13th Aug 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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June 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 June 30 2009 |
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Amounts in L.E. |
Note |
30-June 2009 |
31-Dec-2008 |
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Assets |
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Cash & Due From Central Bank |
5 |
4,115,405,443 |
4,473,013,600 |
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Due From Banks |
6 |
7,943,572,892 |
6,572,191,780 |
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Treasury Bills & Other Governmental Notes |
7 |
11,172,934,588 |
12,456,955,210 |
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Trading Financial Assets |
8 |
1,045,775,899 |
641,627,430 |
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Loans & Overdrafts |
12&11 |
27,161,846,172 |
26,330,327,878 |
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Financial Derivatives |
13 |
430,722,763 |
704,890,792 |
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Financial Investments: |
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Available for Sale |
9 |
7,586,765,723 |
2,774,965,250 |
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Held to Maturity |
9 |
638,693,110 |
681,263,274 |
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Financial Investments in Subsidiary and associated companies |
14 |
93,084,480 |
92,923,215 |
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Brokers-Debit Balances |
335,162,309 |
151,604,732 |
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Reconciliation Accounts-Debit Balances |
4,766,261 |
- |
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Debit Balances and Other Assets |
16 |
786,286,044 |
972,855,164 |
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Goodwill |
39 |
200,467,227 |
200,523,251 |
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Intangible Assets |
39 |
607,205,166 |
640,938,786 |
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Deferred Tax |
28 |
28,465,904 |
19,372,767 |
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Fixed Assets (Net) |
17 |
805,149,662 |
748,340,702 |
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Total Assets |
62,956,303,642 |
57,461,793,831 |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks |
18 |
3,573,891,247 |
228,994,222 |
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Customer Deposits |
19 |
50,798,329,417 |
48,790,029,809 |
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Brokers-Credit Balances |
530,209,824 |
200,921,933 |
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Reconciliation Accounts-Credit Balances |
- |
27,897,554 |
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Financial Derivatives |
13 |
308,473,371 |
636,914,744 |
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Credit Balances & Other Liabilities |
20 |
894,278,928 |
1,270,466,914, |
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Long Term Loans |
21 |
108,168,665 |
109,273,933 |
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Other Provisions |
22 |
381,216,873 |
372,645,236 |
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Total Liabilities |
56,594,568,324 |
51,637,144,345 |
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Shareholders' Equity |
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Issued & Paid- in Capital |
23 |
2,925,000,000 |
2,925,000,000 |
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Reserves |
23 |
2,509,919,622 |
1,308,202,274 |
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Reserve for employee stock ownership plan (ESOP) |
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126,996,263 |
86,727,903 |
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Retained Earnings |
(161,409,420) |
(85,498,087) |
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Total Shareholders' Equity |
5,400,506,465 |
4,405,428,264 |
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Net Profit of the Period/ Year |
907,650,995 |
1,370,592,741 |
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Total Shareholders' Equity & Net Profit |
6,308,157,461 |
5,776,021,006 |
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Minority Interest |
53,577,858 |
48,628,480 |
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Total Shareholders' Equity & Minority Interest |
6,361,735,318 |
5,824,649,486 |
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Total Liabilities & Shareholders' Equity |
62,956,303,642 |
57,461,793,831 |
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Contingent Liabilities & Commitments |
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Letters of Credit, Guarantees and Other Commitments |
24 |
12,991,858,320 |
13,290,994,705 |
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INCOME STATEMENT |
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As of June. 30 2009 |
June 30, 2009 |
June 30, 2008 (Restated) |
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Amounts in LE. |
Note |
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Interest and similar income |
25 |
2,016,226,741 |
1,686,154,496 |
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Interest and similar expense |
25 |
(1,060,327,871) |
(932,802,382) |
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Net Interest Income |
955,898,870 |
753,352,114 |
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Fees & Commissions Income |
373,741,198 |
437,792,014 |
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Fees & Commissions Expense |
(29,671,889) |
23,332,096 |
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Net Income from Fees & Commissions |
344,069,309 |
414,459,918 |
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Dividends Income |
125,577,732 |
125,171,095 |
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Net Trading Income |
26 |
326,783,996 |
231,639,887 |
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Provisions |
12&22 |
(62,132,940) |
(164,354,750) |
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Profits from Financial Investments |
9 |
31,347,447 |
95,242,542 |
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Administrative Expenses |
(591,445,312) |
(449,659,318) |
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Other Operating (Expenses) Income |
10 |
(11,460,526) |
132,547,812 |
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Intangible Assets Amortization |
(33,733,620) |
- |
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Net Profit before Tax |
1,084,904,956 |
1,138,399,270 |
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Income Tax |
29 |
(181,946,337) |
(113,664,462) |
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Deferred Tax |
28 |
7,493,138 |
(32,293,709) |
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Net Profit After Tax |
910,451,757 |
992,441,099 |
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Minority Interest |
2,800,761 |
1,853,919 |
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Bank Shareholders |
907,650,995 |
990,587,180 |
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Earnings Per Share |
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Basic |
2.75 |
3.00 |
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Diluted |
2.69 |
2.97 |
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CASH FLOW STATEMENT 1a |
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As of June. 30 2009 |
June 30, 2009 |
June 30, 2008 (Restated) |
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Amounts in LE. |
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Cash Flow from Operating Activities |
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Net Income Before Tax |
1,084,904,956 |
1,138,399,270 |
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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 |
96,498,846 |
66,306,354 |
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Provisions (Formed during the period) |
62,132,940 |
164,755,386 |
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Trading Financial Investment Evaluation Differences |
(20,074,180) |
13,738,256 |
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Intangible Assets Amortization |
(33,733,620) |
- |
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Impairment of Assets |
(1,163,011) |
6,596,846 |
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Utilization of Provision (Except Provision for Doubtful Debts) |
(5,718,752) |
(10,853,463) |
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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) |
1,916,734 |
(1,783,606) |
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Losses From Selling of Fixed Assets |
(15,393,221) |
(5,034,478) |
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Losses From Selling of financial Investments |
(45,535,354) |
(61,306,526) |
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Losses from Selling an investment subsidiary |
- |
(50,258,991) |
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FCY Revaluation Difference of Long Term Loans |
308,628 |
729,177 |
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Share Based Payments |
40,268,360 |
28,850,246 |
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Operating Profit Before Changes in Operating Assets and Liabilities |
1,191,698,880 |
1,195,057,292 |
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Net Decrease (Increase) in Assets |
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Due from banks |
(1,910,739,235) |
(1,026,514,914) |
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Treasury Bills & Other Governmental Notes |
2,216,468,549 |
58,728,206 |
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Trading Financial Assets |
384,074,288 |
(188,063,799) |
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Financial Derivatives (Net) |
(54,273,344) |
(28,138,148) |
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Loans & Overdrafts |
(873,938,640) |
(3,902,357,346) |
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Net Increase (Decrease) In Liabilities |
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Debit Balances & Other Assets |
(60,705,804) |
(701,928,013) |
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Due to Banks |
3,344,897,025 |
1,774,275,304 |
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Customer Deposits |
2,008,299,608 |
6,141,703,428 |
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Credit Balances & Other Liabilities |
(191,072,801) |
56,127,696 |
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Net Cash Provided from Operating Activities |
5,286,559,950 |
3,378,889,706 |
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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 June. 30 2009 |
June 30, 2009 |
June 30, 2008 (Restated) |
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Cash Flow From Investment Activities |
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Sales of subsidiaries & associated companies |
64,692,178 |
18,126,009 |
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Purchase of Fixed Assets, premises and Fitting-out of Branches |
(113,588,087) |
(92,465,985) |
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Redemption of Held-to-Maturity Financial Investments |
48,739,592 |
157,040,360 |
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Held to Maturity Financial Investment Purchases |
(6,169,428) |
- |
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Available for Sale Financial Investments |
(4,765,102,108) |
(1,133,613,027) |
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Financial Investments in Subsidiary (Goodwill) |
- |
10,398721 |
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Net Cash (Used in) Provided from Investing Activities |
(4,771,427,853) |
(1,040,513,922) |
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Cash Flow From Financing Activities |
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Increase (Decrease) in Long Term Loans |
(1,413,896) |
(36,184,758) |
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Dividends Paid |
(478,236,553) |
(391,656,089) |
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- |
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Net Cash (Used in) Financing Activities |
(479,650,449) |
(427,840,847) |
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Net cash & cash equivalent changes |
35,481,648 |
1,910,534,937 |
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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 |
8,814,222,217 |
8,789,909,017 |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
4,115,405,443 |
7,220,447,781 |
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Due From Banks |
7,943,572,892 |
14,669,061,278 |
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Treasury Bills & other Governmental Notes |
11,172,934,588 |
2,776,871,582 |
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Due from Banks (time deposits) |
(7,639,636,507) |
(14,291,862,376) |
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Treasury Bills with Maturity More than Three Months |
(6,777,954,199) |
(1,584,789,248) |
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Total Cash & Cash Equivalent |
8,814,222,217 |
8,789,909,107 |
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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 June 30 2009 |
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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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Beginning Balance |
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 |
15,725,631 |
0 |
0 |
0 |
0 |
318,520,052 |
46,953,816 |
365,473,868 |
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Ending Balance |
2,925,000,000 |
432,851,511 |
407,547,602 |
302,794,421 |
85,498,087 |
185,993,785 |
(20,985,045) |
1,370,592,741 |
86,727,903 |
5,776,021,006 |
48,628,480 |
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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Beginning Balance |
2,925,000,000 |
432,851,511 |
407,547,602 |
302,794,421 |
85,498,087 |
185,993,785 |
(20,985,045) |
1,370,592,741 |
86,727,903 |
5,776,021,006 |
48,628,480 |
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) |
|
Net Profits of the Period |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
907,650,995 |
0 |
907,650,995 |
2,800,761 |
910,451,757 |
|
Change During the Period |
0 |
0 |
0 |
0 |
(2,399,790) |
0 |
0 |
0 |
0 |
(2,399,790) |
2,148,616 |
(251,174) |
|
Addition from financial Investment Revaluation |
0 |
0 |
0 |
0 |
0 |
0 |
64,853,443 |
0 |
0 |
64,853,443 |
0 |
64,853,443 |
|
Reserve for employee stock ownership plan ESOP |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
40,268,360 |
40,268,360 |
0 |
40,268,360 |
|
Ending Balance |
2,925,000,000 |
513,606,534 |
1,463,656,484 |
302,794,421 |
(161,409,420) |
185,993,785 |
43,868,398 |
907,650,996 |
126,996,263 |
6,308,157,461 |
53,577,858 |
6,361,735,318 |
* Note No (23)
** Note No (31)
Related Shares:
Com.int.bk.regs