REG - Commercial Int Bank - CIB H1-2024 Separate Financial Statements - E
22/07/2024 07:00
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RNS Number : 1836X Commercial Intnl Bank (Egypt) SAE 21 July 2024
Condensed Separate 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 43,371,479 71,747,343
Due from banks 10 305,020,735 230,709,419
Loans and advances to banks, net 12 1,483,003 822,448
Loans and advances to customers, net 13 283,989,456 233,824,745
Derivative financial instruments 1,323,696 1,101,896
Financial investments
- Financial Assets at Fair Value through P&L 14 172,728 -
- Financial Assets at Fair Value through OCI 14 263,902,312 232,290,598
- Financial Assets at Amortized cost 14 108,637,486 37,847,114
- Investments in subsidiaries and associates 15 871,525 671,525
Non current assets held for sale 28 159,828 159,828
Other assets 16 38,391,247 18,929,067
Deferred tax assets 1,844,280 1,685,223
Property and equipment 17 2,808,451 2,737,936
Total assets 1,051,976,226 832,527,142
Liabilities and equity
Liabilities
Due to banks 18 3,997,426 12,427,384
Due to customers 19 857,741,216 675,310,076
Derivative financial instruments 261,033 140,934
Current income tax liabilities 10,328,671 9,395,534
Other liabilities 20 22,115,219 18,307,580
Issued debt instruments 21 4,783,017 3,073,349
Other loans 19,558,427 12,483,907
Other provisions 22 14,979,232 11,088,372
Total liabilities 933,764,241 742,227,136
Equity
Issued and paid up capital 30,431,580 30,195,010
Reserves 58,238,829 29,388,626
Reserve for employee stock ownership plan (ESOP) 1,396,104 1,486,010
Retained earnings * 28,145,472 29,230,360
Total equity and net profit for the period / year 118,211,985 90,300,006
Total liabilities and equity 1,051,976,226 832,527,142
The accompanying notes are an integral part of these financial statements.
( Limited Review report attached )
* Including net profit for the period
Condensed Separate 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
43,371,479
71,747,343
Due from banks
10
305,020,735
230,709,419
Loans and advances to banks, net
12
1,483,003
822,448
Loans and advances to customers, net
13
283,989,456
233,824,745
Derivative financial instruments
1,323,696
1,101,896
Financial investments
- Financial Assets at Fair Value through P&L
14
172,728
-
- Financial Assets at Fair Value through OCI
14
263,902,312
232,290,598
- Financial Assets at Amortized cost
14
108,637,486
37,847,114
- Investments in subsidiaries and associates
15
871,525
671,525
Non current assets held for sale
28
159,828
159,828
Other assets
16
38,391,247
18,929,067
Deferred tax assets
1,844,280
1,685,223
Property and equipment
17
2,808,451
2,737,936
Total assets
1,051,976,226
832,527,142
Liabilities and equity
Liabilities
Due to banks
18
3,997,426
12,427,384
Due to customers
19
857,741,216
675,310,076
Derivative financial instruments
261,033
140,934
Current income tax liabilities
10,328,671
9,395,534
Other liabilities
20
22,115,219
18,307,580
Issued debt instruments
21
4,783,017
3,073,349
Other loans
19,558,427
12,483,907
Other provisions
22
14,979,232
11,088,372
Total liabilities
933,764,241
742,227,136
Equity
Issued and paid up capital
30,431,580
30,195,010
Reserves
58,238,829
29,388,626
Reserve for employee stock ownership plan (ESOP)
1,396,104
1,486,010
Retained earnings *
28,145,472
29,230,360
Total equity and net profit for the period / year
118,211,985
90,300,006
Total liabilities and equity
1,051,976,226
832,527,142
The accompanying notes are an integral part of these financial statements.
( Limited Review report attached )
*
Including net profit for the period
Condensed Separate 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 81,420,481 44,928,893
Interest and similar expense (39,980,202) (21,138,609)
Net interest income 41,440,279 23,790,284
Fee and commission income 5,905,503 4,126,585
Fee and commission expense (2,505,646) (1,575,432)
Net fee and commission income 3,399,857 2,551,153
Dividend income 76,025 93,844
Net trading income 6 17,385,406 2,320,059
Profits (Losses) on financial investments 14.1 297,208 92,572
Administrative expenses (5,568,213) (4,170,553)
Other operating income (expenses) 7 (16,410,949) (3,336,832)
Impairment release (charges) for credit losses (2,059,775) (1,212,831)
Profit before income tax 38,559,838 20,127,696
Income tax expense 26 (11,255,055) (5,769,912)
Deferred tax assets (Liabilities) 26 378,395 (214,213)
Net profit for the period 27,683,178 14,143,571
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 Separate 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 27,683,178 14,143,571
Change in fair value of Financial invesments measured at fair value through 4,073,707 (9,947,459)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive - (95,308)
income
Effect of ECL on fair value of debt instruments measured at fair value through 751,734 204,804
comprehensive income
Total comprehensive income for the period 32,508,619 4,305,608
Condensed Separate 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 38,559,838 20,127,696
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 521,764 416,248
Impairment Release/charge for credit losses (Loans and advances to customers 2,387,134 983,641
and banks)
Other provisions Release/charge 22 196,961 1,146,440
Impairment Release/charge for credit losses (due from banks) (35) 2,890
Impairment Release/charge for credit losses (financial investments) (327,324) 226,300
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
Revaluation differences Impairment charge for Financial Assets at Fair value 1,182,360 -
through OCI
Revaluation differences Impairment charge for Financial Assets at Amortized 100,975 -
cost
Revaluation differences Impairment charge for due from banks 105 -
Utilization of other provisions 22 (8,970) (1,031)
Other provisions no longer used 22 (4,220) -
Exchange revaluation differences of other provisions 22 3,707,089 1,178,333
Profits/losses from selling property and equipment (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
Operating profits before changes in operating assets and liabilities 28,080,704 18,531,405
Net decrease / increase in assets and liabilities
Due from banks 36,256,280 32,434,410
Financial assets at fair value through P&L (172,728) -
Derivative financial instruments 164,384 (212,709)
Loans and advances to banks and customers 12-13 (53,204,190) (25,329,650)
Other assets (18,799,962) (4,448,765)
Due to banks 18 (8,429,958) 20,464,950
Due to customers 19 182,431,141 126,298,231
Current income tax obligations paid (926,384) (817,428)
Other liabilities (5,875,532) 2,117,243
Net cash generated from (used in) operating activities 159,523,755 169,037,687
Cash flow from investing activities
Proceeds from sale of investments in associates 7,173 -
Payments for investment in subsidiaries (200,000) (1,216,022)
Payment for purchases of property, equipment and branches construction (1,262,707) (700,038)
Proceeds from selling property and equipment 2,184 130
Proceeds from redemption of financial assets at amortized cost 1,240,196 196,783
Payment for purchases of financial assets at amortized cost (69,609,595) (9,045,180)
Payment for purchases of financial assets at fair value through OCI (58,448,832) (51,454,096)
Proceeds from selling financial assets at fair value through OCI 47,255,555 59,328,407
Net cash generated from (used in) investing activities (81,016,026) (2,890,016)
Condensed Separate 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 (5,078,792) (3,577,639)
Issued debt instruments 1,709,668 614,030
Capital increase 236,570 369,876
Net cash generated from (used in) financing activities 3,941,966 585,828
Net (decrease) increase in cash and cash equivalent during the period 82,449,695 166,733,499
Beginning balance of cash and cash equivalent 233,912,193 92,895,143
Cash and cash equivalent at the end of the period 316,361,888 259,628,642
Cash and cash equivalent comprise:
Cash and balances at the central bank 9 43,371,479 33,404,357
Due from banks 305,020,997 281,505,636
Treasury bills and other governmental notes 11 118,676,181 71,798,021
Obligatory reserve balance with CBE (25,285,404) (25,558,292)
Due from banks with maturity more than three months (7,684,847) (29,663,385)
Treasury bills and other governmental notes with maturity more than three (117,736,518) (71,857,695)
months
Total cash and cash equivalent 316,361,888 259,628,642
Condensed Separate Interim statement of changes in shareholders' equity
Issued and paid up capital Legal reserve General reserve General risk reserve Special reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total
Jun. 30, 2023
Beginning Balance at 1 Januray 2023 29,825,134 3,963,946 27,096,858 1,549,445 - 18,947 (13,138,461) 11,981 - 16,497,346 1,895,435 67,720,631
Capital increase 369,876 - - - - - - - - - - 369,876
Transferred to reserves - 806,408 12,743,849 - - 2,208 - - - (12,388,223) (1,164,242) -
Dividend paid - - - - - - - - - (3,738,888) - (3,738,888)
Net profit for the period - - - - - - - - - 14,143,571 - 14,143,571
Transferred to RE from financial assets at fair value through OCI - - - - - - (95,308) - - 95,308 - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (9,947,459) - - - - (9,947,459)
tax
Transferred (from) to bank risk reserve - - - - - - - 3,249 - (3,249) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 204,804 - - - - 204,804
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 402,192 402,192
Balance at 30 June 2023 30,195,010 4,770,354 39,840,707 1,549,445 - 21,155 (22,976,424) 15,230 - 14,605,865 1,133,385 69,154,727
Jun. 30, 2024
Beginning Balance at 1 Januray 2024 30,195,010 4,770,354 39,840,707 1,549,445 - 21,155 (16,808,265) 15,230 - 29,230,360 1,486,010 90,300,006
Capital increase 236,570 - - - - - - - - - - 236,570
Transferred to reserves - 1,438,320 22,582,085 - - 1,663 - - - (23,398,943) (623,125) -
Dividend paid - - - - - - - - - (5,366,429) - (5,366,429)
Net profit for the period - - - - - - - - - 27,683,178 - 27,683,178
Transferred to RE from financial assets at fair value through OCI - - - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - 4,073,707 - - - - 4,073,707
tax
Transferred (from) to banking risk reserve - - - - - - - 2,694 - (2,694) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 751,734 - - - - 751,734
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 533,219 533,219
Balance at 30 June 2024 30,431,580 6,208,674 62,422,792 1,549,445 - 22,818 (11,982,824) 17,924 - 28,145,472 1,396,104 118,211,985
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
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