REG - Commercial Int Bank - CIB FY2020 Annual Financial Report
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Commercial International Bank (Egypt) S.A.E.
Financial Statements
December 31, 2020
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
(17,107,598)
(21,054,078)
Net interest income
3
25,088,637
21,546,879
Fee and commission income
3,059,264
3,451,688
Fee and commission expense
(983,450)
(1,170,893)
Net fee and commission income
4
2,075,814
2,280,795
Dividend income
5
50,175
53,423
Net trading income
6
483,006
688,059
Profits (Losses) on financial investments
20
1,001,958
450,697
Administrative expenses
7
(6,877,303)
(6,468,560)
Other operating expenses
8
(2,500,823)
(1,698,547)
Impairment release (charges) for credit losses
9
(5,018,781)
(1,435,460)
Intangible Assets Impairment
-
(651,041)
Profits from subsidiaries acquisition
38
8,086
-
Bank's share in the profits of associates
12
22,426
1,135
Profit before income tax from continuing operations
14,333,195
14,767,380
Current income tax expense
(5,087,418)
(4,639,364)
Deferred income tax
10.2
87,433
(94,522)
Net profit from continuing operations
9,333,210
10,033,494
Net profit for the year
9,333,210
10,033,494
Attributable to:
Equity holders of the parent
9,335,044
10,033,494
Non-controlling interest
(1,834)
-
Net Profit for the year
9,333,210
10,033,494
Earning per share
11
Basic attributable to equity holders of the parent
6.36
6.84
Diluted attributable to equity holders of the parent
6.33
6.81
The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.
Hussein Abaza
Sherif Samy
CEO & Board member
Chairman
Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2020
Dec. 31, 2020
Dec. 31, 2019
EGP Thousands
EGP Thousands
Profit for the year
9,333,210
10,033,494
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on FVOCI
(295,452)
5,975,133
Total other comprehensive income for the year
9,037,758
16,008,627
Attributable to:
Equity holders of the parent
9,039,592
16,008,627
Non-controlling interest
(1,834)
-
The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.
Consolidated Statement of Financial Position as at December 31, 2020
Notes
Dec. 31, 2020
Dec. 31, 2019
EGP Thousands
EGP Thousands
Assets
Cash and balances at the central bank
13
33,768,549
28,273,962
Due from banks
14
87,426,301
28,353,366
Loans and advances to banks, net
15
776,980
625,264
Loans and advances to customers, net
16
119,570,005
119,321,103
Financial Assets at Fair value through P&L
19
552,288
545,545
Derivative financial instruments
17
248,759
216,383
Financial Assets at Fair value through OCI
19
156,157,553
92,940,479
Financial Assets at Amortized cost
19
25,285,225
107,225,613
Right of use
23
814,587
339,501
Investments in associates
21
139,871
107,693
Other assets
22
9,175,525
9,748,143
Intangible assets
38
51,831
-
Goodwill
38
206,287
-
Deferred tax assets
10.2
437,772
350,339
Property and equipment
23
2,311,147
2,204,464
Total assets
436,922,680
390,251,855
Liabilities and equity
Liabilities
Due to banks
24
8,817,535
11,810,607
Due to customers
25
341,169,450
304,448,455
Lease Liability
23
905,861
337,531
Derivative financial instruments
17
331,073
282,588
Other liabilities
27
15,070,029
12,923,926
Current Tax Liability
859,582
4,639,364
Other loans
26
7,746,946
3,272,746
Provisions
28
3,224,180
2,011,369
Total liabilities
378,124,656
339,726,586
Equity
Issued and paid in capital
29
14,776,813
14,690,821
Reserves
30
32,939,079
23,180,850
Reserve for employee stock ownership plan (ESOP)
30
1,064,648
963,152
Retained earnings
30
9,534,429
11,690,446
Total equity attributable to equity holders of the parent
58,314,969
50,525,269
Non-controlling interest
39
483,055
-
Total equity
58,798,024
50,525,269
Total liabilities and equity
436,922,680
390,251,855
The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.
Hussein Abaza
Sherif Samy
CEO & Board member
Chairman
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2019
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 2019
11,668,326
897,680
9,444,663
12,635,473
34,646,142
-
34,646,142
Total comprehensive income
-
-
10,033,494
-
10,033,494
-
10,033,494
Capital increase
3,022,495
-
-
-
3,022,495
-
3,022,495
Reserve for employee stock ownership plan (ESOP)
-
464,539
-
-
464,539
-
464,539
Dividend
-
-
(2,700,544)
-
(2,700,544)
-
(2,700,544)
Transferred to reserves
-
(399,067)
(5,087,167)
10,545,377
5,059,143
-
5,059,143
Balance at 31 December 2019
14,690,821
963,152
11,690,446
23,180,850
50,525,269
-
50,525,269
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
Minority Interest share
-
-
-
-
-
485,779
485,779
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)
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
Consolidated Statement of 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
14,333,195
14,767,380
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation
924,667
587,662
Impairment charge for credit losses (Loans and advances to customers)
4,806,518
1,610,878
Other provisions charges
1,235,659
461,869
Impairment charge for other assets
69,217
(93,313)
Impairment charge for credit losses (due from banks)
7,081
9,503
Exchange revaluation differences for financial assets at fair value through OCI
249,642
1,593,030
Impairment charge for credit losses (financial investments)
205,182
(184,921)
Utilization of other provisions
(2,382)
(28,135)
Other provisions no longer used
(13,273)
(6,910)
Impairment of intangible assets
-
651,041
Exchange differences of other provisions
(7,193)
(110,062)
Released (Impairment) charges of investments in associates and subsidiaries
16,511
-
Profits from selling property, plant and equipment
(1,094)
(1,439)
(Profits) losses from selling financial investments
(1,018,469)
(497,894)
Shares based payments
552,438
464,539
Bank's share in the profits of associates
(22,426)
(1,135)
Operating profits before changes in working capital
21,335,273
19,222,093
Net decrease (increase) in working capital
Due from banks
(10,899,927)
(8,870,547)
Financial assets at fair value through P&L
58,822
2,318,924
Derivative financial instruments
16,109
(2,910)
Loans and advances to banks and customers
(5,020,609)
(14,533,328)
Other assets
568,988
163,933
Due to banks
(2,993,072)
4,550,788
Due to customers
36,720,995
19,151,586
Income tax obligations paid
(3,779,782)
(3,625,579)
Other liabilities
2,146,103
1,895,241
Net cash generated from operating activities
38,152,900
20,270,201
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
1,094
1,439
Proceeds from redemption of financial assets at amortized cost
82,309,481
43,937,957
Payment for purchases of financial assets at amortized cost
(233,765)
(76,516,842)
Payment for purchases of financial assets at fair value through OCI
(117,787,925)
(50,954,311)
Proceeds from selling financial assets at fair value through OCI
54,137,187
54,855,966
Proceeds from selling property and equipment
194,722
-
Net cash generated from (used in) investing activities
17,529,715
(29,978,972)
Consolidated Statement of 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
4,474,200
(448,783)
Dividend paid
(2,013,318)
(2,700,544)
Transferred from previous years' outstanding balances
85,992
105,413
Cash payments for lease (principle and interest)
(242,173)
-
Net cash generated from (used in) financing activities
2,304,701
(3,043,914)
Net increase (decrease) in cash and cash equivalent during the year
57,987,316
(12,752,685)
Beginning balance of cash and cash equivalent
8,362,969
21,115,654
Cash and cash equivalent at the end of the year
66,350,285
8,362,969
Cash and cash equivalent comprise:
Cash and balances at the central bank
13
33,768,549
28,273,962
Due from banks
14
87,450,490
28,370,183
Treasury bills and other governmental notes
19
40,256,277
27,634,062
Obligatory reserve balance with CBE
13
(27,744,700)
(22,397,310)
Due from banks with maturities more than three months
(27,179,042)
(25,125,951)
Treasury bills with maturity more than three months
(40,201,289)
(28,391,977)
Total cash and cash equivalent
31
66,350,285
8,362,969
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