REG - Commercial Int Bank - CIB FY 2021 Separate Financial results
22/02/2022 07:00
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RNS Number : 3516C Commercial Intnl Bank (Egypt) SAE 22 February 2022
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.Commercial International Bank (Egypt) S.A.E
Separate Financial Statements
December 31, 2021
Separate Balance Sheet as at December 31, 2021
Notes Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP
Tho
usa
nds
Assets
Cash and balances at the central bank 15 43,385,222 33,572,597
Due from banks 16 79,991,287 86,997,034
Loans and advances to banks, net 18 312,216 776,980
Loans and advances to customers, net 19 144,765,808 118,854,880
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 21 192,390,931 147,646,432
- Financial assets at Amortized cost 21 20,318,767 25,020,917
- Investments in associates and subsidiaries 22 1,014,350 874,348
Other assets 23 11,141,917 9,095,212
Deferred tax assets (Liabilities) 32 460,026 437,772
Property and equipment 24 2,404,237 2,259,940
Total assets 496,651,124 426,144,830
Liabilities and equity
Liabilities
Due to banks 25 862,759 8,815,561
Due to customers 26 406,100,916 340,086,524
Derivative financial instruments 20 265,265 331,073
Current tax liabilities 2,234,985 859,582
Other liabilities 29 8,021,310 5,679,266
Issued debt instruments 27 1,557,263 -
Other loans 28 5,140,782 7,746,946
Other provisions 30 3,539,676 3,221,252
Total liabilities 427,722,956 366,740,204
Equity
Issued and paid up capital 31 19,702,418 14,776,813
Reserves 34 33,767,423 33,085,554
Reserve for employee stock ownership plan (ESOP) 34 1,674,392 1,064,648
Retained earnings * 34 13,783,935 10,477,611
Total equity and net profit for the year 68,928,168 59,404,626
Total liabilities and equity 496,651,124 426,144,830
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
Separate Income Statement for the year ended December 31, 2021
Notes
Dec. 31, 2021 Dec. 31, 2020
EGP Thousands EGP Thousands
Interest and similar income 44,945,445 42,070,598
Interest and similar expense (20,057,935) (16,980,635)
Net interest income 6 24,887,510 25,089,963
Fee and commission income 4,036,955 3,053,536
Fee and commission expense (1,654,671) (983,450)
7 2,382,284 2,070,086
Net fee and commission income
Dividend income 8 84,700 98,175
Net trading income 9 696,738 395,701
Profits (Losses) on financial investments 21 684,417 922,832
Administrative expenses 10 (6,096,221) (5,552,800)
Other operating (expenses) income 11 (1,981,093) (2,737,550)
Impairment release (charges) for credit losses 12 (1,677,450) (4,989,288)
Profit before income tax 18,980,885 15,297,119
Income tax expense 13 (5,678,659) (5,084,670)
Deferred tax assets (Liabilities) 118,159 87,433
Net profit for the year 13,420,385 10,299,882
Earnings 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
44,945,445
42,070,598
Interest and similar expense
(20,057,935)
(16,980,635)
Net interest income
6
24,887,510
25,089,963
Fee and commission income
4,036,955
3,053,536
Fee and commission expense
(1,654,671)
(983,450)
Net fee and commission income
7
2,382,284
2,070,086
Dividend income
8
84,700
98,175
Net trading income
9
696,738
395,701
Profits (Losses) on financial investments
21
684,417
922,832
Administrative expenses
10
(6,096,221)
(5,552,800)
Other operating (expenses) income
11
(1,981,093)
(2,737,550)
Impairment release (charges) for credit losses
12
(1,677,450)
(4,989,288)
Profit before income tax
18,980,885
15,297,119
Income tax expense
13
(5,678,659)
(5,084,670)
Deferred tax assets (Liabilities)
118,159
87,433
Net profit for the year
13,420,385
10,299,882
Earnings 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
44,945,445
42,070,598
Interest and similar expense
(20,057,935)
(16,980,635)
Net interest income
6
24,887,510
25,089,963
Fee and commission income
4,036,955
3,053,536
Fee and commission expense
(1,654,671)
(983,450)
Net fee and commission income
7
2,382,284
2,070,086
Dividend income
8
84,700
98,175
Net trading income
9
696,738
395,701
Profits (Losses) on financial investments
21
684,417
922,832
Administrative expenses
10
(6,096,221)
(5,552,800)
Other operating (expenses) income
11
(1,981,093)
(2,737,550)
Impairment release (charges) for credit losses
12
(1,677,450)
(4,989,288)
Profit before income tax
18,980,885
15,297,119
Income tax expense
13
(5,678,659)
(5,084,670)
Deferred tax assets (Liabilities)
118,159
87,433
Net profit for the year
13,420,385
10,299,882
Earnings per share
14
Basic
6.10
4.67
Diluted
6.06
4.63
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Separate 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 year 13,420,385 10,299,882
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 (2,208,603) 763,176
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
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 10,088,629 10,159,088
Dec. 31, 2020
EGP Thousands
EGP Thousands
Net profit for the year
13,420,385
10,299,882
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
(2,208,603)
763,176
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)
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
10,088,629
10,159,088
Dec. 31, 2020
EGP Thousands
EGP Thousands
Net profit for the year
13,420,385
10,299,882
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
(2,208,603)
763,176
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)
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
10,088,629
10,159,088
Separate 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 18,980,885 15,297,119
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 24 858,609 677,501
Impairment charge for credit losses (Loans and advances to customers and 12 1,753,908 4,777,592
banks)
Other provisions charges 30 381,601 1,232,731
Impairment charge for credit losses (due from banks) 12 17,108 6,514
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
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)
Losses (profits) from selling property and equipment 11 (2,947) (1,094)
Losses (profits) from selling financial investments 21 (702,776) (1,018,469)
Shares based payments 609,744 552,438
Impairment (Released) charges of investments in associates and subsidiaries 21 18,359 16,511
Operating losses (profits) before changes in operating assets and liabilities 21,806,984 22,121,162
Net decrease (increase) in assets and liabilities
Due from banks 15 - 16 (17,927,084) (10,899,927)
Financial assets at fair value through P&L 21 118,972 58,822
Derivative financial instruments 20 (42,425) 16,109
Loans and advances to banks and customers 18 - 19 (27,183,640) (4,276,558)
Other assets 41 (2,155,845) 649,301
Due to banks 25 (7,952,802) (2,995,046)
Due to customers 26 66,014,392 35,602,869
Income tax obligations paid 29 (3,443,674) (3,779,782)
Other liabilities 1,490,795 (7,700,878)
Net cash generated from operating activities 30,725,673 28,796,072
Cash flow from investing activities
Proceeds from investments in associates. - 750
Payments for investment in subsidiaries and associates. (158,360) (721,352)
Payment for purchases of property, equipment and branches constructions (942,173) (987,061)
Proceeds from selling property and equipment 11 2,947 1,094
Proceeds from redemption of financial assets at amortized cost 21 4,705,849 82,203,469
Payment for purchases of financial assets at amortized cost 21 (3,844) -
Payment for purchases of financial assets at fair value through OCI 21 (250,190,493) (112,382,696)
Proceeds from selling financial assets at fair value through OCI 203,196,606 54,970,226
Net cash used in (generated from) investing activities (43,389,468) 23,084,430
Separate 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 (1,360,652) (3,370,464)
Issued debt instruments 1,557,263 -
Capital increase - 85,992
Net cash used in (generated from) financing activities (2,409,553) 1,189,728
Net (decrease) increase in cash and cash equivalent during the year (15,073,348) 53,070,230
Beginning balance of cash and cash equivalent 75,965,247 22,895,017
Cash and cash equivalent at the end of the year 60,891,899 75,965,247
Cash and cash equivalent comprise:
Cash and balances at the central bank 15 43,385,222 33,572,597
Due from banks 16 80,031,726 87,020,365
Treasury bills and other governmental notes 17 41,579,504 39,464,714
Obligatory reserve balance with CBE 15 (38,016,793) (27,610,380)
Due from banks with maturities more than three months (23,801,430) (16,280,760)
Treasury bills with maturity more than three months (42,286,330) (40,201,289)
Total cash and cash equivalent 60,891,899 75,965,247
'
Separate 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 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 8,291,229 - 1,440 - - (8,431,833) (450,942) -
Dividend paid - - - - - - - (3,370,464) - (3,370,464)
Net profit for the year - - - - - - - 10,299,882 - 10,299,882
Transferred from reserve on disposal of financial assets at fair value through - - - - - (76,717) - 76,717 - -
OCI
Transferred from previous years' outstanding balances - - - - - - - 101,013 - 101,013
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - (269,259) - - - (269,259)
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
OCI
- - - - - - - 552,438 552,438
Cost of employees stock ownership plan (ESOP)
Ending balance 14,776,813 2,778,135 24,765,658 1,549,445 14,906 3,970,987 6,423 10,477,611 1,064,648 59,404,626
Separate 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 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 14,776,813 2,778,135 24,765,658 1,549,445 14,906 3,970,987 6,423 10,477,611 1,064,648 59,404,626
Capital increase 4,925,605 - (4,925,605) - - - - - - -
Transferred to reserves - 514,939 8,420,479 - 1,094 - - (8,936,512) - -
Dividend paid - - - - - - - (1,360,652) - (1,360,652)
Net profit for the year - - - - - - - 13,420,385 - 13,420,385
Transferred from reserve on disposal of financial assets at fair value through - - - - - (177,488) - 177,488 - -
OCI
Transferred from previous years' outstanding balances - - - - - - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - (3,060,702) - - - (3,060,702)
Transferred (from) to banking risk reserve - - - - - - 2,718 (2,718) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - (93,566) - - - (93,566)
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 609,744 609,744
Ending balance 19,702,418 3,293,074 28,260,532 1,549,445 16,000 639,231 9,141 13,783,935 1,674,392 68,928,168
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