REG - Commercial Int Bank - CIB 1Q2022 Condensed Separate Results
19/04/2022 07:00
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RNS Number : 4911I Commercial Intnl Bank (Egypt) SAE 15 April 2022
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Condensed Separate Interim Balance Sheet as at March 31, 2022
Notes Mar. 31,
2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8
30,471,454 43,385,222
Due from banks 9
120,898,421 79,991,287
Loans and advances to banks, net 11 364,470
312,216
Loans and advances to customers, net 12
157,575,938 144,765,808
Derivative financial instruments 884,030
225,376
Investments
- Financial Assets at Fair Value through P&L 13 1,648
240,987
- Financial Assets at Fair Value through OCI 13
179,382,229 192,390,931
- Amortized cost 13
20,139,599 20,318,767
- Investments in associates and subsidiaries 14 1,014,350
1,014,350
Other assets 15 9,554,515
11,141,917
Deferred tax assets (Liabilities) 308,421
460,026
Property and equipment 16 2,284,285
2,404,237
Total assets
522,879,360 496,651,124
Liabilities and equity
Liabilities
Due to banks 17 3,695,888
862,759
Due to customers 18
427,654,058 406,100,916
Derivative financial instruments 243,629
265,265
Current tax liabilities 1,113,423
2,234,985
Other liabilities 19
12,133,075 8,021,310
Issued debt instruments 20 1,810,601
1,557,263
Other loans 6,176,776
5,140,782
Other Provisions 21 4,853,905
3,539,676
Total liabilities
457,681,355 427,722,956
Equity
Issued and paid up capital
19,825,134 19,702,418
Reserves
39,418,823 33,767,423
Reserve for employee stock ownership plan (ESOP) 1,346,705
1,674,392
Retained earnings * 4,607,343
13,783,935
Total equity and net profit for the period / year
65,198,005 68,928,168
Total liabilities and equity
522,879,360 496,651,124
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 March 31,
2022
Notes
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income 11,812,196
10,120,581
Interest and similar expense (5,209,537)
(4,444,196)
Net interest income 6,602,659
5,676,385
Fee and commission income 1,191,476
844,128
Fee and commission expense (514,635)
(333,561)
676,841
510,567
Net fee and commission income
Dividend income 37,800
91
Net trading income 5 716,066
112,718
Profits (Losses) on financial investments 13 1,021,334
493,655
Administrative expenses (1,545,348)
(1,472,944)
Other operating (expenses) income 6 (1,425,498)
(526,604)
Impairment release (charges) for credit losses 40,525
(702,082)
Profit before income tax 6,124,379
4,091,786
Income tax expense (1,375,213)
(1,209,247)
Deferred tax assets (Liabilities) (509,574)
(6,239)
Net profit for the period 4,239,592
2,876,300
Earning per share 7
Basic 1.90
1.29
Diluted 1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
11,812,196
10,120,581
Interest and similar expense
(5,209,537)
(4,444,196)
Net interest income
6,602,659
5,676,385
Fee and commission income
1,191,476
844,128
Fee and commission expense
(514,635)
(333,561)
Net fee and commission income
676,841
510,567
Dividend income
37,800
91
Net trading income
5
716,066
112,718
Profits (Losses) on financial investments
13
1,021,334
493,655
Administrative expenses
(1,545,348)
(1,472,944)
Other operating (expenses) income
6
(1,425,498)
(526,604)
Impairment release (charges) for credit losses
40,525
(702,082)
Profit before income tax
6,124,379
4,091,786
Income tax expense
(1,375,213)
(1,209,247)
Deferred tax assets (Liabilities)
(509,574)
(6,239)
Net profit for the period
4,239,592
2,876,300
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Separate Interim statement of Comprehensive Income for the period
ended March 31, 2022
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period 4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other (3,958,945)
(1,674,309)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,201)
(104,406)
OCI
Effect of ECL in fair value of debt instruments measured at fair value through 101,561
(14,644)
OCI
Total comprehensive income for the period 378,007
1,082,941
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,958,945)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,561
(14,644)
Total comprehensive income for the period
378,007
1,082,941
Condensed Separate Interim Income Statement for the period ended March 31,
2022
Notes
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income 11,812,196
10,120,581
Interest and similar expense (5,209,537)
(4,444,196)
Net interest income 6,602,659
5,676,385
Fee and commission income 1,191,476
844,128
Fee and commission expense (514,635)
(333,561)
676,841
510,567
Net fee and commission income
Dividend income 37,800
91
Net trading income 5 716,066
112,718
Profits (Losses) on financial investments 13 1,021,334
493,655
Administrative expenses (1,545,348)
(1,472,944)
Other operating (expenses) income 6 (1,425,498)
(526,604)
Impairment release (charges) for credit losses 40,525
(702,082)
Profit before income tax 6,124,379
4,091,786
Income tax expense (1,375,213)
(1,209,247)
Deferred tax assets (Liabilities) (509,574)
(6,239)
Net profit for the period 4,239,592
2,876,300
Earning per share 7
Basic 1.90
1.29
Diluted 1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
11,812,196
10,120,581
Interest and similar expense
(5,209,537)
(4,444,196)
Net interest income
6,602,659
5,676,385
Fee and commission income
1,191,476
844,128
Fee and commission expense
(514,635)
(333,561)
Net fee and commission income
676,841
510,567
Dividend income
37,800
91
Net trading income
5
716,066
112,718
Profits (Losses) on financial investments
13
1,021,334
493,655
Administrative expenses
(1,545,348)
(1,472,944)
Other operating (expenses) income
6
(1,425,498)
(526,604)
Impairment release (charges) for credit losses
40,525
(702,082)
Profit before income tax
6,124,379
4,091,786
Income tax expense
(1,375,213)
(1,209,247)
Deferred tax assets (Liabilities)
(509,574)
(6,239)
Net profit for the period
4,239,592
2,876,300
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Separate Interim statement of Comprehensive Income for the period
ended March 31, 2022
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period 4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other (3,958,945)
(1,674,309)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,201)
(104,406)
OCI
Effect of ECL in fair value of debt instruments measured at fair value through 101,561
(14,644)
OCI
Total comprehensive income for the period 378,007
1,082,941
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,958,945)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,561
(14,644)
Total comprehensive income for the period
378,007
1,082,941
Condensed Separate Interim Cash flows for the period ended March 31, 2022
Notes Mar. 31, 2022
Mar. 31, 2021
EGP Thousands
EGP Thousands
Cash flow from operating activities
Profit before income tax 6,124,379
4,091,786
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 210,105
194,609
Impairment charge for credit losses (Loans and advances to customers and (147,259)
720,756
banks)
Other provisions charges 21 1,036,307
114,144
Impairment charge for credit losses (due from banks) 4,977
(4,030)
Impairment (Released) charge for credit losses (financial investments) 101,757
(14,644)
Impairment (Released) charge for other assets (277,768)
12,676
Exchange revaluation differences for financial assets at fair value through 63
23,042
OCI
Impairment (Released) charge financial assets at fair value through OCI -
(72,957)
Utilization of other provisions 21 (156)
(43,518)
Other provisions no longer used 21 (385)
(5,872)
Exchange differences of other provisions 21 278,463
(15,271)
Losses (profits) from selling property and equipment (50)
(1,250)
Losses (profits) from selling financial investments 13 (1,021,334)
(420,698)
Shares based payments 175,235
162,451
Operating losses (profits) before changes in operating assets and liabilities 6,484,334
4,741,224
Net decrease (increase) in assets and liabilities
Due from banks 25,542,432
(12,278,859)
Financial assets at fair value through P&L 13 239,339
18,839
Derivative financial instruments (680,290)
(66,183)
Loans and advances to banks and customers 11 - 12 (12,715,125)
(2,173,587)
Other assets 1,851,768
(284,984)
Due to banks 17 2,833,129
(6,304,086)
Due to customers 18 21,553,142
25,076,047
Income tax obligations paid (261,790)
(29,046)
Other liabilities 1,876,780
(236,449)
Net cash used in (generated from) operating activities 46,723,719
8,462,916
Cash flow from investing activities
Proceeds (payments) for investment in associates. -
(158,360)
Payment for purchases of property, equipment and branches constructions (76,753)
(347,656)
Proceeds from selling property and equipment 50
1,250
Proceeds from redemption of financial assets at amortized cost 2,609,283
346,898
Payment for purchases of financial assets at amortized cost (2,430,124)
(3,844)
Payment for purchases of financial assets at fair value through OCI (68,194,467)
(55,216,492)
Proceeds from selling financial assets at fair value through OCI 78,071,439
34,497,956
Net cash generated from (used in) investing activities 9,979,428
(20,880,248)
Condensed Separate Interim Cash flows for the period ended March 31, 2022
(Cont.)
Mar. 31, 2022
Mar. 31, 2021
EGP Thousands
EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans 1,035,994
(14,410)
Dividend paid (4,410,322)
(1,360,652)
Issued debt instruments 253,338
-
Capital increase 122,716
-
Net cash generated from (used in) financing activities (2,998,274)
(1,375,062)
Net (decrease) increase in cash and cash equivalent during the period 53,704,873
(13,792,394)
Beginning balance of cash and cash equivalent 60,891,899
75,965,247
Cash and cash equivalent at the end of the period 114,596,772
62,172,853
Cash and cash equivalent comprise:
Cash and balances at the central bank 30,471,454
21,580,813
Due from banks 120,943,837
97,088,303
Treasury bills and other governmental notes 10 40,371,415
52,339,135
Obligatory reserve balance with CBE (26,030,335)
(15,671,568)
Due from banks with maturities more than three months (10,245,456)
(40,498,431)
Treasury bills with maturity more than three months (40,914,143)
(52,665,399)
Total cash and cash equivalent 114,596,772
62,172,853
'
Condensed Separate Interim statement of changes in shareholders' equity
for the period ended March 31, 2021
Mar. 31, 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
- - -
- - -
- 2,876,300
- 2,876,300
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
- - -
- - (1,674,309)
- -
- (1,674,309)
tax
Transferred (from) to bank risk reserve
- - -
- - -
2,718 (2,718)
- -
ECL for impairment of debt instruments investments
- - -
- - (14,644)
- -
- (14,644)
Cost of employees stock ownership plan (ESOP)
- - -
- - -
- -
162,451 162,451
Ending balance 14,776,813
3,293,074 33,186,137
1,549,445 16,000 2,177,628
9,141 3,166,768
1,227,099 59,402,105
Condensed Separate Interim statement of changes in shareholders' equity for
the period ended March 31, 2022
Mar. 31, 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
- 502,922
- - -
- -
(502,922) 122,716
Transferred to reserves
- 670,872 8,333,404
- 2,947 -
- (9,007,223)
- -
Dividend paid
- - -
- - -
- (4,410,322)
- (4,410,322)
Net profit of the year
- - -
- - -
- 4,239,592
- 4,239,592
Transferred from reserve on disposal of financial assets at fair value through
- - -
- - (4,201)
- 4,201
- -
OCI
- - -
- - (3,958,945)
- -
- (3,958,945)
Net unrealised gain/(loss) on financial assets at fair value through OCI after
tax
- - -
- - -
2,840 (2,840)
- -
Transferred (from) to banking risk reserve
Effect of ECL in fair value of debt instruments measured at fair value through
- - -
- - 101,561
- -
- 101,561
OCI
Cost of employees stock ownership plan (ESOP)
- - -
- - -
- -
175,235 175,235
19,825,134
3,963,946 37,096,858
1,549,445 18,947 (3,222,354)
11,981 4,607,343
1,346,705 65,198,005
Ending balance
Condensed Separate Interim Balance Sheet as at March 31, 2022
Notes Mar. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 30,471,454 43,385,222
Due from banks 9 120,898,421 79,991,287
Loans and advances to banks, net 11 364,470 312,216
Loans and advances to customers, net 12 157,575,938 144,765,808
Derivative financial instruments 884,030 225,376
Investments
- Financial Assets at Fair Value through P&L 13 1,648 240,987
- Financial Assets at Fair Value through OCI 13 179,382,229 192,390,931
- Amortized cost 13 20,139,599 20,318,767
- Investments in associates and subsidiaries 14 1,014,350 1,014,350
Other assets 15 9,554,515 11,141,917
Deferred tax assets (Liabilities) 308,421 460,026
Property and equipment 16 2,284,285 2,404,237
Total assets 522,879,360 496,651,124
Liabilities and equity
Liabilities
Due to banks 17 3,695,888 862,759
Due to customers 18 427,654,058 406,100,916
Derivative financial instruments 243,629 265,265
Current tax liabilities 1,113,423 2,234,985
Other liabilities 19 12,133,075 8,021,310
Issued debt instruments 20 1,810,601 1,557,263
Other loans 6,176,776 5,140,782
Other Provisions 21 4,853,905 3,539,676
Total liabilities 457,681,355 427,722,956
Equity
Issued and paid up capital 19,825,134 19,702,418
Reserves 39,418,823 33,767,423
Reserve for employee stock ownership plan (ESOP) 1,346,705 1,674,392
Retained earnings * 4,607,343 13,783,935
Total equity and net profit for the period / year 65,198,005 68,928,168
Total liabilities and equity 522,879,360 496,651,124
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 March 31,
2022
Notes
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Interest and similar income 11,812,196 10,120,581
Interest and similar expense (5,209,537) (4,444,196)
Net interest income 6,602,659 5,676,385
Fee and commission income 1,191,476 844,128
Fee and commission expense (514,635) (333,561)
676,841 510,567
Net fee and commission income
Dividend income 37,800 91
Net trading income 5 716,066 112,718
Profits (Losses) on financial investments 13 1,021,334 493,655
Administrative expenses (1,545,348) (1,472,944)
Other operating (expenses) income 6 (1,425,498) (526,604)
Impairment release (charges) for credit losses 40,525 (702,082)
Profit before income tax 6,124,379 4,091,786
Income tax expense (1,375,213) (1,209,247)
Deferred tax assets (Liabilities) (509,574) (6,239)
Net profit for the period 4,239,592 2,876,300
Earning per share 7
Basic 1.90 1.29
Diluted 1.87 1.27
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
11,812,196
10,120,581
Interest and similar expense
(5,209,537)
(4,444,196)
Net interest income
6,602,659
5,676,385
Fee and commission income
1,191,476
844,128
Fee and commission expense
(514,635)
(333,561)
Net fee and commission income
676,841
510,567
Dividend income
37,800
91
Net trading income
5
716,066
112,718
Profits (Losses) on financial investments
13
1,021,334
493,655
Administrative expenses
(1,545,348)
(1,472,944)
Other operating (expenses) income
6
(1,425,498)
(526,604)
Impairment release (charges) for credit losses
40,525
(702,082)
Profit before income tax
6,124,379
4,091,786
Income tax expense
(1,375,213)
(1,209,247)
Deferred tax assets (Liabilities)
(509,574)
(6,239)
Net profit for the period
4,239,592
2,876,300
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Separate Interim statement of Comprehensive Income for the period
ended March 31, 2022
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Net profit for the period 4,239,592 2,876,300
Change in fair value of debt instruments measured at fair value through other (3,958,945) (1,674,309)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,201) (104,406)
OCI
Effect of ECL in fair value of debt instruments measured at fair value through 101,561 (14,644)
OCI
Total comprehensive income for the period 378,007 1,082,941
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,958,945)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,561
(14,644)
Total comprehensive income for the period
378,007
1,082,941
Condensed Separate Interim Income Statement for the period ended March 31,
2022
Notes
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Interest and similar income 11,812,196 10,120,581
Interest and similar expense (5,209,537) (4,444,196)
Net interest income 6,602,659 5,676,385
Fee and commission income 1,191,476 844,128
Fee and commission expense (514,635) (333,561)
676,841 510,567
Net fee and commission income
Dividend income 37,800 91
Net trading income 5 716,066 112,718
Profits (Losses) on financial investments 13 1,021,334 493,655
Administrative expenses (1,545,348) (1,472,944)
Other operating (expenses) income 6 (1,425,498) (526,604)
Impairment release (charges) for credit losses 40,525 (702,082)
Profit before income tax 6,124,379 4,091,786
Income tax expense (1,375,213) (1,209,247)
Deferred tax assets (Liabilities) (509,574) (6,239)
Net profit for the period 4,239,592 2,876,300
Earning per share 7
Basic 1.90 1.29
Diluted 1.87 1.27
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
11,812,196
10,120,581
Interest and similar expense
(5,209,537)
(4,444,196)
Net interest income
6,602,659
5,676,385
Fee and commission income
1,191,476
844,128
Fee and commission expense
(514,635)
(333,561)
Net fee and commission income
676,841
510,567
Dividend income
37,800
91
Net trading income
5
716,066
112,718
Profits (Losses) on financial investments
13
1,021,334
493,655
Administrative expenses
(1,545,348)
(1,472,944)
Other operating (expenses) income
6
(1,425,498)
(526,604)
Impairment release (charges) for credit losses
40,525
(702,082)
Profit before income tax
6,124,379
4,091,786
Income tax expense
(1,375,213)
(1,209,247)
Deferred tax assets (Liabilities)
(509,574)
(6,239)
Net profit for the period
4,239,592
2,876,300
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Separate Interim statement of Comprehensive Income for the period
ended March 31, 2022
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Net profit for the period 4,239,592 2,876,300
Change in fair value of debt instruments measured at fair value through other (3,958,945) (1,674,309)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,201) (104,406)
OCI
Effect of ECL in fair value of debt instruments measured at fair value through 101,561 (14,644)
OCI
Total comprehensive income for the period 378,007 1,082,941
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,239,592
2,876,300
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,958,945)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,561
(14,644)
Total comprehensive income for the period
378,007
1,082,941
Condensed Separate Interim Cash flows for the period ended March 31, 2022
Notes Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax 6,124,379 4,091,786
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 210,105 194,609
Impairment charge for credit losses (Loans and advances to customers and (147,259) 720,756
banks)
Other provisions charges 21 1,036,307 114,144
Impairment charge for credit losses (due from banks) 4,977 (4,030)
Impairment (Released) charge for credit losses (financial investments) 101,757 (14,644)
Impairment (Released) charge for other assets (277,768) 12,676
Exchange revaluation differences for financial assets at fair value through 63 23,042
OCI
Impairment (Released) charge financial assets at fair value through OCI - (72,957)
Utilization of other provisions 21 (156) (43,518)
Other provisions no longer used 21 (385) (5,872)
Exchange differences of other provisions 21 278,463 (15,271)
Losses (profits) from selling property and equipment (50) (1,250)
Losses (profits) from selling financial investments 13 (1,021,334) (420,698)
Shares based payments 175,235 162,451
Operating losses (profits) before changes in operating assets and liabilities 6,484,334 4,741,224
Net decrease (increase) in assets and liabilities
Due from banks 25,542,432 (12,278,859)
Financial assets at fair value through P&L 13 239,339 18,839
Derivative financial instruments (680,290) (66,183)
Loans and advances to banks and customers 11 - 12 (12,715,125) (2,173,587)
Other assets 1,851,768 (284,984)
Due to banks 17 2,833,129 (6,304,086)
Due to customers 18 21,553,142 25,076,047
Income tax obligations paid (261,790) (29,046)
Other liabilities 1,876,780 (236,449)
Net cash used in (generated from) operating activities 46,723,719 8,462,916
Cash flow from investing activities
Proceeds (payments) for investment in associates. - (158,360)
Payment for purchases of property, equipment and branches constructions (76,753) (347,656)
Proceeds from selling property and equipment 50 1,250
Proceeds from redemption of financial assets at amortized cost 2,609,283 346,898
Payment for purchases of financial assets at amortized cost (2,430,124) (3,844)
Payment for purchases of financial assets at fair value through OCI (68,194,467) (55,216,492)
Proceeds from selling financial assets at fair value through OCI 78,071,439 34,497,956
Net cash generated from (used in) investing activities 9,979,428 (20,880,248)
Condensed Separate Interim Cash flows for the period ended March 31, 2022
(Cont.)
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans 1,035,994 (14,410)
Dividend paid (4,410,322) (1,360,652)
Issued debt instruments 253,338 -
Capital increase 122,716 -
Net cash generated from (used in) financing activities (2,998,274) (1,375,062)
Net (decrease) increase in cash and cash equivalent during the period 53,704,873 (13,792,394)
Beginning balance of cash and cash equivalent 60,891,899 75,965,247
Cash and cash equivalent at the end of the period 114,596,772 62,172,853
Cash and cash equivalent comprise:
Cash and balances at the central bank 30,471,454 21,580,813
Due from banks 120,943,837 97,088,303
Treasury bills and other governmental notes 10 40,371,415 52,339,135
Obligatory reserve balance with CBE (26,030,335) (15,671,568)
Due from banks with maturities more than three months (10,245,456) (40,498,431)
Treasury bills with maturity more than three months (40,914,143) (52,665,399)
Total cash and cash equivalent 114,596,772 62,172,853
'
Condensed Separate Interim statement of changes in shareholders' equity
for the period ended March 31, 2021
Mar. 31, 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 - - - - - - - 2,876,300 - 2,876,300
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 - - - - - (1,674,309) - - - (1,674,309)
tax
Transferred (from) to bank risk reserve - - - - - - 2,718 (2,718) - -
ECL for impairment of debt instruments investments - - - - - (14,644) - - - (14,644)
Cost of employees stock ownership plan (ESOP) - - - - - - - - 162,451 162,451
Ending balance 14,776,813 3,293,074 33,186,137 1,549,445 16,000 2,177,628 9,141 3,166,768 1,227,099 59,402,105
Condensed Separate Interim statement of changes in shareholders' equity for
the period ended March 31, 2022
Mar. 31, 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 - 502,922 - - - - - (502,922) 122,716
Transferred to reserves - 670,872 8,333,404 - 2,947 - - (9,007,223) - -
Dividend paid - - - - - - - (4,410,322) - (4,410,322)
Net profit of the year - - - - - - - 4,239,592 - 4,239,592
Transferred from reserve on disposal of financial assets at fair value through - - - - - (4,201) - 4,201 - -
OCI
- - - - - (3,958,945) - - - (3,958,945)
Net unrealised gain/(loss) on financial assets at fair value through OCI after
tax
- - - - - - 2,840 (2,840) - -
Transferred (from) to banking risk reserve
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 101,561 - - - 101,561
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 175,235 175,235
19,825,134 3,963,946 37,096,858 1,549,445 18,947 (3,222,354) 11,981 4,607,343 1,346,705 65,198,005
Ending balance
Condensed Consolidated Interim Balance Sheet as at March 31, 2022
Notes Mar. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 30,581,505 43,492,248
Due from banks 9 121,082,311 80,141,769
Loans and advances to banks, net 11 364,470 312,216
Loans and advances to customers, net 12 158,490,232 145,575,243
Derivative financial instruments 884,030 225,376
Investments
- Financial Assets at Fair Value through P&L 13 1,648 240,987
- Financial Assets at Fair Value through OCI 13 180,352,612 193,198,894
- Amortized cost 13 20,412,726 20,547,465
- Investments in associates 14 208,156 205,315
Other assets 15 9,618,567 11,207,128
Goodwill 26 127,211 137,525
Intangible assets 27 31,963 34,554
Deferred tax assets (Liabilities) 308,421 456,002
Property and equipment 16 2,352,247 2,461,116
Total assets 524,816,099 498,235,838
Liabilities and equity
Liabilities
Due to banks 17 3,725,995 866,056
Due to customers 18 429,022,053 407,241,538
Derivative financial instruments 243,629 265,470
Current tax liabilities 1,113,423 2,234,985
Other liabilities 19 12,181,434 8,085,545
Issued debt instruments 20 1,810,601 1,557,263
Other loans 6,176,776 5,140,782
Other Provisions 21 4,855,636 3,541,462
Total liabilities 459,129,547 428,933,101
Equity
Issued and paid up capital 19,825,134 19,702,418
Reserves 39,481,063 33,774,990
Reserve for employee stock ownership plan (ESOP) 1,346,705 1,674,392
Retained earnings * 4,524,449 13,696,402
Total equity and net profit for the period / year 65,177,351 68,848,202
Minority interest 509,201 454,535
Total minority interest, equity and net profit for the period / year 65,686,552 69,302,737
Total liabilities and equity 524,816,099 498,235,838
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 Consolidated Interim Income Statement for the period ended March 31,
2022
Notes
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Interest and similar income 12,006,043 10,121,709
Interest and similar expense (5,288,771) (4,444,196)
Net interest income 6,717,272 5,677,513
Fee and commission income 1,203,252 844,263
Fee and commission expense (515,125) (333,668)
Net fee and commission income 688,127 510,595
Dividend income 37,800 91
Net trading income 5 732,821 112,718
Profits (Losses) on financial investments 13 1,040,297 493,655
Administrative expenses (1,670,887) (1,475,077)
Other operating (expenses) income 6 (1,431,967) (526,620)
Goodwill amortization 26 (10,314) (10,314)
Intangible assets amortization 27 (2,591) (2,591)
Impairment release (charges) for credit losses 38,692 (702,082)
Bank's share in the profits of associates 2,841 11,061
Profit before income tax 6,142,091 4,088,949
Income tax expense (1,372,939) (1,209,247)
Deferred tax assets (Liabilities) (509,534) (6,239)
Net profit for the period 4,259,618 2,873,463
Minority interest 15,387 419
Bank shareholders 4,244,231 2,873,044
Earning per share 7
Basic 1.90 1.29
Diluted 1.87 1.27
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
12,006,043
10,121,709
Interest and similar expense
(5,288,771)
(4,444,196)
Net interest income
6,717,272
5,677,513
Fee and commission income
1,203,252
844,263
Fee and commission expense
(515,125)
(333,668)
Net fee and commission income
688,127
510,595
Dividend income
37,800
91
Net trading income
5
732,821
112,718
Profits (Losses) on financial investments
13
1,040,297
493,655
Administrative expenses
(1,670,887)
(1,475,077)
Other operating (expenses) income
6
(1,431,967)
(526,620)
Goodwill amortization
26
(10,314)
(10,314)
Intangible assets amortization
27
(2,591)
(2,591)
Impairment release (charges) for credit losses
38,692
(702,082)
Bank's share in the profits of associates
2,841
11,061
Profit before income tax
6,142,091
4,088,949
Income tax expense
(1,372,939)
(1,209,247)
Deferred tax assets (Liabilities)
(509,534)
(6,239)
Net profit for the period
4,259,618
2,873,463
Minority interest
15,387
419
Bank shareholders
4,244,231
2,873,044
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Mar. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
12,006,043
10,121,709
Interest and similar expense
(5,288,771)
(4,444,196)
Net interest income
6,717,272
5,677,513
Fee and commission income
1,203,252
844,263
Fee and commission expense
(515,125)
(333,668)
Net fee and commission income
688,127
510,595
Dividend income
37,800
91
Net trading income
5
732,821
112,718
Profits (Losses) on financial investments
13
1,040,297
493,655
Administrative expenses
(1,670,887)
(1,475,077)
Other operating (expenses) income
6
(1,431,967)
(526,620)
Goodwill amortization
26
(10,314)
(10,314)
Intangible assets amortization
27
(2,591)
(2,591)
Impairment release (charges) for credit losses
38,692
(702,082)
Bank's share in the profits of associates
2,841
11,061
Profit before income tax
6,142,091
4,088,949
Income tax expense
(1,372,939)
(1,209,247)
Deferred tax assets (Liabilities)
(509,534)
(6,239)
Net profit for the period
4,259,618
2,873,463
Minority interest
15,387
419
Bank shareholders
4,244,231
2,873,044
Earning per share
7
Basic
1.90
1.29
Diluted
1.87
1.27
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended March 31 2022
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Net profit for the period 4,259,618 2,873,463
Change in fair value of debt instruments measured at fair value through other (3,961,167) (1,674,309)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,201) (104,406)
OCI
Cumulative foreign currencies translation differences 52,636 (3,320)
Effect of ECL in fair value of debt instruments measured at fair value through 101,602 (14,644)
OCI
Total other comprehensive income 448,488 1,076,784
As follows:
Bank's shareholders 433,101 1,076,365
Minority interest 15,387 419
Total comprehensive income for the period 448,488 1,076,784
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,259,618
2,873,463
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,961,167)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Cumulative foreign currencies translation differences
52,636
(3,320)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,602
(14,644)
Total other comprehensive income
448,488
1,076,784
As follows:
Bank's shareholders
433,101
1,076,365
Minority interest
15,387
419
Total comprehensive income for the period
448,488
1,076,784
Mar. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the period
4,259,618
2,873,463
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(3,961,167)
(1,674,309)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,201)
(104,406)
Cumulative foreign currencies translation differences
52,636
(3,320)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
101,602
(14,644)
Total other comprehensive income
448,488
1,076,784
As follows:
Bank's shareholders
433,101
1,076,365
Minority interest
15,387
419
Total comprehensive income for the period
448,488
1,076,784
Condensed Consolidated Interim Cash flows for the period ended March 31 2022
Notes Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 6,142,091 4,088,949
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 223,781 194,609
Impairment charge for credit losses (Loans and advances to customers and (145,266) 720,756
banks)
Other provisions charges 21 1,036,252 114,109
Impairment charge for credit losses (due from banks) 4,776 (4,030)
Impairment (Released) charge for credit losses (financial investments) 101,798 (14,644)
Impairment (Released) charge for other assets (277,768) 12,676
Exchange revaluation differences for financial assets at fair value through 63 23,042
OCI
Goodwill amortization 26 10,314 37,819
Intangible assets amortization 27 2,591 9,502
Impairment (Released) charge financial assets at fair value through OCI - (72,957)
Utilization of other provisions 21 (156) (43,518)
Other provisions no longer used 21 (385) (5,872)
Exchange differences of other provisions 21 278,463 (15,271)
Profits from selling property and equipment (50) (1,250)
Losses (profits) from selling financial investments 13 (1,040,297) (420,698)
Shares based payments 175,235 162,451
Bank's share in the profits of associates (2,841) (11,061)
Operating losses (profits) before changes in operating assets and liabilities 6,508,601 4,774,612
Net decrease (increase) in assets and liabilities
Due from banks 25,468,271 (12,278,859)
Financial assets at fair value through P&L 13 239,339 18,839
Derivative financial instruments (680,085) (66,183)
Loans and advances to banks and customers 11 - 12 (12,821,977) (2,178,284)
Other assets 1,844,416 (371,049)
Due to banks 17 2,859,939 (6,304,086)
Due to customers 18 21,780,515 25,079,066
Income tax obligations paid (259,516) (29,046)
Other liabilities 1,860,904 (25,774)
Net cash used in (generated from) operating activities 46,800,407 8,619,236
Cash flow from investing activities
Proceeds (payments) for investment in associates. - (158,360)
Payment for purchases of property, equipment and branches constructions (92,999) (348,974)
Proceeds from selling property and equipment 50 1,250
Proceeds from redemption of financial assets at amortized cost 2,609,283 452,910
Payment for purchases of financial assets at amortized cost (2,474,553) (237,609)
Payment for purchases of financial assets at fair value through OCI (68,625,535) (55,600,830)
Proceeds from selling financial assets at fair value through OCI 78,456,150 33,585,657
Net cash generated from (used in) investing activities 9,872,396 (22,305,956)
Condensed Consolidated Interim Cash flows for the period ended March 31, 2022
(Cont.)
Mar. 31, 2022 Mar. 31, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans 1,035,994 (14,410)
Dividend paid (4,410,322) (1,360,652)
Issued debt instruments 253,338 -
Capital increase 122,716 -
Net cash generated from (used in) financing activities (2,998,274) (1,375,062)
Net (decrease) increase in cash and cash equivalent during the priod 53,674,529 (15,061,782)
Beginning balance of cash and cash equivalent 61,065,822 75,796,375
Cash and cash equivalent at the end of the period 114,740,351 60,734,593
Cash and cash equivalent comprise:
Cash and balances at the central bank 30,581,505 21,800,293
Due from banks 121,128,084 97,518,428
Treasury bills and other governmental notes 10 40,379,000 52,371,207
Obligatory reserve balance with CBE (26,188,639) (15,805,888)
Due from banks with maturities more than three months (10,245,456) (42,484,048)
Treasury bills with maturity more than three months (40,914,143) (52,665,399)
Total cash and cash equivalent 114,740,351 60,734,593
'
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended March 31, 2021
Mar. 31, 2021 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 Minority Interest Total
EGP Thousands
Beginning balance 14,776,813 2,778,135 24,765,658 1,549,445 8,183 14,906 3,975,514 6,423 10,539,715 1,064,648 (3,684) 59,475,756 483,055 59,958,811
Transferred to reserves - 514,939 8,420,479 - - 1,094 - - (8,936,512) - - - - -
Dividend paid - - - - - - - - (1,360,652) - - (1,360,652) - (1,360,652)
Net profit of the year - - - - - - - - 2,873,044 - - 2,873,044 419 2,873,463
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 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (1,674,309) - - - - (1,674,309) - (1,674,309)
tax
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
ECL for impairment of debt instruments investments - - - - - - (14,644) - - - - (14,644) - (14,644)
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 162,451 - 162,451 - 162,451
Cumulative foreign currencies translation differences - - - - - - - - - - 364 364 - 364
Balance at the end of the period 14,776,813 3,293,074 33,186,137 1,549,445 8,183 16,000 2,182,155 9,141 3,225,616 1,227,099 (3,320) 59,470,343 483,474 59,953,817
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended March 31, 2022
Mar. 31, 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 Minority Interest Total
EGP Thousands
Beginning balance 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 122,716 - 502,922 - - - - - - (502,922) - 122,716 - 122,716
Transferred to reserves - 670,872 8,333,404 - - 2,947 - - (9,007,223) - - - - -
Dividend paid - - - - - - - - (4,410,322) - - (4,410,322) - (4,410,322)
Net profit of the year - - - - - - - - 4,244,231 - - 4,244,231 15,387 4,259,618
Transferred from reserve on disposal of financial assets at fair value through - - - - - - (4,201) - 4,201 - - - - -
OCI
- - - - - - (3,961,167) - - - - (3,961,167) - (3,961,167)
Net unrealised gain/(loss) on financial assets at fair value through OCI after
tax
- - - - - - - 2,840 (2,840) - - - - -
Transferred (from) to banking risk reserve
- - - - - - 101,602 - - - - 101,602 - 101,602
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
- - - - - - - - - 175,235 - 175,235 - 175,235
Cost of employees stock ownership plan (ESOP)
- - - - - - - - - - 56,854 56,854 39,279 96,133
Cumulative foreign currencies translation differences
Balance at the end of the period 19,825,134 3,963,946 37,096,858 1,550,906 8,183 18,947 (3,222,394) 11,981 4,524,449 1,346,705 52,636 65,177,351 509,201 65,686,552
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