CIB announces 2013 Year End financial results

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

Consolidated Financial Statements

December 31, 2013

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of December 31, 2013

Amounts in EGP

Note

Dec. 31, 2013

Dec. 31, 2012

Assets

Cash & Balances with Central Bank

15

4,804,974,237

5,393,974,124

Due From Banks

16

9,003,950,890

8,047,820,388

Treasury Bills & Other Governmental Notes

17

23,665,428,816

8,017,754,432

Trading Financial Assets

18

2,286,484,581

1,515,325,502

Loans & Advances to Banks

19

132,422,732

1,178,867,739

Loans & Advances to Customers

20

41,587,951,712

40,698,313,773

Derivative Financial Instruments

21

103,085,538

137,459,761

Financial Investments

Available for Sale

22

23,378,104,482

21,177,427,597

Held to Maturity

22

4,197,176,655

4,215,787,960

Investments in Associates

23

192,752,878

165,198,634

Brokers clients-Debit Balances

270,811,253

134,944,510

Reconciliation Accounts- Debit Balances

28,778,971

-

Investment Property

24

9,695,686

10,395,686

Other Assets

25

2,892,342,882

2,474,945,065

Intangible Assets

40

-

33,422,415

Deferred Tax

33

83,557,219

71,450,183

Property, Plant and Equipment

26

969,176,894

683,455,846

Total Assets

113,606,695,426

93,956,543,615

Liabilities and Equity

Liabilities

Due to Banks

27

1,373,410,040

1,714,862,716

Due to Customers

28

96,845,683,408

78,729,121,488

Brokerage clients-Credit Balance

167,378,879

124,759,011

Reconciliation accounts-credit balances

-

1,664,718

Derivative Financial Instruments

21

114,878,583

119,099,260

Other Liabilities

30

2,511,365,468

2,059,005,013

Long Term Loans

29

132,153,227

80,495,238

Other Provisions

31

454,699,000

315,488,382

101,599,568,605

83,144,495,826

Total Liabilities

Equity

Issued and Paid In Capital

32

9,002,435,690

5,972,275,410

Reserves

32

307,060,175

2,970,163,921

Reserve for Employee Stock Ownership Plan (ESOP)

190,260,457

164,761,121

Retained Earnings (Losses)

(546,531,497)

(568,853,097)

Total Equity

8,953,224,825

8,538,347,355

Net Profit of the Year After Tax

3,006,487,540

2,226,180,503

Total Equity And Net Profit For Year

11,959,712,365

10,764,527,858

Minority Interest

47,414,456

47,519,931

Total Minority Interest and Equity

12,007,126,821

10,812,047,789

Total Liabilities, Equity and Minority Interest

113,606,695,426

93,956,543,615

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

16,182,439,160

14,897,739,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of December 31, 2013

Amounts in EGP.

Note

Dec. 31, 2013

Dec. 31, 2012

Interest and Similar Income

9,520,697,141

7,859,311,839

Interest and Similar Expenses

(4,466,949,161)

(3,945,685,636)

Net Interest Income

6

5,053,747,980

3,913,626,203

Fees & Commissions Income

1,436,107,685

1,033,628,014

Fees and Commissions Expense

(128,827,179)

(107,365,742)

Net Income from Fees and Commissions

7

1,307,280,506

926,262,272

Dividend Income

8

22,609,614

33,110,823

Net Trading Income

9

767,392,333

574,575,176

Profit (Losses) from Financial Investments

22

(28,672,126)

(26,909,306)

Goodwill Amortization

-

(10,426,511)

Administrative Expenses

10

(1,850,944,036)

(1,559,401,781)

Other operating (Expenses) Income

11

(162,330,554)

(103,307,092)

Impairment (Charge) release for Credit Losses

12

(915,581,874)

(609,971,077)

Intangible Assets Amortization

(33,422,415)

(82,990,084)

Bank's Share in the Profits of Associates

16,402,285

26,348,545

Net Profit Before Tax

4,176,481,713

3,080,917,168

Income Tax Expense

13

(1,182,253,358)

(887,265,476)

Deferred Tax

33 & 13

12,148,228

33,338,781

Net Profit of The Year

3,006,376,583

2,226,990,473

Minority Interest

(110,957)

809,970

Bank Shareholders

3,006,487,540

2,226,180,503

Earning per share

14

Basic

2.67

2.34

Diluted

2.63

2.31

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of December 31, 2013

Amounts in EGP.

Dec. 31, 2013

Dec. 31, 2012

Cash Flow from Operating Activities

Profit Before Income Tax

4,176,481,713

3,080,917,168

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

206,979,088

168,382,905

Impairment Charges for credit losses

915,581,874

609,971,077

Other Provisions Charges

132,957,495

51,872,777

Trading Financial Investment Revaluation Differences

11,861,371

(86,525,026)

Intangible Assets Amortization

33,422,415

82,990,084

Goodwill Amortization

-

10,426,511

Available for sale and held to maturity investments exchange revaluation differences

(124,230,792)

(60,242,239)

Financial Investments Impairment Charge (Release)

(6,136,494)

8,033,536

Utilization of Other Provisions

(10,383,612)

(13,886,192)

Other Provisions No Longer Used

(141,521)

(531,054)

Exchange Differences of Other Provisions

16,778,256

7,230,941

Profits From Selling Property, Plant and Equipment

(740,692)

(2,387,583)

Profits From Selling Financial Investments

(4,362,940)

(519,013)

Shares Based Payments

89,181,563

79,068,829

Investments in Associates Revaluation

(20,026,945)

-

Real Estate Investments Impairment Charges

-

(371,000)

Operating Profits Before Changes in Operating Assets and Liabilities

5,417,220,779

3,934,431,721

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(642,434,022)

521,695,379

Treasury Bills & Other Governmental Notes

(9,149,658,764)

758,289,224

Trading Financial Assets

(783,020,450)

(753,475,026)

Derivative Financial Instruments

40,153,546

13,896,165

Loans and Advances to Banks and Customers

(758,774,806)

(1,421,772,116)

Other Assets

(544,594,696)

(1,015,446,313)

Due to Banks

(341,452,676)

(1,625,931,801)

Due to Customers

18,116,561,920

7,261,186,229

Other Liabilities

(689,078,286)

(156,424,620)

Net Cash Provided from Operating Activities

10,654,922,545

7,516,448,842

CASH FLOW STATEMENT 1b

As of December 31, 2013

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(7,527,299)

(58,522,467)

Purchases of Property, Plant and Equipment

(529,367,091)

(211,873,420)

Redemption of Held-to-Maturity Financial Investments

18,611,305

-

Purchases of Held to Maturity Financial Investment

-

(4,176,628,441)

Purchases of Available for Sale Financial Investments

(7,463,491,687)

(10,169,757,165)

Proceeds from Selling Available For Sale Financial Investments

4,523,701,229

5,343,312,219

Proceeds from Selling Real Estate Investments

700,000

2,750,000

Net Cash Generated from (Used in) Investing Activities

(3,457,373,543)

(9,270,719,274)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

51,657,989

(18,838,138)

Dividend Paid

(1,055,843,162)

806,206,518

Capital Increase

29,348,380

37,712,420

Net Cash Generated from (Used in) Financing Activities

(974,836,793)

(787,332,236)

Net Increase (Decrease) in Cash and Cash Equivalent during the Year

6,222,712,209

(2,541,602,668)

Beginning Balance of Cash and Cash Equivalent

5,665,914,467

8,207,517,133

Cash & Cash Equivalent Balance At the End of the Year

11,888,626,676

5,665,914,465

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

4,804,974,237

5,393,974,124

Due From Banks

9,003,950,890

8,047,820,388

Treasury Bills and Other Governmental Notes

23,665,428,816

8,017,754,432

Obligatory Reserve Balance With CBE

(3,224,658,841)

(3,093,283,199)

Due from Banks (Time Deposits) More than Three Months

(5,148,331,396)

(4,637,273,016)

Treasury Bills With Maturity More than Three months

(17,212,737,030)

(8,063,078,264)

Total Cash & Cash Equivalent

11,888,626,676

5,665,914,465

December 31,

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)

Net Profits for the Year

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

(362,379,298)

185,931,315

(723,343,863)

281,689,619

1,490,041,219

137,354,418

8,712,118,493

46,356,546

8,758,475,039

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(losses)

-

-

-

-

(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

-

-

-

-

-

-

-

-

2,226,180,503

-

2,226,180,503

809,971

2,226,990,474

Transfer from Special Reserve

-

61,697,292

8,143,225

-

1,001,979

(70,842,496)

-

-

-

-

-

-

-

Change during the Year

-

-

-

-

(58,260,105)

-

-

-

-

-

(58,260,105)

353,414

(57,906,691)

Net Change at fair value of AFS Financial Investment

-

-

-

-

-

-

876,708,657

-

-

-

876,708,657

-

876,708,657

Transferred (From) to Bank Risk Reserve

-

-

-

-

-

-

-

(177,972,687)

177,972,687

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

79,068,829

79,068,829

-

79,068,829

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 year

5,972,275,410

380,348,755

2,036,955,188

-

(568,853,097)

117,805,566

153,364,794

103,716,932

2,402,153,189

164,761,121

10,764,527,858

47,519,931

10,812,047,789

December 31,

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)

Net Profits for the Year

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

3,030,160,280

-

(3,000,811,900)

-

-

-

-

-

-

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 (Losses)

-

-

-

23,469,594

-

-

-

(23,469,594)

-

-

-

-

Dividend paid

-

-

-

(1,001,979)

-

-

-

(1,054,841,184)

-

(1,055,843,162)

-

(1,055,843,162)

Net Profit of the Year

-

-

-

-

-

-

-

3,006,487,540

-

3,006,487,540

(110,957)

3,006,376,583

Transfer from Special Reserve

-

-

92,826,390

-

(92,826,390)

-

-

-

-

-

-

-

Change during the period

-

-

-

(146,015)

-

-

-

-

-

(146,015)

5,482

(140,533)

Net Change at Fair Value of AFS Financial investment

-

-

-

-

-

(873,843,799)

-

-

-

(873,843,799)

-

(873,843,799)

Transferred (From) to Bank Risk Reserve

-

-

-

-

-

-

(101,726,176)

101,726,176

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

89,181,563

89,181,563

-

89,181,563

Balance at the end of the Year

9,002,435,690

490,364,921

406,090,568

(546,531,497)

27,366,759

(720,479,005)

1,990,756

3,108,213,716

190,260,457

11,959,712,364

47,414,456

12,007,126,821