REG - Commercial Int Bank - CIB FY 2021 IFRS Annual Financial Report
29/04/2022 12:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220429:nRSc9007Ja&default-theme=true
RNS Number : 9007J Commercial Intnl Bank (Egypt) SAE 29 April 2022
Click on, or paste the following link into your web browser, to view the
associated PDF document
http://www.rns-pdf.londonstockexchange.com/rns/9007J_1-2022-4-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9007J_1-2022-4-29.pdf)
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2021
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 (20,204,272) (17,107,598)
Net interest income 3 24,873,897 25,088,637
Fee and commission income 4,045,573 3,059,264
Fee and commission expense (1,655,096) (983,450)
Net fee and commission income 4 2,390,477 2,075,814
Dividend income 5 59,725 50,175
Net trading income 6 774,992 483,006
Profits (Losses) on financial investments 20 594,863 1,001,958
Administrative expenses 7 (7,787,584) (6,877,303)
Other operating expenses 8 (1,673,546) (2,500,823)
Impairment charges for credit losses 9 (1,679,747) (5,018,781)
Profits from subsidiaries acquisition - 8,086
Bank's share in the profits of associates 12 14,996 22,426
Profit before income tax from continuing operations 17,568,073 14,333,195
Income taxes 10 (5,565,599) (4,999,985)
Net profit for the year 12,002,474 9,333,210
Attributable to:
Equity holders of the parent 12,006,925 9,335,044
Non-controlling interest (4,451) (1,834)
Net Profit for the year 12,002,474 9,333,210
Earning per share 11
Basic attributable to equity holders of the parent 6.09 4.74
Diluted attributable to equity holders of the parent 6.05 4.70
The accompanying notes from 1 to 42 form an integral part of these
consolidated financial statements.
Hussein Abaza Sherif Samy
CEO & Managing director Chairman
28-Apr-22 28-Apr-22
Consolidated Statement of Comprehensive Income for the Year Ended December 31,
2021
Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Profit for the year 12,002,474 9,333,210
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
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 (2,181,779) 827,630
comprehensive income after tax impact related to OCI
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 deferred tax on Investment FVOCI (95,905) (215,428)
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 8,597,419 9,037,758
As follows:
Bank's shareholders 8,601,870 9,039,592
Non-controlling interest (4,451) (1,834)
Total other comprehensive income for the year 8,597,419 9,037,758
Consolidated Statement of Financial Position as at December 31, 2021
Notes Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 13 43,492,248 33,768,549
Due from banks 14 80,141,769 87,426,301
Loans and advances to banks, net 15 312,216 776,980
Loans and advances to customers, net 16 145,575,243 119,570,005
Financial Assets at fair value through profit or loss 19 443,859 552,288
Derivative financial instruments 17 225,376 248,759
Financial Assets at fair value through OCI 19 197,238,721 156,157,553
Financial Assets at amortized cost 19 20,547,465 25,285,225
Right of use assets 23 1,084,585 814,587
Investments in associates 21 205,315 139,871
Other assets 22 11,207,128 9,175,525
Intangible assets 38 51,831 51,831
Goodwill 38 206,287 206,287
Deferred tax assets 10.2 456,002 437,772
Property and equipment 23 2,461,116 2,311,147
Total assets 503,649,161 436,922,680
Liabilities and equity
Liabilities
Due to banks 24 866,056 8,817,535
Due to customers 25 407,241,538 341,169,450
Lease liabilities 23 1,087,820 905,861
Derivative financial instruments 17 265,470 331,073
Issued debt instruments 18 1,557,263 -
Other liabilities 27 13,710,791 15,070,029
Current Tax liability 2,234,985 859,582
Other loans 26 5,140,782 7,746,946
Provisions 28 3,541,462 3,224,180
Total liabilities 435,646,167 378,124,656
Equity
Issued and paid in capital 29 19,702,418 14,776,813
Reserves 30 33,552,794 32,939,079
Reserve for employee stock ownership plan (ESOP) 30 1,674,392 1,064,648
Retained earnings 30 12,618,855 9,534,429
Total equity attributable to equity holders of the parent 67,548,459 58,314,969
Non-controlling interest 39 454,535 483,055
Total equity 68,002,994 58,798,024
Total liabilities and equity 503,649,161 436,922,680
The accompanying notes from 1 to 42 form an integral part of these
consolidated financial statements.
Hussein Abaza Sherif Samy
CEO & Managing director Chairman
28-Apr-22 28-Apr-22
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2020 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity
Beginning balance at 1st of Jan 2020 14,690,821 963,152 11,690,446 23,180,850 50,525,269 - 50,525,269
Total comprehensive income - - 9,335,044 - 9,335,044 (1,834) 9,333,210
Capital increase 85,992 - - - 85,992 - 85,992
Reserve for employee stock ownership plan (ESOP) - 552,438 - - 552,438 - 552,438
Dividend - - (2,013,318) - (2,013,318) - (2,013,318)
Transferred to reserves - (450,942) (9,477,743) 9,758,229 (170,456) (890) (171,346)
Non-controlling interest - - - - - 485,779 485,779
Balance at 31 December 2020 14,776,813 1,064,648 9,534,429 32,939,079 58,314,969 483,055 58,798,024
Beginning balance at 1st of Jan 2021 14,776,813 1,064,648 9,534,429 32,939,079 58,314,969 483,055 58,798,024
Total comprehensive income - - 12,006,925 - 12,006,925 (4,451) 12,002,474
Capital increase 4,925,605 - - (4,925,605) - - -
Transferred to reserves - - - - - - -
Reserve for employee stock ownership plan (ESOP) - 609,744 - - 609,744 - 609,744
Dividend - - (156,389) - (156,389) (24,069) (180,458)
Transferred to reserves - - (8,766,110) 5,539,320 (3,226,790) - (3,226,790)
Balance at 31 December 2021 19,702,418 1,674,392 12,618,855 33,552,794 67,548,459 454,535 68,002,994
Consolidated Statement of 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 17,568,073 14,333,195
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 885,060 924,667
Impairment charge for credit losses (Loans and advances to customers) 1,756,505 4,806,518
Other provisions charges 380,459 1,235,659
Impairment charge for other assets 31,975 69,217
Impairment charge for credit losses (due from banks) 16,808 7,081
Exchange revaluation differences for financial assets at fair value through 17,261 249,642
OCI and at amortized cost
Impairment (Reversal of impairment) charge for credit losses (financial (93,566) 205,182
investments)
Utilization of other provisions (45,483) (2,382)
Other provisions no longer used (2,451) (13,273)
Impairment of intangible assets 206,287 -
Exchange differences of other provisions (15,243) (7,193)
Impairment (Reversal of impairment) charges of investments in associates and 107,913 16,511
subsidiaries
Profits from selling property, plant and equipment (2,947) (1,094)
Losses from selling financial investments (702,776) (1,018,469)
Shares based payments 609,744 552,438
Bank's share in the profits of associates (14,996) (22,426)
Operating profits before changes in working capital 20,702,623 21,335,273
Net decrease (increase) in working capital
Due from banks (17,183,300) (10,899,927)
Financial assets at fair value through profit or loss 118,972 58,822
Derivative financial instruments (42,220) 16,109
Loans and advances to banks and customers (27,280,547) (5,020,609)
Other assets (2,135,921) 568,988
Due to banks (7,951,479) (2,993,072)
Due to customers 66,072,088 36,720,995
Income tax obligations paid (3,444,749) (3,779,782)
Other liabilities (1,359,238) 2,146,103
Net cash generated from operating activities 27,496,229 38,152,900
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 2,947 1,094
Proceeds from redemption of financial assets at amortized cost 4,741,459 82,309,481
Payment for purchases of financial assets at amortized cost (3,844) (233,765)
Payment for purchases of financial assets at fair value through OCI (250,679,698) (117,787,925)
Proceeds from selling financial assets at fair value through OCI 206,611,955 54,137,187
Proceeds from selling property and equipment - 194,722
Net cash used in (generated from) investing activities (40,466,727) 17,529,715
Consolidated Statement of 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 (2,606,164) 4,474,200
Dividend paid (156,389) (2,013,318)
Issued debt instruments - 85,992
Cash payments for lease (principle and interest) (242,292) (242,173)
Net cash generated from (used in) financing activities (3,004,845) 2,304,701
Net (decrease) increase in cash and cash equivalent during the year (15,975,343) 57,987,316
Beginning balance of cash and cash equivalent 66,350,285 8,362,969
Cash and cash equivalent at the end of the year 50,374,942 66,350,285
Cash and cash equivalent comprise:
Cash and balances at the central bank 13 43,492,248 33,768,549
Due from banks with maturities of 3 months or less 14 44,983,081 60,271,448
Treasury bills with maturities of three months or less 19 549 54,988
Obligatory reserve balance with CBE 13 (38,100,936) (27,744,700)
Total cash and cash equivalent 31 50,374,942 66,350,285
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR ILMBTMTMTBITRecent news on Commercial International Bank Egypt CIB
See all newsREG - Commercial Int Bank - Changes to the Board of Directors
AnnouncementREG - Commercial Int Bank - Consolidated Financial Position at March 31.2025
AnnouncementREG - Commercial Int Bank - 1Q25 Press Release
AnnouncementREG - Commercial Int Bank - Separate- Q12025
AnnouncementREG - Commercial Int Bank - Ordinary General Assembly Resolutions Summary 2025
Announcement