CIB 3rd Quarter Consolidated Results

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

Consolidated Financial Statements

September 30, 2016

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated balance sheet as at September 30, 2016

Amounts in EGP Thousands

Note

September 30, 2016

Dec. 31, 2015

Assets

Cash and balances with central bank

15

12,434,973

9,848,954

Due from banks

16

41,177,611

21,002,305

Treasury bills and other governmental notes

17

21,613,272

22,130,170

Trading financial assets

18

3,661,744

5,848,377

Loans and advances to banks, net

19

77,334

38,443

Loans and advances to customers, net

20

60,707,839

56,797,576

Non-current assets held for sale

42

4,632,682

1,066,270

Derivative financial instruments

21

66,018

80,995

Financial investments

- Available for sale*

22

29,879,804

46,289,075

- Held to maturity*

22

26,312,316

9,261,220

Investments in associates

23

35,477

159,983

Other assets

24

4,355,550

4,789,291

Goodwill

41

177,280

209,842

Intangible assets

41

531,683

629,340

Deferred tax assets (Liabilities)

32

258,066

258,157

Property, plant and equipment

25

1,217,397

1,090,181

Total assets

207,139,046

179,500,179

Liabilities and Equity

Liabilities

Due to banks

26

477,662

1,600,769

Due to customers

27

178,068,513

155,234,416

Non-current liabilities held for sale

42

3,656,096

371,622

Derivative financial instruments

21

65,622

145,735

Current tax liabilities

1,452,955

1,949,694

Other liabilities

29

2,888,038

2,622,269

Long term loans

28

147,628

131,328

Other provisions

30

1,037,363

861,761

Total liabilities

187,793,877

162,917,594

Equity

Issued and paid up capital

31

11,538,660

11,470,603

Reserves

34

2,883,313

151,993

Reserve for employee stock ownership plan (ESOP)

302,441

248,148

Retained earnings (losses)

 29,753

(64,566)

Total equity

14,754,167

11,806,178

Net profit for the period/year

 4,458,186

4,728,976

Total equity and net profit for the period/year

19,212,353

16,535,154

Minority interest

 132,816

47,431

Total minority interest , equity and net profit for period/year

19,345,169

16,582,585

Total liabilities, equity, minority interest and net profit for period

207,139,046

179,500,179

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of September 30, 2016

Amounts in EGP Thousands

Note

September 30, 2016

September 30, 2015

Continued Operations

Interest and similar income

13,486,623

10,697,287

Interest and similar expense

(6,420,760)

(4,789,881)

Net interest income

6

7,065,863

5,907,406

Fee and commission income

1,385,726

1,382,314

Fee and commission expense

(279,399)

(198,851)

Net fee and commission income

7

1,106,327

1,183,463

Dividend income

8

32,019

33,769

Net trading income

9

696,412

439,725

Profits on financial investments

22

(13,418)

158,337

Administrative expenses

10

(1,793,714)

(1,408,680)

Other operating (expenses) income

11

(557,683)

(338,433)

Goodwill amortization

41

(32,561)

-

Intangible assets amortization

41

(97,656)

-

Impairment charge for credit losses

12

(577,684)

(1,120,280)

Bank's share in the profits of associates

1,143

49,917

Profit before income tax

5,829,048

4,905,224

Income tax expense

13

(1,452,955)

(1,430,088)

Deferred tax assets (Liabilities)

32 & 13

(91)

85,688

Net profit from continued operations

4,376,002

3,560,824

Discontinued Operations

Net profit from discontinued operations

42

95,897

22,904

Net profit for the period

4,471,899

3,583,728

Minority interest

13,713

373

Bank shareholders

4,458,186

3,583,355

Earnings per share

14

Basic

3.40

2.69

Diluted

3.35

2.65

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT

As of September 30, 2016

Amounts in EGP Thousands

September 30, 2016

September 30, 2015

Cash flow from operating activities

Profit before income tax from continued operations

5,829,048

4,905,224

Profit before income tax from Discontinued Operations

122,401

27,697

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

Fixed assets depreciation

205,146

168,497

Impairment charge for credit losses

577,684

1,120,280

Other provisions charges

165,575

118,158

Trading financial investments revaluation differences

50,748

361,086

Available for sale and held to maturity investments exchange revaluation differences

(263,567)

(96,639)

Goodwill amortization

32,561

-

Intangible assets amortization

97,656

-

Financial investments impairment charge

57,328

(28,083)

Utilization of other provisions

(2,822)

(4,682)

Other provisions no longer used

(47,405)

-

Exchange differences of other provisions

60,254

19,004

Profits from selling property, plant and equipment

(575)

(1,127)

Profits from selling financial investments

(10,935)

(161,897)

Profits from selling associates

(84,948)

-

Shares based payments

145,981

127,827

Investments in associates revaluation

(1,143)

(49,917)

Operating profits before changes in operating assets and liabilities

6,932,987

6,505,428

Net decrease (increase) in assets and liabilities

Due from banks

(19,125,704)

(7,329,262)

Treasury bills and other governmental notes

(531,505)

2,335,423

Trading financial assets

2,135,885

(3,000,201)

Derivative financial instruments

(65,136)

(106,398)

Loans and advances to banks and customers

(4,526,838)

(9,571,984)

Other assets

(3,049,285)

(345,895)

Due to banks

(1,123,107)

(201,313)

Due to customers

22,834,097

32,345,469

Income tax obligations paid

(1,949,694)

(1,814,609)

Other liabilities

3,634,746

(181,761)

Net cash provided from operating activities

5,166,446

18,634,897

Cash Flow From Investing Activities

Payment for purchase of subsidiary and associates

48,607

-

Proceeds from selling subsidiary and associates

161,503

-

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

(439,372)

(237,923)

Proceeds from redemption of held to maturity financial investments

4,094

3,917,715

Payment for purchases of held to maturity financial investments

(2,367,123)

(4,019,548)

Payment for purchases of available for sale financial investments

(3,024,361)

(21,237,674)

Proceeds from selling available for sale financial investments

4,416,515

4,692,659

Net cash used in investing activities

(1,200,137)

(16,000,677)

Cash flow from financing activities

Increase (decrease) in long term loans

16,300

(74,422)

Dividend paid

(1,463,450)

(1,563,646)

Capital increase

68,057

94,748

Net cash used in financing activities

(1,379,093)

(1,543,320)

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

2,587,216

1,090,900

Beginning balance of cash and cash equivalent

12,622,530

15,062,901

Cash and cash equivalent at the end of the period

15,209,746

16,153,801

Cash and Cash Equivalent Comprise

Cash and Balances with Central Bank

12,434,973

9,230,657

Due From Banks

41,177,611

15,882,704

Treasury Bills and Other Governmental Notes

21,613,272

28,544,522

Obligatory Reserve Balance With CBE

(9,846,334)

(7,032,352)

Due from Banks (Time Deposits) More than Three Months

(33,025,910)

(10,696,968)

Treasury Bills With Maturity More than Three months

(17,143,866)

(19,774,762)

Total Cash & Cash Equivalent

15,209,746

16,153,801