REG - Commercial Int Bank - CIB 1H2021 Condensed Separate Financial Results

Commercial International Bank Egypt CIBAnnouncement

13/07/2021 07:00

RNS Number : 9927E
  
Commercial Intnl Bank (Egypt) SAE
  
13 July 2021
  
 





 


 


 


 




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Commercial International Bank (Egypt) S.A.E.




Separate Financial Statements




June 30, 2021




 


 


 


 


 




 


 


 


 


 




 



 





Condensed Separate Interim Balance Sheet as at June 30,2021




 


 


Notes


Jun. 30, 2021


 


Dec. 31, 2020




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 


 




 


Assets


 


 


 


 




 


Cash and balances at the central bank


7 


31,792,597


 


33,572,597




 


Due from  banks


8 


79,079,990


 


86,997,034




 


Loans and advances to banks, net


10 


782,360


 


776,980




 


Loans and advances to customers, net


11 


130,469,575


 


118,854,880




 


Derivative financial instruments


 


292,284


 


248,759




 


Investments


 


 


 


 




 


- Financial Assets at Fair Value through P&L


12 


208,429


 


359,959




 


- Financial Assets at Fair Value through OCI


12 


187,616,393


 


147,646,432




 


- Amortized cost


12 


22,369,984


 


25,020,917




 


- Investments in associates and subsidiaries


13 


1,022,433


 


874,348




 


Other assets


 


10,930,487


 


9,095,212




 


Deferred tax assets (Liabilities) 


 


456,600


 


437,772




 


Property and equipment


14 


2,455,283


 


2,259,940




 


Total assets


 


467,476,415


 


426,144,830




 


Liabilities and equity 


 


 


 


 




 


Liabilities


 


 


 


 




 


Due to banks


15 


1,313,331


 


8,815,561




 


Due to customers


16 


384,955,527


 


340,086,524




 


Derivative financial instruments


 


354,701


 


331,073




 


Current tax liabilities


 


1,616,491


 


859,582




 


Other liabilities


 


7,332,878


 


5,679,266




 


Other loans


 


5,626,792


 


7,746,946




 


Provisions


17 


3,509,061


 


3,221,252




 


Total liabilities


 


404,708,781


 


366,740,204




 


Equity


 


 


 


 




 


Issued and paid up capital 


 


14,776,813


 


14,776,813




 


Reserves


 


40,241,849


 


33,085,554




 


Reserve for employee stock ownership plan (ESOP)


 


1,381,162


 


1,064,648




 


Retained earnings *


 


6,367,810


 


10,477,611




 


Total equity and net profit for the period / year


 


62,767,634


 


59,404,626




 


Total liabilities and equity


 


467,476,415


 


426,144,830




 


 


 


 


 


 




 


 


 


 


 


 




 


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 June 30, 2021




 


 


 


 


 


 


 


 




 


Notes


 


Jun. 30, 2021


 


 


Jun. 30, 2020


 




 


 


 


EGP Thousands


 


 


EGP Thousands


 




 


 


 


 


 


 


 


 




Interest and similar income 


 


 


20,975,491


 


 


20,922,642


 




Interest and similar expense


 


 


(9,302,462)


 


 


(8,445,745)


 




Net interest income 


 


 


11,673,029


 


 


12,476,897


 




 


 


 


 


 


 


 


 




Fee and commission income


 


 


1,798,447


 


 


1,479,217


 




Fee and commission expense


 


 


(687,129)


 


 


(493,057)


 




Net fee and commission income


 


 


1,111,318


 


 


986,160


 




 


 


 


 


 


 


 


 




Dividend income


 


 


63,572


 


 


25,962


 




Net trading income


5 


 


274,657


 


 


177,231


 




Profits (Losses) on financial investments  


12 


 


577,519


 


 


832,005


 




Administrative expenses


 


 


(2,918,943)


 


 


(2,844,898)


 




Other operating (expenses) income


 


 


(1,113,292)


 


 


(1,847,487)


 




Impairment release (charges) for credit losses


 


 


(1,019,076)


 


 


(2,259,654)


 




Profit before income tax


 


 


8,648,784


 


 


7,546,216


 




 


 


 


 


 


 


 


 




Income tax expense


 


 


(2,590,270)


 


 


(2,652,208)


 




Deferred tax assets (Liabilities) 


 


 


18,828


 


 


107,601


 




Net profit for the period


 


 


6,077,342


 


 


5,001,609


 




 


 


 


 


 


 


 


 




Earning per share


6 


 


 


 


 


 


 




Basic


 


 


3.64


 


 


3.00


 




Diluted


 


 


3.63


 


 


2.99


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 




 


Hussein Abaza


 


 


 


 


Sherif Samy


 




 


CEO & Managing Director


 


 


 


 


Chairman


 




 


 


 


 


 


 


 


 





 
 
 
 





Condensed Separate Interim statement of Comprehensive Income for the period ended June 30, 2021




 


 


 


 


 


 


 




 


 


 


Jun. 30, 2021


 


 


Jun. 30, 2020




 


 


 


EGP Thousands


 


 


EGP Thousands




 


 


 


 


 


 


 




Net profit for the period


 


 


6,077,342


 


 


5,001,609




 


 


 


 


 


 


 




Change in fair value of debt instruments measured at fair value through other comprehensive income


 


 


(1,624,416)


 


 


(1,483,581)




Transferred from reserve on disposal of financial assets at fair value through OCI


 


 


(104,406)


 


 


-




Effect of ECL in fair value of debt instruments measured at fair value through OCI


 


 


(54,113)


 


 


90,512




Total comprehensive income for the period


 


 


4,294,407


 


 


3,608,540





 
 





 


 


 


 


 




 


 


 


 


 




 
 
 
 
 
 


Condensed Separate Interim Cash flows for the period ended June 30, 2021
 


 


 


 




 


 


Notes


Jun. 30, 2021


Jun. 30, 2020




 


 


 


EGP Thousands


EGP Thousands




 


 


 


 


 




 


Cash flow from operating activities


 


 


 




 


Profit before income tax


 


8,648,784


7,546,216




 


Adjustments to reconcile net profit to net cash provided by operating activities


 


 


 




 


Fixed assets depreciation


14 


411,612


                                 328,251 




 


Impairment charge for credit losses (Loans and advances to customers and banks)


 


1,060,008


2,144,988




 


Other provisions charges


17 


350,323


1,096,888




 


Impairment charge for credit losses (due from banks)


 


13,181


24,154




 


Impairment charge for credit losses (financial investments)


 


(54,113)


90,512




 


Impairment charge for other assets


 


25,524


24,621




 


Exchange revaluation differences for financial assets at fair value through OCI


 


50,039


(85,180)




 


Released (Impairment) charge financial assets at fair value through OCI


 


(72,957)


78,615




 


Exchange differences in financial investments in subsidiary 


 


-


(242)




 


Utilization of other provisions 


17 


(44,173)


(1,066)




 


Other provisions no longer used 


17 


(9,145)


(43,200)




 


Exchange differences of  other provisions 


17 


(9,196)


3,011




 


(Profits) losses from selling property, plant and equipment


 


(1,250)


(94)




 


(Profits) losses from selling financial investments


12 


(514,837)


(924,720)




 


Shares based payments


 


316,514


296,959




 


Released (Impairment) charges of investments in associates and subsidiaries


 


10,275


14,100




 


Operating profits before changes in operating assets and liabilities 


 


10,180,589


10,593,813




 


 


 


 


 




 


Net decrease (increase) in assets and liabilities


 


 


 




 


Due from banks


 


(8,642,436)


(507,846)




 


Financial assets at fair value through P&L


12 


151,530


61,477




 


Derivative financial instruments


 


(19,897)


(41,469)




 


Loans and advances to banks and customers


10 - 11


(12,680,083)


(2,430,817)




 


Other assets


 


(1,944,779)


925,679




 


Due to banks


15 


(7,502,230)


460,488




 


Due to customers


16 


44,869,003


14,460,587




 


Income tax obligations paid


 


(973,779)


(4,639,364)




 


Other liabilities


 


794,030


(2,962,457)




 


Net cash used in (generated from) operating activities


 


24,231,948


15,920,091




 


 


 


 


 




 


Cash flow from investing activities


 


 


 




 


Proceeds from investments in associates.


 


-


750




 


Proceeds (payments) for investment in associates.


 


(158,360)


(560,963)




 


Payment for purchases of property, plant, equipment and branches constructions


 


(522,975)


(625,596)




 


Proceeds from selling property, plant and equipment


 


1,250


94




 


Proceeds from redemption of financial assets at amortized cost


 


2,654,583


59,360,102




 


Payment for purchases of financial assets at amortized cost 


 


(3,844)


(44,945,839)




 


Payment for purchases of financial assets at fair value through OCI


 


(111,506,191)


(50,506,453)




 


Proceeds from selling financial assets at fair value through OCI


 


71,451,202


55,237,128




 


Net cash generated from (used in) investing activities


 


(38,084,335)


17,959,223




 


 


 


 


 




 


 


 


 


 




 


Cash flow from financing activities


 


 


 




 


Received (Repaid) in long term loans


 


(2,120,154)


(22,492)




 


Dividend paid


 


(1,360,652)


(3,370,464)




 


Net cash generated from (used in) financing activities


 


(3,480,806)


(3,392,956)




 


 


 


 


 




 


 


 


 


 




 


Net (decrease) increase in cash and cash equivalent during the priod


 


(17,333,193)


30,486,358




 


Beginning balance of cash and cash equivalent


 


75,965,247


22,895,017




 


Cash and cash equivalent at the end of the period


 


58,632,054


53,381,375




 


 


 


 


 




 


Cash and cash equivalent comprise:


 


 


 




 


Cash and balances at the central bank


 


31,792,597


30,421,432




 


Due from banks


 


79,116,502


56,818,722




 


Treasury bills and other governmental notes 


 


58,677,132


27,424,701




 


Obligatory reserve balance with CBE


 


(26,239,755)


(22,905,156)




 


Due from banks with maturities more than three months


 


(26,293,821)


(10,266,780)




 


Treasury bills with maturity more than three months


 


(58,420,601)


(28,111,544)




 


Total cash and cash equivalent


 


58,632,054


53,381,375





 
 
 





Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended June 30, 2020




Jun. 30, 2020


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


14,690,821


2,188,029


16,474,429


1,549,445


13,466


4,111,781


5,164


11,803,555


963,152


51,799,842




Transferred to reserves


-


590,106


7,840,286


-


1,440


-


-


(8,431,832)


-


-




Dividend paid


-


-


-


-


-


-


-


(3,370,464)


-


(3,370,464)




Net profit for the period


-


-


-


-


-


-


-


5,001,609


-


5,001,609




Transferred from reserve of financial assets at fair value through OCI


-


-


-


-


-


(55,142)


-


55,142


-


-




Net unrealised gain/(loss) on financial assets at fair value through OCI


-


-


-


-


-


(1,483,581)


-


-


-


(1,483,581)




Transferred (from) to  bank risk reserve


-


-


-


-


-


-


1,259


(1,259)


-


-




ECL for impairment of debt instruments investments


-


-


-


-


-


90,512


-


-


-


90,512




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


296,959


296,959




Ending balance


14,690,821


2,778,135


24,314,715


1,549,445


14,906


2,663,570


6,423


5,056,751


1,260,111


52,334,877




 


 


 


 


 


 


 


 


 


 


 




 
 
 
Condensed Separate Interim statement of  changes in shareholders' equity for the period ended June 30, 2021
 




Jun. 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




Transferred to reserves


-


514,939


8,420,479


-


1,094


-


-


(8,936,512)


-


-




Dividend paid


-


-


-


-


-


-


-


(1,360,652)


-


(1,360,652)




Net profit for the period


-


-


-


-


-


-


-


6,077,342


-


6,077,342




Transferred from reserve on disposal of financial assets at fair value through OCI


-


-


-


-


-


(104,406)


-


104,406


-


-




Transferred from previous years' outstanding balances


-


-


-


-


-


-


-


8,333


-


8,333




Net unrealised gain/(loss) on financial assets at fair value through OCI


-


-


-


-


-


(1,624,416)


-


-


-


(1,624,416)




Transferred (from) to  banking risk reserve


-


-


-


-


-


-


2,718


(2,718)


-


-




Effect of ECL in fair value of debt instruments measured at fair value through OCI


-


-


-


-


-


(54,113)


-


-


-


(54,113)




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


316,514


316,514




Ending balance


14,776,813


3,293,074


33,186,137


1,549,445


16,000


2,188,052


9,141


6,367,810


1,381,162


62,767,634




 


 


 


 


 


 


 


 


 


 


 





 

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