Final Results

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

Consolidated Financial Statements

December 31, 2012

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Dec. 31, 2012

Amounts in EGP

Note

Dec. 31, 2012

Dec. 31, 2011

Assets

Cash & Due From Central Bank

15

5,393,974,124

7,492,064,510

Due From Banks

16

8,047,820,388

8,528,229,519

Treasury Bills & Other Governmental Notes

17

8,017,754,432

9,260,842,183

Trading Financial Assets

18

1,515,325,502

675,325,450

Loans & Advances to Banks

19

1,178,867,739

1,395,594,609

Loans & Advances to Customers

20

40,698,313,773

39,669,785,864

Derivative Financial Instruments

21

137,459,761

146,544,656

Financial Investments

Available for Sale

22

21,177,427,597

15,421,546,277

Held to Maturity

22

4,215,787,960

39,159,520

Investments in Associates

23

165,198,634

106,676,167

Brokers-Debit Balances

134,944,510

24,185,525

Reconciliation Accounts- Debit Balances

0

42,507,905

Investment Property

24

10,395,686

12,774,686

Other Assets

25

2,474,945,065

1,534,819,491

Goodwill

40

0

120,280,337

Intangible Assets

40

33,422,415

309,353,104

Deferred Tax

33

129,356,874

96,018,092

Property, Plant and Equipment

26

683,455,846

630,508,089

Total Assets

94,014,450,306

85,506,215,984

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

1,714,862,716

3,340,794,517

Due to Customer

28

78,729,121,488

71,467,935,259

Brokers-Credit Balance

124,759,011

111,851,855

Reconciliation Accounts-Credit Balances

1,664,718

0

Derivative Financial Instruments

21

119,099,260

114,287,990

Other Liabilities

30

2,059,005,013

1,342,736,040

Long Term Loans

29

80,495,238

99,333,376

Other Provisions

31

315,488,382

270,801,909

Total Liabilities

83,144,495,826

76,747,740,946

Equity

Issued and Paid In Capital

32

5,972,275,410

5,934,562,990

Reserves

32

2,970,163,921

1,387,842,060

Reserve for Employee Stock Ownership Plan (ESOP)

164,761,121

137,354,418

Retained Earnings

(510,946,406)

(362,379,298)

Total Equity

8,596,254,046

7,097,380,170

Net Profit of the Year After Tax

2,226,180,503

1,614,738,322

Total Equity And Net Profit For Year

10,822,434,549

8,712,118,492

Minority Interest

47,519,931

46,356,546

Total Minority Interest and Equity and Net Profit For Period/year

10,869,954,480

8,758,475,038

Total Liabilities, Equity and Minority Interest

94,014,450,306

85,506,215,984

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

14,897,739,005

12,559,553,516

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Dec. 31, 2012

Amounts in EGP.

Note

Dec. 31, 2012

Dec. 31, 2011

Interest and Similar Income

7,859,311,839

5,470,990,831

Interest and Similar Expenses

(3,945,685,636)

(2,781,039,268)

Net Interest Income

6

3,913,626,203

2,689,951,563

Fees & Commissions Income

1,033,628,014

930,569,533

Fees and Commissions Expense

(107,365,742)

(87,622,734)

Net Income from Fees and Commissions

7

926,262,272

842,946,799

Dividend Income

8

33,110,823

61,506,980

Net Trading Income

9

574,575,176

381,692,480

Profit from Financial Investments

22

(26,909,306)

38,669,156

Goodwill Amortization

(10,426,511)

(40,093,445)

Administrative Expenses

10

(1,559,401,781)

(1,449,718,695)

Other operating (Expenses) Income

11

(103,307,092)

(72,539,394)

Impairment Charge for Credit Loans

12

(609,971,077)

(320,648,863)

Intangible Assets Amortization

(82,990,084)

(67,467,240)

Bank's Share in the Profits of Associates

26,348,545

(7,859,808)

Net Profit Before Tax

3,080,917,168

2,056,439,533

Income Tax Expense

13

(887,265,476)

(448,586,285)

Deferred Tax

13 & 33

33,338,781

6,374,868

Net Profit of The Year

2,226,990,473

1,614,228,116

Minority Interest

809,970

(510,206)

Bank Shareholders

2,226,180,503

1,614,738,322

Earning per share

14

Basic

3.53

2.43

Diluted

3.47

2.39

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Dec. 31 2012

Amounts in EGP.

Dec.31, 2012

Dec.31, 2011

Cash Flow from Operating Activities

Net Profit Before Tax

3,080,917,168

2,056,439,533

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

168,382,905

188,125,507

 Impairment Charge For Credit losses

610,226,923

322,276,483

Other Provisions Charges

51,616,933

4,217,707

Trading Financial Investment Revaluation Differences

(86,425,026)

49,692,862

Intangible Assets Amortization

82,990,084

67,467,240

Goodwill Amortization

10,426,511

40,093,445

Available for Sale and held to Maturity Investments exchange revaluation Difference

(60,242,239)

(60,380,784)

Financial Investments Impairment Charge (Release)

8,033,536

(373,389)

Utilization of Other Provisions

(13,886,192)

(4,068,833)

Other Provisions No Longer Used

(531,054)

(50,567,704)

Exchange Differences of Other Provisions

7,230,941

2,329,620

Profits From Selling Property, Plants and Equipment

(2,387,583)

(2,716,747)

Profits From Selling financial Investments

(519,013)

(100,273,310)

Losses from Selling Associates

0

(1,873,813)

Exchange Differences of Long Term Loans

0

164,819

Share Based Payments

79,068,829

77,459,887

Investments in Associates Revaluation

0

7,151,567

Real Estate Investments Impairment Charges

(371,000)

400,000

Operating Profits Before Changes in Operating Assets and Liabilities

3,934,431,723

2,595,564,090

Net Decrease (Increase) in Assets and Liabilities

Due from banks

521,695,379

(1,851,562,990)

Treasury Bills & Other Governmental Notes

758,289,224

(1,729,254,403)

Trading Financial Assets

(753,475,026)

860,729,523

Derivative Financial Instruments

13,896,165

(6,543,758)

Loans and Advances to Banks and Customers

(1,421,772,116)

(6,213,116,023)

Other Assets

(1,015,446,313)

21,744,773

Due to Banks

(1,625,931,801)

2,018,514,608

Due to Customers

7,261,186,229

8,103,757,981

Other Liabilities

(156,424,620)

(560,452,284)

Net Cash Provided from Operating Activities

7,516,448,844

3,239,381,517

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2011

Cash Flow From Investing Activities

Purchase of Associates

(58,522,467)

(18,000,000)

Proceeds from Selling Associates

0

1,000,000

Purchase of Property, Plant and Equipment

(211,873,420)

(157,632,289)

Redemption of Held-to-Maturity Financial Investments

0

270,207,161

Purchases of Held to Maturity Financial Investment

(4,176,628,441)

(5,000,000)

Purchases of Available for Sale Financial Investments

(10,169,757,165)

(4,536,303,691)

Proceeds from Selling Available For Sale Financial Investments

5,343,312,219

2,181,457,020

Proceeds from Real Estate Investments

2,750,000

15,520,978

Net Cash Generated from (Used in) Investing Activities

(9,270,719,274)

(2,248,750,821)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(18,838,138)

(29,944,868)

Dividend Paid

(806,206,518)

(844,414,580)

Capital Increase

37,712,420

33,119,390

Net Cash Generated from (Used in) Financing Activities

(787,332,236)

(841,240,058)

Net Increase (Decrease) in Cash and Cash Equivalent

(2,541,602,666)

149,390,638

Beginning Balance of Cash and Cash Equivalent

8,207,517,133

8,058,126,497

Cash & Cash Equivalent Balance At the End of the Year

5,665,914,467

8,207,517,135

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

5,393,974,124

7,492,064,510

Due From Banks

8,047,820,388

8,528,229,519

Treasury Bills and Other Governmental Notes

8,017,754,432

9,260,842,183

Obligatory Reserve Balance With CBE

(3,093,283,199)

(3,014,779,811)

Due from Banks (Time Deposits) More than Three Months

(4,637,273,016)

(5,237,471,783)

Treasury Bills With Maturity More than Three months

(8,063,078,262)

(8,821,367,483)

Total Cash & Cash Equivalent

5,665,914,467

8,207,517,135

Dec. 31, 2011

Restated

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition

Retained Earning

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Inv. Revaluation Diff.

(EGP)

Banking Risk Reserve

(EGP)

Profits of the year

(EGP)

Reserve for Employee Stock Ownership Plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Minority Interest

(EGP)

Total

(EGP)

Beginning Balance

5,901,443,600

125,128,337

78,412,462

302,794,421

(203,604,610)

184,356,569

(18,418,736)

156,992,515

1,890,311,700

149,520,858

8,566,937,115

46,965,639

8,613,902,754

Capital Increase

33,119,390

-

-

-

-

-

-

-

-

-

33,119,390

-

33,119,390

Transferred to Reserves

-

106,216,559

1,155,710,314

-

-

1,574,746

-

-

(1,173,875,293)

(89,626,327)

-

-

-

Transferred to Retained Earning

-

-

-

-

(122,852,795)

-

-

-

122,852,795

-

-

-

-

Dividend paid

-

-

-

-

(20,231,298)

-

-

-

(824,183,282)

-

(844,414,580)

-

(844,414,580)

Net Profit of the year

-

-

-

-

-

-

-

-

1,614,738,322

-

1,614,738,322

(510,206)

1,614,228,116

Change During the Year

-

-

-

-

(30,796,515)

-

-

-

-

-

(30,796,515)

(98,887)

(30,895,402

Addition from Financial Investment Revaluation

-

-

-

-

-

-

704,925,127

-

-

-

(704,925,127)

-

(704,925,127)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

124,697,104

(124,697,104)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

77,459,887

77,459,887

-

77,459,887

The Effect of Changing Accounting Policies

-

-

-

-

15,105,920

-

-

-

(15,105,920)

-

-

-

-

Balance at the End of the Year

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

8,712,118,492

46,356,546

8,758,475,038

Dec. 31,2012

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition (EGP)

Retained Earnings

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Inv. Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of 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

8,712,118,492

46,356,546

8,758,475,038

Capital Increase

37,712,420

-

-

-

-

-

-

-

-

-

37,712,420

-

37,712,420

Transfer to Reserves

-

87,306,567

794,689,187

-

-

2,716,747

-

-

(833,050,374)

(51,662,127)

-

-

-

Transferred to Retained Earnings

-

-

-

-

(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

-

-

-

-

(353,414)

-

-

-

-

-

(353,414)

353,414

-

Addition from Financial Investments Revaluation

-

-

-

-

-

-

876,708,657

-

-

-

876,708,657

-

876,708,657

Transferred 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

Settlements of Intangible Assets 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

2,036,955,187

-

(510,946,406)

117,805,566

153,364,794

103,716,932

2,404,153,189

164,761,121

10,822,434,549

47,519,931

10,869,954,480