REG - Commercial Int Bank - CIB 3rd Quarter Separate Condensed Results
.Commercial International Bank (Egypt) S.A.E
Condensed Separate Financial Statements
September 30, 2020
Condensed Separate 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
35,579,884
28,273,962
Due from banks
8
56,245,029
28,353,366
Loans and advances to banks, net
10
19,021
625,264
Loans and advances to customers, net
11
118,479,055
119,321,103
Derivative financial instruments
242,295
216,383
Investments
- Financial Assets at Fair value through P&L
12
344,219
418,781
- Financial Assets at Fair value through OCI
12
119,729,609
89,897,257
- Amortized cost
12
69,732,268
107,225,613
- Investments in associates and subsidiaries
13
836,095
63,953
Other assets
9,331,455
9,747,939
Deferred tax assets (Liabilities)
413,720
350,339
Property, plant and equipment
14
2,213,488
2,202,698
Total assets
413,166,138
386,696,658
Liabilities and equity
Liabilities
Due to banks
15
8,811,261
11,810,607
Due to customers
16
331,210,883
304,483,655
Derivative financial instruments
304,356
282,588
Current tax liabilities
1,359,201
4,639,364
Other liabilities
6,600,480
8,396,487
Other loans
7,764,995
3,272,746
Provisions
17
2,958,720
2,011,369
Total liabilities
359,009,896
334,896,816
Equity
Issued and paid up capital
14,776,813
14,690,821
Reserves
30,496,300
24,342,314
Reserve for employee stock ownership plan (ESOP)
1,410,846
963,152
Retained earnings *
7,472,283
11,803,555
Total equity
54,156,242
51,799,842
Total liabilities and equity
413,166,138
386,696,658
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 Separate Interim Income Statement for the period ended September 30, 2020
Last 9 Months
Last 9 Months
Notes
Sep. 30, 2020
Sep. 30, 2019
EGP Thousands
EGP Thousands
Interest and similar income
31,499,616
31,652,305
Interest and similar expense
(12,666,727)
(16,204,157)
Net interest income
18,832,889
15,448,148
Fee and commission income
2,140,039
2,544,996
Fee and commission expense
(803,346)
(857,475)
Net fee and commission income
1,336,693
1,687,521
Dividend income
88,393
22,454
Net trading income
5
226,967
561,877
Profits (Losses) on financial investments
12
885,918
263,132
Administrative expenses
(4,184,345)
(3,885,776)
Other operating (expenses) income
(2,033,630)
(1,015,131)
Intangible assets amortization
-
(97,656)
Impairment release (charges) for credit losses
(3,862,159)
(1,207,315)
Profit before income tax
11,290,726
11,777,254
Income tax expense
(3,958,540)
(3,283,731)
Deferred tax assets (Liabilities)
63,381
47,599
Net profit for the period
7,395,567
8,541,122
Earning per share
6
Basic
4.46
5.15
Diluted
4.44
5.13
Hussein Abaza
Sherif Samy
CEO & Board member
Chairman
Condensed Separate 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
7,395,567
8,541,122
Net change in fair value of instruments measured at fair value through other comprehensive income
(2,290,581)
5,271,372
Transferred from reserve for financial assets at fair value through OCI
(76,717)
-
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
5,116,461
13,740,648
Condensed Separate 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
11,290,726
11,777,254
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation
14
503,005
425,637
Impairment charge for credit losses (Loans and advances to customers and banks)
3,761,572
1,256,000
Other provisions charges
17
972,522
12,494
Impairment charge for credit losses (due from banks)
12,395
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
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) losses from selling property, plant and equipment
(872)
(1,439)
(Profits) losses from selling financial investments
12
(979,144)
(310,329)
Shares based payments
447,694
371,997
Released (Impairment) charges of investments in associates and subsidiaries
14,100
-
Operating profits before changes in operating assets and liabilities
16,459,296
14,785,440
Net decrease (increase) in assets and liabilities
Due from banks
(5,824,055)
(13,052,086)
Treasury bills and other governmental notes
(4,325,377)
4,974,205
Financial assets at fair value through P&L
12
74,562
2,252,280
Derivative financial instruments
(4,144)
(67,282)
Loans and advances to banks and customers
10 - 11
(2,311,001)
(4,796,325)
Other assets
653,639
247,536
Due to banks
15
(2,999,346)
(5,431,711)
Due to customers
16
26,727,228
22,543,760
Income tax obligations paid
(4,389,254)
(3,625,579)
Other liabilities
(4,645,456)
1,862,133
Net cash used in (generated from) operating activities
19,416,092
19,692,371
Cash flow from investing activities
Proceeds from investments in associates.
750
-
Payments for investment in subsidiaries and associates.
(680,836)
-
Payment for purchases of property, plant, equipment and branches
constructions
(809,475)
(1,066,607)
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
24,096,252
5,354,858
Net cash generated from (used in) investing activities
8,769,635
(35,754,464)
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
29,393,504
(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
52,288,521
15,219,773
Cash and cash equivalent comprise:
Cash and balances at the central bank
7
35,579,884
27,205,020
Due from banks
56,274,241
25,629,602
Treasury bills and other governmental notes
9
31,967,018
44,736,504
Obligatory reserve balance with CBE
7
(29,856,359)
(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
52,288,521
15,219,773
Condensed Separate 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
Total
EGP Thousands
Beginning balance
11,668,326
1,710,293
12,776,215
1,549,445
12,421
(1,860,851)
4,323
9,555,755
738,320
36,154,247
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)
Net profit for the period
-
-
-
-
-
-
-
8,541,122
-
8,541,122
Net unrealised gain/(loss) on financial assets at fair value through OCI
-
-
-
-
-
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)
Cost of employees stock ownership plan (ESOP)
-
-
-
-
-
-
-
-
371,997
371,997
Ending balance
14,585,408
2,188,029
16,234,722
1,549,445
13,466
3,338,675
5,164
8,541,122
1,110,317
47,566,348
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 for financial assets at fair value through OCI
-
-
-
-
-
(76,717)
-
76,717
-
-
Net unrealised gain/(loss) on financial assets at fair value through OCI
-
-
-
-
-
(2,290,581)
-
-
-
(2,290,581)
Transferred (from) to bank risk reserve
-
-
-
-
-
-
1,259
(1,259)
-
-
Release provision 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
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