REG - Commercial Int Bank - CIB Q4-2022 Consolidated Financial Statements
13/02/2023 07:00
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RNS Number : 6492P Commercial Intnl Bank (Egypt) SAE 13 February 2023
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2022
Consolidated Statement of Financial Position as at December 31, 2022
Notes Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 15 47,492,549 43,492,248
Due from banks 16 133,856,720 80,141,769
Loans and advances to banks, net 18 2,978,197 312,216
Loans and advances to customers, net 19 193,599,872 145,575,243
Derivative financial instruments 20 1,939,961 225,376
Investments
-Financial Assets at Fair Value through P&L 21 - 240,987
-Financial Assets at Fair Value through OCI 21 204,020,733 193,198,894
-Financial Assets at Amortized cost 21 34,524,760 20,547,465
-Investments in associates 22 186,062 205,315
Other assets 23 14,521,427 11,207,128
Goodwill 43 96,268 137,525
Intangible assets 44 24,188 34,554
Deferred tax assets (Liabilities) 32 185,746 456,002
Property and equipment 24 2,405,434 2,461,116
Total assets 635,831,917 498,235,838
Liabilities and equity
Liabilities
Due to banks 25 3,496,698 866,056
Due to customers 26 531,616,550 407,241,538
Derivative financial instruments 20 219,752 265,470
Current income tax liabilities 3,051,583 2,234,985
Other liabilities 29 11,606,912 8,085,545
Issued debt instruments 27 2,456,607 1,557,263
Other loans 28 7,978,975 5,140,782
Other Provisions 30 7,066,672 3,541,462
Total liabilities 567,493,749 428,933,101
Equity
Issued and paid up capital 31 29,825,134 19,702,418
Reserves 34 19,643,327 33,774,990
Reserve for employee stock ownership plan (ESOP) 34 1,895,435 1,674,392
Retained earnings * 34 16,393,841 13,696,402
Total equity and net profit for the year 67,757,737 68,848,202
Non Controlling Interest 580,431 454,535
Total minority interest, equity and net profit for the year 68,338,168 69,302,737
Total liabilities and equity 635,831,917 498,235,838
The accompanying notes are an integral part of these financial statements .
(Audit report attached)
*Including net profit for the current period
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Consolidated Income Statement for the Year Ended December 31, 2022
Notes Dec. 31, 2021
Dec. 31, 2022
EGP Thousands EGP Thousands
Interest and similar income 55,723,701 45,078,169
Interest and similar expense (24,718,803) (20,112,378)
Net interest income 6 31,004,898 24,965,791
Fee and commission income 5,555,082 4,045,573
Fee and commission expense (2,476,945) (1,655,096)
Net fee and commission income 7 3,078,137 2,390,477
Dividends income 8 52,411 59,725
Net trading income 9 2,749,657 708,297
Profits (Losses) on financial investments 21 1,162,195 594,863
Administrative expenses 10 (7,371,629) (6,182,730)
Other operating (expenses) income 11 (5,080,138) (1,986,692)
Goodwill amortization (41,257) (41,257)
Intangible assets amortization (10,366) (10,366)
Impairment release (charges) for credit losses 12 (1,584,942) (1,679,747)
Bank's share in the profits / losses of associates (17,680) 14,996
Profit before income tax 23,941,286 18,833,357
Income tax expense 13 (6,345,103) (5,679,734)
Deferred tax assets (Liabilities) (1,424,033) 114,135
Net profit for the year 16,172,150 13,267,758
Minority interest 57,762 (4,451)
Bank shareholders 16,114,388 13,272,209
Earning per share 14
Basic 4.83 4.03
Diluted 4.78 3.99
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Dec. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
55,723,701
45,078,169
Interest and similar expense
(24,718,803)
(20,112,378)
Net interest income
6
31,004,898
24,965,791
Fee and commission income
5,555,082
4,045,573
Fee and commission expense
(2,476,945)
(1,655,096)
Net fee and commission income
7
3,078,137
2,390,477
Dividends income
8
52,411
59,725
Net trading income
9
2,749,657
708,297
Profits (Losses) on financial investments
21
1,162,195
594,863
Administrative expenses
10
(7,371,629)
(6,182,730)
Other operating (expenses) income
11
(5,080,138)
(1,986,692)
Goodwill amortization
(41,257)
(41,257)
Intangible assets amortization
(10,366)
(10,366)
Impairment release (charges) for credit losses
12
(1,584,942)
(1,679,747)
Bank's share in the profits / losses of associates
(17,680)
14,996
Profit before income tax
23,941,286
18,833,357
Income tax expense
13
(6,345,103)
(5,679,734)
Deferred tax assets (Liabilities)
(1,424,033)
114,135
Net profit for the year
16,172,150
13,267,758
Minority interest
57,762
(4,451)
Bank shareholders
16,114,388
13,272,209
Earning per share
14
Basic
4.83
4.03
Diluted
4.78
3.99
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Dec. 31, 2021
EGP Thousands
EGP Thousands
Interest and similar income
55,723,701
45,078,169
Interest and similar expense
(24,718,803)
(20,112,378)
Net interest income
6
31,004,898
24,965,791
Fee and commission income
5,555,082
4,045,573
Fee and commission expense
(2,476,945)
(1,655,096)
Net fee and commission income
7
3,078,137
2,390,477
Dividends income
8
52,411
59,725
Net trading income
9
2,749,657
708,297
Profits (Losses) on financial investments
21
1,162,195
594,863
Administrative expenses
10
(7,371,629)
(6,182,730)
Other operating (expenses) income
11
(5,080,138)
(1,986,692)
Goodwill amortization
(41,257)
(41,257)
Intangible assets amortization
(10,366)
(10,366)
Impairment release (charges) for credit losses
12
(1,584,942)
(1,679,747)
Bank's share in the profits / losses of associates
(17,680)
14,996
Profit before income tax
23,941,286
18,833,357
Income tax expense
13
(6,345,103)
(5,679,734)
Deferred tax assets (Liabilities)
(1,424,033)
114,135
Net profit for the year
16,172,150
13,267,758
Minority interest
57,762
(4,451)
Bank shareholders
16,114,388
13,272,209
Earning per share
14
Basic
4.83
4.03
Diluted
4.78
3.99
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Consolidated Statement of Comprehensive Income for the Year Ended December 31
2022
Dec. 31, 2021
Dec. 31, 2022
EGP Thousands EGP Thousands
Net profit for the year 16,172,150 13,267,758
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 171,293 (162,812)
comprehensive income
Tax impact for investments that will not be reclassified to P&L 61,753 13,489
Transferred to RE from financial assets at fair value through comprehensive (3,436) (177,488)
income
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 (12,278,446) (2,293,405)
comprehensive income
Selling FVOCI financial instruments (1,116,776) (702,776)
Tax impact for investments that will be reclassified to P&L (1,119,625) 82,416
Cumulative foreign currencies translation differences 181,324 (4,218)
Effect of ECL in fair value of debt instruments measured at fair value through 455,047 (93,566)
comprehensive income
Total comprehensive income for the year 2,523,284 9,929,398
As follows:
Bank's shareholders 2,465,522 9,933,849
Non Controlling Interest 57,762 (4,451)
Total comprehensive income for the year 2,523,284 9,929,398
Dec. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the year
16,172,150
13,267,758
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
comprehensive income
171,293
(162,812)
Tax impact for investments that will not be reclassified to P&L
61,753
13,489
Transferred to RE from financial assets at fair value through comprehensive
income
(3,436)
(177,488)
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
comprehensive income
(12,278,446)
(2,293,405)
Selling FVOCI financial instruments
(1,116,776)
(702,776)
Tax impact for investments that will be reclassified to P&L
(1,119,625)
82,416
Cumulative foreign currencies translation differences
181,324
(4,218)
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
455,047
(93,566)
Total comprehensive income for the year
2,523,284
9,929,398
As follows:
Bank's shareholders
2,465,522
9,933,849
Non Controlling Interest
57,762
(4,451)
Total comprehensive income for the year
2,523,284
9,929,398
Dec. 31, 2021
EGP Thousands
EGP Thousands
Net profit for the year
16,172,150
13,267,758
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
comprehensive income
171,293
(162,812)
Tax impact for investments that will not be reclassified to P&L
61,753
13,489
Transferred to RE from financial assets at fair value through comprehensive
income
(3,436)
(177,488)
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
comprehensive income
(12,278,446)
(2,293,405)
Selling FVOCI financial instruments
(1,116,776)
(702,776)
Tax impact for investments that will be reclassified to P&L
(1,119,625)
82,416
Cumulative foreign currencies translation differences
181,324
(4,218)
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
455,047
(93,566)
Total comprehensive income for the year
2,523,284
9,929,398
As follows:
Bank's shareholders
2,465,522
9,933,849
Non Controlling Interest
57,762
(4,451)
Total comprehensive income for the year
2,523,284
9,929,398
Consolidated Cash Flow for the Year Ended December 31, 2022
Notes Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 23,941,286 18,833,357
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 24 885,801 885,060
Impairment charge for credit losses (Loans and advances to customers and 12 1,043,776 1,756,505
banks)
Other provisions charges 30 2,133,535 381,138
Impairment charge for credit losses (due from banks) 12 8,395 16,808
Impairment (Released) charge for credit losses (financial investments) 12 524,838 (93,566)
Impairment (Released) charge for other assets (277,766) 31,975
Exchange revaluation differences for financial assets at fair value through 21 (7,477,865) 17,261
OCI and AC
Goodwill amortization 43 41,257 41,257
Intangible assets amortization 44 10,366 10,366
Utilization of other provisions 30 (3,126) (45,483)
Other provisions no longer used 30 (172) (2,451)
Exchange differences of other provisions 30 1,394,973 (15,243)
Losses (profits) from selling property and equipment 11 (2,208) (2,947)
Losses (profits) from selling financial investments at fair value through OCI 21 (1,162,195) (702,776)
Impairment (Released) charges of investments in associates 21 - 107,913
Shares based payments 723,965 609,744
Bank's share in the profits / losses of associates 17,680 (14,996)
Operating profits before changes in operating assets and liabilities 21,802,540 21,813,922
Net decrease (increase) in assets and liabilities
Due from banks 16 (25,811,654) (17,183,300)
Financial assets at fair value through P&L 21 240,987 118,972
Derivative financial instruments 20 (1,760,303) (42,220)
Loans and advances to banks and customers 18 - 19 (51,705,061) (27,280,547)
Other assets 41 (2,862,478) (2,135,921)
Due to banks 25 2,630,642 (7,951,479)
Due to customers 26 124,375,012 66,072,088
Current income tax obligations paid (3,293,520) (3,444,749)
Other liabilities 29 1,286,382 1,499,027
Net cash used in (generated from) operating activities 64,902,547 31,465,793
Cash flow from investing activities
Payment for purchases of associates - (158,360)
Payment for purchases of property, equipment and branches constructions (1,033,499) (981,186)
Proceeds from selling property and equipment 11 2,208 2,947
Proceeds from redemption of financial assets at amortized cost 6,738,937 4,741,459
Payment for purchases of financial assets at amortized cost (19,978,014) (3,844)
Payment for purchases of financial assets at fair value through OCI (45,646,889) (250,679,698)
Proceeds from selling financial assets at fair value through OCI 27,478,730 203,315,958
Net cash generated from (used in) investing activities (32,438,527) (43,762,724)
Consolidated Cash Flow for the Year Ended December 31, 2022 (Cont.)
Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 28 2,838,193 (2,606,164)
Dividends paid (4,420,569) (1,384,721)
Issued debt instruments 899,344 1,557,263
Capital increase 122,716 -
Net cash generated from (used in) financing activities (560,316) (2,433,622)
Net (decrease) increase in cash and cash equivalent during the year 31,903,704 (14,730,553)
Beginning balance of cash and cash equivalent 61,065,822 75,796,375
Cash and cash equivalent at the end of the year 92,969,526 61,065,822
Cash and cash equivalent comprise:
Cash and balances at the central bank 15 47,492,549 43,492,248
Due from banks 16 133,906,112 80,182,766
Treasury bills and other governmental notes 17 59,146,824 41,579,504
Obligatory reserve balance with CBE 15 (40,493,607) (38,100,936)
Due from banks with maturities more than three months (47,286,754) (23,801,430)
Treasury bills with maturity more than three months (59,795,598) (42,286,330)
Total cash and cash equivalent 92,969,526 61,065,822
'
Consolidated Statement of Changes in Shareholders' Equity for the Year Ended
December 31, 2021
Dec. 31, 2021 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 OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Non Controlling Interest Total
EGP Thousands
Beginning balance 14,776,813 2,778,135 24,765,658 1,549,445 8,183 14,906 3,975,514 6,423 10,539,715 1,064,648 (3,684) 59,475,756 483,055 59,958,811
Capital increase 4,925,605 - (4,925,605) - - - - - - - - - - -
Transferred to reserves - 514,939 8,420,479 1,461 - 1,094 - - (8,937,973) - - - - -
Dividends paid - - - - - - - - (1,360,652) - - (1,360,652) (24,069) (1,384,721)
Net profit of the year - - - - - - - - 13,272,209 - - 13,272,209 (4,451) 13,267,758
Transferred from reserve of financial assets at fair value through OCI - - - - - - (177,488) - 177,488 - - - - -
Transferred from previous years' outstanding balances - - - - - - - - 8,333 - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (3,063,088) - - - - (3,063,088) - (3,063,088)
tax
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - (93,566) - - - - (93,566) - (93,566)
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 609,744 - 609,744 - 609,744
Cumulative foreign currencies translation differences - - - - - - - - - - (534) (534) - (534)
Balance at the end of the year 19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 641,372 9,141 13,696,402 1,674,392 (4,218) 68,848,202 454,535 69,302,737
Consolidated Statement of Changes in Shareholders' Equity for the Year Ended
December 31, 2022
Dec. 31, 2022 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 OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Non Controlling Interest Total
EGP Thousands
Beginning balance 19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 641,372 9,141 13,696,402 1,674,392 (4,218) 68,848,202 454,535 69,302,737
Capital increase 10,122,716 - (10,000,000) - - - - - - - - 122,716 - 122,716
Transferred to reserves - 670,872 8,836,326 - - 2,947 - - (9,007,223) (502,922) - - - -
Dividends paid - - - - - - - - (4,410,322) - - (4,410,322) (10,247) (4,420,569)
Net profit of the year - - - - - - - - 16,114,388 - - 16,114,388 57,762 16,172,150
Transferred to RE from financial assets at fair value through comprehensive - - - - - - (3,436) - 3,436 - - - - -
income
Transferred from previous years' outstanding balances - - - - - - - - - - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (14,281,801) - - - - (14,281,801) - (14,281,801)
tax
Transferred (from) to banking risk reserve - - - - - - - 2,840 (2,840) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 455,047 - - - - 455,047 - 455,047
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 723,965 - 723,965 - 723,965
Cumulative foreign currencies translation differences - - - - - - - - - - 185,542 185,542 78,381 263,923
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
Balance at the end of the year
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