REG - Commercial Int Bank - CIB Q1-2023 Separate Financial Statements
15/05/2023 07:00
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RNS Number : 3364Z Commercial Intnl Bank (Egypt) SAE 14 May 2023
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Commercial International Bank (Egypt) S.A.E.
Condensed Separate Interim Financial Statements
March 31, 2023
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Commercial International Bank (Egypt) S.A.E.
Condensed Separate Interim Financial Statements
March 31, 2023
Condensed Separate Interim Statement of Financial Position as at March 31,
2023
Notes Mar. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 52,319,656 47,384,574
Due from banks 9 169,608,129 133,766,196
Loans and advances to banks, net 11 616,088 2,978,197
Loans and advances to customers, net 12 212,026,712 192,621,288
Derivative financial instruments 2,087,218 1,939,961
Investments
-Financial Assets at Fair Value through OCI 13 184,988,891 202,916,225
-Financial Assets at Amortized cost 13 43,228,737 34,178,753
-Investments in associates and subsidiaries 14 2,116,344 1,074,250
Noncurrent assets held for sale 27 159,828 -
Other assets 15 14,686,237 14,454,868
Deferred tax assets - 24,240
Property and equipment 16 2,357,699 2,304,513
Total assets 684,195,539 633,643,065
Liabilities and equity
Liabilities
Due to banks 17 8,286,858 3,475,848
Due to customers 18 574,113,802 530,124,905
Derivative financial instruments 8,294 219,752
Deferred tax liabilities 303,511 -
Current income tax liabilities 1,991,935 3,051,583
Other liabilities 19 16,012,509 11,549,472
Issued debt instruments 20 3,069,231 2,456,607
Other loans 9,586,379 7,978,975
Other provisions 21 8,699,209 7,065,292
Total liabilities 622,071,728 565,922,434
Equity
Issued and paid up capital 29,990,563 29,825,134
Reserves 24,012,537 19,502,716
Reserve for employee stock ownership plan (ESOP) 1,667,377 1,895,435
Retained earnings * 6,453,334 16,497,346
Total equity and net profit for the period / year 62,123,811 67,720,631
Total liabilities and equity 684,195,539 633,643,065
The accompanying notes are an integral part of these financial statements.
(Limited review report attached)
Including net profit for the current period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Separate Interim Income Statement for the period ended March 31,
2023
Notes Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Interest and similar income 19,729,848 11,812,196
Interest and similar expense (8,897,778) (5,209,537)
Net interest income 10,832,070 6,602,659
Fee and commission income 2,004,350 1,191,476
Fee and commission expense (792,102) (514,635)
Net fee and commission income 1,212,248 676,841
Dividend income 32,362 37,800
Net trading income 5 1,845,604 716,066
Profits (Losses) on financial investments 13 70,920 1,021,334
Administrative expenses (2,004,617) (1,545,348)
Other operating (expenses) income 6 (1,969,625) (1,425,498)
Impairment release (charges) for credit losses (947,656) 40,525
Profit before income tax 9,071,306 6,124,379
Income tax expense 25 (2,264,671) (1,375,213)
Deferred tax assets (Liabilities) 25 (722,182) (509,574)
Net profit for the period 6,084,453 4,239,592
Earning per share 7
Basic 1.81 1.26
Diluted 1.79 1.24
Hussein Abaza
CEO & Managing Director Hisham Ezz El-Arab
Chairman
Condensed Separate Interim Statement of Comprehensive Income for the period
ended March 31, 2023
Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Net profit for the period 6,084,453 4,239,592
Change in fair value of Financial investments measured at fair value through (8,507,038) (3,958,945)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (1,895) (4,201)
income
Effect of ECL in fair value of debt instruments measured at fair value through 208,250 101,561
comprehensive income
Total comprehensive income for the period (2,216,230) 378,007
Condensed Separate Cash flows for the period ended March 31 2023
Notes Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax 9,071,306 6,124,379
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 206,400 210,105
Impairment (Released) charge for credit losses (Loans and advances to 714,714 (147,259)
customers and banks)
Other provisions charges 21 464,368 1,036,307
Impairment (Released) charge for credit losses (due from banks) (1,549) 4,977
Impairment (Released) charge for credit losses (financial investments) 234,491 101,757
Impairment (Released) charge for other assets - (277,768)
Exchange revaluation differences for financial assets at fair value through (6,033,831) 63
OCI and AC
Utilization of other provisions 21 (345) (156)
Other provisions no longer used 21 - (385)
Exchange differences of other provisions 21 1,169,894 278,463
profits from selling property and equipment (118) (50)
profits from selling financial investments at fair value through OCI 13 (70,920) (1,021,334)
Shares based payments 190,974 175,235
Operating profits before changes in operating assets and liabilities 5,945,384 6,484,334
Net decrease (increase) in assets and liabilities
Due from banks 12,102,385 25,542,432
Financial assets at fair value through P&L - 239,339
Derivative financial instruments (358,715) (680,290)
Loans and advances to banks and customers 11 - 12 (17,757,613) (12,715,125)
Other assets (75,936) 1,851,768
Due to banks 17 4,811,010 2,833,129
Due to customers 18 43,988,897 21,553,142
Current income tax obligations paid (272,736) (261,790)
Other liabilities (362,831) 1,876,780
Net cash generated from (used in) operating activities 48,019,845 46,723,719
Cash flow from investing activities
Payments for investment in subsidiaries (1,216,022) -
Payment for purchases of property, equipment and branches constructions (415,435) (76,753)
Proceeds from selling property and equipment 118 50
Proceeds from redemption of financial assets at amortized cost 196,783 2,609,283
Payment for purchases of financial assets at amortized cost (8,454,232) (2,430,124)
Payment for purchases of financial assets at fair value through OCI (32,426,908) (68,194,467)
Proceeds from selling financial assets at fair value through OCI 46,782,676 78,071,439
Net cash generated from (used in) investing activities 4,466,980 9,979,428
Condensed Separate Interim Cash flows for the period ended March 31, 2023
(Cont.)
Mar. 31, 2023 Mar. 31, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 1,607,404 1,035,994
Dividends paid (1,964,603) (4,410,322)
Issued debt instruments 612,624 253,338
Capital increase 165,429 122,716
Net cash generated from (used in) financing activities 420,854 (2,998,274)
Net (decrease) increase in cash and cash equivalent during the period 52,907,679 53,704,873
Beginning balance of cash and cash equivalent 92,895,143 60,891,899
Cash and cash equivalent at the end of the period 145,802,822 114,596,772
Cash and cash equivalent comprise:
Cash and balances at the central bank 52,319,656 30,471,454
Due from banks 169,655,814 120,943,837
Treasury bills and other governmental notes 10 68,681,151 40,371,415
Obligatory reserve balance with CBE (45,888,981) (26,030,335)
Due from banks with maturities more than three months (29,664,721) (10,245,456)
Treasury bills with maturity more than three months (69,300,097) (40,914,143)
Total cash and cash equivalent 145,802,822 114,596,772
Condensed Separate Interim statement of changes in shareholders' equity for
the period ended March 31, 2022
Mar. 31, 2022 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 19,702,418 3,293,074 28,260,532 1,549,445 16,000 639,231 9,141 13,783,935 1,674,392 68,928,168
Capital increase 122,716 - 502,922 - - - - - (502,922) 122,716
Transferred to reserves - 670,872 8,333,404 - 2,947 - - (9,007,223) - -
Dividend paid - - - - - - - (4,410,322) - (4,410,322)
Net profit of the period - - - - - - - 4,239,592 - 4,239,592
Transferred to RE from financial assets at fair value through OCI - - - - - (4,201) - 4,201 - -
Net unrealized gain/(loss) on financial assets at fair value through OCI after - - - - - (3,958,945) - - - (3,958,945)
tax
Transferred (from) to bank risk reserve - - - - - - 2,840 (2,840) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 101,561 - - - 101,561
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 175,235 175,235
Ending balance 19,825,134 3,963,946 37,096,858 1,549,445 18,947 (3,222,354) 11,981 4,607,343 1,346,705 65,198,005
Condensed Separate Interim statement of changes in shareholders' equity for
the period ended March 31, 2023
Mar. 31, 2023 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 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 165,429 - - - - - - - - 165,429
Transferred to reserves - 806,408 11,998,639 - 2,208 - - (12,388,223) (419,032) -
Dividend paid - - - - - - - (3,738,888) - (3,738,888)
Net profit of the period - - - - - - - 6,084,453 - 6,084,453
Transferred to RE from financial assets at fair value through OCI - - - - - (1,895) - 1,895 - -
Net unrealized gain/(loss) on financial assets at fair value through OCI after - - - - - (8,507,038) - - - (8,507,038)
tax
Transferred (from) to banking risk reserve - - - - - - 3,249 (3,249) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 208,250 - - - 208,250
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 190,974 190,974
Ending balance of the period 29,990,563 4,770,354 39,095,497 1,549,445 21,155 (21,439,144) 15,230 6,453,334 1,667,377 62,123,811
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