REG - Commercial Int Bank - CIB's FY22 IFRS 9 Financial Statements
20/03/2023 18:30
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RNS Number : 5862T Commercial Intnl Bank (Egypt) SAE 20 March 2023
http://www.rns-pdf.londonstockexchange.com/rns/5862T_1-2023-3-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5862T_1-2023-3-20.pdf)
Consolidated Income Statement for the Year Ended December 31, 2022
Notes Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Interest and similar income 55,723,701 45,078,169
Interest and similar expense (24,828,731) (20,204,272)
Net interest 30,894,970 24,873,897
income
3
Fee and commission income 5,555,082 4,045,573
Fee and commission expense (2,476,945) (1,655,096)
Net fee and commission 3,078,137 2,390,477
income
4
Dividend
income
5 52,411 59,725
Net trading 2,827,922 774,992
income
6
Profits on financial 1,162,195 594,863
investments
20
Administrative (9,460,461) (7,787,584)
expenses
7
Other operating (4,562,700) (1,673,546)
expenses
8
Impairment charges for credit (1,584,942) (1,679,747)
losses
9
Bank's share in the (loss)/profit of (19,253) 14,996
associates 12
Profit before income tax from continuing operations 22,388,279 17,568,073
Income
taxes
10 (7,769,136) (5,565,599)
Net profit for the year 14,619,143 12,002,474
Attributable to:
Equity holders of the parent 14,561,381 12,006,925
Non-controlling interest 57,762 (4,451)
Net Profit for the year 14,619,143 12,002,474
Earning per
share
11
Basic attributable to equity holders of the parent 4.88 4.03
Diluted attributable to equity holders of the parent 4.84 3.99
The accompying notes from 1 to 42 form an integral part of these consolidated
financial statements.
Hussein Abaza
Sherif Samy
CEO & Managing
director
Chairman
20- March -2023
20-
March -2023
Consolidated Statement of Comprehensive Income for the Year Ended December 31,
2022
Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Profit for the year 14,619,143 12,002,474
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 233,046 (149,323)
comprehensive income
Tax impact for investments that will not be reclassified to Income (61,753) 13,489
Statement
Transferred to RE from financial assets at fair value through (3,436) (177,488)
comprehensive 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 (14,691,866) (2,181,779)
through comprehensive income
Change in fair value from selling FVOCI financial instruments (1,116,776) (702,776)
Cumulative foreign currencies translation differences 181,324 (4,218)
Tax impact for OCI investment that will be reclassified to Income 1,215,530 (109,394)
Statement
Effect of ECL in fair value of debt instruments measured at fair value through 455,047 (93,566)
OCI
Total comprehensive income for the year 830,259 8,597,419
As follows:
Bank's shareholders 772,497 8,601,870
Non-controlling interest 57,762 (4,451)
Total comprehensive income for the year 830,259 8,597,419
Consolidated Statement of Financial Position as at December 31, 2022
Notes
Dec. 31, 2021
EGP Thousands
Assets
Cash and balances at the central bank 13 47,492,549 43,492,248
Due from banks 14 133,856,720 80,141,769
Loans and advances to banks, net 15 2,978,197 312,216
Loans and advances to customers, net 16 193,599,872 145,575,243
Financial Assets at fair value through profit or loss 19 247,324 443,859
Derivative financial instruments 17 1,939,961 225,376
Financial Assets at fair value through OCI 19 208,144,247 197,238,721
Financial Assets at amortized cost 19 34,524,760 20,547,465
Right of use assets 23 1,726,082 1,084,585
Investments in associates 21 186,062 205,315
Other assets 22 14,521,427 11,207,128
Intangible assets 38 51,831 51,831
Goodwill 38 206,287 206,287
Deferred tax assets 10.2 185,745 456,002
Property and equipment 23 2,405,434 2,461,116
Total assets 642,066,498 503,649,161
Liabilities and equity
Liabilities
Due to banks 24 3,496,698 866,056
Due to customers 25 531,616,550 407,241,538
Lease liabilities 23 1,690,099 1,087,820
Derivative financial instruments 17 219,752 265,470
Issued debt instruments 18 2,456,607 1,557,263
Other liabilities 27 17,700,479 13,710,791
Current Tax liability 3,051,583 2,234,985
Other loans 26 7,978,975 5,140,782
Provisions 28 7,067,599 3,541,462
Total liabilities 575,278,342 435,646,167
Equity
Issued and paid in capital 29 29,825,134 19,702,418
Reserves 30 19,342,866 33,552,794
Reserve for employee stock ownership plan (ESOP) 30 1,895,435 1,674,392
Retained earnings 30 15,144,290 12,618,855
Total equity attributable to equity holders of the parent 66,207,725 67,548,459
Non-controlling interest 39 580,431 454,535
Total equity 66,788,156 68,002,994
Total liabilities and equity 642,066,498 503,649,161
The accompying notes from 1 to 42 form an integral part of these consolidated
financial statements.
Hussein Abaza
CEO & Managing director
20- March
-2023
Sherif Samy
Chairman
20- March -2023
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2021 Issued and
paid in capital
Reserve for employee stock ownership plan (ESOP)
Retained earnings
Reserves
Total Non-controlling
interest
Total equity
19,702,418 1,674,392 12,618,855 33,552,794 67,548,459 454,535 68,002,994
- - 14,561,381 - 14,561,381 57,762 14,619,143
10,122,716 - - (10,000,000) 122,716 - 122,716
- 723,965 - - 723,965 - 723,965
- - (3,019,442) - (3,019,442) (10,247) (3,029,689)
- (502,922) (9,016,504) (4,209,928) (13,729,354) 78,381 (13,650,973)
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
2021
14,776,813 1,064,648
9,534,429
32,939,079
58,314,969
483,055 58,798,024
Total comprehensive
income
-
-
12,006,925
-
12,006,925
(4,451) 12,002,474
Capital increase 4,925,605 - - (4,925,605) - - -
Reserve for employee stock ownership plan (ESOP)
- 609,744 - - 609,744 - 609,744
Dividend - - (156,389) - (156,389) (24,069) (180,458)
Transferred to reserves - - (8,766,110) 5,539,320 (3,226,790) - (3,226,790)
Balance at 31 December 2021 19,702,418 1,674,392 12,618,855 33,552,794 67,548,459 454,535 68,002,994
Beginning balance at 1st of Jan 2022
Total comprehensive income
Capital increase
Reserve for employee stock ownership plan (ESOP)
Dividend
Transferred to reserves
Balance at 31 December 2022
Notes Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 22,388,279 17,568,073
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation 885,801 885,060
Impairment charge for credit losses (Loans and advances to customers) 1,043,776 1,756,505
Other provisions charges 2,134,462 380,459
Impairment charge for other assets (277,766) 31,975
Impairment charge for credit losses (due from banks) 8,395 16,808
Exchange revaluation differences for financial assets at fair value through (7,477,865) 17,261
OCI and AC
Impairment (Reversal of impairment) charge for credit losses (financial 524,838 (93,566)
investments)
Utilization of other provisions (3,126) (45,483)
Other provisions no longer used (172) (2,451)
Impairment of intangible assets 206,287 206,287
Exchange differences of other provisions 1,394,973 (15,243)
Impairment (Reversal of impairment) charges of investments in associates - 107,913
Profits from selling property, plant and equipment (2,208) (2,947)
Losses from selling financial investments (1,162,195) (702,776)
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 working capital 20,405,124 20,702,623
Net decrease (increase) in working capital
Due from banks (25,811,654) (17,183,300)
Financial assets at fair value through profit or loss 240,987 118,972
Derivative financial instruments (1,760,303) (42,220)
Loans and advances to banks and customers (51,705,061) (27,280,547)
Other assets (2,862,478) (2,135,921)
Due to banks 2,630,642 (7,951,479)
Due to customers 124,375,012 66,072,088
Current income tax obligations paid (3,293,520) (3,444,749)
Other liabilities 3,989,688 (1,359,238
Net cash generated from operating activities 66,208,437 27,496,229
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 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 (19,908,223) (3,844)
Payment for purchases of financial assets at fair value through OCI (45,665,232) (250,679,698)
Proceeds from selling financial assets at fair value through OCI 26,046,482 206,611,955
Net cash generated from (used in) investing activities (33,819,327) (40,466,727)
Consolidated Statement of Cash Flow for the Year Ended December 31, 2022
)
)
Dec. 31, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 2,838,193 (2,606,164)
Other loans - new loans obtained in the year 102,613 24,334
Other loans - loans repaid in the year (554,539) (2,625,878)
Other loans - movement in foreign exchange rate 3,290,119 (4,620)
Dividends paid (3,019,442) (156,389)
Issued debt instruments ( the effect of changes in foregin exchange rate ) 899,344 -
Cash payments for lease (principle and interest) (498,794) (242,292)
Capital increase 122,716 -
Net cash generated from (used in) financing activities 342,017 (3,004,845)
Net (decrease) increase in cash and cash equivalent during the year 32,731,127 (15,975,343)
Beginning balance of cash and cash equivalent 50,374,942 66,350,285
Cash and cash equivalent at the end of the year 83,106,069 50,374,942
Cash and cash equivalent comprise:
Cash and balances at the central bank 13 47,492,549 43,492,248
Due from banks with maturities of 3 months or less 14 76,096,552 44,983,081
Treasury bills with maturities of three months or less 19 10,575 549
Obligatory reserve balance with CBE 13 (40,493,607) (38,100,936
Total cash and cash equivalent 31 83,106,069 50,374,942
Interest received in cash
Dec.31, 2022 Dec.31, 2021
EGP Thousands EGP Thousands
From operating activities:
Loans and advances 24,170,943 18,206,717
Due to customers 23,237,484 18,950,534
Dec.31, 2022 Dec.31, 2021
EGP Thousands EGP Thousands
From investing activities:
Financial assets at FVOCI 26,107,850 20,516,144
Financial assets at AC 3,136,458 3,653,803
Dec.31, 2022 Dec.31, 2021
EGP Thousands EGP Thousands
From Financing activities:
Other loans 455,183 322,522
Consolidated Statement of Cash Flow for the Year Ended December 31, 2022 (Cont.)
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