REG - Commercial Int Bank - CIB FY20 Consolidated Results

Commercial International Bank Egypt CIBAnnouncement

01/03/2021 07:00

RNS Number : 6095Q
  
Commercial Intnl Bank (Egypt) SAE
  
01 March 2021
  
 

 
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Commercial International Bank (Egypt) S.A.E.




Consolidated Financial Statements




December 31, 2020




 













 Consolidated Balance Sheet as of December 31, 2020




 


 


Notes


Dec. 31, 2020


 


Dec. 31, 2019




 


 


EGP Thousands


 


EGP Thousands




 


Assets


 


 


 


 




 


Cash and balances at the Central Bank


15


33,768,549


 


28,273,962




 


Due from banks


16


87,426,301


 


28,353,366




 


Loans and advances to banks, net


18


776,980


 


625,264




 


Loans and advances to customers, net


19


119,570,005


 


119,321,103




 


Derivative financial instruments


20


248,759


 


216,383




 


Investments


 


 


 


 




 


- Financial Assets at Fair value through P&L


21


359,959


 


418,781




 


- Financial Assets at Fair value through OCI


21


148,118,372


 


89,897,257




 


- Amortized cost


21


25,285,225


 


107,225,613




 


- Investments in associates


22


139,871


 


107,693




 


Other assets


23


9,175,525


 


9,748,143




 


Goodwill


42


178,782


 


-




 


Intangible Assets


43


44,920


 


-




 


Deferred tax assets (Liabilities)


31


437,772


 


350,339




 


Property, plant and equipment


24


2,311,147


 


2,204,464




 


Total assets


 


427,842,167


 


386,742,368




 


Liabilities and equity


 


 


 


 




 


Liabilities


 


 


 


 




 


Due to banks


25


8,817,535


 


11,810,607




 


Due to customers


26


341,169,450


 


304,448,455




 


Derivative financial instruments


20


331,073


 


282,588




 


Current tax liabilities


 


859,582


 


4,639,364




 


Other liabilities


28


5,735,269


 


8,396,794




 


Other loans


27


7,746,946


 


3,272,746




 


Provisions


29


3,223,501


 


2,011,369




 


Total liabilities


 


367,883,356


 


334,861,923




 


Equity


 


 


 


 




 


Issued and paid-up capital


30


14,776,813


 


14,690,821




 


Reserves


33


33,094,580


 


24,344,815




 


Reserve for employee stock ownership plan (ESOP)


33


1,064,648


 


963,152




 


Retained earnings *


33


10,539,715


 


11,881,657




 


Total equity


 


59,475,756


 


51,880,445




 


Minority interest


 


483,055


 


-




 


Total minority interest, equity and net profit for the period/year


59,958,811


 


51,880,445




 


Total liabilities and equity


 


427,842,167


 


386,742,368




 


 


 


 


 


 




 


 


 


 


 


 




 


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 & Board member


 


Chairman


 





 


 


 


 


 


 


 


 









 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 
 





Consolidated income statement for the year ended December 31, 2020




 


 


 


 


 


 


 


 


 




 


Notes


 


 


Dec. 31, 2020


 


 


 


Dec. 31, 2019




 


 


 


 


EGP Thousands


 


 


 


EGP Thousands




 


 


 


 


 


 


 


 


 




Interest and similar income


 


 


 


42,196,235


 


 


 


42,600,957




Interest and similar expense


 


 


 


(17,023,815)


 


 


 


(21,022,338)




Net interest income


6


 


 


25,172,420


 


 


 


21,578,619




 


 


 


 


 


 


 


 


 




Fee and commission income


 


 


 


3,059,264


 


 


 


3,451,688




Fee and commission expense


 


 


 


(983,450)


 


 


 


(1,170,893)




Net fee and commission income


7


 


 


2,075,814


 


 


 


2,280,795




 


 


 


 


 


 


 


 


 




Dividend income


8


 


 


50,175


 


 


 


53,423




Net trading income


9


 


 


406,631


 


 


 


688,059




Profits (Losses) on financial investments


21


 


 


922,832


 


 


 


450,697




Administrative expenses


10


 


 


(5,625,883)


 


 


 


(5,048,922)




Other operating (expenses) income


11


 


 


(2,742,996)


 


 


 


(1,794,750)




Goodwill amortization


 


 


 


(27,505)


 


 


 


-




Intangible assets amortization


 


 


 


(6,911)


 


 


 


(238,715)




Impairment release (charges) for credit losses


12


 


 


(5,018,781)


 


 


 


(1,435,460)




Profits from subsidiaries acquisition


 


 


 


8,086


 


 


 


-




Bank's share in the profits of associates


 


 


 


22,426


 


 


 


1,135




Profit before income tax


 


 


 


15,236,308


 


 


 


16,534,881




 


 


 


 


 


 


 


 


 




Income tax expense


13


 


 


(5,087,418)


 


 


 


(4,639,364)




Deferred tax assets (Liabilities)


31 - 13


 


 


87,433


 


 


 


(94,522)




Net profit for the year


 


 


 


10,236,323


 


 


 


11,800,995




Minority interest


 


 


 


(1,834)


 


 


 


-




Bank shareholders


 


 


 


10,238,157


 


 


 


11,800,995




 


 


 


 


 


 


 


 


 




Earning per share


14


 


 


 


 


 


 


 




Basic


 


 


 


6.26 


 


 


 


7.11 




Diluted


 


 


 


6.24 


 


 


 


7.09 




 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




Hussein Abaza


 


Sherif Samy




CEO & Board member


 


Chairman



 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 









Consolidated statement of other comprehensive income for the year ended December 31, 2020




 


 


 


 


 


 


 


 


 




 


 


 


 


Dec. 31, 2020


 


 


Dec. 31, 2019


 




 


 


 


 


EGP Thousands


 


 


EGP Thousands


 




 


 


 


 


 


 


 


 


 




Net profit for the year


 


 


 


10,236,323


 


 


11,800,995


 




 


 


 


 


 


 


 


 


 




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


 


 


 


                 (13,966)


 


 


                  212,967 


 




 


 


 


 


 


 


 


 


 




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


 


 


 


              (250,766)


 


 


              5,944,586 


 




Transferred from reserve on disposal of financial assets at fair value through OCI


 


 


 


                 (76,717)


 


 


                              -   


 




Cumulative foreign currencies translation differences


 


 


 


                   (3,684)


 


 


                       2,501 


 




Effect of ECL in fair value of debt instruments measured at fair value through OCI


 


 


 


                205,182 


 


 


                (184,921)


 




Total other comprehensive income for the year


 


 


 


          10,096,372 


 


 


            17,776,128 


 




 


 


 


 


 


 


 


 


 




As follows:


 


 


 


 


 


 


 


 




Bank's shareholders


 


 


 


          10,098,206 


 


 


            17,776,128 


 




Minority interest


 


 


 


                   (1,834)


 


 


                              -   


 




Total other comprehensive income for the year


 


 


 


          10,096,372 


 


 


            17,776,128 


 





 


 


 


 


 


 


 


 


















Consolidated cash flow for the year ended December 31, 2020




 


 


 


 


 




 


Notes


Dec. 31, 2020


 


Dec. 31, 2019




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from operating activities


 


 


 


 




Profit before income tax from continued operations


 


15,236,308


 


16,534,881




Adjustments to reconcile net profit to net cash provided by operating  activities


 


 


 


 




Fixed assets depreciation


24


733,032


 


576,544




Impairment charge for credit losses (Loans and advances to customers and banks)


12


4,806,518


 


1,610,878




Other provisions charges


29


1,234,980


 


461,869




Impairment charge for credit losses (due from banks)


12


7,081


 


9,503




Impairment charge for credit losses (financial investments)


12


205,182


 


(184,921)




Impairment charge for other assets


23


69,217


 


(93,313)




Exchange revaluation differences for financial assets at fair value through OCI


21


249,642


 


1,593,030




Goodwill amortization


42


27,505


 


-




Intangible assets amortization


43


6,911


 


238,715




Impairment charge financial assets at fair value through OCI


21


79,126


 


-




Utilization of other provisions


29


(2,382)


 


(28,135)




Other provisions no longer used


29


(13,273)


 


(6,910)




Exchange differences of  other provisions


29


(7,193)


 


(110,062)




Profits from selling property, plant and equipment


11


(1,094)


 


(1,439)




(Profits) losses from selling financial investments


21


(1,018,469)


 


(497,894)




Released (Impairment) charges of investments in associates and subsidiaries


21


16,511


 


-




Shares based payments


 


552,438


 


464,539




Bank's share in the profits of associates


 


(22,426)


 


(1,135)




Operating profits before changes in operating assets and liabilities


 


22,159,614


 


20,566,150




 


 


 


 


 




Net decrease (increase) in assets and  liabilities


 


 


 


 




Due from banks


15


(10,899,927)


 


(8,870,547)




Treasury bills and other governmental notes


 


-


 


-




Financial assets at fair value through P&L


21


58,822


 


2,318,924




Derivative financial instruments


20


16,109


 


(2,910)




Loans and advances to banks and customers


18 - 19


(5,020,609)


 


(14,533,328)




Other assets


40


568,988


 


163,933




Due to banks


25


(2,993,072)


 


4,550,788




Due to customers


26


36,720,995


 


19,151,586




Income tax obligations paid


 


(3,779,782)


 


(3,625,579)




Other liabilities


28


(7,645,182)


 


1,895,241




Net cash used in (generated from) operating activities


 


29,185,956


 


21,614,258




 


 


 


 


 




Cash flow from investing activities


 


 


 


 




Proceeds from Investments in associates.


 


750


 


-




Payment for purchases of property, plant, equipment and branches

 constructions


 


(1,091,829)


 


(1,303,181)




Proceeds from selling property, plant and equipment


11


1,094


 


1,439




Proceeds from redemption of financial assets at amortized cost


21


82,309,481


 


43,937,957




Payment for purchases of financial assets at amortized cost


21


(233,765)


 


(76,516,842)




Payment for purchases of financial assets at fair value through OCI


21


(112,791,966)


 


(50,954,311)




Proceeds from selling financial assets at fair value through OCI


 


54,137,187


 


54,855,966




Proceeds from investment in subsidiaries.


 


194,722


 


-




Net cash generated from (used in) investing activities


 


22,525,674


 


(29,978,972)




 


 


 


 


 




 


 


 


 


 




 




Consolidated cash flow for the year ended December 31, 2020 (Cont.)




 


 


 


 


 




 


 


Dec. 31, 2020


 


Dec. 31, 2019




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from financing activities


 


 


 


 




Received (Repaid) in long term loans


27


4,474,200


 


(448,783)




Dividend paid


 


(3,370,464)


 


(2,700,544)




Capital increase


 


85,992


 


105,413




Net cash generated from (used in) financing activities


 


1,189,728


 


(3,043,914)




 


 


 


 


 




 


 


 


 


 




Net increase (decrease) in cash and cash equivalent during the year


 


52,901,358


 


(11,408,628)




Beginning balance of cash and cash equivalent


 


22,895,017


 


34,303,645




Cash and cash equivalent at the end of the year


 


75,796,375


 


22,895,017




 


 


 


 


 




Cash and cash equivalent comprise:


 


 


 


 




Cash and balances at the central bank


15


33,768,549


 


28,273,962




Due from banks


16


87,450,490


 


28,370,183




Treasury bills and other governmental  notes


17


39,497,692


 


27,634,062




Obligatory reserve balance with CBE


15


(27,744,700)


 


(22,397,310)




Due from banks with maturities more than three months


 


(16,974,367)


 


(10,593,903)




Treasury bills with maturity more than three months


 


(40,201,289)


 


(28,391,977)




Total cash and cash equivalent


 


75,796,375


 


22,895,017





 


 


 


 


 


 


 


 










 


 


 


 


 


 


 


 




 
 
 
 
 
 
 
 





Consolidated statement of changes in shareholders' equity  for the year ended December 31, 2019


 


 


 


 


 


 




Dec. 31, 2019


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


11,668,326


1,710,293


12,776,215


1,549,445


-


12,421


(1,860,851)


4,323


9,637,083


738,320


-


36,235,575


-


36,235,575




Capital increase


3,022,495


-


(2,917,082)


-


-


-


-


-


-


-


-


105,413


-


105,413




Transferred to reserves


-


477,736


6,615,296


-


-


1,045


-


-


(6,854,370)


(239,707)


-


-


-


-




Dividend paid


-


-


-


-


-


-


-


-


(2,700,544)


-


-


(2,700,544)


-


(2,700,544)




Net profit of the year


-


-


-


-


-


-


-


-


11,800,995


-


-


11,800,995


-


11,800,995




Reserve for transactions under common control


-


-


-


-


-


-


6,157,553


-


-


-


-


6,157,553


-


6,157,553




Transferred (from) to  banking risk reserve


-


-


-


-


-


-


-


841


(841)


-


-


-


-


-




ECL for impairment of debt instruments investments


-


-


-


-


-


-


(184,921)


-


-


-


-


(184,921)


-


(184,921)




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


-


464,539


-


464,539


-


464,539




Cumulative foreign currencies translation differences


-


-


-


-


-


-


-


-


(666)


-


2,501


1,835


-


1,835




Balance at the end of the year


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




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




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 share


-


-


-


-


 


-


-


-


-


-


-


-


485,779


485,779




Net profit of the year


-


-


-


-


-


-


-


-


10,238,157


-


-


10,238,157


(1,834)


10,236,323




Transferred from reserve on disposal 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 OCI


-


-


-


-


-


-


205,182


-


-


-


-


205,182


-


205,182




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


-


552,438


-


552,438


-


552,438




Cumulative foreign currencies translation differences


-


-


-


-


-


-


-


-


-


-


(6,185)


(6,185)


(890)


(7,075)




Balance at the end of the year


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




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 





 

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