REG - Commercial Int Bank - CIB Q4.23 Consolidated Financial Statements - IFRS
12/02/2024 07:00
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RNS Number : 7294C Commercial Intnl Bank (Egypt) SAE 11 February 2024
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements - IFRS
December 31, 2023
Consolidated Statement of Financial Position as at December 31, 2023
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements - IFRS
December 31, 2023
Consolidated Statement of Financial Position as at December 31, 2023
Notes Dec. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 13 71,887,821 47,492,549
Due from banks 14 231,085,244 133,856,720
Loans and advances to banks, net 15 822,448 2,978,197
Loans and advances to customers, net 16 234,985,936 193,599,872
Financial Assets at fair value through profit or loss 19 306,375 247,324
Derivative financial instruments 17 1,105,148 1,939,961
Financial Assets at fair value through OCI 19 233,430,236 208,144,247
Financial Assets at amortized cost 19 38,341,019 34,524,760
Right of use assets 23 729,823 1,726,082
Investments in associates 21 115,979 186,062
Non current assets held for sale 43 161 -
Other assets 22 18,801,444 14,521,427
Intangible assets 38 - 51,831
Goodwill 38 - 206,287
Deferred tax assets 10.2 1,685,230 185,745
Property and equipment 23 2,739,092 2,405,434
Total assets 836,035,956 642,066,498
Liabilities and equity
Liabilities
Due to banks 24 12,458,003 3,496,698
Due to customers 25 677,237,479 531,616,550
Lease liabilities 23 674,417 1,690,099
Derivative financial instruments 17 140,934 219,752
Non current liabilities held for sale 44 873 -
Issued debt instruments 18 3,073,349 2,456,607
Other liabilities 27 21,937,452 17,700,479
Current Tax liability 9,395,534 3,051,583
Other loans 26 12,483,907 7,978,975
Provisions 28 11,095,996 7,067,599
Total liabilities 748,497,944 575,278,342
Equity
Issued and paid in capital 29 30,195,010 29,825,134
Reserves 30 28,362,690 19,342,866
Reserve for employee stock ownership plan (ESOP) 30 1,486,010 1,895,435
Retained earnings 30 27,334,229 15,144,290
Total equity attributable to equity holders of the parent 87,377,939 66,207,725
Non-controlling interest 39 160,073 580,431
Total equity 87,538,012 66,788,156
Total liabilities and equity 836,035,956 642,066,498
The accompanying notes from 1 to 46 form an integral part of these
consolidated financial statements.
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing director Chairman
11-Feb-2024 11-Feb-2024
Consolidated Income Statement for the Year Ended December 31, 2023
Notes Dec. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Interest and similar income 104,028,379 55,723,701
Interest and similar expense (51,142,688) (24,828,159)
Net interest income 3 52,885,691 30,895,542
Fee and commission income 9,049,924 5,549,343
Fee and commission expense (3,611,699) (2,476,945)
Net fee and commission income 4 5,438,225 3,072,398
Dividend income 5 234,010 52,411
Net trading income 6 4,006,880 2,829,976
Gain on investments 20 221,810 1,162,195
Intangible assets 38 (51,831) -
Goodwill 38 (206,287) -
Administrative expenses 7 (13,299,910) (9,452,863)
Other operating expenses 8 (6,341,869) (4,562,828)
Impairment charges for credit losses 9 (4,270,081) (1,584,944)
Bank's share in the (loss)/profit of associates 12 (55,983) (19,253)
Profit before income tax from continuing operations 38,560,655 22,392,634
Taxes 10 (11,942,406) (7,769,064)
Net profit for the year 26,618,249 14,623,570
Discontinued Operations
Net profit (loss) from discontinued operations 45 (42,102) (4,427)
Net profit for the year 26,576,147 14,619,143
Attributable to:
Equity holders of the parent 26,541,824 14,561,381
Non-controlling interest 34,323 57,762
Net Profit for the year 26,576,147 14,619,143
Earnings per share 11
Basic attributable to equity holders of the parent 8.84 4.85
Diluted attributable to equity holders of the parent 8.74 4.79
The accompanying notes from 1 to 46 form an integral part of these
consolidated financial statements.
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing director Chairman
11-Feb-2024 11-Feb-2024
Consolidated Statement of Comprehensive Income for the Year Ended December 31,
2023
Dec. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Profit for the year 26,618,249 14,619,143
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 259,291 233,046
comprehensive income
Tax impact for investments that will not be reclassified to Income Statement (131,008) (61,753)
Transferred to RE from financial assets at fair value through comprehensive (95,308) (3,436)
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 (7,070,544) (14,691,866)
comprehensive income
Change in fair value from selling FVOCI financial instruments (205,344) (1,116,776)
Cumulative foreign currencies translation differences (32,971) 181,324
Tax impact for OCI investment that will be reclassified to Income Statement 1,530,823 1,215,530
Effect of ECL in fair value of debt instruments measured at fair value through 1,888,326 455,047
OCI
Total comprehensive income for the year 22,761,514 830,259
As follows:
Bank's shareholders 22,727,191 772,497
Non-controlling interest 34,323 57,762
Total comprehensive income for the year 22,761,514 830,259
Consolidated Statement of Cash Flow for the Year Ended December 31, 2023
Notes Dec. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 38,560,655 22,392,634
Profit (loss) from discontinued operations (42,102) (4,427)
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 788,209 885,801
Impairment charge for credit losses (Loans and advances to customers) 2,311,867 1,043,776
Other provisions charges 2,821,141 2,134,462
Impairment (Released) charge for credit losses (due from banks) (47,234) 8,395
Impairment (Released) charge for credit losses (financial investments) 2,005,448 524,838
Impairment (Released) charge for other assets 17,620 (277,766)
Exchange revaluation differences for financial assets at fair value through (5,442,433) (7,477,865)
OCI and AC
Utilization of other provisions (5,850) (3,126)
Other provisions no longer used - (172)
Impairment of goodwill and intangible assets 258,118 206,287
Exchange Revaluation differences of other provisions 1,213,126 1,394,973
Revaluation differences Impairment charge for Financial Assets at Amortized 607 -
cost
Impairment (Reversal of impairment) charges of investments in associates (9,000) -
Profits from selling property, plant and equipment (1,663) (2,208)
profits from selling financial investments at fair value through OCI (205,344) (1,162,195)
Revaluation differences Impairment charge for Financial Assets at Fair value 1,903 -
through OCI
Shares based payments 754,817 723,965
Losses (Profits) from selling investments in associates (7,466) -
Bank's share in the profits / losses of associates 55,983 17,680
Operating profits before changes in working capital 43,028,402 20,405,052
Net decrease (increase) in working capital
Due from banks 18,441,280 (25,811,654)
Financial assets at fair value through profit or loss - 240,987
Derivative financial instruments 755,995 (1,760,303)
Loans and advances to banks and customers (41,467,103) (51,705,061)
Other assets (3,968,123) (2,862,478)
Non current assets held for sale (161) -
Non current liabilities held for sale 873 -
Due to banks 8,961,305 2,630,642
Due to customers 145,620,929 124,375,012
Current income tax obligations paid (3,704,414) (3,293,520)
Other liabilities 4,236,973 3,989,688
Net cash generated from operating activities 171,905,956 66,208,365
Net cash generated from (used in) operating activities
Cash flow from investing activities
Proceeds from sale of investments in associates 4,510 -
Payment for purchases of property, equipment and branches construction (1,685,846) (1,033,499)
Proceeds from selling property and equipment 1,663 2,208
Proceeds from redemption of financial assets at amortized cost 6,125,452 6,738,937
Payment for purchases of financial assets at amortized cost (9,290,232) (19,908,223)
Payment for purchases of financial assets at fair value through OCI (129,073,519) (45,665,232)
Proceeds from selling financial assets at fair value through OCI 102,763,650 26,046,482
Payment for investment in subsidiaries. (1,142,840) -
Net cash generated from (used in) investing activities (32,297,162) (33,819,327)
Consolidated Statement of Cash Flow for the Year Ended December 31, 2023
(Cont.)
Dec. 31, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 4,504,932 2,838,193
Other loans - new loans obtained in the year 9,604,139 102,613
Other loans - loans repaid in the year (5,334,093) (554,539)
Other loans - movement in foreign exchange rate 234,886 3,290,119
Dividends paid (2,016,159) (3,019,442)
Issued debt instruments 616,742 899,344
Cash payments for lease (principle and interest) (248,871) (498,794)
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities 3,226,520 342,017
Net (decrease) increase in cash and cash equivalent during the year 142,835,314 32,731,127
Beginning balance of cash and cash equivalent 83,106,069 50,374,942
Cash and cash equivalent at the end of the year 225,941,383 83,106,069
Cash and cash equivalent at the end of the year
Cash and balances at the central bank 13 71,887,821 47,492,549
Due from banks with maturities of 3 months or less 14 217,156,599 76,096,552
Treasury bills and other governmental notes with maturities of three months or 19 1,293,148 10,575
less
Obligatory reserve balance with CBE 13 (64,396,185) (40,493,607)
Total cash and cash equivalent 31 225,941,383 83,106,069
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2022 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity
Beginning balance at 1st of Jan 2022 19,702,418 1,674,392 12,618,855 33,552,794 67,548,459 454,535 68,002,994
Total comprehensive income - - 14,561,381 - 14,561,381 57,762 14,619,143
Capital increase 10,122,716 - - (10,000,000) 122,716 - 122,716
Reserve for employee stock ownership plan (ESOP) - 723,965 - - 723,965 - 723,965
Dividend - - (3,019,442) - (3,019,442) (10,247) (3,029,689)
Transferred to reserves - (502,922) (9,016,504) (4,209,928) (13,729,354) 78,381 (13,650,973)
Balance at 31 December 2022 29,825,134 1,895,435 15,144,290 19,342,866 66,207,725 580,431 66,788,156
Beginning balance at 1st of Jan 2023 29,825,134 1,895,435 15,144,290 19,342,866 66,207,725 580,431 66,788,156
Total comprehensive income - - 26,541,824 - 26,541,824 34,323 26,576,147
Capital increase 369,876 - - - 369,876 - 369,876
Change in non controlling interest from acquisition of subsidiaries - - - - - (536,867) (536,867)
Reserve for employee stock ownership plan (ESOP) - 754,817 - - 754,817 - 754,817
Dividend - - (2,016,159) - (2,016,159) (17,108) (2,033,267)
Transferred to reserves - (1,164,242) (12,335,726) 9,019,824 (4,480,144) 99,294 (4,380,850)
Balance at 31 December 2023 30,195,010 1,486,010 27,334,229 28,362,690 87,377,939 160,073 87,538,012
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2022
Issued and paid in capital
Reserve for employee stock ownership plan (ESOP)
Retained earnings
Reserves
Total
Non-controlling interest
Total equity
Beginning balance at 1st of Jan 2022
19,702,418
1,674,392
12,618,855
33,552,794
67,548,459
454,535
68,002,994
Total comprehensive income
-
-
14,561,381
-
14,561,381
57,762
14,619,143
Capital increase
10,122,716
-
-
(10,000,000)
122,716
-
122,716
Reserve for employee stock ownership plan (ESOP)
-
723,965
-
-
723,965
-
723,965
Dividend
-
-
(3,019,442)
-
(3,019,442)
(10,247)
(3,029,689)
Transferred to reserves
-
(502,922)
(9,016,504)
(4,209,928)
(13,729,354)
78,381
(13,650,973)
Balance at 31 December 2022
29,825,134
1,895,435
15,144,290
19,342,866
66,207,725
580,431
66,788,156
Beginning balance at 1st of Jan 2023
29,825,134
1,895,435
15,144,290
19,342,866
66,207,725
580,431
66,788,156
Total comprehensive income
-
-
26,541,824
-
26,541,824
34,323
26,576,147
Capital increase
369,876
-
-
-
369,876
-
369,876
Change in non controlling interest from acquisition of subsidiaries
-
-
-
-
-
(536,867)
(536,867)
Reserve for employee stock ownership plan (ESOP)
-
754,817
-
-
754,817
-
754,817
Dividend
-
-
(2,016,159)
-
(2,016,159)
(17,108)
(2,033,267)
Transferred to reserves
-
(1,164,242)
(12,335,726)
9,019,824
(4,480,144)
99,294
(4,380,850)
Balance at 31 December 2023
30,195,010
1,486,010
27,334,229
28,362,690
87,377,939
160,073
87,538,012
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