REG - Commercial Int Bank - 3rd Quarter 2022 Results (Consolidated)
04/11/2022 07:00
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RNS Number : 2907F Commercial Intnl Bank (Egypt) SAE 04 November 2022
Commercial International Bank (Egypt) S.A.E.
Condensed Consolidated Financial Statements
September 30, 2022
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Condensed Consolidated Interim Balance Sheet as at September 30, 2022
Notes Sep. 30, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 43,857,708 43,492,248
Due from banks 9 90,458,312 80,141,769
Loans and advances to banks, net 11 1,944,633 312,216
Loans and advances to customers, net 12 177,710,036 145,575,243
Derivative financial instruments 951,214 225,376
Investments
-Financial Assets at Fair Value through P&L 13 - 240,987
-Financial Assets at Fair Value through OCI 13 231,064,431 193,198,894
-Financial Assets at Amortized cost 13 32,613,909 20,547,465
-Investments in associates 14 187,399 205,315
Other assets 15 10,221,640 11,207,128
Goodwill 26 106,582 137,525
Intangible assets 27 26,780 34,554
Deferred tax assets (Liabilities) 834,437 456,002
Property and equipment 16 2,391,296 2,461,116
Total assets 592,368,377 498,235,838
Liabilities and equity
Liabilities
Due to banks 17 1,747,427 866,056
Due to customers 18 499,019,607 407,241,538
Derivative financial instruments 43,987 265,470
Current tax liabilities 2,678,372 2,234,985
Other liabilities 19 9,995,151 8,085,545
Issued debt instruments 20 1,940,240 1,557,263
Other loans 6,257,126 5,140,782
Other Provisions 21 5,676,497 3,541,462
Total liabilities 527,358,407 428,933,101
Equity
Issued and paid up capital 25 29,825,134 19,702,418
Reserves 20,434,644 33,774,990
Reserve for employee stock ownership plan (ESOP) 1,751,123 1,674,392
Retained earnings * 12,453,402 13,696,402
Total equity and net profit for the period / year 64,464,303 68,848,202
Non Controlling Interest 545,667 454,535
Total minority interest, equity and net profit for the period / year 65,009,970 69,302,737
Total liabilities and equity 592,368,377 498,235,838
The accompanying notes are an integral part of these financial statements .
(Review report attached)
*Including net profit for the current period
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Condensed Consolidated Interim Income Statement for the period ended September
30, 2022
Notes Sep. 30, 2021
Sep. 30, 2022
EGP Thousands EGP Thousands
Interest and similar income 38,938,124 32,654,016
Interest and similar expense (17,120,373) (14,499,387)
Net interest income 21,817,751 18,154,629
Fee and commission income 3,908,463 2,900,853
Fee and commission expense (1,730,281) (1,129,949)
Net fee and commission income 2,178,182 1,770,904
Dividend income 54,557 57,451
Net trading income 5 1,434,169 490,787
Profits (Losses) on financial investments 13 1,096,850 658,483
Administrative expenses (5,142,060) (4,438,232)
Other operating (expenses) income 6 (3,404,237) (1,370,707)
Goodwill amortization 26 (30,943) (30,943)
Intangible assets amortization 27 (7,774) (7,774)
Impairment release (charges) for credit losses (298,078) (1,323,521)
Bank's share in the profits/losses of associates (16,343) 18,354
Profit before income tax 17,682,074 13,979,431
Income tax expense 28 (4,885,951) (4,115,929)
Deferred tax assets (Liabilities) 28 (597,241) 11,861
Net profit for the period 12,198,882 9,875,363
Minority interest 25,625 (1,932)
Bank shareholders 12,173,257 9,877,295
Earning per share 7
Basic 3.62 2.97
Diluted 3.60 2.95
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Sep. 30, 2021
EGP Thousands
EGP Thousands
Interest and similar income
38,938,124
32,654,016
Interest and similar expense
(17,120,373)
(14,499,387)
Net interest income
21,817,751
18,154,629
Fee and commission income
3,908,463
2,900,853
Fee and commission expense
(1,730,281)
(1,129,949)
Net fee and commission income
2,178,182
1,770,904
Dividend income
54,557
57,451
Net trading income
5
1,434,169
490,787
Profits (Losses) on financial investments
13
1,096,850
658,483
Administrative expenses
(5,142,060)
(4,438,232)
Other operating (expenses) income
6
(3,404,237)
(1,370,707)
Goodwill amortization
26
(30,943)
(30,943)
Intangible assets amortization
27
(7,774)
(7,774)
Impairment release (charges) for credit losses
(298,078)
(1,323,521)
Bank's share in the profits/losses of associates
(16,343)
18,354
Profit before income tax
17,682,074
13,979,431
Income tax expense
28
(4,885,951)
(4,115,929)
Deferred tax assets (Liabilities)
28
(597,241)
11,861
Net profit for the period
12,198,882
9,875,363
Minority interest
25,625
(1,932)
Bank shareholders
12,173,257
9,877,295
Earning per share
7
Basic
3.62
2.97
Diluted
3.60
2.95
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Sep. 30, 2021
EGP Thousands
EGP Thousands
Interest and similar income
38,938,124
32,654,016
Interest and similar expense
(17,120,373)
(14,499,387)
Net interest income
21,817,751
18,154,629
Fee and commission income
3,908,463
2,900,853
Fee and commission expense
(1,730,281)
(1,129,949)
Net fee and commission income
2,178,182
1,770,904
Dividend income
54,557
57,451
Net trading income
5
1,434,169
490,787
Profits (Losses) on financial investments
13
1,096,850
658,483
Administrative expenses
(5,142,060)
(4,438,232)
Other operating (expenses) income
6
(3,404,237)
(1,370,707)
Goodwill amortization
26
(30,943)
(30,943)
Intangible assets amortization
27
(7,774)
(7,774)
Impairment release (charges) for credit losses
(298,078)
(1,323,521)
Bank's share in the profits/losses of associates
(16,343)
18,354
Profit before income tax
17,682,074
13,979,431
Income tax expense
28
(4,885,951)
(4,115,929)
Deferred tax assets (Liabilities)
28
(597,241)
11,861
Net profit for the period
12,198,882
9,875,363
Minority interest
25,625
(1,932)
Bank shareholders
12,173,257
9,877,295
Earning per share
7
Basic
3.62
2.97
Diluted
3.60
2.95
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended September 30, 2022
Sep. 30, 2021
Sep. 30, 2022
EGP Thousands EGP Thousands
Net profit for the period 12,198,882 9,875,363
Change in fair value of financial instruments measured at fair value through (13,184,005) (2,375,618)
other comprehensive income after income tax
Transferred to RE from financial assets at fair value through OCI (4,128) (177,362)
Cumulative foreign currencies translation differences 96,867 (2,636)
Effect of ECL in fair value of debt instruments measured at fair value through 233,717 (98,246)
OCI
Total other comprehensive income (658,667) 7,221,501
As follows:
Bank's shareholders (684,292) 7,223,433
Non-Controlling Interest 25,625 (1,932)
Total comprehensive income for the period (658,667) 7,221,501
Sep. 30, 2021
EGP Thousands
EGP Thousands
Net profit for the period
12,198,882
9,875,363
Change in fair value of financial instruments measured at fair value through
other comprehensive income after income tax
(13,184,005)
(2,375,618)
Transferred to RE from financial assets at fair value through OCI
(4,128)
(177,362)
Cumulative foreign currencies translation differences
96,867
(2,636)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
233,717
(98,246)
Total other comprehensive income
(658,667)
7,221,501
As follows:
Bank's shareholders
(684,292)
7,223,433
Non-Controlling Interest
25,625
(1,932)
Total comprehensive income for the period
(658,667)
7,221,501
Sep. 30, 2021
EGP Thousands
EGP Thousands
Net profit for the period
12,198,882
9,875,363
Change in fair value of financial instruments measured at fair value through
other comprehensive income after income tax
(13,184,005)
(2,375,618)
Transferred to RE from financial assets at fair value through OCI
(4,128)
(177,362)
Cumulative foreign currencies translation differences
96,867
(2,636)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
233,717
(98,246)
Total other comprehensive income
(658,667)
7,221,501
As follows:
Bank's shareholders
(684,292)
7,223,433
Non-Controlling Interest
25,625
(1,932)
Total comprehensive income for the period
(658,667)
7,221,501
Condensed Consolidated Interim Cash flows for the period ended September 30,
2022
Notes Sep. 30, 2022 Sep. 30, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 17,682,074 13,979,431
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 644,401 636,413
Impairment charge for credit losses (Loans and advances to customers and 12,998 1,383,887
banks)
Other provisions charges 21 1,803,568 190,525
Impairment charge for credit losses (due from banks) 534 37,880
Impairment (Released) charge for credit losses (financial investments) 284,546 (98,246)
Impairment (Released) charge for other assets (277,768) 31,975
Exchange revaluation differences for financial assets at fair value through (3,745,045) 40,050
OCI and AC
Goodwill amortization 26 30,943 58,448
Intangible assets amortization 27 7,774 14,685
Utilization of other provisions 21 (1,857) (44,978)
Other provisions no longer used 21 (101) (12,255)
Exchange differences of other provisions 21 333,425 (13,722)
Losses (Profits) from selling property and equipment (2,192) (2,124)
Losses (profits) from selling financial investments 13 (1,096,850) (643,467)
Impairment (Released) charges of investments in associates - (15,016)
Shares based payments 579,653 477,644
Bank's share in the profits / losses of associates 16,343 (18,354)
Operating losses (profits) before changes in operating assets and liabilities 16,272,446 16,002,776
Net decrease (increase) in assets and liabilities
Due from banks 870,167 (272,238)
Financial assets at fair value through P&L 13 240,987 153,260
Derivative financial instruments (947,321) (24,448)
Loans and advances to banks and customers 11 - 12 (33,780,208) (20,943,748)
Other assets 1,245,185 (1,611,672)
Due to banks 17 881,371 (7,271,485)
Due to customers 18 91,778,069 63,033,657
Current income tax obligations paid (2,207,579) (2,153,441)
Other liabilities (325,379) 1,706,495
Net cash used in (generated from) operating activities 74,027,738 48,619,156
Cash flow from investing activities
Proceeds (payments) for investment in associates. - (158,360)
Payment for purchases of property, equipment and branches constructions (556,512) (677,464)
Proceeds from selling property and equipment 2,192 2,124
Proceeds from redemption of financial assets at amortized cost 6,520,697 4,753,398
Payment for purchases of financial assets at amortized cost (18,268,602) (2,617)
Payment for purchases of financial assets at fair value through OCI (115,077,815) (208,509,917)
Proceeds from selling financial assets at fair value through OCI 73,424,845 147,101,717
Net cash generated from (used in) investing activities (53,955,195) (57,491,119)
Condensed Consolidated Interim Cash flows for the period ended Sep 30, 2022
(Cont.)
Sep. 30, 2022 Sep. 30, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 1,116,344 (2,113,845)
Dividend paid (4,410,322) (1,360,652)
Issued debt instruments 382,977 1,556,032
Capital increase 122,716 -
Net cash generated from (used in) financing activities (2,788,285) (1,918,465)
Net (decrease) increase in cash and cash equivalent during the period 17,284,258 (10,790,428)
Beginning balance of cash and cash equivalent 61,065,822 75,796,375
Cash and cash equivalent at the end of the period 78,350,080 65,005,947
Cash and cash equivalent comprise:
Cash and balances at the central bank 43,857,708 33,326,348
Due from banks 90,499,843 72,296,624
Treasury bills and other governmental notes 10 87,122,900 65,656,846
Obligatory reserve balance with CBE (38,082,441) (27,265,818)
Due from banks with maturities more than three months (22,949,758) (16,980,376)
Treasury bills with maturity more than three months (82,098,172) (62,027,677)
Total cash and cash equivalent 78,350,080 65,005,947
'
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended September 30, 2021
Sep. 30, 2021 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
EGP Thousands
Beginning balance 14,776,813 2,778,135 24,765,658 1,549,445 8,183 14,906 3,975,514 6,423 10,539,715 1,064,648 (3,684) 59,475,756 483,055 59,958,811
Capital increase 4,925,605 - (4,925,605) - - - - - - - - - - -
Transferred to reserves - 514,939 8,420,479 1,461 - 1,094 - - (8,937,973) - - - - -
Dividends paid - - - - - - - - (1,360,652) - - (1,360,652) - (1,360,652)
Net profit of the period - - - - - - - - 9,877,295 - - 9,877,295 (1,932) 9,875,363
Minority Interest Share - - - - - - - - - - - - (25,219) (25,219)
Transferred from reserve of financial assets at fair - - - - - - (177,362) - 177,362 - - - - -
value through OCI
Transferred from previous years' outstanding balances - - - - - - - - 8,333 - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair - - - - - - (2,375,618) - - - - (2,375,618) - (2,375,618)
value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - (98,246) - - - - (98,246) - (98,246)
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 477,644 - 477,644 - 477,644
Cumulative foreign currencies translation differences - - - - - - - - - - 1,048 1,048 - 1,048
19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 1,324,288 9,141 10,301,362 1,542,292 (2,636) 66,005,560 455,904 66,461,464
Balance at the end of the period
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended September 30, 2022
Sep. 30, 2022 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
EGP Thousands
Beginning balance 19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 641,372 9,141 13,696,402 1,674,392 (4,218) 68,848,202 454,535 69,302,737
Capital increase 10,122,716 - (10,000,000) - - - - - - - - 122,716 - 122,716
Transferred to reserves - 670,872 8,836,326 - - 2,947 - - (9,007,223) (502,922) - - - -
Dividends paid - - - - - - - - (4,410,322) - - (4,410,322) - (4,410,322)
Net profit of the period - - - - - - - - 12,173,257 - - 12,173,257 25,625 12,198,882
Transferred to RE from financial assets at fair value - - - - - - (4,128) - 4,128 - - - - -
through OCI
Transferred from previous years' outstanding balances - - - - - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair - - - - - - (13,184,005) - - - - (13,184,005) - (13,184,005)
value through OCI after
tax
- - - - - - - 2,840 (2,840) - - - - -
Transferred (from) to banking risk reserve
Effect of ECL in fair value of debt instruments - - - - - - 233,717 - - - - 233,717 - 233,717
measured at fair value through
OCI
- - - - - - - - - 579,653 - 579,653 - 579,653
Cost of employees stock ownership plan (ESOP)
Cumulative foreign currencies translation differences - - - - - - - - - - 101,085 101,085 65,507 166,592
29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (12,313,044) 11,981 12,453,402 1,751,123 96,867 64,464,303 545,667 65,009,970
Balance at the end of the period
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