REG - Commercial Int Bank - CIB 1H2022 Condensed Separate Financial Results
25/07/2022 07:00
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RNS Number : 5292T Commercial Intnl Bank (Egypt) SAE 25 July 2022
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Commercial International Bank (Egypt) S.A.E.
Condensed Separate Financial Statements
June 30, 2022
Condensed Separate Interim Balance Sheet as at June 30, 2022
Notes Jun. 30, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 41,845,093 43,385,222
Due from banks 9 56,970,904 79,991,287
Loans and advances to banks, net 11 1,308,243 312,216
Loans and advances to customers, net 12 169,610,784 144,765,808
Derivative financial instruments 877,137 225,376
Investments
-Financial Assets at Fair Value through P&L 13 1,648 240,987
-Financial Assets at Fair Value through OCI 13 215,842,642 192,390,931
-Financial Assets at Amortized cost 13 19,723,117 20,318,767
-Investments in associates and subsidiaries 14 1,064,250 1,014,350
Other assets 15 11,626,924 11,141,917
Deferred tax assets (Liabilities) 354,638 460,026
Property and equipment 16 2,391,033 2,404,237
Total assets 521,616,413 496,651,124
Liabilities and equity
Liabilities
Due to banks 17 2,969,822 862,759
Due to customers 18 427,556,083 406,100,916
Derivative financial instruments 34,934 265,265
Current income tax liabilities 2,330,166 2,234,985
Other liabilities 19 9,972,432 8,021,310
Issued debt instruments 20 1,864,924 1,557,263
Other loans 5,987,651 5,140,782
Other Provisions 21 5,355,635 3,539,676
Total liabilities 456,071,647 427,722,956
Equity
Issued and paid up capital 19,825,134 19,702,418
Reserves 36,022,139 33,767,423
Reserve for employee stock ownership plan (ESOP) 1,555,725 1,674,392
Retained earnings * 8,141,768 13,783,935
Total equity and net profit for the period / year 65,544,766 68,928,168
Total liabilities and equity 521,616,413 496,651,124
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 June 30, 2022
Notes Jun. 30, 2022 Jun. 30, 2021
EGP Thousands EGP Thousands
Interest and similar income 24,258,160 20,975,491
Interest and similar expense (10,562,668) (9,302,462)
Net interest income 13,695,492 11,673,029
Fee and commission income 2,408,556 1,798,447
Fee and commission expense (1,072,802) (687,129)
Net fee and commission income 1,335,754 1,111,318
Dividend income 62,799 63,572
Net trading income 5 1,013,504 274,657
Profits (Losses) on financial investments 13 1,065,443 577,519
Administrative expenses (3,233,444) (2,918,943)
Other operating (expenses) income 6 (2,509,857) (1,113,292)
Impairment release (charges) for credit losses (14,449) (1,019,076)
Profit before income tax 11,415,242 8,648,784
Income tax expense 25 (3,110,536) (2,590,270)
Deferred tax assets (Liabilities) 25 (530,715) 18,828
Net profit for the period 7,773,991 6,077,342
Earning per share 7
Basic 3.48 2.75
Diluted 3.44 2.71
Hussein Abaza
CEO & Managing Director Sherif Samy
Chairman
Condensed Separate Interim statement of Comprehensive Income for the period
ended June 30, 2022
Jun. 30, 2022 Jun. 30, 2021
EGP Thousands EGP Thousands
Net profit for the period 7,773,991 6,077,342
Change in fair value of debt instruments measured at fair value through other (7,358,230) (1,624,416)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,227) (104,406)
OCI
Effect of ECL in fair value of debt instruments measured at fair value through 104,188 (54,113)
OCI
Total comprehensive income for the period 515,722 4,294,407
Condensed Separate Interim Cash flows for the period ended June 30, 2022
Notes Jun. 30, 2022 Jun. 30, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax 11,415,242 8,648,784
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 427,873 411,612
Impairment charge for credit losses (Loans and advances to customers and (94,868) 1,060,008
banks)
Other provisions charges 21 1,513,984 350,323
Impairment charge for credit losses (due from banks) 5,357 13,181
Impairment (Released) charge for credit losses (financial investments) 103,960 (54,113)
Impairment (Released) charge for other assets (277,768) 25,524
Exchange revaluation differences for financial assets at fair value through (2,840,747) 50,039
OCI and AC
Impairment (Released) charge financial assets at fair value through OCI - (72,957)
Utilization of other provisions 21 (1,707) (44,173)
Other provisions no longer used 21 (267) (9,145)
Exchange differences of other provisions 21 303,949 (9,196)
Losses (profits) from selling property and equipment (1,142) (1,250)
Losses (profits) from selling financial investments 13 (1,065,443) (514,837)
Shares based payments 384,255 316,514
Impairment (Released) charges of investments in associates and subsidiaries - 10,275
Operating losses (profits) before changes in operating assets and liabilities 9,872,678 10,180,589
Net decrease (increase) in assets and liabilities
Due from banks 13,240,715 (8,642,436)
Financial assets at fair value through P&L 13 239,339 151,530
Derivative financial instruments (882,092) (19,897)
Loans and advances to banks and customers 11 - 12 (25,746,135) (12,680,083)
Other assets (291,414) (1,944,779)
Due to banks 17 2,107,063 (7,502,230)
Due to customers 18 21,455,167 44,869,003
Current income tax obligations paid (780,370) (973,779)
Other liabilities (283,863) 794,030
Net cash used in (generated from) operating activities 18,931,088 24,231,948
Cash flow from investing activities
Proceeds (payments) for investment in associates. (49,900) (158,360)
Payment for purchases of property, equipment and branches constructions (312,818) (522,975)
Proceeds from selling property and equipment 1,142 1,250
Proceeds from redemption of financial assets at amortized cost 659,761 2,654,583
Payment for purchases of financial assets at amortized cost (41,770) (3,844)
Payment for purchases of financial assets at fair value through OCI (67,627,930) (111,506,191)
Proceeds from selling financial assets at fair value through OCI 45,512,886 71,451,202
Net cash generated from (used in) investing activities (21,858,629) (38,084,335)
Condensed Separate Interim Cash flows for the period ended June 30, 2022
(Cont.)
Jun. 30, 2022 Jun. 30, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Increase (decrease) in long term loans 846,869 (2,120,154)
Dividend paid (4,410,322) (1,360,652)
Increase (decrease) in issued debt instruments 307,661 -
Capital increase 122,716 -
Net cash generated from (used in) financing activities (3,133,076) (3,480,806)
Net (decrease) increase in cash and cash equivalent during the period (6,060,617) (17,333,193)
Beginning balance of cash and cash equivalent 60,891,899 75,965,247
Cash and cash equivalent at the end of the period 54,831,282 58,632,054
Cash and cash equivalent comprise:
Cash and balances at the central bank 41,845,093 31,792,597
Due from banks 57,016,700 79,116,502
Treasury bills and other governmental notes 10 76,375,291 58,677,132
Obligatory reserve balance with CBE (36,065,936) (26,239,755)
Due from banks with maturities more than three months (12,494,125) (26,293,821)
Treasury bills with maturity more than three months (71,845,741) (58,420,601)
Total cash and cash equivalent 54,831,282 58,632,054
'
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
Capital increase - - - - - - - - - -
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 year - - - - - - - 6,077,342 - 6,077,342
Transferred from reserve 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 after - - - - - (1,624,416) - - - (1,624,416)
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 - - - - - (54,113) - - - (54,113)
OCI
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
Condensed Separate Interim statement of changes in shareholders' equity for
the period ended June 30, 2022
Jun. 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 122,716 - - - - - - - - 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 year - - - - - - - 7,773,991 - 7,773,991
Transferred from reserve on disposal of financial assets at fair value through - - - - - (4,227) - 4,227 - -
OCI
Transferred from previous years' outstanding balances - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (7,358,230) - - - (7,358,230)
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 - - - - - 104,188 - - - 104,188
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 384,255 384,255
Ending balance 19,825,134 3,963,946 37,096,858 1,549,445 18,947 (6,619,038) 11,981 8,141,768 1,555,725 65,544,766
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