REG - Commercial Int Bank - CIB-Consolidated Financial Statements 3Q.2024
04/11/2024 07:00
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RNS Number : 7502K Commercial Intnl Bank (Egypt) SAE 03 November 2024
Condensed Consolidated Interim Statement of Financial Position as at September 30, 2024
Notes Sep. 30, 2024 Dec. 31, 2023
Assets
Cash and balances at the central bank 9 94,568,773 71,887,821
Due from banks 10 305,235,726 231,085,244
Loans and advances to banks, net 12 3,323,215 822,448
Loans and advances to customers, net 13 304,043,669 234,985,936
Derivative financial instruments 1,769,619 1,105,148
Financial investments
- Financial Assets at Fair Value through P&L 14 2,066,889 -
- Financial Assets at Fair Value through OCI 14 223,821,557 233,125,234
- Financial Assets at Amortized cost 14 145,437,207 38,341,019
- Investments in associates 15 107,446 115,979
Non current assets held for sale 30.1 - 161
Other assets 16 34,331,134 18,972,786
Deferred tax assets 2,135,720 1,685,231
Property and equipment 17 3,117,062 2,739,092
Total assets 1,119,958,017 834,866,099
Liabilities and equity
Liabilities
Due to banks 18 3,799,980 12,458,003
Due to customers 19 900,966,962 677,237,479
Non current liabilities held for sale 30.2 1,327 873
Derivative financial instruments 138,896 140,934
Current income tax liabilities 14,269,506 9,395,534
Other liabilities 20 21,760,126 18,339,465
Issued debt instruments 21 4,811,742 3,073,349
Other loans 20,324,693 12,483,907
Other provisions 22 15,478,489 11,095,089
Total liabilities 981,551,721 744,224,633
Equity
Issued and paid up capital 30,431,580 30,195,010
Reserves 62,260,417 28,807,042
Reserve for employee stock ownership plan (ESOP) 1,667,230 1,486,010
Retained earnings * 43,924,408 29,993,331
Total equity and net profit for the period / year 138,283,635 90,481,393
Non Controlling Interest 122,661 160,073
Total minority interest, equity and net profit for the period / year 138,406,296 90,641,466
Total liabilities and equity 1,119,958,017 834,866,099
Condensed Consolidated Interim Statement of Financial Position as at September 30, 2024
Notes
Sep. 30, 2024
Dec. 31, 2023
Assets
Cash and balances at the central bank
9
94,568,773
71,887,821
Due from banks
10
305,235,726
231,085,244
Loans and advances to banks, net
12
3,323,215
822,448
Loans and advances to customers, net
13
304,043,669
234,985,936
Derivative financial instruments
1,769,619
1,105,148
Financial investments
- Financial Assets at Fair Value through P&L
14
2,066,889
-
- Financial Assets at Fair Value through OCI
14
223,821,557
233,125,234
- Financial Assets at Amortized cost
14
145,437,207
38,341,019
- Investments in associates
15
107,446
115,979
Non current assets held for sale
30.1
-
161
Other assets
16
34,331,134
18,972,786
Deferred tax assets
2,135,720
1,685,231
Property and equipment
17
3,117,062
2,739,092
Total assets
1,119,958,017
834,866,099
Liabilities and equity
Liabilities
Due to banks
18
3,799,980
12,458,003
Due to customers
19
900,966,962
677,237,479
Non current liabilities held for sale
30.2
1,327
873
Derivative financial instruments
138,896
140,934
Current income tax liabilities
14,269,506
9,395,534
Other liabilities
20
21,760,126
18,339,465
Issued debt instruments
21
4,811,742
3,073,349
Other loans
20,324,693
12,483,907
Other provisions
22
15,478,489
11,095,089
Total liabilities
981,551,721
744,224,633
Equity
Issued and paid up capital
30,431,580
30,195,010
Reserves
62,260,417
28,807,042
Reserve for employee stock ownership plan (ESOP)
1,667,230
1,486,010
Retained earnings *
43,924,408
29,993,331
Total equity and net profit for the period / year
138,283,635
90,481,393
Non Controlling Interest
122,661
160,073
Total minority interest, equity and net profit for the period / year
138,406,296
90,641,466
Total liabilities and equity
1,119,958,017
834,866,099
Condensed Consolidated Interim Income Statement for the period ended September
30, 2024
Last 9 Months Last 9 Months
Notes Sep. 30, 2024 Sep. 30, 2023
Interest and similar income 130,999,623 73,006,422
Interest and similar expense (65,316,717) (35,275,583)
Net interest income 65,682,906 37,730,839
Fee and commission income 9,274,284 6,543,585
Fee and commission expense (4,049,111) (2,589,680)
Net fee and commission income 5,225,173 3,953,905
Dividend income 70,934 83,653
Net trading income 6 18,194,491 3,165,144
Profits (Losses) on financial investments 14.1 377,992 165,478
Administrative expenses (9,180,646) (6,501,663)
Other operating income (expenses) 7 (17,995,808) (5,679,447)
Goodwill amortization - (30,943)
Intangible assets amortization - (24,188)
Impairment release (charges) for credit losses (3,745,003) (1,216,770)
Bank's share in the profits / losses of associates (8,533) (39,486)
Profit before income tax 58,621,506 31,606,522
Income tax expense 29 (17,207,903) (9,540,412)
Deferred tax assets (Liabilities) 29 934,295 392,680
Net profit from continued operations 42,347,898 22,458,790
Discontinued Operations
Net profit (loss) from discontinued operations 30.3 - (49,699)
Net profit for the period 42,347,898 22,409,091
Non Controlling Interest (45) 3,328
Bank's shareholders 42,347,943 22,405,763
Earnings per share 8
Basic 12.42 6.41
Diluted 12.26 6.33
Islam Zekry Hisham Ezz Al-Arab
Group CFO Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended September 30, 2024
Last 9 Months Last 9 Months
Sep. 30, 2024 Sep. 30, 2023
Net profit for the period 42,347,898 22,409,091
Transferred to RE from financial assets at fair value through comprehensive (370,224) (95,308)
income
Change in fair value of Financial investments measured at fair value through 8,272,930 (9,629,911)
comprehensive income after tax
Cumulative foreign currencies translation differences 883,684 193,162
Effect of ECL on fair value of debt instruments measured at fair value through 623,199 201,185
comprehensive income
Total comprehensive income for the period 51,757,487 13,078,219
As follows:
Bank's shareholders 51,757,532 13,074,891
Non Controlling Interest (45) 3,328
Total comprehensive income for the period 51,757,487 13,078,219
Condensed Consolidated Interim Cash flows for the period ended September 30,
2024
Notes Sep. 30, 2024 Sep. 30, 2023
Cash flow from operating activities
Profit before income tax from continued operations 58,621,506 31,606,522
Profit (loss) from discontinued operations - (49,699)
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 763,079 655,051
Impairment Release/charge for credit losses (Loans and advances to customers 4,224,251 1,050,980
and banks)
Other provisions Release/charge 22 430,005 2,350,253
Impairment Release/charge for credit losses (due from banks) 829 (47,249)
Impairment Release/charge for credit losses (financial investments) (480,077) 213,039
Impairment Release/charge for other assets (11,956) 14,347
Exchange revaluation differences for financial assets at fair value through (18,536,183) (5,409,592)
OCI and AC
Goodwill amortization - 30,943
Intangible assets amortization - 24,188
Revaluation differences Impairment charge for Financial Assets at Fair value 1,193,810 -
through OCI
Revaluation differences Impairment charge for Financial Assets at Amortized 107,207 -
cost
Revaluation differences Impairment charge for due from banks 1,308 -
Utilization of other provisions 22 (9,196) (1,608)
Exchange Revaluation differences of other provisions 22 3,962,591 1,096,665
Profits/losses from selling property and equipment 7 (2,254) (194)
Profits/losses from selling financial investments at fair value through OCI 14.1 (377,992) (149,012)
Losses (Profits) from selling investments in associates - (7,466)
Impairment (Released) charges of investments in associates - (9,000)
Share based payments 804,345 608,250
Bank's share in the profits / losses of associates 8,533 39,486
Operating profits before changes in operating assets and liabilities 50,699,806 32,015,904
Net decrease / increase in assets and liabilities
Due from banks (14,547,420) 9,859,636
Financial assets at fair value through P&L (2,066,889) -
Derivative financial instruments (225,875) 172,635
Loans and advances to banks and customers 12 - 13 (75,774,541) (27,548,758)
Other assets (14,094,581) (2,506,019)
Non current assets held for sale - (214)
Due to banks 18 (8,658,023) 15,526,008
Due to customers 19 223,729,483 136,052,663
Current income tax obligations paid (2,938,397) (2,546,958)
Non current liabilities held for sale 1,327 933
Other liabilities (5,488,554) (3,890,097)
Net cash generated from (used in) operating activities 150,636,336 157,135,733
Cash flow from investing activities
Proceeds from sale of investments in associates 11,956 2,119
Payments for purchases of property, equipment and branches construction (2,401,070) (1,177,450)
Proceeds from selling property and equipment 2,254 194
Proceeds from redemption of financial assets at amortized cost 1,226,638 5,278,030
Payments for purchases of financial assets at amortized cost (106,105,142) (9,334,085)
Payments for purchases of financial assets at fair value through OCI (22,138,419) (64,860,157)
Proceeds from selling financial assets at fair value through OCI 55,475,567 75,128,566
Payment for investment in subsidiaries - (1,008,761)
Net cash generated from (used in) investing activities (73,928,216) 4,028,456
Condensed Consolidated Interim Cash flows for the period ended September 30,
2024 (Cont.)
Sep. 30, 2024 Sep. 30, 2023
Cash flow from financing activities
Other loans 7,840,786 2,408,739
Dividends paid (5,116,159) (3,594,747)
Issued debt instruments 1,738,393 615,227
Capital increase 236,570 369,876
Net cash generated from (used in) financing activities 4,699,590 (200,905)
Net (decrease) increase in cash and cash equivalent during the period 81,407,710 160,963,284
Beginning balance of cash and cash equivalent 234,317,913 92,969,526
Cash and cash equivalent at the end of the period 315,725,623 253,932,810
Cash and cash equivalent comprise:
Cash and balances at the central bank 9 94,568,773 59,950,223
Due from banks 305,240,021 276,845,003
Treasury bills and other governmental notes 11 82,174,775 71,507,826
Obligatory reserve balance with CBE (76,360,420) (52,963,236)
Due from banks with maturity more than three months (19,125,420) (30,994,611)
Treasury bills and other governmental notes with maturity more than three (70,772,106) (70,412,395)
months
Total cash and cash equivalent 315,725,623 253,932,810
Condensed Consolidated Interim statement of changes in shareholders' equity
Sep. 30, 2023 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 Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation Total Shareholders Equity Non Controlling Interest Total
fair value through OCI differences
Beginning balance 29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (13,188,818) 11,981 16,393,841 1,895,435 181,324 67,757,737 580,431 68,338,168
Capital increase 369,876 - - - - - - - - - - 369,876 - 369,876
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Transferred to reserves - 806,408 12,743,849 - - 2,208 - - (12,388,223) (1,164,242) - - - -
Net profit for the period - - - - - - - - 22,405,763 - - 22,405,763 3,328 22,409,091
Dividends paid - - - - - - - - (3,738,888) - - (3,738,888) (17,108) (3,755,996)
Change in non controlling interest from - - - - - - - - - - - - (536,867) (536,867)
acquisition of subsidiaries
Transferred to RE from financial assets at fair - - - - - - (95,308) - 95,308 - - - - -
value through OCI
Net unrealized gain/(loss) on financial assets - - - - - - (9,629,911) - - - - (9,629,911) - (9,629,911)
at fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 3,249 (3,249) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - 201,185 - - - - 201,185 - 201,185
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 608,250 - 608,250 - 608,250
Cumulative foreign currencies translation - - - - - - - - - - 11,838 11,838 99,192 111,030
differences
Ending balance 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (22,712,852) 15,230 22,764,552 1,339,443 193,162 77,306,695 128,976 77,435,671
Sep. 30, 2024 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 Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation Total Shareholders Equity Non Controlling Interest Total
fair value through OCI differences
Beginning balance 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (16,868,691) 15,230 29,993,331 1,486,010 148,353 90,481,393 160,073 90,641,466
Capital increase 236,570 - - - - - - - - - - 236,570 - 236,570
Transferred to reserves - 1,438,320 22,582,085 - - 1,663 - - (23,398,943) (623,125) - - - -
Dividends paid - - - - - - - - (5,366,429) - - (5,366,429) (37,367) (5,403,796)
Net profit for the period - - - - - - - - 42,347,943 - - 42,347,943 (45) 42,347,898
Transferred to RE from financial assets at fair - - - - - - (370,224) - 370,224 - - - - -
value through OCI
Change in non controlling interest from - - - - - - - - - - - - - -
acquisition of subsidiaries
Transferred from RE to banking risk reserve - - - - - - - 19,024 (19,024) - - - - -
Net unrealised gain/(loss) on financial assets - - - - - - 8,272,930 - - - - 8,272,930 - 8,272,930
at fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 2,694 (2,694) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - 623,199 - - - - 623,199 - 623,199
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 804,345 - 804,345 - 804,345
Cumulative foreign currencies translation - - - - - - - - - - 883,684 883,684 - 883,684
differences
Ending balance 30,431,580 6,208,674 62,422,792 1,550,906 (670,972) 22,818 (8,342,786) 36,948 43,924,408 1,667,230 1,032,037 138,283,635 122,661 138,406,296
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