REG - Commercial Int Bank - 3rd Quarter Results - Consolidated
03/11/2023 07:15
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RNS Number : 2563S Commercial Intnl Bank (Egypt) SAE 03 November 2023
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2023
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2023
Condensed Consolidated Interim Statement of Financial Position as at September
30, 2023
Notes Sep. 30, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 59,950,223 47,492,549
Due from banks 9 276,842,860 133,856,720
Loans and advances to banks, net 11 - 2,978,197
Loans and advances to customers, net 12 223,085,568 193,599,872
Derivative financial instruments 1,647,485 1,939,961
Financial investments
-Financial Assets at Fair Value through OCI 13 189,098,612 204,020,733
-Financial Assets at Amortized cost 13 39,177,670 34,524,760
-Investments in associates 14 132,476 186,062
Non current assets held for sale 29 214 -
Other assets 15 17,375,013 14,521,427
Goodwill 26 65,325 96,268
Intangible assets 27 - 24,188
Deferred tax assets 1,137,342 185,746
Property and equipment 16 2,556,198 2,405,434
Total assets 811,068,986 635,831,917
Liabilities and equity
Liabilities
Due to banks 17 19,022,706 3,496,698
Due to customers 18 667,669,213 531,616,550
Non current liabilities held for sale 30 933 -
Derivative financial instruments 99,911 219,752
Current income tax liabilities 6,993,454 3,051,583
Other liabilities 19 15,875,568 11,606,912
Issued debt instruments 20 3,071,834 2,456,607
Other loans 10,387,714 7,978,975
Other provisions 21 10,511,982 7,066,672
Total liabilities 733,633,315 567,493,749
Equity
Issued and paid up capital 30,195,010 29,825,134
Reserves 23,007,690 19,643,327
Reserve for employee stock ownership plan (ESOP) 1,339,443 1,895,435
Retained earnings * 22,764,552 16,393,841
Total equity and net profit for the period / year 77,306,695 67,757,737
Non Controlling Interest 128,976 580,431
Total minority interest, equity and net profit for the period / year 77,435,671 68,338,168
Total liabilities and equity 811,068,986 635,831,917
The accompanying notes are an integral part of these financial statements .
(Limited review report attached)
*Including net profit for the current period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Consolidated Interim Income Statement for the period ended September
30, 2023
Last 9 Months Last 9 Months
Notes Sep. 30, 2023 Sep. 30, 2022
EGP Thousands EGP Thousands
Interest and similar income 73,006,422 38,938,124
Interest and similar expense (35,275,583) (17,120,373)
Net interest income 37,730,839 21,817,751
Fee and commission income 6,543,585 3,908,463
Fee and commission expense (2,589,680) (1,730,281)
Net fee and commission income 3,953,905 2,178,182
Dividend income 83,653 54,557
Net trading income 5 3,165,144 1,434,169
Profits (Losses) on financial investments 13.1 165,478 1,096,850
Administrative expenses (6,501,663) (5,142,060)
Other operating (expenses) income 6 (5,679,447) (3,404,237)
Goodwill amortization 26 (30,943) (30,943)
Intangible assets amortization 27 (24,188) (7,774)
Impairment release (charges) for credit losses (1,216,770) (298,078)
Bank's share in the profits / losses of associates (39,486) (16,343)
Profit before income tax 31,606,522 17,682,074
Income tax expense 28 (9,540,412) (4,885,951)
Deferred tax assets (Liabilities) 28 392,680 (597,241)
Net profit from continued operations 22,458,790 12,198,882
Discontinued Operations
Net profit (loss) from discontinued operations 31 (49,699) -
Net profit for the period 22,409,091 12,198,882
Non Controlling Interest 3,328 25,625
Bank's shareholders 22,405,763 12,173,257
Earnings per share 7
Basic 6.41 3.62
Diluted 6.34 3.58
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended September 30, 2023
Last 9 Months Last 9 Months
Sep. 30, 2023 Sep. 30, 2022
EGP Thousands EGP Thousands
Net profit for the period 22,409,091 12,198,882
Change in fair value of Financial invesments measured at fair value through (9,629,911) (13,184,005)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (95,308) (4,128)
income
Cumulative foreign currencies translation differences 193,162 96,867
Effect of ECL in fair value of debt instruments measured at fair value through 201,185 233,717
comprehensive income
Total comprehensive income for the period 13,078,219 (658,667)
As follows:
Bank's shareholders 13,074,891 (684,292)
Non-Controlling Interest 3,328 25,625
Total comprehensive income for the period 13,078,219 (658,667)
As follows:
Bank's shareholders 13,074,891 (684,292)
Non-Controlling Interest 3,328 25,625
Total comprehensive income for the period 13,078,219 (658,667)
As follows:
Bank's shareholders 13,074,891 (684,292)
Non-Controlling Interest 3,328 25,625
Total comprehensive income for the period 13,078,219 (658,667)
Condensed Consolidated Interim Cash flows for the period ended September 30
2023
Notes Sep. 30, 2023 Sep. 30, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 31,606,522 17,682,074
Profit (loss) from discontinued operations (49,699) -
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 655,051 644,401
Impairment (Released) charge for credit losses (Loans and advances to 1,050,980 12,998
customers and banks)
Other provisions charges 21 2,350,253 1,803,568
Impairment (Released) charge for credit losses (due from banks) (47,249) 534
Impairment (Released) charge for credit losses (financial investments) 213,039 284,546
Impairment (Released) charge for other assets 14,347 (277,768)
Exchange revaluation differences for financial assets at fair value through (5,409,592) (3,745,045)
OCI and AC
Goodwill amortization 26 30,943 30,943
Intangible assets amortization 27 24,188 7,774
Utilization of other provisions 21 (1,608) (1,857)
Other provisions no longer used 21 - (101)
Exchange Revaluation differences of other provisions 21 1,096,665 333,425
profits from selling property and equipment (194) (2,192)
profits from selling financial investments at fair value through OCI 13.1 (149,012) (1,096,850)
Losses (Profits) from selling investments in associates 13.1 (7,466) -
Impairment (Released) charges of investments in associates 13.1 (9,000) -
Shares based payments 608,250 579,653
Bank's share in the profits / losses of associates 39,486 16,343
Operating profits before changes in operating assets and liabilities 32,015,904 16,272,446
Net decrease / increase in assets and liabilities
Due from banks 9,859,636 870,167
Financial assets at fair value through P&L - 240,987
Derivative financial instruments 172,635 (947,321)
Loans and advances to banks and customers 11 - 12 (27,548,758) (33,780,208)
Other assets (2,506,019) 1,245,185
Non current assets held for sale (214) -
Due to banks 17 15,526,008 881,371
Due to customers 18 136,052,663 91,778,069
Current income tax obligations paid (2,546,958) (2,207,579)
Non current liabilities held for sale 933 -
Other liabilities (3,890,097) (325,379)
Net cash generated from (used in) operating activities 157,135,733 74,027,738
Cash flow from investing activities
Proceeds from Investments in associates. 2,119 -
Payment for purchases of property, equipment and branches construction (1,177,450) (556,512)
Proceeds from selling property and equipment 194 2,192
Proceeds from redemption of financial assets at amortized cost 5,278,030 6,520,697
Payment for purchases of financial assets at amortized cost (9,334,085) (18,268,602)
Payment for purchases of financial assets at fair value through OCI (64,860,157) (115,077,815)
Proceeds from selling financial assets at fair value through OCI 75,128,566 73,424,845
Payment for investment in subsidiaries. (1,008,761) -
Net cash generated from (used in) investing activities 4,028,456 (53,955,195)
Condensed Consolidated Interim Cash flows for the period ended September 30,
2023 (Cont.)
Sep. 30, 2023 Sep. 30, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 2,408,739 1,116,344
Dividends paid (3,594,747) (4,410,322)
Issued debt instruments 615,227 382,977
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities (200,905) (2,788,285)
Net (decrease) increase in cash and cash equivalent during the period 160,963,284 17,284,258
Beginning balance of cash and cash equivalent 92,969,526 61,065,822
Cash and cash equivalent at the end of the period 253,932,810 78,350,080
Cash and cash equivalent comprise:
Cash and balances at the central bank 59,950,223 43,857,708
Due from banks 276,845,003 90,499,843
Treasury bills 10 71,507,826 87,122,900
Obligatory reserve balance with CBE (52,963,236) (38,082,441)
Due from banks with maturity more than three months (30,994,611) (22,949,758)
Treasury bills with maturity more than three months (70,412,395) (82,098,172)
Total cash and cash equivalent 253,932,810 78,350,080
Condensed Consolidated Interim Cash flows for the period ended September 30,
2023 (Cont.)
Sep. 30, 2023 Sep. 30, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 2,408,739 1,116,344
Dividends paid (3,594,747) (4,410,322)
Issued debt instruments 615,227 382,977
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities (200,905) (2,788,285)
Net (decrease) increase in cash and cash equivalent during the period 160,963,284 17,284,258
Beginning balance of cash and cash equivalent 92,969,526 61,065,822
Cash and cash equivalent at the end of the period 253,932,810 78,350,080
Cash and cash equivalent comprise:
Cash and balances at the central bank 59,950,223 43,857,708
Due from banks 276,845,003 90,499,843
Treasury bills 10 71,507,826 87,122,900
Obligatory reserve balance with CBE (52,963,236) (38,082,441)
Due from banks with maturity more than three months (30,994,611) (22,949,758)
Treasury bills with maturity more than three months (70,412,395) (82,098,172)
Total cash and cash equivalent 253,932,810 78,350,080
Condensed Consolidated Interim statement of changes in shareholders' equity
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 at 1 January 2022 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 for the period - - - - - - - - 12,173,257 - - 12,173,257 25,625 12,198,882
Transferred to RE from financial assets at fair value through OCI - - - - - - (4,128) - 4,128 - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (13,184,005) - - - - (13,184,005) - (13,184,005)
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 - 233,717
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 579,653 - 579,653 - 579,653
Cumulative foreign currencies translation differences - - - - - - - - - - 101,085 101,085 65,507 166,592
Balance at 30 September 2022 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
Sep. 30, 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
EGP Thousands
Beginning Balance at 1 January 2023 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 369,876 - - - - - - - - - - 369,876 - 369,876
Transferred to reserves - 806,408 12,743,849 - - 2,208 - - (12,388,223) (1,164,242) - - - -
Dividends paid - - - - - - - - (3,738,888) - - (3,738,888) (17,108) (3,755,996)
Net profit for the period - - - - - - - - 22,405,763 - - 22,405,763 3,328 22,409,091
Transferred to RE from financial assets at fair value through OCI - - - - - - (95,308) - 95,308 - - - - -
Change in non controlling interest from acquisition of subsidiaries - - - - - - - - - - - - (536,867) (536,867)
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (9,629,911) - - - - (9,629,911) - (9,629,911)
tax
Transferred (from) to banking risk reserve - - - - - - - 3,249 (3,249) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 201,185 - - - - 201,185 - 201,185
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 608,250 - 608,250 - 608,250
Cumulative foreign currencies translation differences - - - - - - - - - - 11,838 11,838 99,192 111,030
Balance at 30 September 2023 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (22,712,852) 15,230 22,764,552 1,339,443 193,162 77,306,695 128,976 77,435,671
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