REG - Commercial Int Bank - CIB 3rd Quarter Consolidated Condensed Results

Commercial International Bank Egypt CIBAnnouncement

16/12/2020 07:01

RNS Number : 7812I
  
Commercial Intnl Bank (Egypt) SAE
  
16 December 2020
  
 

 
.Commercial International Bank (Egypt) S.A.E

 
Consolidated Condensed Financial Statements

 
September 30, 2020
 
 
 













Condensed Consolidated Interim Balance Sheet as at September 30, 2020




 


 


Notes


Sep. 30, 2020


 


Dec. 31, 2019




 


 


EGP Thousands


 


EGP Thousands




 


Assets


 


 


 


 




 


Cash and balances at the central bank


7


35,786,423


 


28,273,962




 


Due from  banks


8


56,903,819


 


28,353,366




 


Loans and advances to banks, net


10


19,021


 


625,264




 


Loans and advances to customers, net


11


119,145,984


 


119,321,103




 


Derivative financial instruments


 


242,694


 


216,383




 


Investments


 


 


 


 




 


- Financial Assets at Fair value through P&L


12


344,219


 


418,781




 


- Financial Assets at Fair value through OCI


12


119,938,583


 


89,897,257




 


- Amortized cost


12


69,896,376


 


107,225,613




 


- Investments in associates


13


141,772


 


107,693




 


Other assets


 


9,398,676


 


9,748,143




 


Goodwill


0


223,328


 


-




 


Deferred tax assets (Liabilities)


 


413,720


 


350,339




 


Property, plant and equipment


14


2,265,502


 


2,204,464




 


Total assets


 


414,720,117


 


386,742,368




 


Liabilities and equity


 


 


 


 




 


Liabilities


 


 


 


 




 


Due to banks


15


8,820,095


 


11,810,607




 


Due to customers


16


332,326,819


 


304,448,455




 


Derivative financial instruments


 


305,164


 


282,588




 


Current tax liabilities


 


1,359,201


 


4,639,364




 


Other liabilities


 


6,656,244


 


8,396,794




 


Other loans


 


7,764,995


 


3,272,746




 


Provisions


17


2,960,720


 


2,011,369




 


Total liabilities


 


360,193,238


 


334,861,923




 


Equity


 


 


 


 




 


Issued and paid up capital


 


14,776,813


 


14,690,821




 


Reserves


 


30,496,156


 


24,344,815




 


Reserve for employee stock ownership plan (ESOP)


 


1,410,846


 


963,152




 


Retained earnings *


 


7,501,210


 


11,881,657




 


Total equity


 


54,185,025


 


51,880,445




 


Minority interest


 


341,854


 


-




 


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


54,526,879


 


51,880,445




 


Total liabilities and equity


 


414,720,117


 


386,742,368




 


 


 


 


 


 




 


 


 


 


 


 




 


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 statement of other Comprehensive Income for the period ended September 30, 2020




 


 


 


Last 9 Months


 


Last 9 Months


 


 


 




 


 


 


Sep. 30, 2020


 


Sep. 30, 2019


 


 


 




 


 


 


EGP Thousands


 


EGP Thousands


 


 


 




 


 


 


 


 


 


 


 


 




Net profit for the period


 


 


7,344,292


 


8,537,594


 


 


 




 


 


 


 


 


 


 


 


 




Net change in fair value of instruments measured at fair value through other comprehensive income


 


 


(2,292,039)


 


5,271,372


 


 


 




Transferred from reserve for financial assets at fair value through OCI


 


 


(76,717)


 


-


 


 


 




Cumulative foreign currencies translation differences


 


 


1,314


 


3,747


 


 


 




Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income


 


 


88,192


 


(71,846)


 


 


 




Total other comprehensive income for the period


 


 


5,065,042


 


13,740,867


 


 


 




 


 


 


 


 


 


 


 


 




As follows:


 


 


 


 


 


 


 


 




Bank's shareholders


 


 


5,067,142


 


13,740,867


 


 


 




Minority interest


 


 


(2,100)


 


-


 


 


 




Total other comprehensive income for the period


 


 


5,065,042


 


13,740,867


 


 


 





 


 


 


 


 


 


 


 









 


 


 


 




 


 


 


 




 


 


 









Condensed Consolidated Interim Cash flows for the period ended September 30, 2020




 


 


 


 


 




 


Notes


Sep. 30, 2020


 


Sep. 30, 2019




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from operating activities


 


 


 


 




Profit before income tax from continued operations


 


11,239,451


 


11,773,726




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


 


 


 


 




Fixed assets depreciation


14


558,536


 


425,637




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


 


3,761,456


 


1,256,000




Other provisions charges


17


974,522


 


12,494




Impairment charge for credit losses (due from banks)


 


13,218


 


23,161




Impairment charge for credit losses (financial investments)


 


88,192


 


(71,846)




Impairment charge for other assets


 


56,245


 


83,213




Exchange revaluation differences for financial assets at fair value through OCI


 


238,906


 


1,303,741




Goodwill amortization


22


20,302


 


-




Intangible assets amortization


 


-


 


97,656




Impairment charge financial assets at fair value through OCI


 


79,126


 


45,664




Utilization of other provisions


17


(1,479)


 


(27,733)




Other provisions no longer used


17


(6,022)


 


(96,499)




Exchange differences of  other provisions


17


(17,670)


 


(103,531)




Profits from selling property, plant and equipment


 


(872)


 


(1,439)




(Profits) losses from selling financial investments


12


(979,144)


 


(310,329)




Released (Impairment) charges of investments in associates and subsidiaries


 


14,100


 


-




Shares based payments


 


447,694


 


371,997




Bank's share in the profits of associates


 


(24,327)


 


(291)




Operating profits before changes in operating assets and liabilities


 


16,462,234


 


14,781,621




 


 


 


 


 




Net decrease (increase) in assets and  liabilities


 


 


 


 




Due from banks


 


(5,972,551)


 


(13,052,086)




Treasury bills and other governmental notes


 


(4,492,317)


 


4,974,205




Financial assets at fair value through P&L


12


74,562


 


2,252,280




Derivative financial instruments


 


(3,735)


 


(67,282)




Loans and advances to banks and customers


10 - 11


(2,977,814)


 


(4,796,325)




Other assets


 


592,680


 


247,459




Due to banks


15


(2,990,512)


 


(5,431,711)




Due to customers


16


27,878,364


 


22,548,279




Income tax obligations paid


 


(4,389,254)


 


(3,625,579)




Other liabilities


 


(4,589,999)


 


1,862,821




Net cash used in (generated from) operating activities


 


19,591,658


 


19,693,682




 


 


 


 


 




Cash flow from investing activities


 


 


 


 




Proceeds from Investments in associates.


 


750


 


-




Payment for purchases of property, plant, equipment and branches

 constructions


 


(921,312)


 


(1,067,918)




Proceeds from selling property, plant and equipment


 


872


 


1,439




Proceeds from redemption of financial assets at amortized cost


 


37,493,345


 


33,937,957




Payment for purchases of financial assets at amortized cost


 


-


 


(47,344,534)




Payment for purchases of financial assets at fair value through OCI


 


(51,331,273)


 


(26,637,577)




Proceeds from selling financial assets at fair value through OCI


 


24,041,845


 


5,350,754




Proceeds from investment in subsidiaries.


 


194,722


 


-




Net cash generated from (used in) investing activities


 


9,478,949


 


(35,759,879)




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




Cash flow from financing activities


 


 


 


 




Increase (decrease) in long term loans


 


4,492,249


 


(321,235)




Dividend paid


 


(3,370,464)


 


(2,700,544)




Capital increase


 


85,992


 


-




Net cash generated from (used in) financing activities


 


1,207,777


 


(3,021,779)




 


 


 


 


 




 


 


 


 


 




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


 


30,278,384


 


(19,083,872)




Beginning balance of cash and cash equivalent


 


22,895,017


 


34,303,645




Cash and cash equivalent at the end of the period


 


53,173,401


 


15,219,773




 


 


 


 


 




Cash and cash equivalent comprise:


 


 


 


 




Cash and balances at the central bank


7


35,786,423


 


27,205,020




Due from banks


 


56,934,238


 


25,629,602




Treasury bills and other governmental  notes


9


32,133,958


 


44,736,504




Obligatory reserve balance with CBE


7


(30,004,955)


 


(20,770,245)




Due from banks with maturities more than three months


 


(8,958,909)


 


(16,541,989)




Treasury bills with maturity more than three months


 


(32,717,354)


 


(45,039,119)




Total cash and cash equivalent


 


53,173,401


 


15,219,773





 


 


 


 




 


 


 


 




 


 


 


 




 


 


 


 




 


 


 





 


 


 


 


 


 


 


 









Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2019


 


 


 




Sep. 30, 2019


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


Cumulative foreign currencies translation differences


Total Shareholders Equity 


Minority Interest


Total


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


EGP Thousands


 


 




Beginning balance


         11,668,326 


        1,710,293 


        12,776,215 


          1,549,445 


          12,421 


         (1,860,851)


          4,323 


           9,637,083 


        738,320 


                                 -   


          36,235,575 


                  -   


                    36,235,575 


 


 




Capital increase


           2,917,082 


                        -   


         (2,917,082)


                          -   


                    -   


                           -   


                  -   


                           -   


                    -   


                                 -   


                             -   


                  -   


                                      -   


 


 




Transferred to reserves


                           -   


            477,736 


           6,375,589 


                          -   


            1,045 


                           -   


                  -   


         (6,854,370)


                    -   


                                 -   


                             -   


                  -   


                                      -   


 


 




Dividend paid


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


         (2,700,544)


                    -   


                                 -   


           (2,700,544)


                  -   


                    (2,700,544)


 


 




Net profit of the period


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


           8,537,594 


                    -   


                                 -   


             8,537,594 


                  -   


                      8,537,594 


 


 




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


                           -   


                        -   


                           -   


                          -   


                    -   


           5,271,372 


                  -   


                           -   


                    -   


                                 -   


             5,271,372 


                  -   


                      5,271,372 


 


 




Transferred (from) to  bank risk reserve


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


              841 


                     (841)


                    -   


                                 -   


                             -   


                  -   


                                      -   


 


 




ECL for impairment of debt instruments investments


                           -   


                        -   


                           -   


                          -   


                    -   


               (71,846)


                  -   


                           -   


                    -   


                                 -   


                 (71,846)


                  -   


                          (71,846)


 


 




Cost of employees stock ownership plan (ESOP)


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


                           -   


        371,997 


                                 -   


                371,997 


                  -   


                          371,997 


 


 




Cumulative foreign currencies translation differences


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


                           -   


                    -   


                          3,747 


                     3,747 


                  -   


                               3,747 


 


 




Balance at the end of the period


         14,585,408 


        2,188,029 


        16,234,722 


          1,549,445 


          13,466 


           3,338,675 


          5,164 


           8,618,922 


    1,110,317 


                          3,747 


          47,647,895 


                  -   


                    47,647,895 


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 










 
 
 
 
 
 





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


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 share


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


                           -   


                    -   


                                 -   


                             -   


      343,954 


                          343,954 


 


 




Net profit of the period


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


                  -   


           7,346,392 


                    -   


                                 -   


             7,346,392 


         (2,100)


                      7,344,292 


 


 




Transferred from reserve for 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  bank risk reserve


                           -   


                        -   


                           -   


                          -   


                    -   


                           -   


          1,259 


                  (1,259)


                    -   


                                 -   


                             -   


                  -   


                                      -   


 


 




Release provision 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 


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 





 
 
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