![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Com.int.bk.144a | LSE:41JB | London | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS No 9852m COMMERCIAL INTERNATIONAL BANK (EGYPT) SAE 5th May 1998 RE: COMMERCIAL INTERNATIONAL BANK (EGYPT) SAE ("CIB") FIRST QUARTER RESULTS TO MARCH 31, 1998 The first quarter of 1998 was impacted by the change in Tax Law No.157 for 1981, issued as Law No.5 for 1998, on January 22, 1998. This amendment significantly reduced the tax deductible generated by investing in treasury and corporate securties. Under the earlier tax regime, the allowed deductible was equal to 90% of the interest income received from such securities. Under the new tax amendment, funding interest incurred to acquire securities is netted against the received tax exempt interest income to calculate the eligible deductible. As other financial and non financial institutions, CIB has managed its tax liability by securing a large portfolio of such instruments which enjoyed favourable treatment under the earlier tax system. Following the issuance of the amendments to the Tax Law, CIB has progressively reduced its portfolio of Treasury Bills from EGP 2.5 billion approximately as of December 31, 1997 to EGP 763 million as of March 31, 1998. The impact of the change in the Tax Law was significant on the first quarter results. Despite a healthy increase of 17% in net operating income from EGP 108.5 million ($31.9 million) in the quarter to March 31, 1997 to EGP 126.9 million ($37.3 million) in the quarter to March 31, 1998, fuelled by very strong growth in fee income, foreign exchange trading and investment banking revenues, net profits dropped by 30% from EGP 67.7 million ($19.9 million) to EGP 47 million ($13.8 million) over the respective quarters. This drop in profits is attributable to two factors: (a) A sharp increase in tax provisions from EGP 1.7 million in the first quarter of 1997 to EGP 24.5 million in the first quarter of the 1998. As the Tax Authority has not, to date, released the calculation formula for implementing its amendments, CIB's external tax auditors (KPMG-Hazem Hassan & Allied Andersen), advised the Bank to provide for its potential tax liability on a conservative basis. The applicable gross corporate tax rate for banks in Egypt is 40% plus a 2% National Development Tax. (b) The rapid contraction of our portfolio of Treasury Bills during the quarter affected alternative asset mobilization opportunities and impacted our net interest income which remained flat at EGP 65.3 million ($19.2 million) for the quarter by comparison to EGP 64.8 million ($19.0 million) for the first quarter of 1997. The run-off of the proprietary Treasury Bills portfolio and the adjustment in client loans and deposits following the Tax Law changes also resulted in a 9% drop in total assets from EGP 13.4 billion ($3.9 billion) in December 31, 1997 to EGP 12.2 billion ($3.6 billion) as at March 31, 1998. CIB is planning over the course of the year to implement a number of operating and tax policies to mitigate the impact of the Tax Law change but expects to be affected by a higher effective tax rate for the year, unless alleviated by the calculation formula when announced. COMMERCIAL INTERNATIONAL BANK (EGYPT) SAE FINANCIAL POSITION AS OF MARCH 31, 1998 ASSETS March 31, 1998 March 31, 1997 LE LE -Cash & Due From Central Bank 1,225,514,768 1,405,936,960 -Due From Other Banks 1,327,205,335 1,104,245,085 -Treasury Bills 763,589,290 1,932,940,280 -Trading Investments (Net of Provisions For Trading Investments) 87,357,313 38,196,536 -Loans & Overdrafts (Net of Provisions for Doubtful Debts) 7,939,099,682 6,867,321,782 -Non-trading Investments 559,133,257 479,713,798 -Debit Balances & Other Assets 194,735,548 193,366,466 -Fixed Assets (Net of Depreciation) 109,551,793 75,794,256 Total Assets 12,206,186,986 12,097,515,163 LIABILITIES & SHAREHOLDERS' EQUITY LIABILITIES -Due to Banks 1,725,921,486 2,037,890,644 -Customer Deposits 7,295,206,557 7,990,782,788 -Credit Balances & Other Liabilities 489,660,482 527,414,438 -Dividends & Profit Sharing 146,930,848 124,000,000 -Medium Term Bonds 300,000,000 - -Medium Term Loans 680,626,600 - -Other Provisions 319,765,818 269,356,418 Total Liabilities 10,958,111,791 10,949,444,288 SHAREHOLDERS' EQUITY -Issued & Paid-in Capital 500,000,000 500,000,000 -Reserves 701,033,085 580,405,450 Total Shareholders'Equity 1,201,033,085 1,080,405,450 Net Profit for the period 47,042,110 67,665,425 Total Sharholders' Equity & Net Profit for the Period 1,248,075,195 1,148,070,875 Total Liabilities & Shareholders' Equity 12,206,186,986 12,097,515,163 Contra Accounts 5,421,930,557 5,002,084,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) SAE STATEMENT OF INCOME AS OF MARCH 31, 1998 March 31 1998 March 31 1997 LE LE -Interest Received From Clients & Banks 195,305,533 171,741,115 -Interest Received From Treasurey & Corporate Securities 49,937,083 55,320,358 DEDUCT -Interest Paid to Clients & Banks (179,973,086) (162,228,523) Net Interest Income 65,269,530 64,832,950 -Banking Fees & Commissions 41,565,004 35,892,671 -Foreign Exchange Income 11,990,996 7,103,854 -Profit from Selling Investments 5,931,157 - -Dividend Income 17,531 - -Other Income 2,139,840 764,748 Total Fee Income 61,644,528 43,761,273 Net Operating Income 126,914,058 108,594,223 DEDUCT Provisions (39,718,006) (11,424,790) -General, Administrative Expenses & Depreciation (34,886,046) (27,306,886) -Other Expenses (5,267,896) (2,197,122) (79,871,948) (40,928,798) Net Profit 47,042,110 67,665,425 END QRFUBUPCABGRGMA
1 Year Com.int.bk.144a Chart |
1 Month Com.int.bk.144a Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions