REG - Commercial Int Bank - CIB 3Q21 Condensed Consolidated Financial Results
12/11/2021 07:05
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RNS Number : 1594S Commercial Intnl Bank (Egypt) SAE 12 November 2021
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2021
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Condensed Consolidated Interim Balance Sheet as at September 30, 2021
Notes Sep. 30, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 7 33,326,348 33,768,549
Due from banks 8 72,234,555 87,426,301
Loans and advances to banks, net 10 - 776,980
Loans and advances to customers, net 11 139,923,206 119,570,005
Derivative financial instruments 267,016 248,759
Investments
- Financial Assets at Fair Value through P&L 12 206,699 359,959
- Financial Assets at Fair Value through OCI 12 212,487,239 148,118,372
- Amortized cost 12 20,533,947 25,285,225
- Investments in associates 13 331,602 139,871
Other assets 10,582,643 9,175,525
Goodwill 23 147,839 178,782
Intangible assets 24 37,146 44,920
Deferred tax assets (Liabilities) 445,594 437,772
Property and equipment 14 2,508,417 2,311,147
Total assets 493,032,251 427,842,167
Liabilities and equity
Liabilities
Due to banks 15 1,546,050 8,817,535
Due to customers 16 404,203,107 341,169,450
Derivative financial instruments 324,863 331,073
Current tax liabilities 1,962,488 859,582
Other liabilities 8,002,075 5,735,269
Issued debt instruments 17 1,556,032 -
Other loans 5,633,101 7,746,946
Provisions 18 3,343,071 3,223,501
Total liabilities 426,570,787 367,883,356
Equity
Issued and paid up capital 19,702,418 14,776,813
Reserves 34,459,488 33,094,580
Reserve for employee stock ownership plan (ESOP) 1,542,292 1,064,648
Retained earnings * 10,301,362 10,539,715
Total equity and net profit for the period / year 66,005,560 59,475,756
Minority interest 455,904 483,055
Total minority interest, equity and net profit for the period / year 66,461,464 59,958,811
Total liabilities and equity 493,032,251 427,842,167
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 & Managing Director Chairman
Condensed Consolidated Interim Income Statement for the period ended September
30, 2021
Notes Last 3 Months Last 9 Months Last 3 Months Last 9 Months
Sep. 30, 2021 Sep. 30, 2021 Sep. 30, 2020 Sep. 30, 2020
EGP Thousands EGP Thousands EGP Thousands EGP Thousands
Interest and similar income 11,637,222 32,654,016 10,598,726 31,521,368
Interest and similar expense (5,179,478) (14,499,387) (4,235,829) (12,681,144)
Net interest income 6,457,744 18,154,629 6,362,897 18,840,224
Fee and commission income 1,099,130 2,900,853 663,330 2,142,547
Fee and commission expense (442,713) (1,129,949) (310,289) (803,346)
Net fee and commission income 656,417 1,770,904 353,041 1,339,201
Dividend income 18,854 57,451 14,431 40,393
Net trading income 5 212,228 490,787 51,001 228,232
Profits (Losses) on financial investments 12 56,596 658,483 53,913 885,918
Administrative expenses (1,492,421) (4,438,232) (1,352,498) (4,200,518)
Other operating (expenses) income (255,488) (1,370,707) (187,946) (2,035,158)
Goodwill amortization 23 (10,314) (30,943) (11,921) (20,302)
Intangible assets amortization 24 (2,591) (7,774) - -
Impairment release (charges) for credit losses (303,307) (1,323,521) (1,603,212) (3,862,866)
Bank's share in the profits of associates 6,560 18,354 17,333 24,327
Profit before income tax 5,344,278 13,979,431 3,697,039 11,239,451
Income tax expense (1,525,115) (4,115,929) (1,306,332) (3,958,540)
Deferred tax assets (Liabilities) (6,983) 11,861 (44,220) 63,381
Net profit for the period 3,812,180 9,875,363 2,346,487 7,344,292
Minority interest (220) (1,932) (2,100) (2,100)
Bank shareholders 3,812,400 9,877,295 2,348,587 7,346,392
Earning per share 6
Basic 1.71 4.44 1.08 3.34
Diluted 1.70 4.42 1.07 3.32
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Last 9 Months
Sep. 30, 2021
Last 3 Months
Sep. 30, 2020
Last 9 Months
Sep. 30, 2020
EGP Thousands
EGP Thousands
EGP Thousands
EGP Thousands
Interest and similar income
11,637,222
32,654,016
10,598,726
31,521,368
Interest and similar expense
(5,179,478)
(14,499,387)
(4,235,829)
(12,681,144)
Net interest income
6,457,744
18,154,629
6,362,897
18,840,224
Fee and commission income
1,099,130
2,900,853
663,330
2,142,547
Fee and commission expense
(442,713)
(1,129,949)
(310,289)
(803,346)
Net fee and commission income
656,417
1,770,904
353,041
1,339,201
Dividend income
18,854
57,451
14,431
40,393
Net trading income
5
212,228
490,787
51,001
228,232
Profits (Losses) on financial investments
12
56,596
658,483
53,913
885,918
Administrative expenses
(1,492,421)
(4,438,232)
(1,352,498)
(4,200,518)
Other operating (expenses) income
(255,488)
(1,370,707)
(187,946)
(2,035,158)
Goodwill amortization
23
(10,314)
(30,943)
(11,921)
(20,302)
Intangible assets amortization
24
(2,591)
(7,774)
-
-
Impairment release (charges) for credit losses
(303,307)
(1,323,521)
(1,603,212)
(3,862,866)
Bank's share in the profits of associates
6,560
18,354
17,333
24,327
Profit before income tax
5,344,278
13,979,431
3,697,039
11,239,451
Income tax expense
(1,525,115)
(4,115,929)
(1,306,332)
(3,958,540)
Deferred tax assets (Liabilities)
(6,983)
11,861
(44,220)
63,381
Net profit for the period
3,812,180
9,875,363
2,346,487
7,344,292
Minority interest
(220)
(1,932)
(2,100)
(2,100)
Bank shareholders
3,812,400
9,877,295
2,348,587
7,346,392
Earning per share
6
Basic
1.71
4.44
1.08
3.34
Diluted
1.70
4.42
1.07
3.32
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Last 9 Months
Sep. 30, 2021
Last 3 Months
Sep. 30, 2020
Last 9 Months
Sep. 30, 2020
EGP Thousands
EGP Thousands
EGP Thousands
EGP Thousands
Interest and similar income
11,637,222
32,654,016
10,598,726
31,521,368
Interest and similar expense
(5,179,478)
(14,499,387)
(4,235,829)
(12,681,144)
Net interest income
6,457,744
18,154,629
6,362,897
18,840,224
Fee and commission income
1,099,130
2,900,853
663,330
2,142,547
Fee and commission expense
(442,713)
(1,129,949)
(310,289)
(803,346)
Net fee and commission income
656,417
1,770,904
353,041
1,339,201
Dividend income
18,854
57,451
14,431
40,393
Net trading income
5
212,228
490,787
51,001
228,232
Profits (Losses) on financial investments
12
56,596
658,483
53,913
885,918
Administrative expenses
(1,492,421)
(4,438,232)
(1,352,498)
(4,200,518)
Other operating (expenses) income
(255,488)
(1,370,707)
(187,946)
(2,035,158)
Goodwill amortization
23
(10,314)
(30,943)
(11,921)
(20,302)
Intangible assets amortization
24
(2,591)
(7,774)
-
-
Impairment release (charges) for credit losses
(303,307)
(1,323,521)
(1,603,212)
(3,862,866)
Bank's share in the profits of associates
6,560
18,354
17,333
24,327
Profit before income tax
5,344,278
13,979,431
3,697,039
11,239,451
Income tax expense
(1,525,115)
(4,115,929)
(1,306,332)
(3,958,540)
Deferred tax assets (Liabilities)
(6,983)
11,861
(44,220)
63,381
Net profit for the period
3,812,180
9,875,363
2,346,487
7,344,292
Minority interest
(220)
(1,932)
(2,100)
(2,100)
Bank shareholders
3,812,400
9,877,295
2,348,587
7,346,392
Earning per share
6
Basic
1.71
4.44
1.08
3.34
Diluted
1.70
4.42
1.07
3.32
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended September 30, 2021
Last 3 Months Last 9 Months Last 3 Months Last 9 Months
Sep. 30, 2021 Sep. 30, 2021 Sep. 30, 2020 Sep. 30, 2020
EGP Thousands EGP Thousands EGP Thousands EGP Thousands
Net profit for the period 3,812,180 9,875,363 2,346,487 7,344,292
Change in fair value of debt instruments measured at fair value through other (700,186) (2,375,618) (807,000) (2,292,039)
comprehensive income
Transferred from reserve on disposal of financial assets at fair value through (72,956) (177,362) (21,575) (76,717)
OCI
Cumulative foreign currencies translation differences (3,490) (2,636) 460 1,314
Effect of ECL in fair value of debt instruments measured at fair value through (83,602) (98,246) (2,320) 88,192
OCI
Total comprehensive income for the period 2,951,946 7,221,501 1,516,052 5,065,042
As follows:
Bank's shareholders 2,952,166 7,223,433 1,518,152 5,067,142
Minority interest (220) (1,932) (2,100) (2,100)
Total comprehensive income for the period 2,951,946 7,221,501 1,516,052 5,065,042
Last 9 Months
Sep. 30, 2021
Last 3 Months
Sep. 30, 2020
Last 9 Months
Sep. 30, 2020
EGP Thousands
EGP Thousands
EGP Thousands
EGP Thousands
Net profit for the period
3,812,180
9,875,363
2,346,487
7,344,292
Change in fair value of debt instruments measured at fair value through other
comprehensive income
(700,186)
(2,375,618)
(807,000)
(2,292,039)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(72,956)
(177,362)
(21,575)
(76,717)
Cumulative foreign currencies translation differences
(3,490)
(2,636)
460
1,314
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
(83,602)
(98,246)
(2,320)
88,192
Total comprehensive income for the period
2,951,946
7,221,501
1,516,052
5,065,042
As follows:
Bank's shareholders
2,952,166
7,223,433
1,518,152
5,067,142
Minority interest
(220)
(1,932)
(2,100)
(2,100)
Total comprehensive income for the period
2,951,946
7,221,501
1,516,052
5,065,042
Last 9 Months
Sep. 30, 2021
Last 3 Months
Sep. 30, 2020
Last 9 Months
Sep. 30, 2020
EGP Thousands
EGP Thousands
EGP Thousands
EGP Thousands
Net profit for the period
3,812,180
9,875,363
2,346,487
7,344,292
Change in fair value of debt instruments measured at fair value through other
comprehensive income
(700,186)
(2,375,618)
(807,000)
(2,292,039)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(72,956)
(177,362)
(21,575)
(76,717)
Cumulative foreign currencies translation differences
(3,490)
(2,636)
460
1,314
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
(83,602)
(98,246)
(2,320)
88,192
Total comprehensive income for the period
2,951,946
7,221,501
1,516,052
5,065,042
As follows:
Bank's shareholders
2,952,166
7,223,433
1,518,152
5,067,142
Minority interest
(220)
(1,932)
(2,100)
(2,100)
Total comprehensive income for the period
2,951,946
7,221,501
1,516,052
5,065,042
Condensed Consolidated Interim Cash flows for the period ended September 30,
2021
Notes Sep. 30, 2021 Sep. 30, 2020
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 13,979,431 11,239,451
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 14 636,413 558,536
Impairment charge for credit losses (Loans and advances to customers and 1,383,887 3,761,456
banks)
Other provisions charges 18 190,525 974,522
Impairment charge for credit losses (due from banks) 37,880 13,218
Impairment (Released) charge for credit losses (financial investments) (98,246) 88,192
Impairment (Released) charge for other assets 31,975 56,245
Exchange revaluation differences for financial assets at fair value through 40,050 238,906
OCI
Goodwill amortization 23 58,448 20,302
Intangible assets amortization 24 14,685 -
Impairment (Released) charge financial assets at fair value through OCI - 79,126
Utilization of other provisions 18 (44,978) (1,479)
Other provisions no longer used 18 (12,255) (6,022)
Exchange differences of other provisions 18 (13,722) (17,670)
Profits from selling property and equipment (2,124) (872)
Losses (profits) from selling financial investments 12 (643,467) (979,144)
Impairment (Released) charges of investments in associates and subsidiaries (15,016) 14,100
Shares based payments 477,644 447,694
Bank's share in the profits of associates (18,354) (24,327)
Operating losses (profits) before changes in operating assets and liabilities 16,002,776 16,462,234
Net decrease (increase) in assets and liabilities
Due from banks (272,238) (5,972,551)
Financial assets at fair value through P&L 12 153,260 74,562
Derivative financial instruments (24,448) (3,735)
Loans and advances to banks and customers 10 - 11 (20,943,748) (2,977,814)
Other assets (1,611,672) 592,680
Due to banks 15 (7,271,485) (2,990,512)
Due to customers 16 63,033,657 27,878,364
Income tax obligations paid (2,153,441) (4,389,254)
Other liabilities 1,706,495 (4,589,999)
Net cash used in (generated from) operating activities 48,619,156 24,083,975
Cash flow from investing activities
Proceeds from Investments in associates. - 750
Proceeds (payments) for investment in associates. (158,360) -
Payment for purchases of property, equipment and branches constructions (677,464) (921,312)
Proceeds from selling property and equipment 2,124 872
Proceeds from redemption of financial assets at amortized cost 4,753,398 37,493,345
Payment for purchases of financial assets at amortized cost (2,617) -
Payment for purchases of financial assets at fair value through OCI (208,509,917) (55,823,590)
Proceeds from selling financial assets at fair value through OCI 147,101,717 24,041,845
Proceeds from investment in subsidiaries. - 194,722
Net cash generated from (used in) investing activities (57,491,119) 4,986,632
Condensed Consolidated Interim Cash flows for the period ended September 30,
2021 (Cont.)
Sep. 30, 2021 Sep. 30, 2020
EGP Thousands EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans (2,113,845) 4,492,249
Dividend paid (1,360,652) (3,370,464)
Issued debt instruments 1,556,032 -
Capital increase - 85,992
Net cash generated from (used in) financing activities (1,918,465) 1,207,777
Net (decrease) increase in cash and cash equivalent during the period (10,790,428) 30,278,384
Beginning balance of cash and cash equivalent 75,796,375 22,895,017
Cash and cash equivalent at the end of the period 65,005,947 53,173,401
Cash and cash equivalent comprise:
Cash and balances at the central bank 33,326,348 35,786,423
Due from banks 72,296,624 56,934,238
Treasury bills and other governmental notes 9 65,656,846 32,133,958
Obligatory reserve balance with CBE (27,265,818) (30,004,955)
Due from banks with maturities more than three months (16,980,376) (8,958,909)
Treasury bills with maturity more than three months (62,027,677) (32,717,354)
Total cash and cash equivalent 65,005,947 53,173,401
'
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended September 30, 2020
Sep. 30, 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
Capital increase 85,992 - - - - - - - - - - 85,992 - 85,992
Transferred to reserves - 590,106 7,840,287 - - 1,440 - - (8,431,833) - - - - -
Dividend paid - - - - - - - - (3,370,464) - - (3,370,464) - (3,370,464)
Minority interest - - - - - - - - - - - - 343,954 343,954
Net profit of the period - - - - - - - - 7,346,392 - - 7,346,392 (2,100) 7,344,292
Transferred from reserve of financial assets at fair value through OCI - - - - - - (76,717) - 76,717 - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (2,292,039) - - - - (2,292,039) - (2,292,039)
Transferred (from) to banking risk reserve - - - - - - - 1,259 (1,259) - - - - -
ECL for impairment of debt instruments investments - - - - - - 88,192 - - - - 88,192 - 88,192
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 447,694 - 447,694 - 447,694
Cumulative foreign currencies translation differences - - - - - - - - - - (1,187) (1,187) - (1,187)
Balance at the end of the period 14,776,813 2,778,135 24,314,716 1,549,445 - 14,906 1,831,217 6,423 7,501,210 1,410,846 1,314 54,185,025 341,854 54,526,879
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended September 30, 2021
Sep. 30, 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
Capital increase 4,925,605 - (4,925,605) - - - - - - - - - - -
Transferred to reserves - 514,939 8,420,479 1,461 - 1,094 - - (8,937,973) - - - - -
Dividend paid - - - - - - - - (1,360,652) - - (1,360,652) - (1,360,652)
Minority Interest share - - - - - - - - - - - - (25,219) (25,219)
Net profit of the period - - - - - - - - 9,877,295 - - 9,877,295 (1,932) 9,875,363
Transferred from reserve on disposal of financial assets at fair value through - - - - - - (177,362) - 177,362 - - - - -
OCI
- - - - - - - - 8,333 - - 8,333 - 8,333
Transferred from previous years' outstanding balances
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (2,375,618) - - - - (2,375,618) - (2,375,618)
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
- - - - - - (98,246) - - - - (98,246) - (98,246)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 477,644 - 477,644 - 477,644
Cumulative foreign currencies translation differences - - - - - - - - - - 1,048 1,048 - 1,048
19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 1,324,288 9,141 10,301,362 1,542,292 (2,636) 66,005,560 455,904 66,461,464
Balance at the end of the period
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