REG - Commercial Int Bank - 3rd Quarter 2022 Results (Separate)
04/11/2022 07:00
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RNS Number : 2910F Commercial Intnl Bank (Egypt) SAE 04 November 2022
Commercial International Bank (Egypt) S.A.E.
Condensed Separate Financial Statements
September 30, 2022
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Commercial International Bank (Egypt) S.A.E.
Condensed Separate Financial Statements
September 30, 2022
Click on, or paste the following link into your web browser, to view the
associated PDF document
http://www.rns-pdf.londonstockexchange.com/rns/2910F_1-2022-11-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2910F_1-2022-11-3.pdf)
Condensed Separate Interim Statement of Financial Position 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 43,776,754 43,385,222
Due from banks 9 90,378,194 79,991,287
Loans and advances to banks, net 11 1,944,633 312,216
Loans and advances to customers, net 12 176,669,649 144,765,808
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 13 230,060,807 192,390,931
-Financial Assets at Amortized cost 13 32,306,835 20,318,767
-Investments in associates and subsidiaries 14 1,074,250 1,014,350
Other assets 15 10,167,659 11,141,917
Deferred tax assets (Liabilities) 727,276 460,026
Property and equipment 16 2,302,530 2,404,237
Total assets 590,359,801 496,651,124
Liabilities and equity
Liabilities
Due to banks 17 1,703,884 862,759
Due to customers 18 497,584,590 406,100,916
Derivative financial instruments 43,987 265,265
Current income tax liabilities 2,678,372 2,234,985
Other liabilities 19 9,945,543 8,021,310
Issued debt instruments 20 1,940,240 1,557,263
Other loans 6,257,126 5,140,782
Other Provisions 21 5,675,006 3,539,676
Total liabilities 525,828,748 427,722,956
Equity
Issued and paid up capital 26 29,825,134 19,702,418
Reserves 20,381,196 33,767,423
Reserve for employee stock ownership plan (ESOP) 1,751,123 1,674,392
Retained earnings * 12,573,600 13,783,935
Total equity and net profit for the period / year 64,531,053 68,928,168
Total liabilities and equity 590,359,801 496,651,124
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 Separate Interim Income Statement for the period ended September 30,
2022
Last 9 Months Last 9 Months
Notes Sep. 30, 2022 Sep. 30, 2021
EGP Thousands EGP Thousands
Interest and similar income 38,761,627 32,568,923
Interest and similar expense (17,050,977) (14,463,322)
Net interest income 21,710,650 18,105,601
Fee and commission income 3,900,488 2,895,435
Fee and commission expense (1,730,066) (1,129,866)
Net fee and commission income 2,170,422 1,765,569
Dividends income 64,372 82,426
Net trading income 5 1,431,729 484,774
Profits (Losses) on financial investments 13 1,096,850 634,108
Administrative expenses (5,024,897) (4,382,463)
Other operating (expenses) income 6 (3,399,057) (1,366,178)
Impairment release (charges) for credit losses (262,606) (1,325,770)
Profit before income tax 17,787,463 13,998,067
Income tax expense 25 (4,984,283) (4,115,227)
Deferred tax assets (Liabilities) 25 (597,258) 11,845
Net profit for the period 12,205,922 9,894,685
Earning per share 7
Basic 3.62 2.97
Diluted 3.60 2.95
Hussein Abaza
CEO & Managing Director Sherif Samy
Chairman
Condensed Separate Interim Statement of Comprehensive Income for the period
ended September 30, 2022
Last 9 Months Last 9 Months
Sep. 30, 2022 Sep. 30, 2021
EGP Thousands EGP Thousands
Net profit for the period 12,205,922 9,894,685
Change in fair value of financial instruments measured at fair value through (13,128,801) (2,374,495)
other comprehensive income after income tax
Transferred to RE from financial assets at fair value through OCI (4,128) (177,362)
Effect of ECL in fair value of debt instruments measured at fair value through 233,717 (98,246)
OCI
Total comprehensive income for the period (693,290) 7,244,582
Condensed Separate 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 17,787,463 13,998,067
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 654,220 636,413
Impairment charge for credit losses (Loans and advances to customers and (16,255) 1,385,835
banks)
Other provisions charges 21 1,803,863 190,858
Impairment charge for credit losses (due from banks) 849 38,181
Impairment (Released) charge for credit losses (financial investments) 278,012 (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
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 at fair value through OCI 13 (1,096,850) (643,467)
Shares based payments 579,653 477,644
Impairment (Released) charges of investments in associates - 9,359
Operating profits before changes in operating assets and liabilities 16,297,417 15,993,590
Net decrease (increase) in assets and liabilities
Due from banks 845,633 (272,238)
Financial assets at fair value through P&L 13 240,987 153,260
Derivative financial instruments (947,116) (24,448)
Loans and advances to banks and customers 11 - 12 (33,520,003) (20,847,787)
Other assets 1,242,254 (1,631,518)
Due to banks 17 841,125 (7,272,811)
Due to customers 18 91,483,674 62,999,029
Current income tax obligations paid (2,305,911) (2,152,739)
Other liabilities (310,752) 1,414,946
Net cash used in (generated from) operating activities 73,867,308 48,359,284
Cash flow from investing activities
Payments for investment in subsidiaries and associates. (59,900) (158,360)
Payment for purchases of property, equipment and branches constructions (542,743) (669,801)
Proceeds from selling property and equipment 2,192 2,124
Proceeds from redemption of financial assets at amortized cost 6,569,803 4,725,376
Payment for purchases of financial assets at amortized cost (18,239,332) (3,844)
Payment for purchases of financial assets at fair value through OCI (114,918,927) (207,918,546)
Proceeds from selling financial assets at fair value through OCI 73,463,225 146,303,855
Net cash generated from (used in) investing activities (53,725,682) (57,719,196)
Condensed Separate Interim Cash Flows for the period ended September 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)
Dividends 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 17,353,341 (11,278,377)
Beginning balance of cash and cash equivalent 60,891,899 75,965,247
Cash and cash equivalent at the end of the period 78,245,240 64,686,870
Cash and cash equivalent comprise:
Cash and balances at the central bank 43,776,754 33,207,606
Due from banks 90,419,482 72,015,406
Treasury bills and other governmental notes 10 87,119,766 65,654,913
Obligatory reserve balance with CBE (38,022,832) (27,183,002)
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 78,245,240 64,686,870
'
Condensed Separate 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 Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Total
EGP Thousands
Beginning balance 14,776,813 2,778,135 24,765,658 1,549,445 14,906 3,970,987 6,423 10,477,611 1,064,648 59,404,626
Capital increase 4,925,605 - (4,925,605) - - - - - - -
Transferred to reserves - 514,939 8,420,479 - 1,094 - - (8,936,512) - -
Dividend paid - - - - - - - (1,360,652) - (1,360,652)
Net profit of the period - - - - - - - 9,894,685 - 9,894,685
Transferred from reserve of financial assets at fair value through OCI - - - - - (177,362) - 177,362 - -
Transferred from previous years' outstanding balances - - - - - - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (2,374,495) - - - (2,374,495)
tax
Transferred (from) to bank risk reserve - - - - - - 2,718 (2,718) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - (98,246) - - - (98,246)
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 477,644 477,644
Ending balance 19,702,418 3,293,074 28,260,532 1,549,445 16,000 1,320,884 9,141 10,258,109 1,542,292 65,951,895
Condensed Separate 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 Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Total
EGP Thousands
Beginning balance 19,702,418 3,293,074 28,260,532 1,549,445 16,000 639,231 9,141 13,783,935 1,674,392 68,928,168
Capital increase 10,122,716 - (10,000,000) - - - - - - 122,716
Transferred to reserves - 670,872 8,836,326 - 2,947 - - (9,007,223) (502,922) -
Dividend paid - - - - - - - (4,410,322) - (4,410,322)
Net profit of the period - - - - - - - 12,205,922 - 12,205,922
Transferred to RE from financial assets at fair value through OCI - - - - - (4,128) - 4,128 - -
Transferred from previous years' outstanding balances - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (13,128,801) - - - (13,128,801)
tax
Transferred (from) to banking risk reserve - - - - - - 2,840 (2,840) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 233,717 - - - 233,717
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 579,653 579,653
Ending balance 29,825,134 3,963,946 27,096,858 1,549,445 18,947 (12,259,981) 11,981 12,573,600 1,751,123 64,531,053
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