RNS No 7017h
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
12 AUGUST
RE: COMMERCIAL INTERNATIONAL BANK (CIB)
MID-YEAR RESULTS TO JUNE 30,1997
The first half of 1997 was marked by very solid growth in deposits, loans
and net earnings, reflecting the solid execution of the Bank's expansion
strategies.
Total assets increased by 49% to LE 14 billion ($4.1 billion) as compared to
the June 30, 1996 results. Loans increased by 38% as CIB developed its
position as the leading wholesale corporate finance bank to the Egyptian
private sector companies. Investments in Treasury Securities increased by
48% for liquidity and tax management reasons. The growth in other
investments reflects the development of the portfolio of medium term
sovereign and domestic corporate bonds (LE 412 million) and CIB's
increased contribution to the capital of CIIC, its investment banking
affiliate (LE 75 million).
Funding resources developed very positively. Customer deposits
increased by over 50% to LE 9.2 billion ($ 2.7 billion) as CIB increased its
network to 26 branches. The successful completion of our $200 million 3
year syndicated euroloan and of the LE 300 million 5 year domestic
floating rate note issue also expanded and diversified CIB's traditional
funding sources.
CIB's fee generation strategy was very satisfactorily developed. Off balance
accounts increased to LE 5.3 billion ($ 1.6 billion) representing a 37% rate
of growth.
CIB's Loans/Deposits ratio improved from 90% in June 30, 1996 to 83% at
June 30, 1997. The liquidity ratio was also maintained at a very healthy
58% level.
Capital adequacy was maintained at a solid Tier-1 BIS ratio of 11.4% at June
30, 1997. Loan Provisions/Loan Portfolio stands at 3.2%.
Net earnings increased by 9.3% to LE 134 million ($39.3 million) after taxes
and provisions. Net interest income increased by 19.2%. Foreign
exchange income grew by 14.8% despite the absence of any significant
volatility in the Egyptian Pound exchange parities. No dividend income
was recorded for the first half of 1997, compared to LE 4.4 million in the
comparative half of 1996, as the fiscal 1996 dividends from GIC totalling
LE 7.1 million were received in July 1997. Total operating expenses
increased by 24% to reflect the staff compensation adjustments
implemented in the second half of 1996 and the opening of 2 new
branches and 5 smaller units since June 30,1996.
If you have any questions, please do not hesitate to contact the
undersigned (Adel El-Labban, Managing Director)(Tel: 3481797- 3481794) or Ms.
Maha Ragab, Senior Manager (Tel: 5702679).
AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 1997
To the Chairman and Members of the Board of Directors
Commercial International Bank - Egypt
We have reviewed the financial position of Commercial International Bank - Egypt
S.A.E. as of June 30, 1997, and the related Statement of Income for the six
months then ended. These financial statements are the responsibility of
the Bank's management. Our responsibility is to issue a report on these
financial statements based on our review.
We conducted our review in accordance with the International Standard on
Auditing applicable to review engagements. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the financial
statements are free of material misstatement. A review is limited primarily to
inquiries of bank personnel and analytical procedures applied to financial data
and thus provides less assurance than an audit. We have not performed an audit
and accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying financial statements do not give a true and fair
view in accordance with International Accounting Standards.
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
AS OF JUNE 30J, 1997
ASSETS JUNE 1997 JUNE 1996
LE LE
- Cash & Due From Banks
- Deposits With Other Banks 1,338,184,722 956,729,339
- Treasury Bills 1,754,332,830 1,091,483,316
(Net Of Issuance Discount) 2,301,719,057 1,553,031,388
- Investments
(Net Of Provision For Investments) 585,780,087 102,900,183
- Loans & Overdrafts
(Net Of Provision for Doubtful Debts) 7,646,897,161 5,496,255,175
- Debit Balances & Other Assets 278,856,204 127,636,017
- Fixed Assets (Net) 74,443,899 72,092,916
--------------- ---------------
Total Assets 13,980,213,960 9,400,128,334
=============== ===============
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities
- Customers Deposits 9,221,607,930 6,131,587,179
- Due to Banks 1,460,238,017 1,273,187,398
- Credit Balances & Other Liabilities 834,070,828 623,736,893
- Other Provisions 271,440,403 286,106,217
- Floating Rate Notes 300,000,000 --
- Medium Term Loan 678,683,200 --
--------------- ---------------
Total Liabilities 12,766,040,378 8,314,617,687
--------------- ---------------
SHAREHOLDERS' EQUITY
- Capital 500,000,000 500,000,000
- Reserves 580,405,450 417,304,053
- Retained Earnings -- 45,840,718
--------------- ---------------
Total Shareholders' Equity 1,080,405,450 963,144,771
Profit For The Period 133,768,132 122,365,876
--------------- ---------------
Total Liabilities & Shareholders' Equity 13,980,213,960 9,400,128,334
=============== ===============
- Contra Accounts 5,280,731,747 3,856,145,895
=============== ===============
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF INCOME FOR THE PERIOD
JANUARY 1, 1997 TO JUNE 30, 1997
1997 1996
LE LE
INTEREST RECEIVED:
From Banks 36,373,486 25,308,879
From Clients 330,675,577 264,065,559
From Treasury Bills & Bonds 117,321,076 66,611,913
--------------- ---------------
Total Interest Income 484,370,139 355,986,351
--------------- ---------------
INTEREST PAID:
To Banks (62,171,839) (42,345,092)
To Clients (289,993,518) (197,072,052)
--------------- ---------------
Total Interest Expense (352,165,357) (239,417,144)
--------------- ---------------
Net Interest Income 132,204,782 116,569,207
Fees, Commissions & Other Income 80,168,161 67,230,837
Foreign Exchange Income 16,220,390 14,126,836
Investment Income - 4,364,687
--------------- ---------------
Net Operating Income 228,593,333 202,291,567
--------------- ---------------
Depreciation (7,314,428) (7,174,894)
Provisions (30,265,159) (26,573,894)
Other Expenses (57,245,614) (46,176,903)
--------------- ---------------
Net Income After Taxes & Provisions 133,768,132 122,365,876
=============== ===============
END
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