RNS No 3741d
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E.
7th December 1997
Re: COMMERCIAL INTERNATIONAL BANK (CIB)
THIRD QUARTER RESULTS TO SEPTEMBER 30, 1997
The first 9 months of 1997 were marked by substantial growth in deposits, loans
and net earnings.
Total assets increased by 31% to reach LE 14.2 billion ($4.2 billion) as
compared to the September 30, 1996 results. Loans increased by 25%, while
Investments in Treasury securities increased by 36% for liquidity and tax
management reasons.
Customer deposits increased by over 32% to LE 9.5 billlion ($2.8 billion) due
to the increase in our branch network which attracted new client deposits.
CIB's Loans/Deposits ratio improved from 87% at September 30, 1996 to 82% at
September 30, 1997. The liquidity ratio continues to be a very healthy 50%
level.
CIB's fee generation strategy was very satisfactorily developed. Off balance
accounts increased to LE 5.4 billion ($1.6 billion) representing a 14% rate of
growth.
Capital adequacy improved to reach a solid Tier-I BIS ratio of 12.5% as of
September 30, 1997. Loans Provisions/Loan Portfolio stands at 3.2%.
Net earnings increased by 10.8% to LE 200 million ($58.8 million) after taxes
and provisions. Net interest income increased by 15% while foreign exchange
income grew by 20.8%. Total operating expenses increased by 15% to reflect the
opening of the 5 new branches and 8 mini-branches since September 30, 1996.
If you have any questions, please do not hesitate to contact Mr Adel El Labban,
Managing Director (Tel: 3481797) or the under signed (Tel: 5702679)
Maha Ragab
Senior Manager
Marketing Support Group
Financial Position
As Of September 30 1997
Assets
September 30, 1997 December 31, 1996
LE LE
- Cash & Due from Banks 1,581,851,748 1,261,228,354
- Deposits with Other Banks 1,547,787,589 816,415,475
- Treasury Bills 2,344,064,494 1,722,198,737
- Trading Investment (Net
Of Provision for Investments) 66,950,170 47,076,864
- Loans & Overdrafts
(Net of Provision for
Doubtful Debts 7,860,334,136 6,299,896,578
- Non-trading investments 567,611,112 499,855,797
- Debit Balances & Other Assets 182,649,416 132,063,314
- Fixed Assets (Net) 81,096,102 71,936,226
Total Assets 14,232,344,767 10,850,671,345
Liabilities & Shareholders'
Equity
Liabilities
- Due to Banks 1,632,989,402 1,739,191,254
- Customer Deposits 9,523,162,042 7,195,726,640
- Credit Balances &
Other Liabilities 503,318,743 403,600,044
- Medium Term Bonds 300,000,000 --
- Medium Term Loans 679,035,600 --
- Other Provisions 313,003,738 307,747,957
- Dividends & Profit Sharing -- 124,000,000
Total Liabilities 12,951,509,525 9,770,265,895
Shareholders' Equity
- Issued & Paid - in Capital 500,000,000 500,000,000
- Reserves 580,405,450 580,405,450
Total Shareholders' Equity 1,080,405,450 1,080,405,450
Profit for the Period 220,429,792 --
Total Shareholders' Equity &
Profit for the Period 1,280,835,242 1,080,405,450
Total Liabilities
& Shareholders' Equity 14,232,344,767 10,850,671,345
- Contra Accounts 5,413,137,897 4,745,429,400
Statement Of Income
For the Period from
January 01, 1997 to September 30, 1997
September 30, 1997 September 30, 1996
LE LE
Interest Received
- From Clients 517,667,961 404,705,805
- From Banks 62,274,633 40,924,396
- From Treasury Bills &
Bonds 180,030,709 108,138,361
Interest Paid
- To Clients (455,257,105) (313,020,158)
- To Banks (107,126,232) (68,994,878)
Net Interest Margin 197,589,966 171,753,526
- Fees & Commissions 119,508,322 97,812,481
- Foreign Exchange Profits 25,675,262 21,251,705
- Dividends Income 7,142,875 4,364,687
- Gain from Sales of Investments -- 821,186
- Other Income 5,204,420 3,361,304
Total Fee Income 157,530,879 127,611,363
Net Operating Income 355,120,845 299,364,889
Provisions (55,295,804) (34,491,447)
- General & Administrative
Expenses & Depreciation (91,169,807) (79,090,399)
- Other Expenses (8,225,442) (4,896,096)
Net Profit after Tax &
Provisions 200,429,792 180,886,947
END
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