13th Nov 2008 07:00
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Commercial International Bank (Egypt) S.A.E. |
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Financial Statements |
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September 30, 2008 |
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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, 2008 |
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Amounts in L.E. |
Note |
Sep. 30, 2008 |
Dec. 31, 2007 |
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Assets |
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Cash & Due From Central Bank |
4 |
7,286,466,976 |
4,953,205,430 |
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Due From Banks |
5 |
10,442,378,497 |
13,782,062,043 |
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Treasury Bills & Other Notes Discountable at CBE |
6 |
4,901,473,704 |
2,948,674,319 |
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Trading Financial Investments |
7 |
618,657,756 |
588,473,270 |
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Available for Sale Financial Investments |
8 |
4,001,690,618 |
2,279,926,299 |
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Loans & Overdrafts (Net of Provision for Doubtful Debts) |
9&10 |
26,724,842,392 |
20,478,590,841 |
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Held to maturity Financial Investments |
11 |
311,365,431 |
443,894,166 |
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Financial Investments in Subsidiary and associated companies |
12 |
1,115,305,192 |
365,723,936 |
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Debit Balances and Other Assets |
14 |
1,617,822,020 |
1,020,565,573 |
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Deferred Tax |
27 |
25,837,690 |
52,819,475 |
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Fixed Assets (Net) |
15 |
620,411,241 |
607,104,820 |
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Total Assets |
57,666,251,517 |
47,521,040,172 |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks |
16 |
3,164,646,060 |
2,377,082,435 |
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Customer Deposits |
17 |
47,893,263,457 |
39,514,539,992 |
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Dividends & Profit Sharing |
- |
336,727,470 |
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Credit Balances & Other Liabilities |
18 |
796,344,678 |
773,862,137 |
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Long Term Loans |
19 |
108,551,687 |
161,356,219 |
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Other Provisions |
20 |
417,832,158 |
395,332,813 |
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Total Liabilities |
52,380,638,040 |
43,558,901,066 |
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Shareholders' Equity |
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Issued & Paid- in Capital |
2,925,000,000 |
1,950,000,000 |
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Reserves |
1,005,272,248 |
1,982,979,522 |
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Reserve for employee stock ownership plan (ESOP) |
30 |
73,067,595 |
29,159,584 |
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Total Shareholders' Equity |
21 |
4,003,339,843 |
3,962,139,106 |
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Net Profit of the Period |
1,282,273,634 |
- |
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Total Shareholders' Equity & Net Profit |
5,285,613,477 |
3,962,139,106 |
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Total Liabilities & Shareholders' Equity |
57,666,251,517 |
47,521,040,172 |
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Contingent & commitments Liabilities |
22 |
14,448,858,339 |
13,630,909,953 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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INCOME STATEMENT |
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For the Period from Jan. 1 2008 to Sep. 30 2008 |
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Amounts in LE. |
Note |
From Jan. 1, 2008 To Sep. 30, 2008 |
From Jan. 1, 2007 To Sep. 30, 2007 |
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Interest Received from clients & Banks |
2,373,851,381 |
1,878,451,694 |
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Interest Received from Treasury Bills & Bonds |
330,920,648 |
308,605,257 |
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Interest Paid to Clients & Banks |
(1,424,549,731) |
(1,338,606,099) |
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Net Interest Income |
1,280,222,298 |
848,450,852 |
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Banking Fees & Commissions |
521,909,787 |
420,373,860 |
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Share Dividends |
129,249,394 |
62,860,246 |
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Foreign Exchange Income |
23 |
226,783,483 |
114,055,188 |
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Profit from Selling Financial Investment |
160,187,302 |
77,045,256 |
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Profits from Dispose part of Subsidiaries |
24 |
50,258,991 |
148,393,558 |
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Trading Investment Revaluation Differences |
(28,630,787) |
1,708,699 |
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Provisions no Longer Used |
25 |
94,706,704 |
- |
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Other Income |
42,154,360 |
24,209,777 |
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Total Fee Income |
1,196,419,234 |
848,646,584 |
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Net Operating Income |
2,476,641,532 |
1,697,097,436 |
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Provisions |
(199,780,767) |
(209,250,000) |
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Other Investment Revaluation Differences |
26 |
(71,371,444) |
7,108,252 |
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General & Administration Expenses & Depreciation |
(642,413,380) |
(422,323,931) |
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Other Expenses |
(83,119,038) |
(57,393,317) |
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Net Operating Profits |
1,479,956,903 |
1,015,238,440 |
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Non-Operating income |
5,008,077 |
305,200 |
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Net Profit Before Tax |
1,484,964,980 |
1,015,543,640 |
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Income Tax |
28 |
(175,709,561) |
(122,331,979) |
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Deferred Tax |
28&27 |
(26,981,785) |
12,262,789 |
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Net Profit After Tax |
1,282,273,634 |
905,474,450 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT 1a |
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For the Period from Jan. 1 2008 to Sep. 30 2008 |
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Amounts in LE. |
Sep. 30, 2008 |
Sep. 30, 2007 |
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Cash Flow From Operating Activities |
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Net Income Before Tax |
1,484,964,980 |
1,015,543,640 |
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Adjustments To Reconcile Net Income |
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Total Net Cash Provided by operating |
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Depreciation |
100,024,494 |
89,444,937 |
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Provisions (Additions during the period) |
199,780,767 |
209,250,000 |
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Trading Financial Investment Evaluation Diff. |
28,630,787 |
(1,708,699) |
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Other Financial Investment Evaluation Diff. |
71,371,444 |
(7,108,252) |
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Utilization of Provision (Other than Provision for Doubtful Debts) |
(10,539,941) |
- |
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Provisions No Longer Used |
(94,706,704) |
- |
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Difference in revaluation of FCY Provision Balances |
(478,731) |
(1,217,811) |
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Gains From Selling of Fixed Assets |
(5,008,077) |
(305,200) |
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Profit From Selling of Investments |
(160,187,302) |
(77,045,256) |
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Profits from Dispose part of a Subsidiary |
(50,258,991) |
(148,393,558) |
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FCY Revaluation Difference of Long Term Loans |
(623,325) |
1,364,449 |
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Reserve for Employee Stock Ownership Plan (ESOP) |
43,908,011 |
21,869,688 |
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Operating Profit Before Changes in Operating Assets and Liabilities |
1,606,877,412 |
1,101,693,938 |
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Net Decrease (Increase) in Assets |
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Due from banks |
3,295,057,442 |
(5,281,256,609) |
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Treasury Bills & Other Notes Discountable at CBE |
(1,683,978,012) |
2,640,133,947 |
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Trading Financial Investments |
(58,815,273) |
351,885,571 |
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Available for Sale Financial Investments |
(1,582,689,470) |
1,065,987,121 |
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Loans & Overdrafts |
(6,446,213,476) |
(2,952,088,393) |
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Debit Balances & Other Assets |
(551,458,400) |
(358,746,053) |
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Net Increase (Decrease) In Liabilities |
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Due to Banks |
787,563,625 |
693,377,971 |
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Customer Deposits |
8,378,723,465 |
5,130,741,052 |
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Credit Balances & Other Liabilities |
(58,520,316) |
(154,516,574) |
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Net Cash Provided from Operating Activities |
3,686,546,997 |
2,237,211,971 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT 1b |
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For the Period from Jan. 1 2008 to Sep. 30 2008 |
Sep. 30, 2008 |
Sep. 30, 2007 |
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Cash Flow From Investment Activities |
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Purchase of Subsidiaries |
(749,581,256) |
82,502,885 |
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Prepaid for Fixed Assets, premises and Fitting-out of Branches |
(120,421,710) |
(225,024,852) |
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Purchase of Held-to-Maturity Investments |
132,528,735 |
294,989,624 |
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Net Cash (Used in) Investment Activities |
(737,474,231) |
152,467,657 |
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Cash Flow From Financing Activities |
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Decrease in Long Term Loans |
(52,181,207) |
48,711,306 |
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Dividends Paid |
(336,727,470) |
(287,235,147) |
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Reverse for financial investment revaluation Diff |
(2,707,274) |
(1,643,782) |
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Net Cash (Used in) provided from Financing Activities |
(391,615,951) |
(240,167,623) |
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Net cash & cash equivalent |
2,557,456,815 |
2,149,512,005 |
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Beginning Balance of cash and cash equivalent |
6,779,152,548 |
4,023,396,002 |
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Cash & Cash equivalent Balance At the End of the period |
9,336,609,363 |
6,172,908,007 |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
7,286,466,976 |
5,111,767,158 |
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Due From Banks |
10,442,378,497 |
10,835,411,071 |
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Treasury Bills |
4,901,473,704 |
2,077,756,172 |
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Due From Banks (Time Deposits) |
(9,969,161,092) |
(10,584,771,442) |
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Treasury Bills with Maturity More than Three Months |
(3,324,548,722) |
(1,267,254,952) |
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Total Cash & Cash Equivalent |
9,336,609,363 |
6,172,908,007 |
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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 September 30, 2008 |
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2007 |
Capital |
Legal Reserves |
General Reserves |
Special Reserves |
Reserves for Inv. Rev. |
Profits of the year |
Reserve for ESOP |
Total |
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Beginning Balance |
1,950,000,000 |
371,230,872 |
548,482,934 |
162,709,903 |
7,458,634 |
0 |
0 |
3,039,882,343 |
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Transfer to Reserves |
0 |
61,620,639 |
834,064,668 |
0 |
0 |
(895,685,307) |
0 |
0 |
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Distributed Profits |
0 |
0 |
0 |
0 |
0 |
(336,727,470) |
0 |
(336,727,470) |
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Net Profit |
0 |
0 |
0 |
0 |
0 |
1,232,412,777 |
0 |
1,232,412,777 |
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Usage part of reserve |
0 |
0 |
0 |
0 |
(2,588,128) |
0 |
0 |
(2,588,128) |
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Reserve for ESOP |
0 |
0 |
0 |
0 |
0 |
29,159,584 |
29,159,584 |
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Ending Balance |
1,950,000,000 |
432,851,511 |
1,382,547,602 |
162,709,903 |
4,870,506 |
(0) |
29,159,584 |
3,962,139,106 |
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2008 |
Capital |
Legal Reserves |
General Reserves |
Special Reserves |
Reserves for Inv. Rev. |
Profits of the year |
Reserve for ESOP |
Total |
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Beginning Balance |
1,950,000,000 |
432,851,511 |
1,382,547,602 |
162,709,903 |
4,870,506 |
0 |
29,159,584 |
3,962,139,106 |
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Net Profits of the Period |
0 |
0 |
0 |
0 |
(0) |
1,282,273,634 |
0 |
1,282,273,634 |
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Capital Increase |
975,000,000 |
0 |
(975,000,000) |
0 |
0 |
0 |
0 |
0 |
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Usage Part of Reserve |
0 |
0 |
0 |
0 |
(2,707,274) |
0 |
0 |
(2,707,274) |
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Reserve for ESOP |
0 |
0 |
0 |
0 |
0 |
0 |
43,908,011 |
43,908,011 |
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Ending Balance |
2,925,000,000 |
432,851,511 |
407,547,602 |
162,709,903 |
2,163,232 |
1,282,273,634 |
73,067,595 |
5,285,613,477 |
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