REG - Commercial Int Bank - CIB Q4-2022 Separate Financial Statements
13/02/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230213:nRSM6493Pa&default-theme=true
RNS Number : 6493P Commercial Intnl Bank (Egypt) SAE 13 February 2023
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/6493P_1-2023-2-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6493P_1-2023-2-12.pdf)
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2022
Separate 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 47,384,574 43,385,222
Due from banks 16 133,766,196 79,991,287
Loans and advances to banks, net 18 2,978,197 312,216
Loans and advances to customers, net 19 192,621,288 144,765,808
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 21 202,916,225 192,390,931
-Financial Assets at Amortized cost 21 34,178,753 20,318,767
-Investments in associates and subsidiaries 22 1,074,250 1,014,350
Other assets 23 14,454,868 11,141,917
Deferred tax assets (Liabilities) 32 24,240 460,026
Property and equipment 24 2,304,513 2,404,237
Total assets 633,643,065 496,651,124
Liabilities and equity
Liabilities
Due to banks 25 3,475,848 862,759
Due to customers 26 530,124,905 406,100,916
Derivative financial instruments 20 219,752 265,265
Current income tax liabilities 3,051,583 2,234,985
Other liabilities 29 11,549,472 8,021,310
Issued debt instruments 27 2,456,607 1,557,263
Other loans 28 7,978,975 5,140,782
Other Provisions 30 7,065,292 3,539,676
Total liabilities 565,922,434 427,722,956
Equity
Issued and paid up capital 31 29,825,134 19,702,418
Reserves 34 19,502,716 33,767,423
Reserve for employee stock ownership plan (ESOP) 34 1,895,435 1,674,392
Retained earnings * 34 16,497,346 13,783,935
Total equity and net profit for the year 67,720,631 68,928,168
Total liabilities and equity 633,643,065 496,651,124
The accompanying notes are an integral part of these financial statements.
(Audit report attached)
*Including net profit for the current year
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Separate Income Statement for the year ended December 31, 2022
Notes Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Interest and similar income 55,442,268 44,945,445
Interest and similar expense (24,606,441) (20,057,935)
Net interest income 6 30,835,827 24,887,510
Fee and commission income 5,542,843 4,036,955
Fee and commission expense (2,477,342) (1,654,671)
Net fee and commission income 7 3,065,501 2,382,284
Dividends income 8 62,226 84,700
Net trading income 9 2,741,854 696,738
Profits (Losses) on financial investments 21 1,116,776 684,417
Administrative expenses 10 (7,177,250) (6,096,221)
Other operating (expenses) income 11 (5,070,547) (1,981,093)
Impairment release (charges) for credit losses 12 (1,512,007) (1,677,450)
Profit before income tax 24,062,380 18,980,885
Income tax expense 13 (6,342,457) (5,678,659)
Deferred tax assets (Liabilities) 32 - 13 (1,589,563) 118,159
Net profit for the year 16,130,360 13,420,385
Earning per share 14
Basic 4.83 4.03
Diluted 4.78 3.99
Hussein Abaza
CEO & Managing Director Sherif Samy
Chairman
Separate Statement of Comprehensive Income for the year ended December 31,
2022
Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Net profit for the period 16,130,360 13,420,385
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 (12,225,948) (2,291,019)
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
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 2,352,668 10,088,629
Separate 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 24,062,380 18,980,885
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 24 868,611 858,609
Impairment charge for credit losses (Loans and advances to customers and 12 978,374 1,753,908
banks)
Other provisions charges 30 2,133,941 381,601
Impairment charge for credit losses (due from banks) 12 8,795 17,108
Impairment (Released) charge for credit losses (financial investments) 12 524,838 (93,566)
Impairment (Released) charge for other assets 23 (277,766) 31,975
Exchange revaluation differences for financial assets at fair value through 21 (7,477,865) 17,261
OCI and AC
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 (1,116,776) (702,776)
Shares based payments 723,965 609,744
Impairment (Released) charges of investments in associates 21 - 18,359
Operating profits before changes in operating assets and liabilities 21,817,964 21,806,984
Net decrease (increase) in assets and liabilities
Due from banks 16 (25,816,942) (17,927,084)
Financial assets at fair value through P&L 21 240,987 118,972
Derivative financial instruments 20 (1,760,098) (42,425)
Loans and advances to banks and customers 18 - 19 (51,470,510) (27,183,640)
Other assets 41 (2,859,380) (2,155,845)
Due to banks 25 2,613,089 (7,952,802)
Due to customers 26 124,023,989 66,014,392
Current income tax obligations paid (3,221,401) (3,443,674)
Other liabilities 29 1,223,704 1,490,795
Net cash used in (generated from) operating activities 64,791,402 30,725,673
Cash flow from investing activities
Payments for investment in subsidiaries and associates. (59,900) (158,360)
Payment for purchases of property, equipment and branches constructions (974,017) (942,173)
Proceeds from selling property and equipment 11 2,208 2,947
Proceeds from redemption of financial assets at amortized cost 6,738,937 4,705,849
Payment for purchases of financial assets at amortized cost (19,860,705) (3,844)
Payment for purchases of financial assets at fair value through OCI (45,171,763) (250,190,493)
Proceeds from selling financial assets at fair value through OCI 27,087,151 203,196,606
Net cash generated from (used in) investing activities (32,238,089) (43,389,468)
Separate 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 (4,410,322) (1,360,652)
Issued debt instruments 899,344 1,557,263
Capital increase 122,716 -
Net cash generated from (used in) financing activities (550,069) (2,409,553)
Net (decrease) increase in cash and cash equivalent during the year 32,003,244 (15,073,348)
Beginning balance of cash and cash equivalent 60,891,899 75,965,247
Cash and cash equivalent at the end of the year 92,895,143 60,891,899
Cash and cash equivalent comprise:
Cash and balances at the central bank 15 47,384,574 43,385,222
Due from banks 16 133,815,430 80,031,726
Treasury bills and other governmental notes 17 59,146,824 41,579,504
Obligatory reserve balance with CBE 15 (40,414,752) (38,016,793)
Due from banks with maturities more than three months (47,241,335) (23,801,430)
Treasury bills with maturity more than three months (59,795,598) (42,286,330)
Total cash and cash equivalent 92,895,143 60,891,899
'
Separate 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 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 14,776,813 2,778,135 24,765,658 1,549,445 14,906 3,970,987 6,423 10,477,611 1,064,648 59,404,626
Capital increase 4,925,605 - (4,925,605) - - - - - - -
Transferred to reserves - 514,939 8,420,479 - 1,094 - - (8,936,512) - -
Dividend paid - - - - - - - (1,360,652) - (1,360,652)
Net profit of the year - - - - - - - 13,420,385 - 13,420,385
Transferred to RE from financial assets at fair value through comprehensive - - - - - (177,488) - 177,488 - -
income
Transferred from previous years' outstanding balances - - - - - - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (3,060,702) - - - (3,060,702)
tax
Transferred (from) to bank risk reserve - - - - - - 2,718 (2,718) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - (93,566) - - - (93,566)
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - 609,744 609,744
Ending 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
Separate 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 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 10,122,716 - (10,000,000) - - - - - - 122,716
Transferred to reserves - 670,872 8,836,326 - 2,947 - - (9,007,223) (502,922) -
Dividend paid - - - - - - - (4,410,322) - (4,410,322)
Net profit of the year - - - - - - - 16,130,360 - 16,130,360
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 - - - - - (14,229,303) - - - (14,229,303)
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
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 723,965 723,965
Ending 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
Proposed appropriation account for the year ended December 31, 2022
Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Net profit after tax 16,130,360 13,420,385
Deduct:
Profits selling property, plant and equipment transferred to capital reserve (2,208) (2,947)
according to the law
Bank risk reserve (3,249) (2,840)
Available net profit for distributing 16,124,903 13,414,598
Added
Retained Earnings beginning balance 363,550 177,729
Transferred to retained earnings 3,436 185,821
Total 16,491,889 13,778,148
To be distributed as follows:
Legal reserve 806,408 670,872
General reserve 11,579,607 8,333,404
Dividends to shareholders 1,613,036 2,684,077
Staff profit sharing 1,612,490 1,341,460
Board members bonus 110,239 49,420
CIB's foundation 241,874 201,219
Support and development of banking sector fund 161,249 134,146
Retained Earnings closing balance 366,986 363,550
Total 16,491,889 13,778,148
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR NKBBQKBKBFBDRecent news on Commercial International Bank Egypt CIB
See all newsREG - Commercial Int Bank - Changes to the Board of Directors
AnnouncementREG - Commercial Int Bank - Consolidated Financial Position at March 31.2025
AnnouncementREG - Commercial Int Bank - 1Q25 Press Release
AnnouncementREG - Commercial Int Bank - Separate- Q12025
AnnouncementREG - Commercial Int Bank - Ordinary General Assembly Resolutions Summary 2025
Announcement