REG - Commercial Int Bank - CIB 3Q21 Separate Condensed Financial Results
12/11/2021 07:05
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RNS Number : 1601S Commercial Intnl Bank (Egypt) SAE 12 November 2021
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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
September 30, 2021
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
September 30, 2021
Condensed Separate 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 33,207,606 33,572,597
Due from banks 8 71,953,894 86,997,034
Loans and advances to banks, net 10 - 776,980
Loans and advances to customers, net 11 139,110,172 118,854,880
Derivative financial instruments 266,997 248,759
Investments
- Financial Assets at Fair Value through P&L 12 206,699 359,959
- Financial Assets at Fair Value through OCI 12 211,854,018 147,646,432
- Amortized cost 12 20,299,222 25,020,917
- Investments in associates and subsidiaries 13 1,023,350 874,348
Other assets 10,515,647 9,095,212
Deferred tax assets (Liabilities) 449,617 437,772
Property and equipment 14 2,456,076 2,259,940
Total assets 491,343,298 426,144,830
Liabilities and equity
Liabilities
Due to banks 15 1,542,750 8,815,561
Due to customers 16 403,085,553 340,086,524
Derivative financial instruments 324,863 331,073
Current tax liabilities 1,962,488 859,582
Other liabilities 7,945,461 5,679,266
Issued debt instruments 17 1,556,032 -
Other loans 5,633,101 7,746,946
Provisions 18 3,341,155 3,221,252
Total liabilities 425,391,403 366,740,204
Equity
Issued and paid up capital 19,702,418 14,776,813
Reserves 34,449,076 33,085,554
Reserve for employee stock ownership plan (ESOP) 1,542,292 1,064,648
Retained earnings * 10,258,109 10,477,611
Total equity and net profit for the period / year 65,951,895 59,404,626
Total liabilities and equity 491,343,298 426,144,830
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 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 11,593,432 32,568,923 10,576,974 31,499,616
Interest and similar expense (5,160,860) (14,463,322) (4,220,982) (12,666,727)
Net interest income 6,432,572 18,105,601 6,355,992 18,832,889
Fee and commission income 1,096,988 2,895,435 660,822 2,140,039
Fee and commission expense (442,737) (1,129,866) (310,289) (803,346)
654,251 1,765,569 350,533 1,336,693
Net fee and commission income
Dividend income 18,854 82,426 62,431 88,393
Net trading income 5 210,117 484,774 49,736 226,967
Profits (Losses) on financial investments 12 56,589 634,108 53,913 885,918
Administrative expenses (1,463,520) (4,382,463) (1,339,447) (4,184,345)
Other operating (expenses) income (252,886) (1,366,178) (186,143) (2,033,630)
Impairment release (charges) for credit losses (306,694) (1,325,770) (1,602,505) (3,862,159)
Profit before income tax 5,349,283 13,998,067 3,744,510 11,290,726
Income tax expense (1,524,957) (4,115,227) (1,306,332) (3,958,540)
Deferred tax assets (Liabilities) (6,983) 11,845 (44,220) 63,381
Net profit for the period 3,817,343 9,894,685 2,393,958 7,395,567
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 Separate 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 3,817,343 9,894,685 2,393,958 7,395,567
Change in fair value of debt instruments measured at fair value through other (700,186) (2,374,495) (807,000) (2,290,581)
comprehensive income
Transferred from reserve on disposal of financial assets at fair value through (72,956) (177,362) (21,575) (76,717)
OCI
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 2,960,599 7,244,582 1,563,063 5,116,461
Condensed Separate 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 13,998,067 11,290,726
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 14 636,413 503,005
Impairment charge for credit losses (Loans and advances to customers and 1,385,835 3,761,572
banks)
Other provisions charges 18 190,858 972,522
Impairment charge for credit losses (due from banks) 38,181 12,395
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
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)
Losses (profits) from selling property, plant and equipment (2,124) (872)
Losses (profits) from selling financial investments 12 (643,467) (979,144)
Shares based payments 477,644 447,694
Impairment (Released) charges of investments in associates and subsidiaries 9,359 14,100
Operating losses (profits) before changes in operating assets and liabilities 15,993,590 16,459,296
Net decrease (increase) in assets and liabilities
Due from banks (272,238) (5,824,055)
Financial assets at fair value through P&L 12 153,260 74,562
Derivative financial instruments (24,448) (4,144)
Loans and advances to banks and customers 10 - 11 (20,847,787) (2,311,001)
Other assets (1,631,518) 653,639
Due to banks 15 (7,272,811) (2,999,346)
Due to customers 16 62,999,029 26,727,228
Income tax obligations paid (2,152,739) (4,389,254)
Other liabilities 1,414,946 (4,645,456)
Net cash used in (generated from) operating activities 48,359,284 23,741,469
Cash flow from investing activities
Proceeds from investments in associates. - 750
Proceeds (payments) for investment in associates. (158,360) (680,836)
Payment for purchases of property, plant, equipment and branches (669,801) (809,475)
constructions
Proceeds from selling property, plant and equipment 2,124 872
Proceeds from redemption of financial assets at amortized cost 4,725,376 37,493,345
Payment for purchases of financial assets at amortized cost (3,844) -
Payment for purchases of financial assets at fair value through OCI (207,918,546) (55,656,650)
Proceeds from selling financial assets at fair value through OCI 146,303,855 24,096,252
Net cash generated from (used in) investing activities (57,719,196) 4,444,258
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 (11,278,377) 29,393,504
Beginning balance of cash and cash equivalent 75,965,247 22,895,017
Cash and cash equivalent at the end of the period 64,686,870 52,288,521
Cash and cash equivalent comprise:
Cash and balances at the central bank 33,207,606 35,579,884
Due from banks 72,015,406 56,274,241
Treasury bills and other governmental notes 9 65,654,913 31,967,018
Obligatory reserve balance with CBE (27,183,002) (29,856,359)
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 64,686,870 52,288,521
Condensed Separate 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 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 14,690,821 2,188,029 16,474,429 1,549,445 13,466 4,111,781 5,164 11,803,555 963,152 51,799,842
Capital increase 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)
Net profit for the period - - - - - - - 7,395,567 - 7,395,567
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 - - - - - (2,290,581) - - - (2,290,581)
Transferred (from) to bank risk reserve - - - - - - 1,259 (1,259) - -
ECL for impairment of debt instruments investments - - - - - 88,192 - - - 88,192
Cost of employees stock ownership plan (ESOP) - - - - - - - - 447,694 447,694
Ending balance 14,776,813 2,778,135 24,314,716 1,549,445 14,906 1,832,675 6,423 7,472,283 1,410,846 54,156,242
Condensed Separate 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 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 4,925,605 - (4,925,605) - - - - - - -
Transferred to reserves - 514,939 8,420,479 - 1,094 - - (8,936,512) - -
Dividend paid - - - - - - - (1,360,652) - (1,360,652)
Net profit for the period - - - - - - - 9,894,685 - 9,894,685
Transferred from reserve on disposal of financial assets at fair value through - - - - - (177,362) - 177,362 - -
OCI
Transferred from previous years' outstanding balances - - - - - - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - (2,374,495) - - - (2,374,495)
Transferred (from) to banking risk reserve - - - - - - 2,718 (2,718) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - (98,246) - - - (98,246)
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 477,644 477,644
Ending balance 19,702,418 3,293,074 28,260,532 1,549,445 16,000 1,320,884 9,141 10,258,109 1,542,292 65,951,895
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