REG - Commercial Int Bank - CIB 1Q23 Consolidated Financial Statements
15/05/2023 07:00
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RNS Number : 3361Z Commercial Intnl Bank (Egypt) SAE 14 May 2023
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2023
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Condensed Consolidated Interim Statement of Financial Position as at March 31,
2023
Notes Mar. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 52,462,528 47,492,549
Due from banks 9 170,682,323 133,856,720
Loans and advances to banks, net 11 616,088 2,978,197
Loans and advances to customers, net 12 213,047,067 193,599,872
Derivative financial instruments 2,088,501 1,939,961
Investments
-Financial Assets at Fair Value through OCI 13 185,998,930 204,020,733
-Financial Assets at Amortized cost 13 43,654,330 34,524,760
-Investments in associates 14 157,091 186,062
Non current assets held for sale 29 220,335 -
Other assets 15 14,774,256 14,521,427
Goodwill 26 85,954 96,268
Intangible assets 27 21,597 24,188
Deferred tax assets - 185,746
Property and equipment 16 2,478,113 2,405,434
Total assets 686,287,113 635,831,917
Liabilities and equity
Liabilities
Due to banks 17 8,286,885 3,496,698
Due to customers 18 576,828,746 531,616,550
Non current liabilities held for sale 30 890 -
Derivative financial instruments 8,294 219,752
Deferred tax liabilities 65,046 -
Current income tax liabilities 1,991,935 3,051,583
Other liabilities 19 16,078,448 11,606,912
Issued debt instruments 20 3,069,231 2,456,607
Other loans 9,586,379 7,978,975
Other provisions 21 8,700,532 7,066,672
Total liabilities 624,616,386 567,493,749
Equity
Issued and paid up capital 29,990,563 29,825,134
Reserves 23,559,843 19,643,327
Reserve for employee stock ownership plan (ESOP) 1,667,377 1,895,435
Retained earnings * 6,330,323 16,393,841
Total equity and net profit for the period / year 61,548,106 67,757,737
Non Controlling Interest 122,621 580,431
Total minority interest, equity and net profit for the period / year 61,670,727 68,338,168
Total liabilities and equity 686,287,113 635,831,917
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
Condensed Consolidated Interim Income Statement for the period ended March 31,
2023
Notes Mar. 31, 2022
Mar. 31, 2023
EGP Thousands EGP Thousands
Interest and similar income 19,823,554 12,006,043
Interest and similar expense (8,939,377) (5,288,771)
Net interest income 10,884,177 6,717,272
Fee and commission income 2,005,304 1,203,252
Fee and commission expense (792,175) (515,125)
Net fee and commission income 1,213,129 688,127
Dividend income 32,362 37,800
Net trading income 5 1,851,908 732,821
Profits (Losses) on financial investments 13 70,920 1,040,297
Administrative expenses (2,063,690) (1,670,887)
Other operating (expenses) income 6 (2,040,922) (1,431,967)
Goodwill amortization 26 (10,314) (10,314)
Intangible assets amortization 27 (2,591) (2,591)
Impairment release (charges) for credit losses (944,829) 38,692
Bank's share in the profits / losses of associates (14,871) 2,841
Profit before income tax 8,975,279 6,142,091
Income tax expense 28 (2,262,132) (1,372,939)
Deferred tax assets (Liabilities) 28 (645,223) (509,534)
Net profit from continued operations 6,067,924 4,259,618
Discontinued Operations
Net profit from discontinued operations 31 870 -
Net profit for the period 6,068,794 4,259,618
Non Controlling Interest 3,847 15,387
6,064,947 4,244,231
Bank's shareholders
Earning per share 7
Basic 1.81 1.26
Diluted 1.79 1.24
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Mar. 31, 2022
EGP Thousands
EGP Thousands
Interest and similar income
19,823,554
12,006,043
Interest and similar expense
(8,939,377)
(5,288,771)
Net interest income
10,884,177
6,717,272
Fee and commission income
2,005,304
1,203,252
Fee and commission expense
(792,175)
(515,125)
Net fee and commission income
1,213,129
688,127
Dividend income
32,362
37,800
Net trading income
5
1,851,908
732,821
Profits (Losses) on financial investments
13
70,920
1,040,297
Administrative expenses
(2,063,690)
(1,670,887)
Other operating (expenses) income
6
(2,040,922)
(1,431,967)
Goodwill amortization
26
(10,314)
(10,314)
Intangible assets amortization
27
(2,591)
(2,591)
Impairment release (charges) for credit losses
(944,829)
38,692
Bank's share in the profits / losses of associates
(14,871)
2,841
Profit before income tax
8,975,279
6,142,091
Income tax expense
28
(2,262,132)
(1,372,939)
Deferred tax assets (Liabilities)
28
(645,223)
(509,534)
Net profit from continued operations
6,067,924
4,259,618
Discontinued Operations
Net profit from discontinued operations
31
870
-
Net profit for the period
6,068,794
4,259,618
Non Controlling Interest
3,847
15,387
Bank's shareholders
6,064,947
4,244,231
Earning per share
7
Basic
1.81
1.26
Diluted
1.79
1.24
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Mar. 31, 2022
EGP Thousands
EGP Thousands
Interest and similar income
19,823,554
12,006,043
Interest and similar expense
(8,939,377)
(5,288,771)
Net interest income
10,884,177
6,717,272
Fee and commission income
2,005,304
1,203,252
Fee and commission expense
(792,175)
(515,125)
Net fee and commission income
1,213,129
688,127
Dividend income
32,362
37,800
Net trading income
5
1,851,908
732,821
Profits (Losses) on financial investments
13
70,920
1,040,297
Administrative expenses
(2,063,690)
(1,670,887)
Other operating (expenses) income
6
(2,040,922)
(1,431,967)
Goodwill amortization
26
(10,314)
(10,314)
Intangible assets amortization
27
(2,591)
(2,591)
Impairment release (charges) for credit losses
(944,829)
38,692
Bank's share in the profits / losses of associates
(14,871)
2,841
Profit before income tax
8,975,279
6,142,091
Income tax expense
28
(2,262,132)
(1,372,939)
Deferred tax assets (Liabilities)
28
(645,223)
(509,534)
Net profit from continued operations
6,067,924
4,259,618
Discontinued Operations
Net profit from discontinued operations
31
870
-
Net profit for the period
6,068,794
4,259,618
Non Controlling Interest
3,847
15,387
Bank's shareholders
6,064,947
4,244,231
Earning per share
7
Basic
1.81
1.26
Diluted
1.79
1.24
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended March 31, 2023
Mar. 31, 2022
Mar. 31, 2023
EGP Thousands EGP Thousands
Net profit for the period 6,068,794 4,259,618
Change in fair value of Financial investments measured at fair value through (8,522,293) (3,961,167)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (1,895) (4,201)
income
Cumulative foreign currencies translation differences 281,927 52,636
Effect of ECL in fair value of debt instruments measured at fair value through 208,752 101,602
comprehensive income
Total comprehensive income for the period (1,964,715) 448,488
As follows:
Bank's shareholders (1,968,562) 433,101
Non Controlling Interest 3,847 15,387
Total comprehensive income for the period (1,964,715) 448,488
Mar. 31, 2022
EGP Thousands
EGP Thousands
Net profit for the period
6,068,794
4,259,618
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(8,522,293)
(3,961,167)
Transferred to RE from financial assets at fair value through comprehensive
income
(1,895)
(4,201)
Cumulative foreign currencies translation differences
281,927
52,636
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
208,752
101,602
Total comprehensive income for the period
(1,964,715)
448,488
As follows:
Bank's shareholders
(1,968,562)
433,101
Non Controlling Interest
3,847
15,387
Total comprehensive income for the period
(1,964,715)
448,488
Mar. 31, 2022
EGP Thousands
EGP Thousands
Net profit for the period
6,068,794
4,259,618
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(8,522,293)
(3,961,167)
Transferred to RE from financial assets at fair value through comprehensive
income
(1,895)
(4,201)
Cumulative foreign currencies translation differences
281,927
52,636
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
208,752
101,602
Total comprehensive income for the period
(1,964,715)
448,488
As follows:
Bank's shareholders
(1,968,562)
433,101
Non Controlling Interest
3,847
15,387
Total comprehensive income for the period
(1,964,715)
448,488
Condensed Consolidated Interim Cash flows for the period ended March 31 2023
Notes Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 8,975,279 6,142,091
Profit from discontinued operations 870 -
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 228,065 223,781
Impairment (Released) charge for credit losses (Loans and advances to 707,740 (145,266)
customers and banks)
Other provisions charges 21 464,311 1,036,252
Impairment (Released) charge for credit losses (due from banks) 2,096 4,776
Impairment (Released) charge for credit losses (financial investments) 234,993 101,798
Impairment (Released) charge for other assets - (277,768)
Exchange revaluation differences for financial assets at fair value through (6,033,831) 63
OCI and AC
Goodwill amortization 26 10,314 10,314
Intangible assets amortization 27 2,591 2,591
Utilization of other provisions 21 (345) (156)
Other provisions no longer used 21 - (385)
Exchange differences of other provisions 21 1,169,894 278,463
profits from selling property and equipment (118) (50)
profits from selling financial investments at fair value through OCI 13 (70,920) (1,040,297)
Shares based payments 190,974 175,235
Bank's share in the profits / losses of associates 14,871 (2,841)
Operating profits before changes in operating assets and liabilities 5,896,784 6,508,601
Net decrease (increase) in assets and liabilities
Due from banks 12,110,117 25,468,271
Financial assets at fair value through P&L - 239,339
Derivative financial instruments (359,998) (680,085)
Loans and advances to banks and customers 11 - 12 (17,792,410) (12,821,977)
Other assets (96,139) 1,844,416
Non current assets held for sale (220,335) -
Due to banks 17 4,790,187 2,859,939
Due to customers 18 45,212,196 21,780,515
Current income tax obligations paid (270,197) (259,516)
Non current liabilities held for sale 890 -
Other liabilities (354,332) 1,860,904
Net cash generated from (used in) operating activities 48,916,763 46,800,407
Cash flow from investing activities
Payment for purchases of property, equipment and branches constructions (457,850) (92,999)
Proceeds from selling property and equipment 118 50
Proceeds from redemption of financial assets at amortized cost 196,783 2,609,283
Payment for purchases of financial assets at amortized cost (8,533,818) (2,474,553)
Payment for purchases of financial assets at fair value through OCI (32,339,905) (68,625,535)
Proceeds from selling financial assets at fair value through OCI 46,767,421 78,456,150
Payment for investment in subsidiaries. (1,008,761) -
Net cash generated from (used in) investing activities 4,623,988 9,872,396
Condensed Consolidated Interim Cash flows for the period ended March 31, 2023
(Cont.)
Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 1,607,404 1,035,994
Dividends paid (1,988,585) (4,410,322)
Issued debt instruments 612,624 253,338
Capital increase 165,429 122,716
Net cash generated from (used in) financing activities 396,872 (2,998,274)
Net (decrease) increase in cash and cash equivalent during the period 53,937,623 53,674,529
Beginning balance of cash and cash equivalent 92,969,526 61,065,822
Cash and cash equivalent at the end of the period 146,907,149 114,740,351
Cash and cash equivalent comprise:
Cash and balances at the central bank 52,462,528 30,581,505
Due from banks 170,733,811 121,128,084
Treasury bills and other governmental notes 10 68,681,151 40,379,000
Obligatory reserve balance with CBE (46,005,523) (26,188,639)
Due from banks with maturities more than three months (29,664,721) (10,245,456)
Treasury bills with maturity more than three months (69,300,097) (40,914,143)
Total cash and cash equivalent 146,907,149 114,740,351
'
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 Non Controlling 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) - - - - -
Dividends paid - - - - - - - - (4,410,322) - - (4,410,322) - (4,410,322)
Net profit of the period - - - - - - - - 4,244,231 - - 4,244,231 15,387 4,259,618
- - - - - - (4,201) - 4,201 - - - - -
Transferred to RE from financial assets at fair value through OCI
Net unrealized gain/(loss) on financial assets at fair value through OCI after - - - - - - (3,961,167) - - - - (3,961,167) - (3,961,167)
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 - - - - - - 101,602 - - - - 101,602 - 101,602
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 175,235 - 175,235 - 175,235
Cumulative foreign currencies translation differences - - - - - - - - - - 56,854 56,854 39,279 96,133
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
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended March 31, 2023
Mar. 31, 2023 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 Non Controlling Interest Total
EGP Thousands
Beginning balance 29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (13,188,818) 11,981 16,393,841 1,895,435 181,324 67,757,737 580,431 68,338,168
Capital increase 165,429 - - - - - - - - - - 165,429 - 165,429
Transferred to reserves - 806,408 11,998,639 - - 2,208 - - (12,388,223) (419,032) - - - -
Dividends paid - - - - - - - - (3,738,888) - - (3,738,888) (23,982) (3,762,870)
Net profit of the period - - - - - - - - 6,064,947 - - 6,064,947 3,847 6,068,794
- - - - - - (1,895) - 1,895 - - - - -
Transferred to RE from financial assets at fair value through OCI
Change in non controlling interest from acquisition of subsidiaries - - - - - - - - - - - - (536,867) (536,867)
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (8,522,293) - - - - (8,522,293) - (8,522,293)
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 - - - - - - 208,752 - - - - 208,752 - 208,752
OCI
- - - - - - - - - 190,974 - 190,974 - 190,974
Cost of employees stock ownership plan (ESOP)
Cumulative foreign currencies translation differences - - - - - - - - - - 100,603 100,603 99,192 199,795
29,990,563 4,770,354 39,095,497 1,550,906 (670,972) 21,155 (21,504,254) 15,230 6,330,323 1,667,377 281,927 61,548,106 122,621 61,670,727
Balance at the end of the period
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