REG - Commercial Int Bank - 3rd Quarter Results
03/11/2023 07:15
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RNS Number : 2593S Commercial Intnl Bank (Egypt) SAE 03 November 2023
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
September 30, 2023
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
September 30, 2023
Condensed Separate 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 59,818,535 47,384,574
Due from banks 9 276,244,051 133,766,196
Loans and advances to banks, net 11 - 2,978,197
Loans and advances to customers, net 12 222,326,692 192,621,288
Derivative financial instruments 1,647,485 1,939,961
Financial investments
-Financial Assets at Fair Value through OCI 13 188,243,712 202,916,225
-Financial Assets at Amortized cost 13 38,686,046 34,178,753
-Investments in associates and subsidiaries 14 694,633 1,074,250
Non current assets held for sale 27 159,828 -
Other assets 15 17,327,838 14,454,868
Deferred tax assets 1,137,342 24,240
Property and equipment 16 2,456,340 2,304,513
Total assets 808,742,502 633,643,065
Liabilities and equity
Liabilities
Due to banks 17 19,030,415 3,475,848
Due to customers 18 665,894,926 530,124,905
Derivative financial instruments 99,911 219,752
Current income tax liabilities 6,993,454 3,051,583
Other liabilities 19 15,475,422 11,549,472
Issued debt instruments 20 3,071,834 2,456,607
Other loans 10,387,714 7,978,975
Other provisions 21 10,510,696 7,065,292
Total liabilities 731,464,372 565,922,434
Equity
Issued and paid up capital 30,195,010 29,825,134
Reserves 23,549,307 19,502,716
Reserve for employee stock ownership plan (ESOP) 1,339,443 1,895,435
Retained earnings * 22,194,370 16,497,346
Total equity and net profit for the period / year 77,278,130 67,720,631
Total liabilities and equity 808,742,502 633,643,065
The accompanying notes are an integral part of these financial statements.
(Limited review report attached)
*Including net profit for the current period
Condensed Separate 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 72,741,395 38,761,627
Interest and similar expense (35,154,201) (17,050,977)
Net interest income 37,587,194 21,710,650
Fee and commission income 6,540,630 3,900,488
Fee and commission expense (2,590,207) (1,730,066)
Net fee and commission income 3,950,423 2,170,422
Dividend income 100,244 64,372
Net trading income 5 3,146,544 1,431,729
Profits (Losses) on financial investments 13.1 (1,256,233) 1,096,850
Administrative expenses (6,304,022) (5,024,897)
Other operating (expenses) income 6 (5,293,795) (3,399,057)
Impairment release (charges) for credit losses (1,248,897) (262,606)
Profit before income tax 30,681,458 17,787,463
Income tax expense 25 (9,540,541) (4,984,283)
Deferred tax assets (Liabilities) 25 591,159 (597,258)
Net profit for the period 21,732,076 12,205,922
Earnings per share 7
Basic 6.41 3.62
Diluted 6.34 3.58
Condensed Separate 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 21,732,076 12,205,922
Change in fair value of Financial invesments measured at fair value through (9,611,703) (13,128,801)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (95,308) (4,128)
income
Effect of ECL in fair value of debt instruments measured at fair value through 197,888 233,717
comprehensive income
Total comprehensive income for the period 12,222,953 (693,290)
Condensed Separate 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 30,681,458 17,787,463
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 636,285 654,220
Impairment (Released) charge for credit losses (Loans and advances to 1,088,174 (16,255)
customers and banks)
Other provisions charged ( Released ) 21 2,350,347 1,803,863
Impairment (Released) charge for credit losses (due from banks) (49,019) 849
Impairment (Released) charge for credit losses (financial investments) 209,742 278,012
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
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) -
Shares based payments 608,250 579,653
Impairment (Released) charges of investments in associates and subsidiaries 13.1 1,412,711 -
Operating profits before changes in operating assets and liabilities 32,481,088 16,297,417
Net decrease / increase in assets and liabilities
Due from banks 5,142,259 845,633
Financial assets at fair value through P&L - 240,987
Derivative financial instruments 172,635 (947,116)
Loans and advances to banks and customers 11 - 12 (27,805,660) (33,520,003)
Other assets (2,507,984) 1,242,254
Due to banks 17 15,554,567 841,125
Due to customers 18 135,770,021 91,483,674
Current income tax obligations paid (2,547,087) (2,305,911)
Other liabilities 874,366 (310,752)
Net cash generated from (used in) operating activities 157,134,205 73,867,308
Cash flow from investing activities
Proceeds from investments in associates. 2,119 -
Payments for investment in subsidiaries (1,216,022) (59,900)
Payment for purchases of property, equipment and branches construction (1,162,819) (542,743)
Proceeds from selling property and equipment 194 2,192
Proceeds from redemption of financial assets at amortized cost 5,278,030 6,569,803
Payment for purchases of financial assets at amortized cost (9,178,811) (18,239,332)
Payment for purchases of financial assets at fair value through OCI (65,109,765) (114,918,927)
Proceeds from selling financial assets at fair value through OCI 76,347,190 73,463,225
Net cash generated from (used in) investing activities 4,960,116 (53,725,682)
Condensed Separate 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 (3,738,888) (4,410,322)
Issued debt instruments 615,227 382,977
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities (345,046) (2,788,285)
Net (decrease) increase in cash and cash equivalent during the period 161,749,275 17,353,341
Beginning balance of cash and cash equivalent 92,895,143 60,891,899
Cash and cash equivalent at the end of the period 254,644,418 78,245,240
Cash and cash equivalent comprise:
Cash and balances at the central bank 59,818,535 43,776,754
Due from banks 276,244,266 90,419,482
Treasury bills 10 71,507,826 87,119,766
Obligatory reserve balance with CBE (52,853,882) (38,022,832)
Due from banks with maturity more than three months (29,659,932) (22,949,758)
Treasury bills with maturity more than three months (70,412,395) (82,098,172)
Total cash and cash equivalent 254,644,418 78,245,240
Condensed Separate 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 (3,738,888) (4,410,322)
Issued debt instruments 615,227 382,977
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities (345,046) (2,788,285)
Net (decrease) increase in cash and cash equivalent during the period 161,749,275 17,353,341
Beginning balance of cash and cash equivalent 92,895,143 60,891,899
Cash and cash equivalent at the end of the period 254,644,418 78,245,240
Cash and cash equivalent comprise:
Cash and balances at the central bank 59,818,535 43,776,754
Due from banks 276,244,266 90,419,482
Treasury bills 10 71,507,826 87,119,766
Obligatory reserve balance with CBE (52,853,882) (38,022,832)
Due from banks with maturity more than three months (29,659,932) (22,949,758)
Treasury bills with maturity more than three months (70,412,395) (82,098,172)
Total cash and cash equivalent 254,644,418 78,245,240
Condensed Separate Interim statement of changes in shareholders' equity
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
Beginning Balance at 1 Januray 2022 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 for the period - - - - - - - 12,205,922 - 12,205,922
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 - - - - - (13,128,801) - - - (13,128,801)
tax
Transferred (from) to bank 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
Balance at 30 September 2022 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
Sep. 30, 2023 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
Beginning Balance at 1 Januray 2023 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
Capital increase 369,876 - - - - - - - - 369,876
Transferred to reserves - 806,408 12,743,849 - 2,208 - - (12,388,223) (1,164,242) -
Dividend paid - - - - - - - (3,738,888) - (3,738,888)
Net profit for the period - - - - - - - 21,732,076 - 21,732,076
Transferred to RE from financial assets at fair value through OCI - - - - - (95,308) - 95,308 - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (9,611,703) - - - (9,611,703)
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 - - - - - 197,888 - - - 197,888
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 608,250 608,250
Balance at 30 September 2023 30,195,010 4,770,354 39,840,707 1,549,445 21,155 (22,647,584) 15,230 22,194,370 1,339,443 77,278,130
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