041,468 |
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Fees & Commissions Income |
578,000,313 |
634,893,259 |
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Fees & Commissions Expense |
(46,930,027) |
(38,935,409) |
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Net Income from Fees & Commissions |
531,070,286 |
595,957,850 |
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Dividends Income |
129,389,084 |
87,134,463 |
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Net Trading Income |
26 |
359,818,056 |
359,508,469 |
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Provisions |
12&22 |
(88,908,820) |
(199,380,131) |
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Profits from Financial Investments |
9 |
63,279,476 |
118,177,543 |
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Administrative Expenses |
(882,826,292) |
(705,225,918) |
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Other Operating Income |
10 |
6,573,219 |
108,397,672 |
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Intangible Assets Amortization |
(50,600,430) |
- |
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Net Profit before Tax |
1,577,093,050 |
1,528,611,416 |
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Income Tax |
29 |
(266,416,069) |
(186,398,817) |
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Deferred Tax |
28 |
13,191,867 |
(29,184,873) |
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Net Profit After Tax |
1,323,868,848 |
1,313,027,726 |
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Minority Interest |
4,573,280 |
8,007,333 |
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Bank Shareholders |
1,319,295,568 |
1,305,020,393 |
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Earnings Per Share |
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Basic |
30 |
4.01 |
3.97 |
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Diluted |
30 |
3.92 |
3.93 |
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CASH FLOW STATEMENT 1a |
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As of Sept. 30 2009 |
Sep. 30, 2009 |
Sep. 30, 2008 (Restated) |
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Amounts in EGP |
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Cash Flow from Operating Activities |
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Net Income Before Tax |
1,577,093,050 |
1,528,611,416 |
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Adjustments To Reconcile Net Income |
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To Net Cash Provided by operating Activities |
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Depreciation |
146,004,606 |
102,024,442 |
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Provisions (Formed during the period) |
88,908,819 |
199,780,767 |
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Trading Financial Investment Evaluation Differences |
4,743,400 |
24,743,144 |
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Intangible Assets Amortization |
(50,600,430) |
- |
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Impairment of Assets |
4,690,062 |
39,349,990 |
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Utilization of Provision (Except Provision for Doubtful Debts) |
(6,542,060) |
(11,522,717) |
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Provisions no longer used |
(3,499,887) |
(95,081,179) |
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FCY Revaluation Differences of Provision Balances (Except Doubtful Debts) |
(259,087) |
(478,731) |
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Losses From Selling Fixed Assets |
15,344,069 |
(5,008,077) |
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Losses From Selling financial Investments |
(3,416,690) |
(155,853,030) |
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Losses from Selling an investment in subsidiary |
- |
(50,258,991) |
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FCY Revaluation Difference of Long Term Loans |
434,463 |
(623,325) |
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Share Based Payments |
60,117,462 |
43,908,011 |
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Operating Profit Before Changes in Operating Assets and Liabilities |
1,833,017,777 |
1,621,333,461 |
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Net Decrease (Increase) in Assets |
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Due from banks |
(585,876,600) |
3,335,188,421 |
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Treasury Bills & Other Governmental Notes |
2,216,935,318 |
(1,690,083,030) |
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Trading Financial Assets |
(262,298,962) |
(90,566,326) |
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Financial Derivatives (Net) |
(40,675,900) |
(29,022,253) |
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Loans & Overdrafts |
(930,946,199) |
(6,343,785,314) |
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Net Increase (Decrease) In Liabilities |
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Debit Balances & Other Assets |
(178,439,710) |
(855,932,850) |
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Due to Banks |
517,259,211 |
800,182,573 |
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Customer Deposits |
2,046,087,756 |
8,347,133,453 |
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Credit Balances & Other Liabilities |
(321,279,901) |
97,424,449 |
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Net Cash Provided from Operating Activities |
4,293,782,790 |
5,191,872,584 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT 1b |
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As of Sep. 30 2009 |
Sep. 30, 2009 |
Sep. 30, 2008 (Restated) |
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Cash Flow From Investing Activities |
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Sales of subsidiaries & associated companies |
55,302,976 |
20,804,793 |
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Purchase of Fixed Assets, premises and Fitting-out of Branches |
(151,786,904) |
(156,992,870) |
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Redemption of Held-to-Maturity Financial Investments |
82,086,393 |
132,528,735 |
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Held to Maturity Financial Investment Purchases |
(22,033) |
- |
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Available for Sale Financial Investments |
(5,040,119,863) |
(1,597,448,038) |
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Financial Investments in Subsidiary (Goodwill) |
- |
(621,580,409) |
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Net Cash (Used in) Provided from Investing Activities |
(5,054,539,431) |
(2,222,687,789) |
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Cash Flow From Financing Activities |
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Increase (Decrease) in Long Term Loans |
(12,863,095) |
(52,181,207) |
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Dividends Paid |
(478,236,553) |
(346,270,332) |
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Net Cash (Used in) Financing Activities |
(491,099,648) |
(398,451,539) |
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Net cash & cash equivalent changes |
(1,251,856,288) |
2,570,733,256 |
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Beginning Balance of cash and cash equivalent |
8,778,740,569 |
6,879,374,080 |
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Cash & Cash equivalent Balance At the End of the period |
7,526,884,281 |
9,450,107,336 |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
4,174,723,405 |
7,287,161,428 |
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Due From Banks |
6,670,737,666 |
10,560,392,018 |
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Treasury Bills & other Governmental Notes |
9,806,172,890 |
4,910,525,466 |
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Due from Banks (time deposits) |
(6,314,873,872) |
(9,974,371,092) |
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Treasury Bills with Maturity More than Three Months |
(6,809,875,808) |
(3,333,600,484) |
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Total Cash & Cash Equivalent |
7,526,884,281 |
9,450,107,336 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Sep.30,2009 All Amounts are in EGP |
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2008 |
Capital |
Legal Reserves |
General Reserves |
Intangible Assets Value for Bank's Share before Acquisition |
Retained Earnings* |
Special Reserves |
Reserves for A.F.S* Inv. Revaluation Diff. |
Profits of the year |
Reserve for Employee Stock ownership plan ESOP |
Total Shareholders Equity |
Minority Interest |
Total |
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Balance at Beginning of the Year |
1,950,000,000 |
371,230,872 |
548,482,934 |
0 |
41,349,498 |
185,993,785 |
60,903,531 |
1,285,775,354 |
29,159,584 |
4,472,895,558 |
5,263,160 |
4,478,158,718 |
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Derivatives revaluations settlement* |
0 |
0 |
0 |
0 |
(13,571,026) |
0 |
0 |
0 |
0 |
(13,571,026) |
0 |
(13,571,026) |
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Capital Increase* |
975,000,000 |
0 |
(975,000,000) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
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Transfer to Reserves |
0 |
61,620,639 |
834,064,668 |
0 |
0 |
0 |
0 |
(895,685,307) |
0 |
0 |
0 |
0 |
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Dividends Paid |
0 |
0 |
0 |
0 |
(5,997,898) |
0 |
0 |
(336,709,547) |
0 |
(342,707,445) |
(3,338,247) |
(346,045,692) |
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Net Profit of the year |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,370,592,742 |
0 |
1,370,592,742 |
(5,177,543) |
1,365,415,199 |
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Usage part of reserve |
0 |
0 |
0 |
0 |
0 |
0 |
(81,888,576) |
0 |
0 |
(81,888,576) |
0 |
(81,888,576) |
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Change During the Period |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
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Transferred to Retained Earnings |
0 |
0 |
0 |
0 |
53,380,500 |
0 |
0 |
(53,380,500) |
0 |
0 |
0 |
0 |
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Reserve for employee stock ownership plan ESOP** |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
57,568,319 |
57,568,319 |
0 |
57,568,319 |
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Adjustments on Income Tax |
0 |
0 |
0 |
0 |
(461,324) |
0 |
0 |
0 |
0 |
(461,324) |
0 |
(461,324) |
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Minority Share from Retained Earnings |
0 |
0 |
0 |
0 |
(4,927,294) |
0 |
0 |
0 |
0 |
(4,927,294) |
4,927,294 |
0 |
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Majority Share in Intangible Assets |
0 |
0 |
0 |
302,794,421 |
18,073,234 |
0 |
0 |
0 |
0 |
320,867,655 |
44,606,213 |
365,473,868 |
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Balance at the End of the year |
2,925,000,000 |
432,851,511 |
407,547,602 |
302,794,421 |
87,845,690 |
185,993,785 |
(20,985,045) |
1,370,592,741 |
86,727,903 |
5,778,368,609 |
46,280,877 |
5,824,649,486 |
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2009 |
Capital |
Legal Reserves |
General Reserves |
Intangible Assets Value for Bank's Share before Acquisition |
Retained Earnings* |
Special Reserves |
Reserves for A.F.S* Inv. Revaluation Diff. |
Profits for the period |
Reserve for Employee Stock ownership plan ESOP |
Total Shareholders Equity |
Minority Interest |
Total |
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Balance at the Beginning of the period |
2,925,000,000 |
432,851,511 |
407,547,602 |
302,794,421 |
87,845,690 |
185,993,785 |
(20,985,045) |
1,370,592,741 |
86,727,903 |
5,778,368,609 |
46,280,877 |
5,824,649,486 |
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Transfer to Reserves |
0 |
80,755,023 |
1,056,108,882 |
0 |
0 |
0 |
0 |
(1,136,863,905) |
0 |
0 |
0 |
0 |
|
Transfer to Retained Earnings |
0 |
0 |
0 |
0 |
(244,507,717) |
0 |
0 |
244,507,717 |
0 |
0 |
0 |
0 |
|
Dividends Paid |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
(478,236,553) |
0 |
(478,236,553) |
0 |
(478,236,553) |
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Net Profits of the Period |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1,319,295,568 |
0 |
1,319,295,568 |
4,573,280 |
1,323,868,848 |
|
Change During the Period |
0 |
0 |
0 |
0 |
(4,270,361) |
0 |
0 |
0 |
0 |
(4,270,361) |
3,935,351 |
(335,010) |
|
Addition from financial Investment Revaluation |
0 |
0 |
0 |
0 |
0 |
0 |
55,281,526 |
0 |
0 |
55,281,526 |
0 |
55,281,526 |
|
Reserve for employee stock ownership plan ESOP** |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
60,117,462 |
60,117,462 |
0 |
60,117,462 |
|
Balance at the End of the period |
2,925,000,000 |
513,606,534 |
1,463,656,484 |
302,794,421 |
(160,932,388) |
185,993,785 |
34,296,481 |
1,319,295,568 |
146,845,365 |
6,730,556,250 |
54,789,509 |
6,785,345,759 |
* Note No (23)
** Note No (31)
Related Shares:
Com.int.bk.regs