REG - Commercial Int Bank - CIB Annual Financial Report
19/02/2025 07:00
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RNS Number : 5950X Commercial Intnl Bank (Egypt) SAE 19 February 2025
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements - IFRS
December 31, 2024
Consolidated Income Statement for the Year Ended December 31, 2024
Notes Dec. 31, 2024 Dec. 31, 2023
Interest and similar income 182,735,474 104,028,379
Interest and similar expense (91,751,450) (51,142,688)
Net interest income 3 90,984,024 52,885,691
Fee and commission income 12,813,876 9,049,924
Fee and commission expense (5,728,656) (3,611,699)
Net fee and commission income 4 7,085,220 5,438,225
Dividend income 5 195,047 234,010
Net trading income 6 20,470,230 4,006,880
Gain on investments 20 459,337 221,810
Intangible assets (51,831)
-
Goodwill (206,287)
-
Administrative expenses 7 (19,952,958) (13,299,910)
Other operating expenses 8 (23,201,267) (6,341,869)
Impairment charges for credit losses 9 (4,523,819) (4,270,081)
Bank's share in the loss of associates 12 (17,786) (55,983)
Profit before income tax from continuing operations 71,498,028 38,560,655
Taxes 10 (21,878,946) (11,942,406)
Net profit from continued operations 49,619,082 26,618,249
Discontinued Operations
Net (loss) from discontinued operations 44 (42,102)
-
Net profit for the Year 49,619,082 26,576,147
Attributable to:
Equity holders of the parent 49,558,744 26,541,824
Non-controlling interest 60,338 34,323
Net Profit for the year 49,619,082 26,576,147
Earnings per share 11
Basic attributable to equity holders of the parent 16.34 8.75
Diluted attributable to equity holders of the parent 16.14 8.64
The accompying notes from 1 to 44 form an integral part of these consolidated
financial statements.
Consolidated Statement of Comprehensive Income for the Year Ended December 31,
2024
Dec. 31, 2024 Dec. 31, 2023
Profit for the year 49,619,082 26,618,249
Comprehensive income items that will not be reclassified to the profit or
loss:
Change in fair value of equity instruments measured at fair value through 51,159 259,291
comprehensive income
Deferred Tax impact for investments that will not be reclassified to P&L (157,217) (131,008)
Transferred to RE from financial assets at fair value through comprehensive (370,224) (95,308)
income
Comprehensive income items that is or may be reclassified to the profit or
loss:
Change in fair value of Financial invesments measured at fair value through 8,634,672 (7,070,544)
comprehensive income
Change in fair value from selling FVOCI financial instruments (459,337) (205,344)
Cumulative foreign currencies translation differences 989,367 (32,971)
Deferred Tax impact for investments that may be reclassified to P&L 887,145 1,530,823
Effect of ECL in fair value of debt instruments measured at fair value through 936,949 1,888,326
OCI
Total comprehensive income for the year 60,131,596 22,761,514
As follows:
Equity holders of the parent 60,071,258 22,727,191
Non-controlling interest 60,338 34,323
Total comprehensive income for the year 60,131,596 22,761,514
Consolidated Statement of Financial Position as at December 31, 2024
Notes Dec. 31, 2024 Dec. 31, 2023
Assets
Cash and balances at the central bank 13 136,531,020 71,887,821
Due from banks 14 270,829,834 231,085,244
Loans and advances to banks, net 15 9,555,410 822,448
Loans and advances to customers, net 16 343,542,674 234,985,936
Financial Assets at fair value through profit or loss 19 380,769 306,375
Derivative financial instruments 17 819,711 1,105,148
Financial Assets at fair value through OCI 19 234,694,966 233,430,236
Financial Assets at amortized cost 19 168,118,219 38,341,019
Right of use assets 23 1,301,850 729,823
Investments in associates 21 98,193 115,979
Non current assets held for sale 42 - 161
Other assets 22 44,282,773 18,801,444
Deferred tax assets 10.2 2,685,330 1,685,230
Property and equipment 23 3,997,929 2,739,092
Total assets 1,216,838,678 836,035,956
Liabilities and equity
Liabilities
Due to banks 24 2,034,885 12,458,003
Due to customers 25 972,595,958 677,237,479
Lease liabilities 23 1,425,604 674,417
Derivative financial instruments 17 100,571 140,934
Non current liabilities held for sale 43 1,397 873
Issued debt instruments 18 5,067,781 3,073,349
Other liabilities 27 27,725,569 21,937,452
Current Tax liability 18,327,968 9,395,534
Other loans 26 23,962,389 12,483,907
Provisions 28 18,623,634 11,095,996
Total liabilities 1,069,865,756 748,497,944
Equity
Issued and paid in capital 29 30,431,580 30,195,010
Reserves 30 62,899,966 28,362,690
Reserve for employee stock ownership plan (ESOP) 30 1,868,235 1,486,010
Retained earnings 30 51,590,097 27,334,229
Total equity attributable to equity holders of the parent 146,789,878 87,377,939
Non-controlling interest 38 183,044 160,073
Total equity 146,972,922 87,538,012
Total liabilities and equity 1,216,838,678 836,035,956
The accompying notes from 1 to 44 form an integral part of these consolidated
financial statements.
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2023 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity
Beginning balance 29,825,134 1,895,435 15,144,290 19,342,866 66,207,725 580,431 66,788,156
Change in non controlling interest from acquisition of subsidiaries (536,867) (536,867)
- - - - -
Net Profit for the year 26,541,824 26,541,824 34,323 26,576,147
- - -
Capital increase 369,876 369,876 369,876
- - - -
Reserve for employee stock ownership plan (ESOP) 754,817 754,817 754,817
- - - -
Dividend (2,016,159) (2,016,159) (17,108) (2,033,267)
- - -
Transferred to reserves (1,164,242) (12,335,726) 9,019,824 (4,480,144) 99,294 (4,380,850)
-
Balance at 31 December 2023 30,195,010 1,486,010 27,334,229 28,362,690 87,377,939 160,073 87,538,012
Dec. 31, 2024
Beginning balance 30,195,010 1,486,010 27,334,229 28,362,690 87,377,939 160,073 87,538,012
Net Profit for the year 49,558,744 49,558,744 60,338 49,619,082
- - -
Capital increase 236,570 236,570 236,570
- - - -
Reserve for employee stock ownership plan (ESOP) 1,005,350 1,005,350 1,005,350
- - - -
Dividend (2,379,819) (2,379,819) (37,367) (2,417,186)
- - -
Transferred to reserves (623,125) (22,923,057) 34,537,276 10,991,094 10,991,094
- -
Balance at 31 December 2024 30,431,580 1,868,235 51,590,097 62,899,966 146,789,878 183,044 146,972,922
Consolidated Statement of Cash Flow for the Year Ended December 31, 2024
Notes Dec. 31, 2024 Dec. 31, 2023
Cash flow from operating activities
Profit before income tax from continued operations 71,498,028 38,560,655
(Loss) from discontinued operations - (42,102)
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 1,414,920 788,209
Impairment charge for credit losses (Loans and advances to customers) 4,768,107 2,311,867
Other provisions release/charge 3,363,525 2,821,141
Impairment release/charge for credit losses (due from banks) (341) (47,234)
Impairment release/charge for credit losses (financial investments) (243,947) 2,005,448
Impairment release/charge for other assets 37,939 17,620
Exchange revaluation differences for financial assets at fair value through (21,026,044) (5,442,433)
OCI and AC
Utilization of other provisions (9,586) (5,850)
Revaluation differences impairment charge for due from banks 2,008 -
Impairment of goodwill and intangible assets - 258,118
Exchange revaluation differences of other provisions 4,173,699 1,213,126
Revaluation differences impairment charge for Financial Assets at Amortized 119,504 607
cost
Impairment (Reversal of impairment) charges of investments in associates - (9,000)
Profits from selling property, plant and equipment (2,246) (1,663)
Profits/losses from selling financial investments at fair value through OCI (459,337) (205,344)
Revaluation differences impairment charge for Financial Assets at Fair value 1,329,905 1,903
through OCI
Shares based payments 1,005,350 754,817
Losses (Profits) from selling investments in associates - (7,466)
Bank's share in the profits / losses of associates 17,786 55,983
Operating profits before changes in working capital 65,989,270 43,028,402
Net decrease (increase) in working capital
Due from banks (111,192,809) 18,441,280
Financial assets at fair value through profit or loss (74,394) -
Derivative financial instruments 490,593 755,995
Loans and advances to banks and customers (122,049,597) (41,467,103)
Other assets (22,078,200) (3,968,123)
Non current assets held for sale - (161)
Non current liabilities held for sale 524 873
Due to banks (10,423,118) 8,961,305
Due to customers 295,358,479 145,620,929
Current income tax obligations paid (5,220,965) (3,704,414)
Other liabilities 5,788,117 4,236,973
Net cash generated from operating activities 96,587,900 171,905,956
Net cash generated from (used in) operating activities
Cash flow from investing activities
Proceeds from sale of investments in associates 11,956 4,510
Payments for purchases of property, equipment and branches construction (6,707,018) (1,685,846)
Proceeds from selling property and equipment 2,246 1,663
Proceeds from redemption of financial assets at amortized cost 2,028,180 6,125,452
Payments for purchases of financial assets at amortized cost (129,153,136) (9,290,232)
Payments for purchases of financial assets at fair value through OCI (113,445,585) (129,073,519)
Proceeds from selling financial assets at fair value through OCI 140,381,225 102,763,650
Payment for investment in subsidiaries - (1,142,840)
Net cash generated from (used in) investing activities (106,882,132) (32,297,162)
Cash flow from financing activities
Other loans 11,478,482 4,504,932
Other loans - new loans obtained in the year 3,835,016 9,604,139
Other loans - loans repaid in the year (243,015) (5,334,093)
Other loans - movement in foreign exchange rate 7,886,481 234,886
Dividends paid (2,379,819) (2,016,159)
Issued debt instruments 1,994,432 616,742
Cash payments for lease (principle and interest) (501,724) (248,871)
Capital increase 236,570 369,876
Net cash generated from (used in) financing activities 10,827,941 3,226,520
Net (decrease) increase in cash and cash equivalent during the year 533,709 142,835,314
Beginning balance of cash and cash equivalent 225,941,383 83,106,069
Cash and cash equivalent at the end of the year 226,475,092 225,941,383
Cash and cash equivalent at the end of the year
Cash and balances at the central bank 13 136,531,020 71,887,821
Due from banks with maturities of 3 months or less 14 203,103,430 217,156,599
Treasury bills and other governmental notes with maturities of three months or 19 1,618,665 1,293,148
less
Obligatory reserve balance with CBE 13 (114,778,023) (64,396,185)
Total cash and cash equivalent 31 226,475,092 225,941,383
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