REG - Commercial Int Bank - CIB 1H2023 Separate Condensed Financial Statements
24/07/2023 08:15
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RNS Number : 8758G Commercial Intnl Bank (Egypt) SAE 24 July 2023
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Commercial International Bank (Egypt) S.A.E.
Condensed Separate Interim Financial Statements
June 30,
2023
Condensed Separate Interim Statement of Financial Position as at June 30, 2023
Notes Jun. 30, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 33,404,357 47,384,574
Due from banks 9 281,453,512 133,766,196
Loans and advances to banks, net 11 265,506 2,978,197
Loans and advances to customers, net 12 219,683,799 192,621,288
Derivative financial instruments 2,072,177 1,939,961
Financial investments :
-Financial Assets at Fair Value through OCI 13 190,099,506 202,916,225
-Financial Assets at Amortized cost 13 43,649,201 34,178,753
-Investments in associates and subsidiaries 14 2,116,344 1,074,250
Non current assets held for sale 27 159,828 -
Other assets 15 19,089,982 14,454,868
Deferred tax assets 285,247 24,240
Property and equipment 16 2,398,143 2,304,513
Total assets 794,677,602 633,643,065
Liabilities and equity
Liabilities
Due to banks 17 23,940,798 3,475,848
Due to customers 18 656,423,136 530,124,905
Derivative financial instruments 139,259 219,752
Current income tax liabilities 4,952,484 3,051,583
Other liabilities 19 16,448,991 11,549,472
Issued debt instruments 20 3,070,637 2,456,607
Other loans 11,158,536 7,978,975
Other provisions 21 9,389,034 7,065,292
Total liabilities 725,522,875 565,922,434
Equity
Issued and paid up capital 30,195,010 29,825,134
Reserves 23,220,467 19,502,716
Reserve for employee stock ownership plan (ESOP) 1,133,385 1,895,435
Retained earnings * 14,605,865 16,497,346
Total equity and net profit for the period / year 69,154,727 67,720,631
Total liabilities and equity 794,677,602 633,643,065
The accompanying notes are an integral part of these financial statements.
(Limited review report attached)
*Including net profit for the current period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Separate Interim Income Statement for the period ended June 30, 2023
Notes Last 6 Months Last 6 Months
Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Interest and similar income 44,928,893 24,258,160
Interest and similar expense (21,138,609) (10,562,668)
Net interest income 23,790,284 13,695,492
Fee and commission income 4,126,585 2,408,556
Fee and commission expense (1,575,432) (1,072,802)
Net fee and commission income 2,551,153 1,335,754
Dividend income 93,844 62,799
Net trading income 5 2,320,059 1,013,504
Profits (Losses) on financial investments 13 92,572 1,065,443
Administrative expenses (4,170,553) (3,233,444)
Other operating (expenses) income 6 (3,336,832) (2,509,857)
Impairment release (charges) for credit losses (1,212,831) (14,449)
Profit before income tax 20,127,696 11,415,242
Income tax expense 25 (5,769,912) (3,110,536)
Deferred tax assets (Liabilities) 25 (214,213) (530,715)
Net profit for the period 14,143,571 7,773,991
Earning per share 7
Basic 4.17 2.29
Diluted 4.12 2.27
Hussein Abaza
CEO & Managing Director Hisham Ezz El-Arab
Chairman
Condensed Separate Interim Statement of Comprehensive Income for the period
ended June 30,2023
Last 6 Months Last 6 Months
Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Net profit for the period 14,143,571 7,773,991
Change in fair value of Financial investments measured at fair value through (9,947,459)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (95,308) (7,358,230)
income
Effect of ECL in fair value of debt instruments measured at fair value through 204,804 (4,227)
comprehensive income
Total comprehensive income for the period 4,305,608 104,188
515,722
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Net profit for the period
14,143,571
7,773,991
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(9,947,459)
Transferred to RE from financial assets at fair value through comprehensive
income
(95,308)
(7,358,230)
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
204,804
(4,227)
Total comprehensive income for the period
4,305,608
104,188
515,722
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Net profit for the period
14,143,571
7,773,991
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(9,947,459)
Transferred to RE from financial assets at fair value through comprehensive
income
(95,308)
(7,358,230)
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
204,804
(4,227)
Total comprehensive income for the period
4,305,608
104,188
515,722
Condensed Separate Interim Cash Flows for the period ended June 30, 2023
Notes Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax 20,127,696 11,415,242
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 416,248 427,873
Impairment (Released) charge for credit losses (Loans and advances to 983,641 (94,868)
customers and banks)
Other provisions charges 21 1,146,440 1,513,984
Impairment (Released) charge for credit losses (due from banks) 2,890 5,357
Impairment (Released) charge for credit losses (financial investments) 226,300 103,960
Impairment (Released) charge for other assets - (277,768)
Exchange revaluation differences for financial assets at fair value through (5,858,602) (2,840,747)
OCI and AC
Utilization of other provisions 21 (1,031) (1,707)
Other provisions no longer used 21 - (267)
Exchange differences of other provisions 21 1,178,333 303,949
profits from selling property and equipment (130) (1,142)
profits from selling financial investments at fair value through OCI 13 (92,572) (1,065,443)
Shares based payments 402,192 384,255
Operating profits before changes in operating assets and liabilities 18,531,405 9,872,678
Net decrease (increase) in assets and liabilities
Due from banks 32,434,410 13,240,715
Financial assets at fair value through P&L - 239,339
Derivative financial instruments (212,709) (882,092)
Loans and advances to banks and customers 11 - 12 (25,329,650) (25,746,135)
Other assets (4,448,765) (291,414)
Due to banks 17 20,464,950 2,107,063
Due to customers 18 126,298,231 21,455,167
Current income tax obligations paid (817,428) (780,370)
Other liabilities 2,117,243 (283,863)
Net cash generated from (used in) operating activities 169,037,687 18,931,088
Cash flow from investing activities
Payments for investment in subsidiaries (1,216,022) (49,900)
Payment for purchases of property, equipment and branches constructions (700,038) (312,818)
Proceeds from selling property and equipment 130 1,142
Proceeds from redemption of financial assets at amortized cost 196,783 659,761
Payment for purchases of financial assets at amortized cost (9,045,180) (41,770)
Payment for purchases of financial assets at fair value through OCI (51,454,096) (67,627,930)
Proceeds from selling financial assets at fair value through OCI 59,328,407 45,512,886
Net cash generated from (used in) investing activities (2,890,016) (21,858,629)
Condensed Separate Interim Cash Flows for the period ended June 30, 2023
(Cont.)
Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 3,179,561 846,869
Dividends paid (3,577,639) (4,410,322)
Issued debt instruments 614,030 307,661
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities 585,828 (3,133,076)
Net (decrease) increase in cash and cash equivalent during the period 166,733,499 (6,060,617)
Beginning balance of cash and cash equivalent 92,895,143 60,891,899
Cash and cash equivalent at the end of the period 259,628,642 54,831,282
Cash and cash equivalent comprise:
Cash and balances at the central bank 33,404,357 41,845,093
Due from banks 281,505,636 57,016,700
Treasury bills 10 71,798,021 76,375,291
Obligatory reserve balance with CBE (25,558,292) (36,065,936)
Due from banks with maturities more than three months (29,663,385) (12,494,125)
Treasury bills with maturity more than three months (71,857,695) (71,845,741)
Total cash and cash equivalent 259,628,642 54,831,282
'
Condensed Separate Interim statement of changes in shareholders' equity
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 at 1 January 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 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 period - - - - - - - 7,773,991 - 7,773,991
Transferred to RE from financial assets at fair value through OCI - - - - - (4,227) - 4,227 - -
Net unrealized gain/(loss) on financial assets at fair value through OCI after - - - - - (7,358,230) - - - (7,358,230)
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 - - - - - 104,188 - - - 104,188
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 384,255 384,255
Balance at 30 June 2022 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
Jun. 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
EGP Thousands
Beginning at 1 January 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 of the period - - - - - - - 14,143,571 - 14,143,571
Transferred to RE from financial assets at fair value through OCI - - - - - (95,308) - 95,308 - -
Net unrealized gain/(loss) on financial assets at fair value through OCI after - - - - - (9,947,459) - - - (9,947,459)
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 - - - - - 204,804 - - - 204,804
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 402,192 402,192
Balance at 30 June 2023 30,195,010 4,770,354 39,840,707 1,549,445 21,155 (22,976,424) 15,230 14,605,865 1,133,385 69,154,727
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