REG - Commercial Int Bank - CIB FY 2021 Consolidated Financial Results
22/02/2022 07:00
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RNS Number : 3514C Commercial Intnl Bank (Egypt) SAE 22 February 2022
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.Commercial International Bank (Egypt) S.A.E
Consolidated Financial Statements
December 31, 2021
Consolidated Balance Sheet as at December 31, 2021
Notes Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 15 43,492,248 33,768,549
Due from banks 16 80,141,769 87,426,301
Loans and advances to banks, net 18 312,216 776,980
Loans and advances to customers, net 19 145,575,243 119,570,005
Derivative financial instruments 20 225,376 248,759
Investments
- Financial Assets at Fair Value through P&L 21 240,987 359,959
- Financial Assets at Fair Value through OCI 21 193,198,894 148,118,372
- Financial assets at Amortized cost 21 20,547,465 25,285,225
- Investments in associates 22 205,315 139,871
Other assets 23 11,207,128 9,175,525
Goodwill 43 137,525 178,782
Intangible assets 44 34,554 44,920
Deferred tax assets (Liabilities) 32 456,002 437,772
Property and equipment 24 2,461,116 2,311,147
Total assets 498,235,838 427,842,167
Liabilities and equity
Liabilities
Due to banks 25 866,056 8,817,535
Due to customers 26 407,241,538 341,169,450
Derivative financial instruments 20 265,470 331,073
Current tax liabilities 2,234,985 859,582
Other liabilities 29 8,085,545 5,735,269
Issued debt instruments 27 1,557,263 -
Other loans 28 5,140,782 7,746,946
Other provisions 30 3,541,462 3,223,501
Total liabilities 428,933,101 367,883,356
Equity
Issued and paid up capital 31 19,702,418 14,776,813
Reserves 34 33,774,990 33,094,580
Reserve for employee stock ownership plan (ESOP) 34 1,674,392 1,064,648
Retained earnings * 34 13,696,402 10,539,715
Total equity and net profit for the year 68,848,202 59,475,756
Minority interest 454,535 483,055
Total minority interest, equity and net profit for the year 69,302,737 59,958,811
Total liabilities and equity 498,235,838 427,842,167
The accompanying notes are an integral part of these financial statements .
(Audit report attached)
*Including net profit for the current year
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Consolidated Income Statement for the Year Ended December 31, 2021
Notes
Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Interest and similar income 45,078,169 42,196,235
Interest and similar expense (20,112,378) (17,023,815)
Net interest income 6 24,965,791 25,172,420
Fee and commission income 4,045,573 3,059,264
Fee and commission expense (1,655,096) (983,450)
Net fee and commission income 7 2,390,477 2,075,814
Dividend income 8 59,725 50,175
Net trading income 9 708,297 406,631
Profits (Losses) on financial investments 21 594,863 922,832
Administrative expenses 10 (6,182,730) (5,625,883)
Other operating (expenses) income 11 (1,986,692) (2,742,996)
Goodwill amortization (41,257) (27,505)
Intangible assets amortization (10,366) (6,911)
Impairment release (charges) for credit losses 12 (1,679,747) (5,018,781)
Profits from subsidiaries acquisition - 8,086
Bank's share in the profits of associates 14,996 22,426
Profit before income tax 18,833,357 15,236,308
Income tax expense 13 (5,679,734) (5,087,418)
Deferred tax assets (Liabilities) 114,135 87,433
Net profit for the year 13,267,758 10,236,323
Minority interest (4,451) (1,834)
Bank shareholders 13,272,209 10,238,157
Earning per share 14
Basic 6.10 4.67
Diluted 6.06 4.63
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Dec. 31, 2020
EGP Thousands
EGP Thousands
Interest and similar income
45,078,169
42,196,235
Interest and similar expense
(20,112,378)
(17,023,815)
Net interest income
6
24,965,791
25,172,420
Fee and commission income
4,045,573
3,059,264
Fee and commission expense
(1,655,096)
(983,450)
Net fee and commission income
7
2,390,477
2,075,814
Dividend income
8
59,725
50,175
Net trading income
9
708,297
406,631
Profits (Losses) on financial investments
21
594,863
922,832
Administrative expenses
10
(6,182,730)
(5,625,883)
Other operating (expenses) income
11
(1,986,692)
(2,742,996)
Goodwill amortization
(41,257)
(27,505)
Intangible assets amortization
(10,366)
(6,911)
Impairment release (charges) for credit losses
12
(1,679,747)
(5,018,781)
Profits from subsidiaries acquisition
-
8,086
Bank's share in the profits of associates
14,996
22,426
Profit before income tax
18,833,357
15,236,308
Income tax expense
13
(5,679,734)
(5,087,418)
Deferred tax assets (Liabilities)
114,135
87,433
Net profit for the year
13,267,758
10,236,323
Minority interest
(4,451)
(1,834)
Bank shareholders
13,272,209
10,238,157
Earning per share
14
Basic
6.10
4.67
Diluted
6.06
4.63
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Dec. 31, 2020
EGP Thousands
EGP Thousands
Interest and similar income
45,078,169
42,196,235
Interest and similar expense
(20,112,378)
(17,023,815)
Net interest income
6
24,965,791
25,172,420
Fee and commission income
4,045,573
3,059,264
Fee and commission expense
(1,655,096)
(983,450)
Net fee and commission income
7
2,390,477
2,075,814
Dividend income
8
59,725
50,175
Net trading income
9
708,297
406,631
Profits (Losses) on financial investments
21
594,863
922,832
Administrative expenses
10
(6,182,730)
(5,625,883)
Other operating (expenses) income
11
(1,986,692)
(2,742,996)
Goodwill amortization
(41,257)
(27,505)
Intangible assets amortization
(10,366)
(6,911)
Impairment release (charges) for credit losses
12
(1,679,747)
(5,018,781)
Profits from subsidiaries acquisition
-
8,086
Bank's share in the profits of associates
14,996
22,426
Profit before income tax
18,833,357
15,236,308
Income tax expense
13
(5,679,734)
(5,087,418)
Deferred tax assets (Liabilities)
114,135
87,433
Net profit for the year
13,267,758
10,236,323
Minority interest
(4,451)
(1,834)
Bank shareholders
13,272,209
10,238,157
Earning per share
14
Basic
6.10
4.67
Diluted
6.06
4.63
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Consolidated Statement of Other Comprehensive Income for the Year Ended
December 31, 2021
Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Net profit for the period 13,267,758 10,236,323
Other 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 (149,323) (13,966)
other comprehensive income after tax impact related to OCI that will not be
reclassified to the profit or loss
Other comprehensive income items that is or may be reclassified to the profit
or loss:
Change in fair value of debt instruments measured at fair value through other (2,210,989) 767,703
comprehensive income after tax impact related to OCI that will be reclassified
to the profit or loss
Change in fair value from selling FVOCI financial instruments (702,776) (1,018,469)
Transferred from reserve on disposal of financial assets at fair value through (177,488) (76,717)
OCI
Cumulative foreign currencies translation differences (4,218) (3,684)
Effect of ECL in fair value of debt instruments measured at fair value through (93,566) 205,182
OCI
Total other comprehensive income for the year 10,096,372
9,929,398
As follows:
Bank's shareholders 9,933,849 10,098,206
Minority interest (4,451) (1,834)
Total comprehensive income for the year 9,929,398 10,096,372
Dec. 31, 2020
EGP Thousands
EGP Thousands
Net profit for the period
13,267,758
10,236,323
Other 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
other comprehensive income after tax impact related to OCI that will not be
reclassified to the profit or loss
(149,323)
(13,966)
Other comprehensive income items that is or may be reclassified to the profit
or loss:
Change in fair value of debt instruments measured at fair value through other
comprehensive income after tax impact related to OCI that will be reclassified
to the profit or loss
(2,210,989)
767,703
Change in fair value from selling FVOCI financial instruments
(702,776)
(1,018,469)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(177,488)
(76,717)
Cumulative foreign currencies translation differences
(4,218)
(3,684)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
(93,566)
205,182
Total other comprehensive income for the year
9,929,398
10,096,372
As follows:
Bank's shareholders
9,933,849
10,098,206
Minority interest
(4,451)
(1,834)
Total comprehensive income for the year
9,929,398
10,096,372
Dec. 31, 2020
EGP Thousands
EGP Thousands
Net profit for the period
13,267,758
10,236,323
Other 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
other comprehensive income after tax impact related to OCI that will not be
reclassified to the profit or loss
(149,323)
(13,966)
Other comprehensive income items that is or may be reclassified to the profit
or loss:
Change in fair value of debt instruments measured at fair value through other
comprehensive income after tax impact related to OCI that will be reclassified
to the profit or loss
(2,210,989)
767,703
Change in fair value from selling FVOCI financial instruments
(702,776)
(1,018,469)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(177,488)
(76,717)
Cumulative foreign currencies translation differences
(4,218)
(3,684)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
(93,566)
205,182
Total other comprehensive income for the year
9,929,398
10,096,372
As follows:
Bank's shareholders
9,933,849
10,098,206
Minority interest
(4,451)
(1,834)
Total comprehensive income for the year
9,929,398
10,096,372
Consolidated Cash Flow for the Year Ended December 31, 2021
Notes Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 18,833,357 15,236,308
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 24 885,060 733,032
Impairment charge for credit losses (Loans and advances to customers and 12 1,756,505 4,806,518
banks)
Other provisions charges 30 381,138 1,234,980
Impairment charge for credit losses (due from banks) 12 16,808 7,081
Impairment (Released) charge for credit losses (financial investments) 12 (93,566) 205,182
Impairment (Released) charge for other assets 31,975 69,217
Exchange revaluation differences for financial assets at fair value through 21 17,261 249,642
OCI and at amortized cost
Goodwill amortization 43 41,257 27,505
Intangible assets amortization 44 10,366 6,911
Impairment (Released) charge financial assets at fair value through OCI 21 - 79,126
Utilization of other provisions 30 (45,483) (2,382)
Other provisions no longer used 30 (2,451) (13,273)
Exchange differences of other provisions 30 (15,243) (7,193)
Profits from selling property and equipment 11 (2,947) (1,094)
Losses (profits) from selling financial investments 21 (702,776) (1,018,469)
Impairment (Released) charges of investments in associates and subsidiaries 21 107,913 16,511
Shares based payments 609,744 552,438
Bank's share in the profits of associates (14,996) (22,426)
Operating losses (profits) before changes in operating assets and liabilities 21,813,922 22,159,614
Net decrease (increase) in assets and liabilities
Due from banks 15 - 16 (17,183,300) (10,899,927)
Financial assets at fair value through P&L 21 118,972 58,822
Derivative financial instruments 20 (42,220) 16,109
Loans and advances to banks and customers 18 - 19 (27,280,547) (5,020,609)
Other assets 41 (2,135,921) 568,988
Due to banks 25 (7,951,479) (2,993,072)
Due to customers 26 66,072,088 36,720,995
Income tax obligations paid (3,444,749) (3,779,782)
Other liabilities 29 1,499,027 (7,645,182)
Net cash generated from operating activities 31,465,793 29,185,956
Cash flow from investing activities
Proceeds from Investments in associates. - 750
Payment for purchases of associates (158,360) -
Payment for purchases of property, equipment and branches constructions (981,186) (1,091,829)
Proceeds from selling property and equipment 11 2,947 1,094
Proceeds from redemption of financial assets at amortized cost 21 4,741,459 82,309,481
Payment for purchases of financial assets at amortized cost 21 (3,844) (233,765)
Payment for purchases of financial assets at fair value through OCI 21 (250,679,698) (112,791,966)
Proceeds from selling financial assets at fair value through OCI 203,315,958 54,137,187
Proceeds from investment in subsidiaries. - 194,722
Net cash used in (generated from) investing activities (43,762,724) 22,525,674
Consolidated Cash Flow for the Year Ended December 31, 2021 (Cont.)
Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Cash flow from financing activities
Decreased (increase) in long term loans 28 (2,606,164) 4,474,200
Dividend paid (1,384,721) (3,370,464)
Issued debt instruments 1,557,263 -
Capital increase - 85,992
Net cash used in (generated from) financing activities (2,433,622) 1,189,728
Net (decrease) increase in cash and cash equivalent during the year (14,730,553) 52,901,358
Beginning balance of cash and cash equivalent 75,796,375 22,895,017
Cash and cash equivalent at the end of the year 61,065,822 75,796,375
Cash and cash equivalent comprise:
Cash and balances at the central bank 15 43,492,248 33,768,549
Due from banks 16 80,182,766 87,450,490
Treasury bills and other governmental notes 17 41,579,504 39,497,692
Obligatory reserve balance with CBE 15 (38,100,936) (27,744,700)
Due from banks with maturities more than three months (23,801,430) (16,974,367)
Treasury bills with maturity more than three months (42,286,330) (40,201,289)
Total cash and cash equivalent 61,065,822 75,796,375
'
Consolidated Statement of Changes in Shareholders' Equity for the Year Ended
December 31, 2020
Dec. 31, 2020 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 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 8,291,229 - - 1,440 - - (8,431,833) (450,942) - - - -
Dividend paid - - - - - - - - (3,370,464) - - (3,370,464) - (3,370,464)
Minority interest - - - - - - - - - - - - 485,779 485,779
Net profit of the year - - - - - - - - 10,238,157 - - 10,238,157 (1,834) 10,236,323
Transferred from reserve of financial assets at fair value through OCI - - - - - - (76,717) - 76,717 - - - - -
Transferred from previous years' outstanding balances - - - - - - - - 101,013 - - 101,013 - 101,013
Change in retained earnings from acquisition of subsidiaries - - - - - - - - 45,727 - - 45,727 - 45,727
Reserve for transactions under common control - - - - 8,183 - - - - - - 8,183 - 8,183
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (264,732) - - - - (264,732) - (264,732)
Transferred (from) to banking risk reserve - - - - - - - 1,259 (1,259) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 205,182 - - - - 205,182 - 205,182
OCI
- - - - - - - - - 552,438 - 552,438 - 552,438
Cost of employees stock ownership plan (ESOP)
- - - - - - - - - - (6,185) (6,185) (890) (7,075)
Cumulative foreign currencies translation differences
14,776,813 2,778,135 24,765,658 1,549,445 8,183 14,906 3,975,514 6,423 10,539,715 1,064,648 (3,684) 59,475,756 483,055 59,958,811
Balance at the end of the year
Consolidated Statement of Changes in Shareholders' Equity for the Year Ended
December 31, 2021
Dec. 31, 2021 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 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 14,776,813 2,778,135 24,765,658 1,549,445 8,183 14,906 3,975,514 6,423 10,539,715 1,064,648 (3,684) 59,475,756 483,055 59,958,811
Capital increase 4,925,605 - (4,925,605) - - - - - - - - - - -
Transferred to reserves - 514,939 8,420,479 1,461 - 1,094 - - (8,937,973) - - - - -
Dividend paid - - - - - - - - (1,360,652) - - (1,360,652) (24,069) (1,384,721)
Minority Interest share - - - - - - - - - - - - - -
Net profit of the year - - - - - - - - 13,272,209 - - 13,272,209 (4,451) 13,267,758
- - - - - - (177,488) - 177,488 - - - - -
Transferred from reserve on disposal of financial assets at fair value through
OCI
- - - - - - - - 8,333 - - 8,333 - 8,333
Transferred from previous years' outstanding balances
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (3,063,088) - - - - (3,063,088) - (3,063,088)
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
- - - - - - (93,566) - - - - (93,566) - (93,566)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 609,744 - 609,744 - 609,744
- - - - - - - - - - (534) (534) - (534)
Cumulative foreign currencies translation differences
19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 641,372 9,141 13,696,402 1,674,392 (4,218) 68,848,202 454,535 69,302,737
Balance at the end of the year
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