REG - Commercial Int Bank - CIB 1st Quarter Consolidated Financial Results

Commercial International Bank Egypt CIBAnnouncement

24/05/2021 07:05

RNS Number : 5020Z
  
Commercial Intnl Bank (Egypt) SAE
  
24 May 2021
  
 

 

 
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2021
 
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http://www.rns-pdf.londonstockexchange.com/rns/5020Z_1-2021-5-21.pdf









 
Condensed Consolidated Interim Balance Sheet as at March 31, 2021
 




 


 


Notes


Mar. 31, 2021


Dec. 31, 2020




 


 


EGP Thousands


EGP Thousands




 


Assets


 


 


 




 


Cash and balances at the Central Bank


7 


21,800,293


33,768,549




 


Due from banks


8 


97,498,269


87,426,301




 


Loans and advances to banks, net


10 


781,084


776,980




 


Loans and advances to customers, net


11 


121,023,429


119,570,005




 


Derivative financial instruments


 


290,438


248,759




 


Investments


 


 


 




 


- Financial Assets at Fair value through P&L


12 


341,120


359,959




 


- Financial Assets at Fair value through OCI


12 


168,048,353


148,118,372




 


- Amortized cost


12 


24,942,082


25,285,225




 


- Investments in associates


13 


309,292


139,871




 


Other assets


 


9,481,630


9,175,525




 


Goodwill


22 


168,468


178,782




 


Intangible Assets


23 


42,329


44,920




 


Deferred tax assets (Liabilities)


 


431,534


437,772




 


Property, plant and equipment


14 


2,517,780


2,311,147




 


Total assets


 


447,676,101


427,842,167




 


Liabilities and equity


 


 


 




 


Liabilities


 


 


 




 


Due to banks


15 


2,513,449


8,817,535




 


Due to customers


16 


366,248,516


341,169,450




 


Derivative financial instruments


 


306,569


331,073




 


Current tax liabilities


 


830,536


859,582




 


Other liabilities


 


6,817,729


5,735,269




 


Other loans


 


7,732,536


7,746,946




 


Provisions


17 


3,272,949


3,223,501




 


Total liabilities


 


387,722,284


367,883,356




 


Equity


 


 


 




 


Issued and paid-up capital


 


14,776,813


14,776,813




 


Reserves


 


40,240,815


33,094,580




 


Reserve for employee stock ownership plan (ESOP)


 


1,227,099


1,064,648




 


Retained earnings *


 


3,225,616


10,539,715




 


Total equity and net profit for the period/year


 


59,470,343


59,475,756




 


Minority interest


 


483,474


483,055




 


Total minority interest, equity and net profit for the period/year


59,953,817


59,958,811




 


Total liabilities and equity


 


447,676,101


427,842,167




 


 


 


 


 




 


 


 


 


 




 


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 & Board member
Chairman




 


 


 


 


 


 


 


 









 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 
 





Condensed Consolidated Interim Income Statement for the period ended
March 31, 2021
 




 


 


 


 


 


 


 


 




 


 


Notes


 


Mar. 31, 2021


 


 


Mar. 31, 2020




 


 


 


 


EGP Thousands


 


 


EGP Thousands




 


 


 


 


 


 


 


 




Interest and similar income


 


 


 


10,121,709


 


 


10,687,101




Interest and similar expense


 


 


 


(4,444,196)


 


 


(4,491,657)




Net interest income


 


 


 


5,677,513


 


 


6,195,444




 


 


 


 


 


 


 


 




Fee and commission income


 


 


 


844,263


 


 


805,413




Fee and commission expense


 


 


 


(333,668)


 


 


(305,561)




Net fee and commission income


 


 


 


510,595


 


 


499,852




 


 


 


 


 


 


 


 




Dividend income


 


 


 


91


 


 


-




Net trading income


 


5


 


112,718


 


 


(5,425)




Profits (Losses) on financial investments


 


12


 


493,655


 


 


470,150




Administrative expenses


 


 


 


(1,475,077)


 


 


(1,524,860)




Other operating (expenses) income


 


 


 


(526,620)


 


 


(747,433)




Goodwill amortization


 


22


 


(10,314)


 


 


-




Intangible assets amortization


 


23


 


(2,591)


 


 


-




Impairment release (charges) for credit losses


 


 


 


(702,082)


 


 


(1,240,110)




Bank's share in the profits of associates


 


 


 


11,061


 


 


8,149




Profit before income tax


 


 


 


4,088,949


 


 


3,655,767




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




Income tax expense


 


 


 


(1,209,247)


 


 


(1,332,487)




Deferred tax assets (Liabilities)


 


 


 


(6,239)


 


 


75,241




Net profit for the year


 


 


 


2,873,463


 


 


2,398,521




Minority interest


 


 


 


419


 


 


-




Bank shareholders


 


 


 


2,873,044


 


 


2,398,521




 


 


 


 


 


 


 


 




Earning per share


 


6


 


 


 


 


 




Basic


 


 


 


1.72


 


 


1.43




Diluted


 


 


 


1.71


 


 


1.42




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




Hussein Abaza


 


Sherif Samy




CEO & Board member


 


Chairman



 
 
 
 
 
 
 
 
 




 
 
 
 
 
 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 









Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2021
 




 


 


 


 


 


 


 




 


 


 


Mar. 31, 2021


 


Mar. 31, 2020


 




 


 


 


EGP Thousands


 


EGP Thousands


 




 


 


 


 


 


 


 




Net profit for the period


 


 


2,873,463


 


2,398,521


 




 


 


 


 


 


 


 




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


 


 


(1,674,309)


 


(4,865,970)


 




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


 


 


(104,406)


 


-


 




Cumulative foreign currencies translation differences


 


 


(3,320)


 


1,499


 




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


 


 


(14,644)


 


(47,321)


 




Total comprehensive income for the period


 


 


1,076,784


 


(2,513,271)


 




 


 


 


 


 


 


 




 


 


 


 


 


 


 




As follows:


 


 


 


 


 


 




Bank's shareholders


 


 


1,076,365


 


(2,513,271)


 




Minority interest


 


 


419


 


-


 




Total comprehensive income for the period


 


 


1,076,784


 


(2,513,271)


 





 


 


 


 


 


 


 


 


















 




 




Condensed Consolidated Interim Cash flows for the period ended March 31, 2021




 


 


 


 


 




 


Notes


Mar. 31, 2021


 


Mar. 31, 2020




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from operating activities


 


 


 


 




Profit before income tax from continued operations


 


4,088,949


 


3,655,767




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


 


 


 


 




Fixed assets depreciation


14 


194,609


 


160,538




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


 


720,756


 


1,272,649




Other provisions charges


17 


114,109


 


439,410




Impairment charge for credit losses (due from banks)


 


(4,030)


 


14,782




Impairment charge for credit losses (financial investments)


 


(14,644)


 


(47,321)




Impairment charge for other assets


 


12,676


 


13,707




Exchange revaluation differences for financial assets at fair value through OCI


 


23,042


 


287,889




Goodwill amortization


22 


37,819


 


-




Intangible assets amortization


23 


9,502


 


-




Impairment charge financial assets at fair value through OCI


 


(72,957)


 


69,863




Utilization of other provisions


17 


(43,518)


 


(726)




Other provisions no longer used


17 


(5,872)


 


(38,630)




Exchange differences of  other provisions


17 


(15,271)


 


(22,219)




Profits from selling property, plant and equipment


 


(1,250)


 


(94)




(Profits) losses from selling financial investments


12 


(420,698)


 


(554,113)




Shares based payments


 


162,451


 


145,069




Bank's share in the profits of associates


 


(11,061)


 


5,951




Operating profits before changes in operating assets and liabilities


 


4,774,612


 


5,402,522




 


 


 


 


 




 


 


 


 


 




Net decrease (increase) in assets and liabilities


 


 


 


 




Due from banks


 


(12,278,859)


 


211,025




Financial assets at fair value through P&L


12 


18,839


 


104,116




Derivative financial instruments


 


(66,183)


 


35,892




Loans and advances to banks and customers


10 - 11


(2,178,284)


 


2,421,201




Other assets


 


(371,049)


 


857,769




Due to banks


15 


(6,304,086)


 


(1,372,684)




Due to customers


16 


25,079,066


 


5,523,887




Income tax obligations paid


 


(29,046)


 


(4,639,364)




Other liabilities


 


(25,774)


 


(722,192)




 


 


 


 


 




Net cash used in (generated from) operating activities


 


8,619,236


 


7,822,172




 


 


 


 


 




Cash flow from investing activities


 


 


 


 




Proceeds (payments) for investment in associates.


 


(158,360)


 


-




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


 


(348,974)


 


(320,835)




Proceeds from selling property, plant and equipment


 


1,250


 


94




Proceeds from redemption of financial assets at amortized cost


 


452,910


 


45,639,889




Payment for purchases of financial assets at amortized cost 


 


(237,609)


 


(44,945,839)




Payment for purchases of financial assets at fair value through OCI


 


(55,600,830)


 


(62,050,349)




Proceeds from selling financial assets at fair value through OCI


 


33,585,657


 


54,866,521




 


 


 


 


 




Net cash generated from (used in) investing activities


 


(22,305,956)


 


(6,810,519)




 


 


 


 


 




 


 


 


 


 




 




Condensed Consolidated Interim Cash flows for the period ended March 31, 2021 (Cont.)




 


 


 


 


 




 


 


Mar. 31, 2021


 


Mar. 31, 2020




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from financing activities


 


 


 


 




Received (Repaid) in long term loans


 


(14,410)


 


(91,576)




Dividend paid


 


(1,360,652)


 


(3,370,464)




 


 


 


 


 




Net cash generated from (used in) financing activities


 


(1,375,062)


 


(3,462,040)




 


 


 


 


 




 


 


 


 


 




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


 


(15,061,782)


 


(2,450,387)




Beginning balance of cash and cash equivalent


 


75,796,375


 


22,895,017




Cash and cash equivalent at the end of the period


 


60,734,593


 


20,444,630




 


 


 


 


 




Cash and cash equivalent comprise:


 


 


 


 




Cash and balances at the central bank


 


21,800,293


 


27,169,495




Due from banks


 


97,518,428


 


26,640,005




Treasury bills and other governmental  notes


 


52,371,207


 


29,091,960




Obligatory reserve balance with CBE


 


(15,805,888)


 


(22,186,285)




Due from banks with maturities more than three months


 


(42,484,048)


 


(10,415,104)




Treasury bills with maturity more than three months


 


(52,665,399)


 


(29,855,441)




Total cash and cash equivalent


 


60,734,593


 


20,444,630



 
 
 
 
 
 
 
 
 




 


 


 


 


 


 


 


 










 


 


 


 


 


 


 


 




 
 
 
 
 
 
 
 





Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2020


 


 


 


 


 


 




Mar. 31, 2020


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


14,690,821


2,188,029


16,474,429


1,549,445


-


13,466


4,111,781


5,164


11,881,657


963,152


2,501


51,880,445


-


51,880,445




Transferred to reserves


-


590,106


7,840,286


-


-


1,440


-


-


(8,431,832)


-


-


-


-


-




Dividend paid


-


-


-


-


-


-


-


-


(3,370,464)


-


-


(3,370,464)


-


(3,370,464)




Net profit of the period


-


-


-


-


-


-


-


-


2,398,521


-


-


2,398,521


-


2,398,521




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


-


-


-


-


-


-


(4,865,970)


-


-


-


-


(4,865,970)


-


(4,865,970)




Transferred (from) to  banking risk reserve


-


-


-


-


-


-


-


1,259


(1,259)


-


-


-


-


-




ECL for impairment of debt instruments investments


-


-


-


-


-


-


(47,321)


-


-


-


-


(47,321)


-


(47,321)




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


-


145,069


-


145,069


-


145,069




Cumulative foreign currencies translation differences


-


-


-


-


-


-


-


-


666


-


(1,002)


(336)


-


(336)




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Balance at the end of the period


14,690,821


2,778,135


24,314,715


1,549,445


-


14,906


(801,510)


6,423


2,477,289


1,108,221


1,499


46,139,944


-


46,139,944




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 




 


 


 


 


 


 


 




 


 


 


 


 


 


 




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)




Minority Interest share


-


-


-


-


-


-


-


-


-


-


-


-


-


-




Net profit of the period


-


-


-


-


-


-


-


-


2,873,044


-


-


2,873,044


419


2,873,463




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


-


8,333




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


-


-


-


-


-


-


(1,674,309)


-


-


-


-


(1,674,309)


-


(1,674,309)




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


-


-


-


-


-


-


(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




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 





 

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