Bank of Alexandria

80 Pages·2017·4.01 MB·English

Bank of Alexandria
(Egyptian Joint Stock Company)

Financial Statements
At 31 December 2017
& Auditors’ Report

BDO Khaled & Co. Wahid Abdel Ghaffar & Co.
Public Accountant & Advisers Public Accountant & Consultants
Contents Page
Auditor’s Report
Balance sheet 1
Statement of income 2
Statement of cash flows 3
Statement of changes in shareholders’ equity 4
Profit appropriation statement (proposed) 5
Significant accounting policies and notes to the financial statements
6-76

Bank of Alexandria (Egyptian joint stock company)
Notes to the financial statements
For the year ended 31 December 2017

1- General information

- Bank of Alexandria renders retail, corporate and investment banking services
in Arab Republic of Egypt through its Head Office in Cairo (49, Kasr El Nil
street) and through 210 branches and banking units, and employs 4 707 staff
members as of 31 December 2017.

- Bank of Alexandria (S.A.E) was established on 17 April 1957, as a State
wholly owned commercial bank. On 31 October 2006, SanPaolo I.M.I (Italian
Bank) acquired 80% of its issued and paid-in capital. On 1 January 2007, a
merger was announced between SanPaolo I.M.I and Banca Intesa S.P.A., and
the name of SanPaolo I.M.I has been amended to Intesa Sanpaolo S.P.A.
- Bank of Alexandria currently performs its activities under the provisions of the
Central Bank, Banking Sector, and Monetary Law No. 88/2003.

- On 22 March 2009, the International Finance Corporation I.F.C purchased
9.75% of the bank shares, so Intesa Sanpaolo S.P.A capital share decreased to
70.25%.

- The Bank’s Board of Directors’ have approved the financial statements
hereunder for issuance on 31 January 2018.

2- Summary of accounting policies

Following are the significant accounting policies applied in the preparation of the
financial statements. These policies have been consistently applied for all periods
presented unless otherwise stated.

A- Basis of preparation of financial statements
The financial statements have been prepared in accordance with Egyptian
Accounting Standards (EAS) issued in 2006 and their amendments and in
accordance with the instructions of the Central Bank of Egypt (CBE),
approved by its Board of Directors on 16 December 2008 that are compliant
with the standards referred to; under the historical cost convention, as
modified by revaluation of financial assets, liabilities held for trading,
financial assets and liabilities classified at inception at fair value through
profit and loss, available for sale financial investments and all financial
derivatives contracts.

The financial statements of the Bank have been prepared in accordance with
the provisions of the relevant local laws.
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