RNS No 2151t
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E.
28th March 1998
Re: Commercial International Bank (Egypt) S.A.E.
1997 Financial Results & General Assembly Meetings
Commercial International Bank's Ordinary and Extraordinary General Assembly
meetings will be held on Tuesday, April 21, 1998, at the Semiramis
Intercontinental Hotel, Cairo, Egypt, starting at 2.00 p.m.
I. The Ordinary General Assembly is invited to deliberate the following
issues:
(i) Approval of the audited financial statements for fiscal 1997
prepared by the local affiliated firms of Deloitte Touche and KPMG.
A copy of the balance sheet and income statement can be found below.
(ii) Approval of the appropriation account including an LE 2.25 per share
cash dividend (LE 2.0 per share in 1996).
(iii) Appointment of Price Waterhouse to replace Deloitte & Touche as
external auditors along with KPMG.
(iv) Other financial and administrative issues as detailed in the
invitation announcement.
II. The Extraordinary General Assembly is invited to deliberate the following
Agenda:
1. Increase issue and paid-in capital from LE 500 million to LE 750
million as follows:
(i) Capitalize LE 150 million of general reserves into free bonus shares
(par value LE 100) allocated pro-rata to shareholders of record as
of General Assembly meeting date.
(ii) Rights issue for LE 50 million (5 million shares) at LE 15 per share
(50% premium above par value) to be offered for subscription to
shareholders of record as of General Assembly date on a pro-rata
basis.
(iii) Capital increase for LE 50 million (5 million shares) at LE 15 per
share (50% premium above par value) to be offered for subscription
to CIB staff members along allocation and vesting terms to be
determined by the Board of Directors.
2. Increase in CIB's authorized capital from LE 750 million to LE 1500
million.
3. Amending Articles No. 6, 7, 39, 40, 42, 51, 52 and 51Bis of the
Bank's Statutes to reflect the proposed actions in (iii) and (2)
above and to amend minimum share attendance requirements and other
administrative issues.
4. Authorize the Board of Directors to issue bonds up to LE 1100
million or equivalent in foreign currencies.
III. Financial Results & Capital Plan:
CIB is pleased to announce that 1997 was another year of record earnings
and healthy growth for the Bank. Net profits reached $78.7 million
($71 million in 1996) generating a 23.4% return on averaged invested
equity. Assets increased by 23.9% to reach $3.9 billion. Loans and
deposits grew by 23.8% and 20.8% respectively. Contingent liabilities
reached $1.6 billion, a 12.6% increase over the previous year. Loan loss
provisions were increased by $20.8 million to maintain a 3.6% coverage
ratio (relative to 3.3% in 1996).
These results maintain CIB's position as the most largest, profitable and
best capitalized private sector bank in Egypt.
The capital increase and restructuring plan, proposed to the Extraordinary
General Assembly, aimed to achieve the following goals:
(i) Increase available capital resources to maintain an adequate capital
ratio for future expansion and diversification into financial
services.
(ii) Improve tax hedge available through paid-in capital exemptions.
(iii) Motivate and retain staff members.
If you have any questions, please do not hesitate to contact the undersigned
(Tel: 202-3481797 or 202-5691852 or Ms. Maha Ragab, Assistant General Manager,
Marketing Support Group (Tel: 202-5702679).
Adel El-Labban
Managing Director
Balance Sheet
As of December 31, 1997
Assets December 31, 1997 December 31, 1996
LE LE
Cash & Due from Central Bank 1,119,201,756 1,261,228,354
Due from Other Banks 1,156,217,731 816,415,475
Treasury Bills 2,495,919,856 1,722,198,737
Trading Investments
(Net of Trading Investments Provision) 77,937,508 41,857,584
Loans & Overdrafts
(Net of Doubtful Debts Provision) 7,815,731,642 6,299,896,578
Non-trading Investments 564,244,309 479,764,892
Debit Balances & Other Assets 135,703,515 132,240,357
Fixed Assets
(Net of Depreciation) 108,457,046 71,936,226
-------------- --------------
Total Assets 13,473,413,363 10,825,538,203
============== ==============
Liabilities & Shareholders' Equity Liabilities
Due to Banks 1,905,988,121 1,739,191,254
Customer Deposits 8,564,079,676 7,195,726,640
Credit Balances & Other Liabilities 382,111,112 403,600,044
Dividends & Staff Profit Sharing 146,930,848* 124,000,000
Medium Term Bonds 300,000,000 -
Medium Term Loans 679,811,800 -
Other Provisions 293,458,721 282,614,815
-------------- --------------
12,272,380,278 9,745,132,753
============== ==============
Shareholders, Equity
Capital 500,000,000 500,000,000
Reserves 701,033,085 580,405,450
-------------- --------------
Shareholders Equity** 1,201,033,085 1,080,405,450
-------------- --------------
Total Liabilities & Shareholders' Equity 13,473,413,363 10,825,538,203
============== ==============
Contra Accounts 5,343,836,766 4,745,429,400
============== ==============
* Subject to Ordinary General Assembly ratification.
** Subject to Ordinary General Assembly ratification and pre-approval of capital
increase plan.
Statement of Income
As of December 31, 1997
December 31, 1997 December 31, 1996
LE LE
Interest Received From Loans & Due From Banks 781,821,073 611,928,408
Interest Received From Treasury &
Corporate Securities 249,626,887 167,620,083
Deduct
Interest Paid to Banks & Clients (764,094,366) (546,491,079)
----------- -----------
Net Interest Margin 267,353,594 233,057,412
=========== ===========
Fees & Commissions 162,404,181 137,260,741
Foreign Exchange Income 36,984,616 28,658,039
Dividend Income 7,142,875 4,364,687
Securities' Trading Income 865,343 821,186
Other Income 8,050,756 5,591,563
----------- -----------
Total Fee Income 215,447,771 176,696,216
----------- -----------
Net Operating Income 482,801,365 409,753,628
=========== ===========
Deduct
Provisions (81,953,774) (44,714,534)
General & Administrative Expenses (121,252,242) (117,112,692)
Other Expenses (12,036,866) (6,665,723)
----------- -----------
(215,242,882) (168,492,951)
=========== ===========
Net Profits 267,558,483 241,260,679
=========== ===========
END
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