REG - Commercial Int Bank - CIB FY20 Year End Separate Financial Results
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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2020
Separate balance sheet as at December 31, 2020
Notes
Dec. 31, 2020
Dec. 31, 2019
EGP Thousands
EGP Thousands
Assets
Cash and balances at the central bank
15
33,572,597
28,273,962
Due from banks
16
86,997,034
28,353,366
Loans and advances to banks, net
18
776,980
625,264
Loans and advances to customers, net
19
118,854,880
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
147,646,432
89,897,257
- Amortized cost
21
25,020,917
107,225,613
- Investments in associates and subsidiaries
22
874,348
63,953
Other assets
23
9,095,212
9,747,939
Deferred tax assets (Liabilities)
31
437,772
350,339
Property and equipment
24
2,259,940
2,202,698
Total assets
426,144,830
386,696,658
Liabilities and equity
Liabilities
Due to banks
25
8,815,561
11,810,607
Due to customers
26
340,086,524
304,483,655
Derivative financial instruments
20
331,073
282,588
Current tax liabilities
859,582
4,639,364
Other liabilities
28
5,679,266
8,396,487
Other loans
27
7,746,946
3,272,746
Provisions
29
3,221,252
2,011,369
Total liabilities
366,740,204
334,896,816
Equity
Issued and paid up capital
30
14,776,813
14,690,821
Reserves
33
33,085,554
24,342,314
Reserve for employee stock ownership plan (ESOP)
33
1,064,648
963,152
Retained earnings *
33
10,477,611
11,803,555
Total equity
59,404,626
51,799,842
Total liabilities and equity
426,144,830
386,696,658
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
Separate income statement for the year ended December 31, 2020
Notes
Dec. 31, 2020
Dec. 31, 2019
EGP Thousands
EGP Thousands
Interest and similar income
42,070,598
42,600,957
Interest and similar expense
(16,980,635)
(21,022,838)
Net interest income
6
25,089,963
21,578,119
Fee and commission income
3,053,536
3,451,688
Fee and commission expense
(983,450)
(1,170,893)
Net fee and commission income
7
2,070,086
2,280,795
Dividend income
8
98,175
53,423
Net trading income
9
395,701
688,059
Profits (Losses) on financial investments
21
922,832
450,697
Administrative expenses
10
(5,552,800)
(5,044,937)
Other operating (expenses) income
11
(2,737,550)
(1,794,540)
Intangible assets amortization
-
(238,715)
Impairment release (charges) for credit losses
12
(4,989,288)
(1,435,460)
Profit before income tax
15,297,119
16,537,441
Income tax expense
13
(5,084,670)
(4,639,364)
Deferred tax assets (Liabilities)
31 - 13
87,433
(94,522)
Net profit for the year
10,299,882
11,803,555
Earning per share
14
Basic
6.26
7.12
Diluted
6.24
7.09
Hussein Abaza
Sherif Samy
CEO & Board member
Chairman
Separate 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
10,299,882
11,803,555
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
(255,293)
5,944,586
Transferred from reserve on disposal of financial assets at fair value through OCI
(76,717)
-
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
10,159,088
17,776,187
Separate 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
15,297,119
16,537,441
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation
24
677,501
576,544
Impairment charge for credit losses (Loans and advances to customers and banks)
12
4,777,592
1,610,878
Other provisions charges
29
1,232,731
461,869
Impairment charge for credit losses (due from banks)
12
6,514
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
Intangible assets amortization
-
238,715
Impairment charge financial assets at fair value through OCI
21
79,126
47,197
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) losses from selling property, plant and equipment
11
(1,094)
(1,439)
(Profits) losses from selling financial investments
21
(1,018,469)
(497,894)
Shares based payments
552,438
464,539
Released (Impairment) charges of investments in associates and subsidiaries
21
16,511
-
Operating profits before changes in operating assets and liabilities
22,121,162
20,617,042
Net decrease (increase) in assets and liabilities
Due from banks
15
(10,899,927)
(8,870,547)
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
(4,276,558)
(14,533,328)
Other assets
40
649,301
162,502
Due to banks
25
(2,995,046)
4,550,788
Due to customers
26
35,602,869
19,143,183
Income tax obligations paid
(3,779,782)
(3,625,579)
Other liabilities
28
(7,700,878)
1,894,934
Net cash used in (generated from) operating activities
28,796,072
21,655,009
Cash flow from investing activities
Proceeds from investments in associates.
750
-
Payments for investment in subsidiaries and associates.
(721,352)
-
Payment for purchases of property, plant, equipment and branches
constructions
(987,061)
(1,301,415)
Proceeds from selling property, plant and equipment
11
1,094
1,439
Proceeds from redemption of financial assets at amortized cost
21
82,203,469
43,937,957
Payment for purchases of financial assets at amortized cost
21
-
(76,516,842)
Payment for purchases of financial assets at fair value through OCI
21
(112,382,696)
(50,954,311)
Proceeds from selling financial assets at fair value through OCI
54,970,226
54,813,449
Net cash generated from (used in) investing activities
23,084,430
(30,019,723)
Separate 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
53,070,230
(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
75,965,247
22,895,017
Cash and cash equivalent comprise:
Cash and balances at the central bank
15
33,572,597
28,273,962
Due from banks
16
87,020,365
28,370,183
Treasury bills and other governmental notes
17
39,464,714
27,634,062
Obligatory reserve balance with CBE
15
(27,610,380)
(22,397,310)
Due from banks with maturities more than three months
(16,280,760)
(10,593,903)
Treasury bills with maturity more than three months
(40,201,289)
(28,391,977)
Total cash and cash equivalent
75,965,247
22,895,017
Separate 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
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
11,668,326
1,710,293
12,776,215
1,549,445
12,421
(1,860,851)
4,323
9,555,755
738,320
36,154,247
Capital increase
3,022,495
-
(2,917,082)
-
-
-
-
-
-
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)
Net profit for the year
-
-
-
-
-
-
-
11,803,555
-
11,803,555
Net unrealised gain/(loss) on financial assets at fair value through OCI
-
-
-
-
-
6,157,553
-
-
-
6,157,553
Transferred (from) to bank risk reserve
-
-
-
-
-
-
841
(841)
-
-
ECL for impairment of debt instruments investments
-
-
-
-
-
(184,921)
-
-
-
(184,921)
Cost of employees stock ownership plan (ESOP)
-
-
-
-
-
-
-
-
464,539
464,539
Ending 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
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 OCI
-
-
-
-
-
(76,717)
-
76,717
-
-
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 OCI
-
-
-
-
205,182
-
-
-
205,182
Cost of employees stock ownership plan (ESOP)
-
-
-
-
-
-
-
-
552,438
552,438
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
Proposed appropriation account for the year ended December 31, 2020
Dec. 31, 2020
Dec. 31, 2019
EGP Thousands
EGP Thousands
Net profit after tax
10,299,882
11,803,555
Profits selling property, plant and equipment transferred to capital reserve according to the law
(1,094)
(1,439)
Bank risk reserve
(2,718)
(1,258)
Available net profit for distributing
10,296,070
11,800,858
To be distributed as follows:
Legal reserve
514,939
590,106
General reserve
8,420,479
7,840,287
Dividends to shareholders
-
1,836,353
Staff profit sharing
1,029,607
1,180,086
Board members bonus
73,643
177,013
CIB's foundation
154,441
177,013
Support and development of banking sector fund
102,961
-
Total
10,296,070
11,800,858
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