REG - Commercial Int Bank - 1st Quarter Results - Consolidated Statements
13/05/2024 07:00
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RNS Number : 0689O Commercial Intnl Bank (Egypt) SAE 12 May 2024
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2024
Consolidated Statement of Financial Position as at March 31, 2024
Notes Mar. 31, 2024 Dec. 31, 2023
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 9 36,731,091 71,887,821
Due from banks 10 292,721,033 231,085,244
Loans and advances to banks, net 12 1,140,170 822,448
Loans and advances to customers, net 13 270,496,805 234,985,936
Derivative financial instruments 1,677,011 1,105,148
Financial investments
-Financial Assets at Fair Value through P&L 14 974,297 -
-Financial Assets at Fair Value through OCI 14 249,660,996 233,125,234
-Financial Assets at Amortized cost 14 93,690,317 38,341,019
-Investments in associates 15 120,910 115,979
Non current assets held for sale 30.1 244 161
Other assets 16 25,011,464 18,972,786
Deferred tax assets 2,148,344 1,685,231
Property and equipment 17 2,774,970 2,739,092
Total assets 977,147,652 834,866,099
Liabilities and equity
Liabilities
Due to banks 18 5,529,064 12,458,003
Due to customers 19 796,080,537 677,237,479
Non current liabilities held for sale 30.2 1,297 873
Derivative financial instruments 602,480 140,934
Current income tax liabilities 5,445,769 9,395,534
Other liabilities 20 29,905,796 18,339,465
Issued debt instruments 21 4,699,516 3,073,349
Other loans 19,184,788 12,483,907
Other provisions 22 14,706,748 11,095,089
Total liabilities 876,155,995 744,224,633
Equity
Issued and paid up capital 30,195,010 30,195,010
Reserves 55,719,754 28,807,042
Reserve for employee stock ownership plan (ESOP) 1,786,010 1,486,010
Retained earnings * 13,130,675 29,993,331
Total equity and net profit for the period / year 100,831,449 90,481,393
Non Controlling Interest 160,208 160,073
Total minority interest, equity and net profit for the period/year 100,991,657 90,641,466
Total liabilities and equity 977,147,652 834,866,099
The accompanying notes are an integral part of these financial statements ..
(Limited Review report attached )
* Including net profit for the current year
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Consolidated Income Statement for the year Ended March 31, 2024
Notes Mar. 31, 2024 Mar. 31, 2023
EGP Thousands EGP Thousands
Interest and similar income 36,652,802 19,823,554
Interest and similar expense (17,852,691) (8,939,377)
Net interest income 18,800,111 10,884,177
Fee and commission income 2,685,963 2,005,304
Fee and commission expense (1,118,912) (792,175)
Net fee and commission income 1,567,051 1,213,129
Dividend income 610 32,362
Net trading income 6 16,202,148 1,851,908
Profits (Losses) on financial investments 14.1 224,271 70,920
Administrative expenses (2,928,640) (2,063,690)
Other operating income (expenses) 7 (14,975,056) (2,040,922)
Goodwill amortization - (10,314)
Intangible assets amortization - (2,591)
Impairment release (charges) for credit losses (1,421,114) (944,829)
Bank's share in the profits / losses of associates 4,931 (14,871)
Profit before income tax 17,474,312 8,975,279
Income tax expense 29 (5,926,187) (2,262,132)
Deferred tax assets (Liabilities) 29 376,765 (645,223)
Net profit from continued operations 11,924,890 6,067,924
Discontinued Operations
Net profit (loss) from discontinued operations 30.3 - 870
Net profit for the period 11,924,890 6,068,794
Non Controlling Interest 456 3,847
Bank's shareholders 11,924,434 6,064,947
Earnings per share 8
Basic 3.50 1.78
Diluted 3.46 1.76
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended March 31, 2024
Mar. 31, 2024 Mar. 31, 2023
Net profit for the period 11,924,890 6,068,794
Transferred to RE from financial assets at fair value through comprehensive - (1,895)
income
Change in fair value of Financial invesments measured at fair value through 1,915,786 (8,522,293)
comprehensive income after tax
Cumulative foreign currencies translation differences 831,452 100,603
Effect of ECL on fair value of debt instruments measured at fair value through 744,813 208,752
comprehensive income
Total comprehensive income for the period 15,416,941 (2,146,039)
As follows:
Bank's shareholders 15,416,485 (2,149,886)
Non Controlling Interest 456 3,847
Total comprehensive income for the period 15,416,941 (2,146,039)
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024
Notes Mar. 31, 2024 Mar. 31, 2023
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 17,474,312 8,975,279
Profit (loss) from discontinued operations - 870
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 261,427 228,065
Impairment Release/charge for credit losses (Loans and advances to customers 1,712,500 707,740
and banks)
Other provisions Release/charge 22 41,587 464,311
Impairment Release/charge for credit losses (due from banks) (646) 2,096
Impairment Release/charge for credit losses (financial investments) (290,740) 234,993
Impairment Release/charge for other assets (4,782) -
Exchange revaluation differences for financial assets at fair value through (17,328,576) (6,033,831)
OCI and AC
Goodwill amortization - 10,314
Intangible assets amortization - 2,591
Revaluation differences Impairment charge for Financial Assets at Fair value 1,130,412 -
through OCI
Revaluation differences Impairment charge for Financial Assets at Amortized 95,225 -
cost
Revaluation differences Impairment charge for due from banks 1,393 -
Utilization of other provisions 22 (297) (345)
Other provisions no longer used 22 (4,220) -
Exchange Revaluation differences of other provisions 22 3,574,589 1,169,894
Profits/losses from selling property and equipment 7 - (118)
Profits/losses from selling financial investments at fair value through OCI 14.1 (224,271) (70,920)
Share based payments 300,000 190,974
Bank's share in the profits / losses of associates (4,931) 14,871
Operating profits before changes in operating assets and liabilities 6,732,982 5,896,784
Net decrease / increase in assets and liabilities
Due from banks 41,887,372 12,110,117
Financial assets at fair value through P&L (974,297) -
Derivative financial instruments 157,890 (359,998)
Loans and advances to banks and customers 12 - 13 (37,541,091) (17,792,410)
Other assets (5,893,831) (96,139)
Non current assets held for sale (244) (220,335)
Due to banks 18 (6,928,939) 4,790,187
Due to customers 19 118,843,058 45,212,196
Current income tax obligations paid (480,418) (270,197)
Non current liabilities held for sale 1,297 890
Other liabilities 1,820,664 (354,332)
Net cash generated from (used in) operating activities 117,624,443 48,916,763
Cash flow from investing activities
Proceeds from sale of investments in associates 4,782 -
Payment for purchases of property, equipment and branches construction (437,370) (457,850)
Proceeds from selling property and equipment - 118
Proceeds from redemption of financial assets at amortized cost 285,507 196,783
Payment for purchases of financial assets at amortized cost (53,615,996) (8,533,818)
Payment for purchases of financial assets at fair value through OCI (26,592,698) (32,339,905)
Proceeds from selling financial assets at fair value through OCI 26,222,450 46,767,421
Payment for investment in subsidiaries - (1,008,761)
Net cash generated from (used in) investing activities (54,133,325) 4,623,988
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024
(Cont.)
Mar. 31, 2024 Mar. 31, 2023
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 6,700,881 1,607,404
Dividends paid (5,078,792) (1,988,585)
Issued debt instruments 1,626,167 612,624
Capital increase - 165,429
Net cash generated from (used in) financing activities 3,248,256 396,872
Net (decrease) increase in cash and cash equivalent during the period 66,739,374 53,937,623
Beginning balance of cash and cash equivalent 234,317,913 92,969,526
Cash and cash equivalent at the end of the period 301,057,287 146,907,149
:Cash and cash equivalent comprise
Cash and balances at the central bank 36,731,091 52,462,528
Due from banks 292,723,938 170,733,811
Treasury bills and other governmental notes 119,754,167 68,681,151
Obligatory reserve balance with CBE (19,531,282) (46,005,523)
Due from banks with maturity more than three months (8,740,302) (29,664,721)
Treasury bills and other governmental notes with maturity more than three (119,880,325) (69,300,097)
months
Total cash and cash equivalent 301,057,287 146,907,149
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024
Notes
Mar. 31, 2024
Mar. 31, 2023
EGP Thousands
EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations
17,474,312
8,975,279
Profit (loss) from discontinued operations
-
870
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation
17
261,427
228,065
Impairment Release/charge for credit losses (Loans and advances to customers
and banks)
1,712,500
707,740
Other provisions Release/charge
22
41,587
464,311
Impairment Release/charge for credit losses (due from banks)
(646)
2,096
Impairment Release/charge for credit losses (financial investments)
(290,740)
234,993
Impairment Release/charge for other assets
(4,782)
-
Exchange revaluation differences for financial assets at fair value through
OCI and AC
(17,328,576)
(6,033,831)
Goodwill amortization
-
10,314
Intangible assets amortization
-
2,591
Revaluation differences Impairment charge for Financial Assets at Fair value
through OCI
1,130,412
-
Revaluation differences Impairment charge for Financial Assets at Amortized
cost
95,225
-
Revaluation differences Impairment charge for due from banks
1,393
-
Utilization of other provisions
22
(297)
(345)
Other provisions no longer used
22
(4,220)
-
Exchange Revaluation differences of other provisions
22
3,574,589
1,169,894
Profits/losses from selling property and equipment
7
-
(118)
Profits/losses from selling financial investments at fair value through OCI
14.1
(224,271)
(70,920)
Share based payments
300,000
190,974
Bank's share in the profits / losses of associates
(4,931)
14,871
Operating profits before changes in operating assets and liabilities
6,732,982
5,896,784
Net decrease / increase in assets and liabilities
Due from banks
41,887,372
12,110,117
Financial assets at fair value through P&L
(974,297)
-
Derivative financial instruments
157,890
(359,998)
Loans and advances to banks and customers
12 - 13
(37,541,091)
(17,792,410)
Other assets
(5,893,831)
(96,139)
Non current assets held for sale
(244)
(220,335)
Due to banks
18
(6,928,939)
4,790,187
Due to customers
19
118,843,058
45,212,196
Current income tax obligations paid
(480,418)
(270,197)
Non current liabilities held for sale
1,297
890
Other liabilities
1,820,664
(354,332)
Net cash generated from (used in) operating activities
117,624,443
48,916,763
Cash flow from investing activities
Proceeds from sale of investments in associates
4,782
-
Payment for purchases of property, equipment and branches construction
(437,370)
(457,850)
Proceeds from selling property and equipment
-
118
Proceeds from redemption of financial assets at amortized cost
285,507
196,783
Payment for purchases of financial assets at amortized cost
(53,615,996)
(8,533,818)
Payment for purchases of financial assets at fair value through OCI
(26,592,698)
(32,339,905)
Proceeds from selling financial assets at fair value through OCI
26,222,450
46,767,421
Payment for investment in subsidiaries
-
(1,008,761)
Net cash generated from (used in) investing activities
(54,133,325)
4,623,988
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024
(Cont.)
Mar. 31, 2024
Mar. 31, 2023
EGP Thousands
EGP Thousands
Cash flow from financing activities
Other loans
6,700,881
1,607,404
Dividends paid
(5,078,792)
(1,988,585)
Issued debt instruments
1,626,167
612,624
Capital increase
-
165,429
Net cash generated from (used in) financing activities
3,248,256
396,872
Net (decrease) increase in cash and cash equivalent during the period
66,739,374
53,937,623
Beginning balance of cash and cash equivalent
234,317,913
92,969,526
Cash and cash equivalent at the end of the period
301,057,287
146,907,149
:Cash and cash equivalent comprise
Cash and balances at the central bank
36,731,091
52,462,528
Due from banks
292,723,938
170,733,811
Treasury bills and other governmental notes
119,754,167
68,681,151
Obligatory reserve balance with CBE
(19,531,282)
(46,005,523)
Due from banks with maturity more than three months
(8,740,302)
(29,664,721)
Treasury bills and other governmental notes with maturity more than three
months
(119,880,325)
(69,300,097)
Total cash and cash equivalent
301,057,287
146,907,149
Condensed Consolidated Interim statement of changes in shareholders' equity
Mar. 31, 2023 Issued and paid up capital Legal reserve General reserve General risk reserve Reserve for transactions under common control Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Non Controlling Interest Total
Beginning balance 29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (13,188,818) 11,981 16,393,841 1,895,435 181,324 67,757,737 580,431 68,338,168
Capital increase 165,429 - - - - - - - - - - 165,429 - 165,429
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Transferred to reserves - 806,408 11,998,639 - - 2,208 - - (12,388,223) (419,032) - - - -
Dividends paid - - - - - - - - (3,738,888) - - (3,738,888) (23,982) (3,762,870)
Net profit for the period - - - - - - - - 6,064,947 - - 6,064,947 3,847 6,068,794
Change in non controlling interest from acquisition of subsidiaries - - - - - - - - - - - - (536,867) (536,867)
- - - - - - (1,895) - 1,895 - - - - -
Transferred to RE from financial assets at fair value through OCI
- - - - - - (8,522,293) - - - - (8,522,293) - (8,522,293)
Net unrealized gain/(loss) on financial assets at fair value through OCI after
tax
- - - - - - - 3,249 (3,249) - - - - -
Transferred (from) to banking risk reserve
- - - - - - 208,752 - - - - 208,752 - 208,752
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
- - - - - - - - - 190,974 - 190,974 - 190,974
Cost of employees stock ownership plan (ESOP)
Cumulative foreign currencies translation differences - - - - - - - - - - 100,603 100,603 99,192 199,795
Balance at 31 March 2023 29,990,563 4,770,354 39,095,497 1,550,906 (670,972) 21,155 (21,504,254) 15,230 6,330,323 1,667,377 281,927 61,548,106 122,621 61,670,727
Mar. 31, 2024 Issued and paid up capital Legal reserve General reserve General risk reserve Reserve for transactions under common control Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Non Controlling Interest Total
Beginning balance 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (16,868,691) 15,230 29,993,331 1,486,010 148,353 90,481,393 160,073 90,641,466
- - - - - - - - - - - - - -
Capital increase
Transferred to reserves - 1,438,320 21,958,960 - - 1,663 - - (23,398,943) - - - - -
Dividends paid - - - - - - - - (5,366,429) - - (5,366,429) - (5,366,429)
Net profit for the period - - - - - - - - 11,924,434 - - 11,924,434 456 11,924,890
Transferred to RE from financial assets at fair value through OCI - - - - - - - - - - - - - -
Change in non controlling interest from acquisition of subsidiaries - - - - - - - - - - - - - -
Transferred from RE to banking risk reserve - - - - - - - 19,024 (19,024) - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - 1,915,786 - - - - 1,915,786 - 1,915,786
tax
Transferred (from) to banking risk reserve - - - - - - - 2,694 (2,694) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 744,813 - - - - 744,813 - 744,813
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 300,000 - 300,000 - 300,000
Cumulative foreign currencies translation differences - - - - - - - - - - 831,452 831,452 (321) 831,131
Ending balance 30,195,010 6,208,674 61,799,667 1,550,906 (670,972) 22,818 (14,208,092) 36,948 13,130,675 1,786,010 979,805 100,831,449 160,208 100,991,657
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