CIB announces 2013 Year End Financial Results

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

Separate 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 and Balances with Central Bank

15

4,796,240,354

5,393,974,124

Due From Banks

16

8,893,670,965

7,957,710,034

Treasury Bills and Other Governmental Notes

17

23,654,812,174

7,978,030,413

Trading Financial Assets

18

2,246,347,806

1,472,281,763

Loans and Advances to Banks

19

132,422,732

1,178,867,739

Loans and Advances to Customers

20

41,837,951,712

40,698,313,773

Derivative Financial Investments

21

103,085,538

137,459,761

Financial Investments

Available for Sale

22

23,363,501,695

21,161,884,032

Held to Maturity

22

4,187,173,991

4,205,753,328

Investments in Subsidiary and Associates

23

599,276,660

938,033,700

Investment Property

24

9,695,686

10,395,686

Other Assets

25

2,879,794,496

2,459,025,844

Deferred Tax

33

83,755,441

129,133,209

Property, Plant and Equipment

26

964,538,516

684,527,896

Total Assets

113,752,267,766

94,405,391,302

Liabilities and Equity

Liabilities

Due to Banks

27

1,373,410,040

1,714,862,716

Due to Customers

28

96,940,270,000

78,834,726,890

Derivative Financial Instruments

21

114,878,583

119,099,260

Other Liabilities

30

2,625,755,491

2,034,351,571

Long Term Loans

29

132,153,227

80,495,238

Other Provisions

31

450,755,558

310,648,113

Total Liabilities

101,637,222,899

83,094,183,788

Equity

Issued & Paid- in Capital

32

9,002,435,690

5,972,275,410

Reserves

32

307,223,285

2,970,458,093

Reserve for Employee Stock Ownership Plan (ESOP)

190,260,457

164,761,121

Retained Earnings(Losses)

-

1,001,979

Total Equity

9,499,919,432

9,108,496,603

Net Profit of the Period/Year After Tax

2,615,125,435

2,202,710,911

Total Equity and Net Profit for the Period/Year

12,115,044,867

11,311,207,514

Total Liabilities and Equity

113,752,265,766

94,405,391,302

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and other commitments

37

16,182,489,160

14,897,789,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of December 30, 2013

Amounts in EGP.

Note

Dec. 31, 2013

Dec. 31, 2012

Interest and Similar Income

9,509,874,663

7,845,913,494

Interest and Similar Expense

(4,460,113,281)

(3,945,237,550)

Net Interest Income

6

5,049,761,382

3,900,675,944

Fee and Commissions Income

1,316,916,389

942,867,320

Fee and Commissions Expense

(127,965,091)

(107,365,742)

Net Income from Fees and Commissions

7

1,188,951,298

835,501,578

Dividend Income

8

19,803,451

32,234,196

Net Trading Income

9

759,972,323

565,727,965

Profit (Losses) from Financial Investments

22

(381,156,748)

(116,514,246)

Administrative Expenses

10

(1,726,520,973)

(1,444,645,467)

Other Operating (Expenses) Income

11

(155,016,845)

(109,790,791)

Impairment Charge for Credit Losses

12

(915,581,874)

(609,971,077)

Net Profit before Tax

3,840,212,014

3,053,218,102

Income Tax Expense

13

(1,179,708,811)

(884,498,673)

Deferred Tax

33 & 13

(45,377,768)

33,991,482

Net Profit of the Year

2,615,125,435

2,202,710,911

Earnings 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

3,840,212,014

3,053,218,102

Adjustments To Reconcile Net Profit to Net Cash

Provided by Operating Activities

Depreciation

202,345,252

167,225,901

Impairment Charges for credit losses

915,581,874

609,971,077

Other Provisions Charges

129,104,495

51,616,932

Trading Financial Investment Revaluation Differences

17,695,722

(78,642,848)

Available for sale and held to maturity investments exchange revaluation differences

(124,230,792)

(60,242,239)

Financial Investments Impairment Charge (Release)

(6,267,555)

7,902,478

Utilization of Other Provisions

(5,633,785)

(12,294,615)

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

(1,656,257)

(519,013)

Share Based Payments

89,181,563

79,068,829

Investments in Subsidiary and Associates Revaluation

346,284,340

89,736,000

Real Estate Investments Impairment Charges(Release)

-

(371,000)

Operating Profits Before Changes in Operating Assets and Liabilities

5,418,512,914

3,910,981,908

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

(791,761,765)

(832,554,642)

Derivative Financial Instruments

30,153,546

13,896,165

Loans and Advances to Banks and Customers

(1,008,774,806)

(1,421,772,116)

Other Assets

(382,561,576)

(948,385,056)

Due to Banks

(341,452,676)

(1,625,931,801)

Due to Customers

18,105,543,110

7,260,679,360

Other Liabilities

(588,304,891)

(163,932,538)

Net Cash Provided from Operating Activities

10,649,261,070

7,472,965,883

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of December 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(7,527,300)

(32,173,922)

Purchases of Property, Plant and Equipment

(519,822,256)

(204,721,832)

Redemption of Held-to-Maturity Financial Investments

18,579,337

-

Purchases of Held to Maturity Financial Investments

-

(4,176,660,408)

Purchases of Available for Sale Financial Investments

(7,463,491,687)

(10,163,193,809)

Proceeds from Selling Available for Sale Financial Investments

4,520,053,768

5,343,312,219

Proceeds from Selling Real Estate Investments

700,000

2,750,000

Net Cash Generated from (Used in) Investing Activities

(3,451,508,138)

(9,230,687,752)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

51,657,989

(18,838,138)

Dividend Paid

(1,055,843,165)

(806,206,521)

Capital Increase

29,348,380

37,712,420

Net Cash Generated from (Used in) Financing Activities

(974,836,796)

(787,332,239)

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

6,222,916,136

(2,545,054,108)

Beginning Balance of Cash and Cash Equivalent

5,536,080,094

8,801,134,203

Cash and Cash Equivalent Balance At the End of the Year

11,758,996,230

5,536,080,095

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

4,796,240,354

5,393,974,124

Due From Banks

8,893,670,965

7,957,710,034

Treasury Bills and Other Governmental Notes

23,654,812,174

7,978,030,413

Obligatory Reserve Balance With CBE

(3,224,658,841)

(3,093,283,199)

Due from Banks (Time Deposits) More than Three Months

(5,148,331,397)

(4,637,273,016)

Treasury Bills with Maturity More than Three Months

(17,212,737,025)

(8,063,078,261)

Total Cash & Cash Equivalent

11,758,996,230

5,536,080,095

Dec. 31,

2012

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(Losses)

(EGP)

Special Reserves

(EGP)

Reserve for A.F.S

Revaluation Diff.

(EGP)

Banking Risk Reserve

(EGP)

Net Profit of the Year

(EGP)

Reserve for Employee Stock Ownership Plan (ESOP)

Total

(EGP)

Beginning Balance

5,934,562,990

231,344,896

1,234,274,960

15,105,920

185,931,315

(723,070,818)

281,689,619

1,624,150,975

137,354,419

8,921,344,275

Capital Increase

37,712,420

-

-

-

-

-

-

-

-

37,712,420

Transferred to Reserves

-

87,306,567

794,689,187

-

2,716,747

-

-

(833,050,374)

(51,662,127)

-

Dividend Paid

-

-

-

(15,105,920)

-

-

-

(791,100,601)

-

(806,206,521)

Net Profit of the Year

-

-

-

-

-

-

-

2,202,710,911

-

2,202,710,911

Transfer from Special Reserve

-

61,697,292

8,143,225

1,001,979

(70,842,496)

-

-

-

-

-

Net Change at fair Value of AFS Financial Investment

-

-

-

-

-

876,577,599

-

-

-

876,577,599

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

Balance at the End of Period

5,972,275,410

380,348,755

2,037,107,372

1,001,979

117,805,566

153,506,781

103,716,932

2,380,683,598

164,761,121

11,311,207,514

Dec. 31,

2013

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(Losses)

(EGP)

Special Reserves

(EGP)

Reserve for A.F.S Investment

Revaluation Diff.

(EGP)

Banking Risk Reserve

(EGP)

Net Profit for the Year

(EGP)

Reserve for Employee Stock Ownership Plan (ESOP)

Total

(EGP)

Beginning Balance

5,972,275,410

380,348,755

2,037,107,372

1,001,979

117,805,566

153,506,781

103,716,932

2,380,683,598

164,761,121

11,311,207,515

Capital Increase

3,030,160,280

-

(3,000,811,900)

-

-

-

-

-

-

29,348,380

Transferred to Reserves

-

110,016,166

1,277,120,890

-

2,387,583

-

-

(1,325,842,412)

(63,682,227)

-

Dividend Paid

-

-

-

(1,001,979)

-

-

-

(1,054,841,186)

-

(1,055,843,165)

Net Profit of the Year

-

-

-

-

-

-

-

2,615,125,435

-

2,615,125,435

Transfer from Special Reserve

-

-

92,826,390

-

(92,826,390)

-

-

-

-

-

Net Change at Fair Value of AFS Financial Investment

-

-

-

-

-

(873,974,860)

-

-

-

(873,974,860)

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

Balance at the End of Period

9,002,435,690

490,364,921

406,242,752

-

27,366,759

(720,468,079)

1,990,756

2,716,851,611

190,260,457

12,115,044,867