REG - Commercial Int Bank - 1st Quarter Results - Separate Statements
13/05/2024 07:00
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RNS Number : 0690O Commercial Intnl Bank (Egypt) SAE 12 May 2024
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
March 31, 2024
Condensed Separate Interim Statement of Financial Position as at March 31,
2024
Notes Mar. 31, 2024 Dec. 31, 2023
Assets
Cash and balances at the central bank 9 36,542,863 71,747,343
Due from banks 10 291,979,960 230,709,419
Loans and advances to banks, net 12 1,140,170 822,448
Loans and advances to customers, net 13 268,482,525 233,824,745
Derivative financial instruments 1,677,011 1,101,896
Financial investments
- Financial Assets at Fair Value through P&L 14 974,297 -
- Financial Assets at Fair Value through OCI 14 248,351,476 232,290,598
- Financial Assets at Amortized cost 14 92,820,896 37,847,114
- Investments in subsidiaries and associates 15 671,525 671,525
Non current assets held for sale 28 159,828 159,828
Other assets 16 24,919,564 18,929,067
Deferred tax assets 1,936,004 1,685,223
Property and equipment 17 2,703,062 2,737,936
Total assets 972,359,181 832,527,142
Liabilities and equity
Liabilities
Due to banks 18 5,572,065 12,427,384
Due to customers 19 792,409,197 675,310,076
Derivative financial instruments 602,480 140,934
Current income tax liabilities 5,445,769 9,395,534
Other liabilities 20 29,842,663 18,307,580
Issued debt instruments 21 4,699,516 3,073,349
Other loans 19,184,788 12,483,907
Other provisions 22 14,699,408 11,088,372
Total liabilities 872,455,886 742,227,136
Equity
Issued and paid up capital 30,195,010 30,195,010
Reserves 55,513,384 29,388,626
Reserve for employee stock ownership plan (ESOP) 1,786,010 1,486,010
Retained earnings * 12,408,891 29,230,360
Total equity and net profit for the period / year 99,903,295 90,300,006
Total liabilities and equity 972,359,181 832,527,142
The accompanying notes are an integral part of these financial statements.
( Limited Review report attached )
* Including net profit for the period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Separate Interim Income Statement for the period ended March 31,
2024
Notes Mar. 31, 2024 Mar. 31, 2023
Interest and similar income 36,544,341 19,729,848
Interest and similar expense (17,784,185) (8,897,778)
Net interest income 18,760,156 10,832,070
Fee and commission income 2,684,283 2,004,350
Fee and commission expense (1,118,950) (792,102)
Net fee and commission income 1,565,333 1,212,248
Dividend income 610 32,362
Net trading income 6 16,202,679 1,845,604
Profits (Losses) on financial investments 14.1 224,271 70,920
Administrative expenses (2,840,462) (2,004,617)
Other operating income (expenses) 7 (14,923,188) (1,969,625)
Impairment release (charges) for credit losses (1,482,187) (947,656)
Profit before income tax 17,507,212 9,071,306
Income tax expense 26 (5,722,492) (2,264,671)
Deferred tax assets (Liabilities) 26 161,877 (722,182)
Net profit for the period 11,946,597 6,084,453
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 Separate Interim Statement of Comprehensive Income for the period
ended March 31, 2024
Mar. 31, 2024 Mar. 31, 2023
Net profit for the period 11,946,597 6,084,453
Change in fair value of Financial invesments measured at fair value through 1,977,715 (8,507,038)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive - (1,895)
income
Effect of ECL on fair value of debt instruments measured at fair value through 745,406 208,250
comprehensive income
Total comprehensive income for the period 14,669,718 (2,216,230)
Condensed Separate Interim Cash Flows for the period ended March 31, 2024
Notes Mar. 31, 2024 Mar. 31, 2023
Cash flow from operating activities
Profit before income tax 17,507,212 9,071,306
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 261,427 206,400
Impairment Release/charge for credit losses (Loans and advances to customers 1,772,387 714,714
and banks)
Other provisions Release/charge 22 40,759 464,368
Impairment Release/charge for credit losses (due from banks) (53) (1,549)
Impairment Release/charge for credit losses (financial investments) (290,147) 234,491
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
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 101 -
Utilization of other provisions 22 (297) (345)
Other provisions no longer used 22 (4,220) -
Exchange revaluation differences of other provisions 22 3,574,794 1,169,894
Profits/losses from selling property and equipment - (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
Operating profits before changes in operating assets and liabilities 6,829,971 5,945,384
Net decrease / increase in assets and liabilities
Due from banks 42,289,034 12,102,385
Financial assets at fair value through P&L (974,297) -
Derivative financial instruments 154,638 (358,715)
Loans and advances to banks and customers 12-13 (36,747,889) (17,757,613)
Other assets (5,850,432) (75,936)
Due to banks 18 (6,855,319) 4,811,010
Due to customers 19 117,099,122 43,988,897
Current income tax obligations paid (276,723) (272,736)
Other liabilities 1,851,912 (362,831)
Net cash generated from (used in) operating activities 117,520,017 48,019,845
Cash flow from investing activities
Proceeds from sale of investments in associates 4,782 -
Payments for investment in subsidiaries - (1,216,022)
Payment for purchases of property, equipment and branches construction (366,618) (415,435)
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 (53,240,480) (8,454,232)
Payment for purchases of financial assets at fair value through OCI (26,284,875) (32,426,908)
Proceeds from selling financial assets at fair value through OCI 26,380,625 46,782,676
Net cash generated from (used in) investing activities (53,221,059) 4,466,980
Condensed Separate Interim Cash Flows for the period ended March 31, 2024
(Cont.)
Mar. 31, 2024 Mar. 31, 2023
Cash flow from financing activities
Other loans 6,700,881 1,607,404
Dividends paid (5,078,792) (1,964,603)
Issued debt instruments 1,626,167 612,624
Capital increase - 165,429
Net cash generated from (used in) financing activities 3,248,256 420,854
Net (decrease) increase in cash and cash equivalent during the period 67,547,214 52,907,679
Beginning balance of cash and cash equivalent 233,912,193 92,895,143
Cash and cash equivalent at the end of the period 301,459,407 145,802,822
Cash and cash equivalent comprise:
Cash and balances at the central bank 9 36,542,863 52,319,656
Due from banks 291,980,200 169,655,814
Treasury bills and other governmental notes 11 119,754,167 68,681,151
Obligatory reserve balance with CBE (19,383,018) (45,888,981)
Due from banks with maturity more than three months (7,554,480) (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 301,459,407 145,802,822
Condensed Separate Interim statement of changes in shareholders' equity
Issued and paid up capital Legal reserve General reserve General risk reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Total
Mar. 31, 2023
Beginning 29,825,134 3,963,946 27,096,858 1,549,445 18,947 (13,138,461) 11,981 16,497,346 1,895,435 67,720,631
Balance at 1 Januray 2023
165,429 - - - - - - - - 165,429
Capital increase
Transferred to reserves - 806,408 11,998,639 - 2,208 - - (12,388,223) (419,032) -
Dividend paid - - - - - - - (3,738,888) - (3,738,888)
Net profit for the period - - - - - - - 6,084,453 - 6,084,453
Transferred to RE from financial assets at fair value through OCI - - - - - (1,895) - 1,895 - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (8,507,038) - - - (8,507,038)
tax
Transferred (from) to bank risk reserve - - - - - - 3,249 (3,249) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 208,250 - - - 208,250
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 190,974 190,974
Balance at 31 March 2023 29,990,563 4,770,354 39,095,497 1,549,445 21,155 (21,439,144) 15,230 6,453,334 1,667,377 62,123,811
Mar. 31, 2024
Beginning Balance at 1 Januray 2024 30,195,010 4,770,354 39,840,707 1,549,445 21,155 (16,808,265) 15,230 29,230,360 1,486,010 90,300,006
Capital increase - - - - - - - - - -
Transferred to reserves - 1,438,320 21,958,960 - 1,663 - - (23,398,943) - -
Dividend paid - - - - - - - (5,366,429) - (5,366,429)
Net profit for the period - - - - - - - 11,946,597 - 11,946,597
Transferred to RE from financial assets at fair value through OCI - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - 1,977,715 - - - 1,977,715
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 - - - - - 745,406 - - - 745,406
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 300,000 300,000
Balance at 31 March 2024 30,195,010 6,208,674 61,799,667 1,549,445 22,818 (14,085,144) 17,924 12,408,891 1,786,010 99,903,295
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