REG - Commercial Int Bank - CIB H1-2024 Consolidated Financial Statements
22/07/2024 07:00
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RNS Number : 1835X Commercial Intnl Bank (Egypt) SAE 21 July 2024
Condensed Consolidated Interim Statement of Financial Position as at June 30,
2024
Notes Jun. 30, 2024 Dec. 31, 2023
Assets
Cash and balances at the central bank 9 43,581,935 71,887,821
Due from banks 10 306,025,890 231,085,244
Loans and advances to banks, net 12 1,483,003 822,448
Loans and advances to customers, net 13 286,164,729 234,985,936
Derivative financial instruments 1,323,696 1,105,148
Financial investments
- Financial Assets at Fair Value through P&L 14 172,728 -
- Financial Assets at Fair Value through OCI 14 265,421,400 233,125,234
- Financial Assets at Amortized cost 14 109,391,193 38,341,019
- Investments in associates 15 112,517 115,979
Non current assets held for sale 30.1 248 161
Other assets 16 38,499,607 18,972,786
Deferred tax assets 2,085,201 1,685,231
Property and equipment 17 2,905,780 2,739,092
Total assets 1,057,167,927 834,866,099
Liabilities and equity
Liabilities
Due to banks 18 3,971,737 12,458,003
Due to customers 19 861,719,735 677,237,479
Non current liabilities held for sale 30.2 1,320 873
Derivative financial instruments 261,033 140,934
Current income tax liabilities 10,328,671 9,395,534
Other liabilities 20 22,179,161 18,339,465
Issued debt instruments 21 4,783,017 3,073,349
Other loans 19,558,427 12,483,907
Other provisions 22 14,986,345 11,095,089
Total liabilities 937,789,446 744,224,633
Equity
Issued and paid up capital 30,431,580 30,195,010
Reserves 58,674,548 28,807,042
Reserve for employee stock ownership plan (ESOP) 1,396,104 1,486,010
Retained earnings * 28,753,211 29,993,331
Total equity and net profit for the period / year 119,255,443 90,481,393
Non Controlling Interest 123,038 160,073
Total minority interest, equity and net profit for the period / year 119,378,481 90,641,466
Total liabilities and equity 1,057,167,927 834,866,099
The accompanying notes are an integral part of these financial statements .
( Limited Review report attached )
* Including net profit for the period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Consolidated Interim Income Statement for the period ended June 30,
2024
Last 6 Months Last 6 Months
Notes Jun. 30, 2024 Jun. 30, 2023
Interest and similar income 81,692,664 45,115,105
Interest and similar expense (40,155,413) (21,221,785)
Net interest income 41,537,251 23,893,320
Fee and commission income 5,914,748 4,128,821
Fee and commission expense (2,505,646) (1,575,094)
Net fee and commission income 3,409,102 2,553,727
Dividend income 46,101 77,253
Net trading income 6 17,390,608 2,335,117
Profits (Losses) on financial investments 14.1 297,208 92,572
Administrative expenses (5,799,128) (4,296,917)
Other operating income (expenses) 7 (16,423,342) (3,423,286)
Goodwill amortization - (20,629)
Intangible assets amortization - (5,183)
Impairment release (charges) for credit losses (2,052,147) (1,182,487)
Bank's share in the profits / losses of associates (3,462) (26,630)
Profit before income tax 38,402,191 19,996,857
Income tax expense 29 (11,498,510) (5,748,429)
Deferred tax assets (Liabilities) 29 643,621 (142,753)
Net profit from continued operations 27,547,302 14,105,675
Discontinued Operations
Net profit (loss) from discontinued operations 30.3 - (49,612)
Net profit for the period 27,547,302 14,056,063
Non Controlling Interest 332 3,474
Bank's shareholders 27,546,970 14,052,589
Earnings per share 8
Basic 8.08 4.16
Diluted 7.98 4.11
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended June 30, 2024
Last 6 Months Last 6 Months
Jun. 30, 2024 Jun. 30, 2023
Net profit for the period 27,547,302 14,056,063
Transferred to RE from financial assets at fair value through comprehensive - (95,308)
income
Change in fair value of Financial invesments measured at fair value through 4,194,501 (9,949,190)
comprehensive income after tax
Cumulative foreign currencies translation differences 877,881 184,795
Effect of ECL on fair value of debt instruments measured at fair value through 751,338 205,751
comprehensive income
Total comprehensive income for the period 33,371,022 4,402,111
As follows:
Bank's shareholders 33,370,690 4,398,637
Non Controlling Interest 332 3,474
Total comprehensive income for the period 33,371,022 4,402,111
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024
Notes Jun. 30, 2024 Jun. 30, 2023
Cash flow from operating activities
Profit before income tax from continued operations 38,402,191 19,996,857
Profit (loss) from discontinued operations - (49,612)
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 521,764 435,552
Impairment Release/charge for credit losses (Loans and advances to customers 2,383,373 950,009
and banks)
Other provisions Release/charge 22 197,789 1,146,383
Impairment Release/charge for credit losses (due from banks) (431) 5,231
Impairment Release/charge for credit losses (financial investments) (330,795) 227,247
Impairment Release/charge for other assets (7,173) -
Exchange revaluation differences for financial assets at fair value through (18,461,627) (5,858,602)
OCI and AC
Goodwill amortization - 20,629
Intangible assets amortization - 5,183
Revaluation differences Impairment charge for Financial Assets at Fair value 1,185,435 -
through OCI
Revaluation differences Impairment charge for Financial Assets at Amortized 100,975 -
cost
Revaluation differences Impairment charge for due from banks 1,785 -
Utilization of other provisions 22 (8,970) (1,031)
Other provisions no longer used 22 (4,220) -
Exchange Revaluation differences of other provisions 22 3,706,657 1,178,333
Profits/losses from selling property and equipment 7 (2,184) (130)
Profits/losses from selling financial investments at fair value through OCI 14.1 (297,208) (92,572)
Share based payments 533,219 402,192
Bank's share in the profits / losses of associates 3,462 26,630
Operating profits before changes in operating assets and liabilities 27,924,042 18,392,299
Net decrease / increase in assets and liabilities
Due from banks 35,579,404 31,684,362
Financial assets at fair value through P&L (172,728) -
Derivative financial instruments 167,636 (213,992)
Loans and advances to banks and customers 12 - 13 (54,214,511) (25,279,763)
Other assets (18,857,430) (4,443,895)
Non current assets held for sale (248) (214)
Due to banks 18 (8,486,266) 20,441,352
Due to customers 19 184,482,256 126,914,539
Current income tax obligations paid (1,169,839) (795,945)
Non current liabilities held for sale 1,320 933
Other liabilities (5,907,589) 2,149,496
Net cash generated from (used in) operating activities 159,346,047 168,849,172
Cash flow from investing activities
Proceeds from sale of investments in associates 7,173 -
Payment for purchases of property, equipment and branches construction (1,358,880) (727,599)
Proceeds from selling property and equipment 2,184 130
Proceeds from redemption of financial assets at amortized cost 1,440,627 196,783
Payment for purchases of financial assets at amortized cost (70,069,828) (9,121,279)
Payment for purchases of financial assets at fair value through OCI (58,957,315) (51,268,261)
Proceeds from selling financial assets at fair value through OCI 46,444,442 59,321,328
Payment for investment in subsidiaries - (1,008,761)
Net cash generated from (used in) investing activities (82,491,597) (2,607,659)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024
(Cont.)
Jun. 30, 2024 Jun. 30, 2023
Cash flow from financing activities
Other loans 7,074,520 3,179,561
Dividends paid (5,116,159) (3,594,747)
Issued debt instruments 1,709,668 614,030
Capital increase 236,570 369,876
Net cash generated from (used in) financing activities 3,904,599 568,720
Net (decrease) increase in cash and cash equivalent during the period 80,759,049 166,810,233
Beginning balance of cash and cash equivalent 234,317,913 92,969,526
Cash and cash equivalent at the end of the period 315,076,962 259,779,759
Cash and cash equivalent comprise:
Cash and balances at the central bank 9 43,581,935 33,569,139
Due from banks 306,029,402 282,285,952
Treasury bills and other governmental notes 11 118,676,181 71,798,021
Obligatory reserve balance with CBE (25,444,215) (25,697,561)
Due from banks with maturity more than three months (10,029,823) (30,318,097)
Treasury bills and other governmental notes with maturity more than three (117,736,518) (71,857,695)
months
Total cash and cash equivalent 315,076,962 259,779,759
Condensed Consolidated Interim Statement of Financial Position as at June 30,
2024
Notes
Jun. 30, 2024
Dec. 31, 2023
Assets
Cash and balances at the central bank
9
43,581,935
71,887,821
Due from banks
10
306,025,890
231,085,244
Loans and advances to banks, net
12
1,483,003
822,448
Loans and advances to customers, net
13
286,164,729
234,985,936
Derivative financial instruments
1,323,696
1,105,148
Financial investments
- Financial Assets at Fair Value through P&L
14
172,728
-
- Financial Assets at Fair Value through OCI
14
265,421,400
233,125,234
- Financial Assets at Amortized cost
14
109,391,193
38,341,019
- Investments in associates
15
112,517
115,979
Non current assets held for sale
30.1
248
161
Other assets
16
38,499,607
18,972,786
Deferred tax assets
2,085,201
1,685,231
Property and equipment
17
2,905,780
2,739,092
Total assets
1,057,167,927
834,866,099
Liabilities and equity
Liabilities
Due to banks
18
3,971,737
12,458,003
Due to customers
19
861,719,735
677,237,479
Non current liabilities held for sale
30.2
1,320
873
Derivative financial instruments
261,033
140,934
Current income tax liabilities
10,328,671
9,395,534
Other liabilities
20
22,179,161
18,339,465
Issued debt instruments
21
4,783,017
3,073,349
Other loans
19,558,427
12,483,907
Other provisions
22
14,986,345
11,095,089
Total liabilities
937,789,446
744,224,633
Equity
Issued and paid up capital
30,431,580
30,195,010
Reserves
58,674,548
28,807,042
Reserve for employee stock ownership plan (ESOP)
1,396,104
1,486,010
Retained earnings *
28,753,211
29,993,331
Total equity and net profit for the period / year
119,255,443
90,481,393
Non Controlling Interest
123,038
160,073
Total minority interest, equity and net profit for the period / year
119,378,481
90,641,466
Total liabilities and equity
1,057,167,927
834,866,099
The accompanying notes are an integral part of these financial statements .
( Limited Review report attached )
*
Including net profit for the period
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Consolidated Interim Income Statement for the period ended June 30,
2024
Last 6 Months
Last 6 Months
Notes
Jun. 30, 2024
Jun. 30, 2023
Interest and similar income
81,692,664
45,115,105
Interest and similar expense
(40,155,413)
(21,221,785)
Net interest income
41,537,251
23,893,320
Fee and commission income
5,914,748
4,128,821
Fee and commission expense
(2,505,646)
(1,575,094)
Net fee and commission income
3,409,102
2,553,727
Dividend income
46,101
77,253
Net trading income
6
17,390,608
2,335,117
Profits (Losses) on financial investments
14.1
297,208
92,572
Administrative expenses
(5,799,128)
(4,296,917)
Other operating income (expenses)
7
(16,423,342)
(3,423,286)
Goodwill amortization
-
(20,629)
Intangible assets amortization
-
(5,183)
Impairment release (charges) for credit losses
(2,052,147)
(1,182,487)
Bank's share in the profits / losses of associates
(3,462)
(26,630)
Profit before income tax
38,402,191
19,996,857
Income tax expense
29
(11,498,510)
(5,748,429)
Deferred tax assets (Liabilities)
29
643,621
(142,753)
Net profit from continued operations
27,547,302
14,105,675
Discontinued Operations
Net profit (loss) from discontinued operations
30.3
-
(49,612)
Net profit for the period
27,547,302
14,056,063
Non Controlling Interest
332
3,474
Bank's shareholders
27,546,970
14,052,589
Earnings per share
8
Basic
8.08
4.16
Diluted
7.98
4.11
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended June 30, 2024
Last 6 Months
Last 6 Months
Jun. 30, 2024
Jun. 30, 2023
Net profit for the period
27,547,302
14,056,063
Transferred to RE from financial assets at fair value through comprehensive
income
-
(95,308)
Change in fair value of Financial invesments measured at fair value through
comprehensive income after tax
4,194,501
(9,949,190)
Cumulative foreign currencies translation differences
877,881
184,795
Effect of ECL on fair value of debt instruments measured at fair value through
comprehensive income
751,338
205,751
Total comprehensive income for the period
33,371,022
4,402,111
As follows:
Bank's shareholders
33,370,690
4,398,637
Non Controlling Interest
332
3,474
Total comprehensive income for the period
33,371,022
4,402,111
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024
Notes
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities
Profit before income tax from continued operations
38,402,191
19,996,857
Profit (loss) from discontinued operations
-
(49,612)
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation
17
521,764
435,552
Impairment Release/charge for credit losses (Loans and advances to customers
and banks)
2,383,373
950,009
Other provisions Release/charge
22
197,789
1,146,383
Impairment Release/charge for credit losses (due from banks)
(431)
5,231
Impairment Release/charge for credit losses (financial investments)
(330,795)
227,247
Impairment Release/charge for other assets
(7,173)
-
Exchange revaluation differences for financial assets at fair value through
OCI and AC
(18,461,627)
(5,858,602)
Goodwill amortization
-
20,629
Intangible assets amortization
-
5,183
Revaluation differences Impairment charge for Financial Assets at Fair value
through OCI
1,185,435
-
Revaluation differences Impairment charge for Financial Assets at Amortized
cost
100,975
-
Revaluation differences Impairment charge for due from banks
1,785
-
Utilization of other provisions
22
(8,970)
(1,031)
Other provisions no longer used
22
(4,220)
-
Exchange Revaluation differences of other provisions
22
3,706,657
1,178,333
Profits/losses from selling property and equipment
7
(2,184)
(130)
Profits/losses from selling financial investments at fair value through OCI
14.1
(297,208)
(92,572)
Share based payments
533,219
402,192
Bank's share in the profits / losses of associates
3,462
26,630
Operating profits before changes in operating assets and liabilities
27,924,042
18,392,299
Net decrease / increase in assets and liabilities
Due from banks
35,579,404
31,684,362
Financial assets at fair value through P&L
(172,728)
-
Derivative financial instruments
167,636
(213,992)
Loans and advances to banks and customers
12 - 13
(54,214,511)
(25,279,763)
Other assets
(18,857,430)
(4,443,895)
Non current assets held for sale
(248)
(214)
Due to banks
18
(8,486,266)
20,441,352
Due to customers
19
184,482,256
126,914,539
Current income tax obligations paid
(1,169,839)
(795,945)
Non current liabilities held for sale
1,320
933
Other liabilities
(5,907,589)
2,149,496
Net cash generated from (used in) operating activities
159,346,047
168,849,172
Cash flow from investing activities
Proceeds from sale of investments in associates
7,173
-
Payment for purchases of property, equipment and branches construction
(1,358,880)
(727,599)
Proceeds from selling property and equipment
2,184
130
Proceeds from redemption of financial assets at amortized cost
1,440,627
196,783
Payment for purchases of financial assets at amortized cost
(70,069,828)
(9,121,279)
Payment for purchases of financial assets at fair value through OCI
(58,957,315)
(51,268,261)
Proceeds from selling financial assets at fair value through OCI
46,444,442
59,321,328
Payment for investment in subsidiaries
-
(1,008,761)
Net cash generated from (used in) investing activities
(82,491,597)
(2,607,659)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024
(Cont.)
Jun. 30, 2024
Jun. 30, 2023
Cash flow from financing activities
Other loans
7,074,520
3,179,561
Dividends paid
(5,116,159)
(3,594,747)
Issued debt instruments
1,709,668
614,030
Capital increase
236,570
369,876
Net cash generated from (used in) financing activities
3,904,599
568,720
Net (decrease) increase in cash and cash equivalent during the period
80,759,049
166,810,233
Beginning balance of cash and cash equivalent
234,317,913
92,969,526
Cash and cash equivalent at the end of the period
315,076,962
259,779,759
Cash and cash equivalent comprise:
Cash and balances at the central bank
9
43,581,935
33,569,139
Due from banks
306,029,402
282,285,952
Treasury bills and other governmental notes
11
118,676,181
71,798,021
Obligatory reserve balance with CBE
(25,444,215)
(25,697,561)
Due from banks with maturity more than three months
(10,029,823)
(30,318,097)
Treasury bills and other governmental notes with maturity more than three
months
(117,736,518)
(71,857,695)
Total cash and cash equivalent
315,076,962
259,779,759
Condensed Consolidated Interim statement of changes in shareholders' equity
Jun. 30, 2023 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 Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation Total Shareholders Equity Non Controlling Interest Total
OCI differences
Beginning balance 29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (13,188,818) 11,981 16,393,841 1,895,435 181,324 67,757,737 580,431 68,338,168
Capital increase 369,876 - - - - - - - - - - 369,876 - 369,876
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Transferred to reserves - 806,408 12,743,849 - - 2,208 - - (12,388,223) (1,164,242) - - - -
Dividends paid - - - - - - - - 14,052,589 - - 14,052,589 3,474 14,056,063
Net profit for the period - - - - - - - - (3,738,888) - - (3,738,888) (17,108) (3,755,996)
Change in non controlling interest from acquisition - - - - - - - - - - - - (536,867) (536,867)
of subsidiaries
Transferred to RE from financial assets at fair - - - - - - (95,308) - 95,308 - - - - -
value through OCI
Net unrealized gain/(loss) on financial assets at - - - - - - (9,949,190) - - - - (9,949,190) - (9,949,190)
fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 3,249 (3,249) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - 205,751 - - - - 205,751 - 205,751
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 402,192 - 402,192 - 402,192
Cumulative foreign currencies translation - - - - - - - - - - 85,603 85,603 99,192 184,795
differences
Ending balance 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (23,027,565) 15,230 14,411,378 1,133,385 266,927 68,506,515 129,122 68,635,637
Jun. 30, 2024 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 Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation Total Shareholders Equity Non Controlling Interest Total
OCI differences
Beginning balance 30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (16,868,691) 15,230 29,993,331 1,486,010 148,353 90,481,393 160,073 90,641,466
Capital increase 236,570 - - - - - - - - - - 236,570 - 236,570
Transferred to reserves - 1,438,320 22,582,085 - - 1,663 - - (23,398,943) (623,125) - - - -
Dividends paid - - - - - - - - (5,366,429) - - (5,366,429) (37,367) (5,403,796)
Net profit for the period - - - - - - - - 27,546,970 - - 27,546,970 332 27,547,302
Transferred to RE from financial assets at fair - - - - - - - - - - - - - -
value through OCI
Change in non controlling interest from acquisition - - - - - - - - - - - - - -
of subsidiaries
Transferred from RE to banking risk reserve - - - - - - - 19,024 (19,024) - - - - -
Net unrealised gain/(loss) on financial assets at - - - - - - 4,194,501 - - - - 4,194,501 - 4,194,501
fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 2,694 (2,694) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - 751,338 - - - - 751,338 - 751,338
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 533,219 - 533,219 - 533,219
Cumulative foreign currencies translation - - - - - - - - - - 877,881 877,881 - 877,881
differences
Ending balance 30,431,580 6,208,674 62,422,792 1,550,906 (670,972) 22,818 (11,922,852) 36,948 28,753,211 1,396,104 1,026,234 119,255,443 123,038 119,378,481
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