Commercial Int Bank CBKD 3rd Quarter Results

  Commercial Int Bank (CBKD) - 3rd Quarter Results

RNS Number : 0276R
Commercial Intnl Bank (Egypt) SAE
14 November 2012






                 Commercial International Bank (Egypt) S.A.E.
                      Consolidated Financial Statements
                             September 30, 2012





















































COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2012
                                   Sep. 30, 2012           Dec. 31, 2011

Amounts in EGP            Note                                  
Assets
Cash & Balances with
Central Bank                15     3,414,510,382           7,492,064,510
Due From Banks              16     8,851,001,009           8,528,229,519
Treasury Bills & Other
Governmental Notes          17     9,139,014,588           9,260,842,183
Trading Financial Assets    18     1,838,742,061            675,325,450
Loans & Advances to Banks   19      987,397,719            1,395,594,609
Loans & Advances to
Customers                   20    40,142,585,729           39,669,785,864
Derivative Financial
Instruments                 21      145,153,442             146,544,656
Financial Investments
Available for Sale          22    21,058,077,980           15,421,546,277
Held to Maturity            22     4,222,446,777             39,159,520
 Investments in
Associates                  23      138,641,109             106,676,167
Brokers-Debit Balances              150,477,111              24,185,525
Reconciliation Accounts-
Debit Balances                      35,207,289               42,507,905
Investment Property         24      10,024,686               12,774,686
Other Assets                25     2,467,526,528           1,534,819,491
Goodwill                    41       7,819,883              120,280,337
Intangible Assets           41      97,363,181              309,353,104
Deferred Tax                33      141,320,435             123,977,698
Property, Plant and
Equipment                   26      658,164,116             630,508,089
Total Assets                      93,505,474,025           85,534,175,590
Liabilities and Equity
Liabilities
Due to Banks                27     2,085,096,618           3,340,794,517
Due to Customers            28    78,427,912,179           71,467,935,259
Brokers-Credit Balance              204,967,326             111,851,855
Derivative Financial
Instruments                 21      129,801,534             114,287,990
Other Liabilities           30     1,903,524,337           1,342,736,040
Long Term Loans             29      62,424,153               99,333,376
Other Provisions            31      289,381,202             270,801,909
Total Liabilities                 83,103,107,349           76,747,740,946
Equity
Issued and Paid In
Capital                     32     5,972,275,410           5,934,562,990
Reserves                    32     3,074,866,835           1,387,842,060
Reserve for Employee
Stock Ownership Plan
(ESOP)                           151,728,837             137,354,418
Retained Earnings                  (482,986,800)           (334,419,692)
Total Equity                       8,715,884,282           7,125,339,776
Net Profit of the
Period/Year After Tax              1,638,574,471           1,614,738,322
Total Equity And Net
Profit For Period/Year            10,354,458,753           8,740,078,098
Minority Interest                   47,907,293               46,356,546
Total Minority Interest
and Equity                        10,402,366,676           8,786,434,644
Total Liabilities, Equity
and Minority Interest             93,505,474,025           85,534,175,590
Contingent Liabilities
and Commitments
Letters of Credit,
Guarantees and Other
Commitments                 37    13,726,458,703           12,559,553,516




COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of September 30, 2012
                                   Sep. 30, 2012           Sep. 30, 2011

Amounts in EGP.           Note                                  
Interest and Similar
Income                             5,709,924,331           3,981,585,481
Interest and Similar             
Expenses                       (2,878,602,209)        (2,029,138,866)
Net Interest Income          6     2,831,322,122           1,952,446,615
Fees & Commissions Income           737,746,221             665,242,495
Fees and Commissions
Expense                            (76,765,133)             (64,114,837)
Net Income from Fees and
Commissions                  7      660,981,088             601,127,658
Dividend Income              8      22,704,086               58,982,479
Net Trading Income           9      418,171,996             252,241,996
Profit from Financial
Investments                 22     (29,687,230)              38,160,205
Goodwill Amortization               (2,606,628)             (30,070,084)
Administrative Expenses     10    (1,124,726,722)         (1,052,722,830)
Other operating
(Expenses) Income           11     (74,848,809)             (54,147,544)
Impairment Charge for
Credit Losses               12     (406,580,325)           (312,228,115)
Intangible Assets
Amortization                       (19,049,318)             (50,600,430)
Bank's Share in the
Profits of Associates                1,107,855              (6,856,381)
Net Profit Before Tax              2,276,788,115           1,396,333,569
Income Tax Expense          13     (654,358,417)           (324,757,923)
                          33 &
Deferred Tax                13      17,342,735              (6,370,762)
Net Profit of The Year             1,639,772,433           1,065,204,884
Minority Interest                    1,197,962                108,271
Bank Shareholders                  1,638,574,471           1,065,096,613
Earning per share           14
Basic                                  2.73                     1.65
         Diluted                       2.68                     1.62













COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2012
Amounts in EGP.                    Sep. 30, 2012           Sep. 30, 2011
  Cash Flow from
  Operating Activities
Net Profit Before Tax              2,276,788,115           1,396,333,569
Adjustments To Reconcile
Net Profit

To Net Cash Provided by
Operating Activities
Depreciation                        127,504,186             144,057,127
Impairment Charges for
credit losses                       406,836,170             313,855,735
Other Provisions Charges            90,779,892               1,589,044
Trading Financial
Investment Revaluation
Differences                        (114,094,428)             34,406,764
Intangible Assets
Amortization                        19,049,318               50,600,430
Goodwill Amortization                2,606,628               30,070,084
Available for sale and
held to maturity
investments exchange
revaluation differences            (13,580,979)             (45,509,879)
Financial Investments
Impairment Charge
(Release)                            7,844,587               (373,389)
Utilization of Other
Provisions                         (73,032,184)             (5,397,639)
Other Provisions No
Longer Used                          (531,054)              (40,635,496)
Exchange Differences of
Other Provisions                     1,106,792               3,926,263
Profits From Selling
Property, Plant and
Equipment                           (3,801,360)             (2,664,190)
Profits From Selling
Financial Investments                2,289,009              (93,073,621)
Profits from Selling
Associates                               -                  (1,873,813)
Exchange Differences of Long
Term Loans                            42,050                  459,526
Shares Based Payments               66,036,546               62,114,443
Investments in Associates
Revaluation                              -                   6,354,684
Real Estate Investments
Impairment Charges                       -                    361,200
Operating Profits Before
Changes in Operating
Assets and Liabilities             2,795,843,288           1,854,600,842
Net Decrease (Increase)
in Assets  and
Liabilities
Due from banks                     (233,540,939)          (4,989,972,029)
Treasury Bills & Other
Governmental Notes                 (43,416,593)             121,265,205
Trading Financial Assets          (1,049,322,183)           840,449,628
Derivative Financial
Instruments                         16,904,759              (25,035,261)
Loans and Advances to
Banks and Customers                (471,183,299)          (3,100,295,504)
Other Assets                      (1,035,637,518)           134,350,001
Due to Banks                      (1,255,697,899)           192,787,727
Due to Customers                   6,959,976,920           6,406,909,484
Other Liabilities                    (454,640)             (686,370,502)
Net Cash Provided from
Operating Activities               5,683,471,896            748,689,591















COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
                                                           Sep. 30, 2011
As of September 30, 2012           Sep. 30, 2012
                                                                 
Cash Flow From Investing
Activities
Purchase of Subsidiary
and Associates                     (31,964,942)             (11,000,000)
Purchases of Property,
Plant and Equipment                (167,419,342)            (90,709,389)
Redemption of
Held-to-Maturity
Financial Investments                    -                  230,225,164
Purchases of Held to
Maturity Financial
Investment                        (4,183,287,258)           (5,000,000)
Purchases of Available
for Sale Financial
Investments                       (9,826,460,193)         (3,287,981,324)
Proceeds from Selling
Available For Sale
Financial Investments              5,174,787,444           1,794,737,265
Proceeds from Selling
Real Estate Investments              2,750,000                   -
Net Cash Generated from
(Used in) Investing
Activities                        (9,031,594,291)         (1,369,728,284)
Cash Flow From Financing
Activities
Increase (Decrease) in
Long Term Loans                    (36,951,273)             (33,657,304)
Dividend Paid                      (806,206,518)           (844,414,580)
Capital Increase                    37,712,420               33,119,390
Net Cash Generated from
(Used in) Financing
Activities                         (805,445,371)           (844,952,494)
Net Increase (Decrease)
in Cash and Cash                  (4,153,567,765)
Equivalent                                                (1,465,991,187)
Beginning Balance of Cash
and Cash Equivalent                8,207,517,133           8,058,126,497
Cash & Cash Equivalent
Balance At the End of the
Period                             4,053,949,368           6,592,135,310
Cash & Cash Equivalent
Comprise
Cash and Balances with
Central Bank                       3,414,510,382           4,585,395,495
Due From Banks                     8,851,001,009           11,677,631,859
Treasury Bills and Other
Governmental Notes                 9,139,014,588           8,690,616,464
Obligatory        Reserve 
Balance With CBE                  (3,067,529,100)         (2,782,468,103)
Due  from   Banks   (Time 
Deposits) More than Three
Months                            (5,418,263,433)         (8,608,192,530)
Treasury Bills With
Maturity More than Three
months                            (8,864,784,078)         (6,970,847,875)
Total Cash & Cash
Equivalent                         4,053,949,368           6,592,135,310































COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY 
As of September 30, 2011                    



September   Capital       Legal       General       Intangible  Retained      Special     Reserve for   Banking     Profits of the  Reserve for  Total         Minority   Total
30,                       Reserve     Reserve       Assets      Earnings      Reserve     A.F.S         Risks       period          Employee     Shareholders  Interest
            (EGP)                                   Value for                             Investment    Reserve                     Stock        Equity                   (EGP)
2011                      (EGP)       (EGP)         Bank Share  (EGP)         (EGP)       Revaluation               (EGP)           Ownership                  (EGP)
                                                    before                                Diff.         (EGP)                       Plan ESOP    (EGP)
                                                    Acquisition                                                                    (EGP)
                                                                                          (EGP)
Beginning   5,901,443,660 125,128,337  78,412,462   302,794,421 (203,604,610) 184,356,569   1,722,491   156,992,515  1,875,205,780  149,520,858  8,571,972,423 46,965,639 8,613,938,062
Balance
Capital      33,119,390        -            -            -            -            -            -            -             -             -        33,119,390       -       33,119,390
Increase
Transferred       -       106,216,559 1,155,710,315      -            -        1,574,746        -            -      (1,173,875,293) (89,626,327)       -           -            -
to Reserves
Transferred       -            -            -            -      (122,852,795)      -            -            -        122,852,795        -             -           -            -
to Retained
Earnings
(losses)
Dividend          -            -            -            -      (20,231,298)       -            -            -       (824,183,282)       -       (844,414,580)     -      (844,414,580)
paid
Net Profit        -            -            -            -            -            -            -            -       1,065,096,613       -       1,065,096,613  108,271   1,065,204,884
of the year
Change            -            -            -            -       (2,835,759)       -            -            -             -             -        (2,835,759)  (100,039)   (2,935,798)
During the
period
Addition          -            -            -            -            -            -      (350,155,749)      -             -             -       (350,155,749)     -      (350,155,749)
from
Financial
Investment
revaluation
Transferred       -            -            -            -            -            -            -       76,166,450   (76,166,450)        -             -           -            -
to Bank
Risk
Reserve
Reserve for       -            -            -            -            -            -            -            -             -         62,114,443   62,114,443       -       62,114,443
Employee
Stock
Ownership
Plan ESOP
The effect        -            -            -            -       15,105,920        -            -            -       (15,105,920)        -             -           -            -
of changing
accounting
policies
Balance at  5,934,562,990 231,344,896 1,234,122,777 302,794,421 (334,418,542) 185,931,315 (348,433,258) 233,158,965   973,824,243   122,008,974  8,534,896,781 46,973,871 8,581,870,652
the end of
the period









September   Capital       Legal       General       Intangible    Retained         Special      Reserves for  Banking Risk  Profits of    Reserve for  Total          Minority   Total
30,                       Reserve     Reserve       Assets Value  Earnings(losses) Reserves     A.F.S         reserve       the period    Employee     Shareholders   Interest
            (EGP)                                   for Bank                                    Investments                               Stock        Equity         (EGP)      (EGP)
2012                      (EGP)       (EGP)         Share before  (EGP)            (EGP)        Revaluation   (EGP)                       ownership
                                                    Acquisition                                 Diff.                                     plan ESOP
                                                    (EGP)
                                                                                                (EGP)
Beginning   5,934,562,990 231,344,896 1,234,122,776  302,794,421   (334,419,692)   185,931,315  (723,343,863)  281,689,619  1,490,041,219 137,354,418  8,740,078,098  46,356,546 8,786,434,644
Balance
Capital      37,712,420        -            -             -              -              -             -             -             -            -         37,712,420       -        37,712,420
Increase
Transferred       -       87,306,567   794,689,187        -              -          2,716,747         -             -       (833,050,374) (51,662,127)       -            -            -
to Reserves
Transferred       -            -            -             -        (134,109,753)        -             -             -        134,109,753       -             -            -            -
to Retained
Earnings


Dividend          -            -            -             -         (15,105,920)        -             -             -       (791,100,598)      -       (806,206,518)      -      (806,206,518)
paid


Net Profit        -            -            -             -              -              -             -             -       1,028,139,869      -       1,028,139,869   655,973   1,028,795,842
of the Year
Transfer          -       61,697,292    8,143,225         -          1,001,979     (70,842,496)       -             -             -            -             -            -            -
from
Special
Reserve
Change            -            -            -             -          (353,414)          -             -             -             -            -         (353,414)     353,414         -
during the
period                                                                                                                                                                    
Addition          -            -            -             -              -              -        981,411,571        -             -            -        981,411,571       -       981,411,571
from
Financial
investment
revaluation
Transferred       -            -            -             -              -              -             -       (181,708,448)  181,708,448       -             -            -            -
to Bank
Risk
Reserve
Reserve for       -            -            -             -              -              -             -             -             -        66,036,546    66,036,546       -        66,036,546
Employee
Stock
Ownership
Plan ESOP
Settlement        -            -            -       (302,794,421)        -              -             -             -             -            -       (302,794,421)      -      (302,794,421)
of
Intangible
Asset value
for Bank
Share
Before
Acquisition
Balance at  5,972,275,410 380,348,755 2,036,955,188       -        (482,986,800)   117,805,566   258,067,708   99,981,171   1,820,282,919 151,728,837  10,354,458,753 47,907,923 10,402,366,676
the end of
the period        









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