REG - Commercial Int Bank - CIB-Separate Financial Statements 3Q.2024
04/11/2024 07:00
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RNS Number : 7504K Commercial Intnl Bank (Egypt) SAE 03 November 2024
Condensed Separate Interim Statement of Financial Position as at September 30,
2024
Notes Sep. 30, 2024 Dec. 31, 2023
Assets
Cash and balances at the central bank 9 94,285,689 71,747,343
Due from banks 10 304,041,116 230,709,419
Loans and advances to banks, net 12 3,323,215 822,448
Loans and advances to customers, net 13 301,909,242 233,824,745
Derivative financial instruments 1,769,619 1,101,896
Financial investments
- Financial Assets at Fair Value through P&L 14 2,066,889 -
- Financial Assets at Fair Value through OCI 14 222,440,208 232,290,598
- Financial Assets at Amortized cost 14 144,700,921 37,847,114
- Investments in subsidiaries and associates 15 871,525 671,525
Non current assets held for sale 28 159,828 159,828
Other assets 16 34,217,526 18,929,067
Deferred tax assets 1,870,814 1,685,223
Property and equipment 17 2,999,072 2,737,936
Total assets 1,114,655,664 832,527,142
Liabilities and equity
Liabilities
Due to banks 18 3,820,953 12,427,384
Due to customers 19 896,692,273 675,310,076
Derivative financial instruments 138,896 140,934
Current income tax liabilities 14,269,506 9,395,534
Other liabilities 20 21,685,718 18,307,580
Issued debt instruments 21 4,811,742 3,073,349
Other loans 20,324,693 12,483,907
Other provisions 22 15,471,381 11,088,372
Total liabilities 977,215,162 742,227,136
Equity
Issued and paid up capital 30,431,580 30,195,010
Reserves 61,951,798 29,388,626
Reserve for employee stock ownership plan (ESOP) 1,667,230 1,486,010
Retained earnings * 43,389,894 29,230,360
Total equity and net profit for the period / year 137,440,502 90,300,006
Total liabilities and equity 1,114,655,664 832,527,142
The accompanying notes are an integral part of these financial statements.
( Limited Review report attached )
* Including net profit for the period
Condensed Separate Interim Statement of Financial Position as at September 30,
2024
Notes
Sep. 30, 2024
Dec. 31, 2023
Assets
Cash and balances at the central bank
9
94,285,689
71,747,343
Due from banks
10
304,041,116
230,709,419
Loans and advances to banks, net
12
3,323,215
822,448
Loans and advances to customers, net
13
301,909,242
233,824,745
Derivative financial instruments
1,769,619
1,101,896
Financial investments
- Financial Assets at Fair Value through P&L
14
2,066,889
-
- Financial Assets at Fair Value through OCI
14
222,440,208
232,290,598
- Financial Assets at Amortized cost
14
144,700,921
37,847,114
- Investments in subsidiaries and associates
15
871,525
671,525
Non current assets held for sale
28
159,828
159,828
Other assets
16
34,217,526
18,929,067
Deferred tax assets
1,870,814
1,685,223
Property and equipment
17
2,999,072
2,737,936
Total assets
1,114,655,664
832,527,142
Liabilities and equity
Liabilities
Due to banks
18
3,820,953
12,427,384
Due to customers
19
896,692,273
675,310,076
Derivative financial instruments
138,896
140,934
Current income tax liabilities
14,269,506
9,395,534
Other liabilities
20
21,685,718
18,307,580
Issued debt instruments
21
4,811,742
3,073,349
Other loans
20,324,693
12,483,907
Other provisions
22
15,471,381
11,088,372
Total liabilities
977,215,162
742,227,136
Equity
Issued and paid up capital
30,431,580
30,195,010
Reserves
61,951,798
29,388,626
Reserve for employee stock ownership plan (ESOP)
1,667,230
1,486,010
Retained earnings *
43,389,894
29,230,360
Total equity and net profit for the period / year
137,440,502
90,300,006
Total liabilities and equity
1,114,655,664
832,527,142
The accompanying notes are an integral part of these financial statements.
( Limited Review report attached )
*
Including net profit for the period
Condensed Separate Interim Income Statement for the period ended September 30,
2024
Last 9 Months Last 9 Months
Notes Sep. 30, 2024 Sep. 30, 2023
Interest and similar income 130,537,149 72,741,395
Interest and similar expense (65,010,779) (35,154,201)
Net interest income 65,526,370 37,587,194
Fee and commission income 9,257,495 6,540,630
Fee and commission expense (4,048,928) (2,590,207)
Net fee and commission income 5,208,567 3,950,423
Dividend income 100,858 100,244
Net trading income 6 18,177,630 3,146,544
Profits (Losses) on financial investments 14.1 377,992 (1,256,233)
Administrative expenses (8,795,429) (6,304,022)
Other operating income (expenses) 7 (17,980,232) (5,293,795)
Impairment release (charges) for credit losses (3,741,208) (1,248,897)
Profit before income tax 58,874,548 30,681,458
Income tax expense 26 (16,964,163) (9,540,541)
Deferred tax assets (Liabilities) 26 646,991 591,159
Net profit for the period 42,557,376 21,732,076
Earnings per share 8
Basic 12.42 6.41
Diluted 12.26 6.33
Islam Zekry Hisham Ezz Al-Arab
Group CFO Chairman
Condensed Separate Interim Statement of Comprehensive Income for the period
ended September 30, 2024
Last 9 Months Last 9 Months
Sep. 30, 2024 Sep. 30, 2023
Net profit for the period 42,557,376 21,732,076
Change in fair value of Financial invesments measured at fair value through 8,284,110 (9,611,703)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (370,224) (95,308)
income
Effect of ECL on fair value of debt instruments measured at fair value through 624,524 197,888
comprehensive income
Total comprehensive income for the period 51,095,786 12,222,953
Condensed Separate Interim Cash Flows for the period ended September 30, 2024
Notes Sep. 30, 2024 Sep. 30, 2023
Cash flow from operating activities
Profit before income tax 58,874,548 30,681,458
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 17 763,079 636,285
Impairment Release/charge for credit losses (Loans and advances to customers 4,226,051 1,088,174
and banks)
Other provisions Release/charge 22 429,182 2,350,347
Impairment Release/charge for credit losses (due from banks) (5) (49,019)
Impairment Release/charge for credit losses (financial investments) (484,838) 209,742
Impairment Release/charge for other assets (11,956) 14,347
Exchange revaluation differences for financial assets at fair value through (18,536,183) (5,409,592)
OCI and AC
Revaluation differences Impairment charge for Financial Assets at Fair value 1,199,896 -
through OCI
Revaluation differences Impairment charge for Financial Assets at Amortized 107,207 -
cost
Revaluation differences Impairment charge for due from banks 107 -
Utilization of other provisions 22 (9,196) (1,608)
Exchange revaluation differences of other provisions 22 3,963,023 1,096,665
Profits/losses from selling property and equipment (2,254) (194)
Profits/losses from selling financial investments at fair value through OCI 14.1 (377,992) (149,012)
Losses (Profits) from selling investments in associates 14.1 - (7,466)
Share based payments 804,345 608,250
Impairment Release/charges of investments in associates and subsidiaries 14.1 - 1,412,711
Operating profits before changes in operating assets and liabilities 50,945,014 32,481,088
Net decrease / increase in assets and liabilities
Due from banks (24,748,544) 5,142,259
Financial assets at fair value through P&L (2,066,889) -
Derivative financial instruments (229,127) 172,635
Loans and advances to banks and customers 12-13 (74,803,105) (27,805,660)
Other assets (14,036,648) (2,507,984)
Due to banks 18 (8,606,431) 15,554,567
Due to customers 19 221,382,197 135,770,021
Current income tax obligations paid (2,694,657) (2,547,087)
Other liabilities (6,305,033) 874,366
Net cash generated from (used in) operating activities 138,836,777 157,134,205
Cash flow from investing activities
Proceeds from sale of investments in associates 11,956 2,119
Payments for investment in subsidiaries (200,000) (1,216,022)
Payments for purchases of property, equipment and branches construction (2,284,236) (1,162,819)
Proceeds from selling property and equipment 2,254 194
Proceeds from redemption of financial assets at amortized cost 1,093,724 5,278,030
Payments for purchases of financial assets at amortized cost (105,723,312) (9,178,811)
Payments for purchases of financial assets at fair value through OCI (21,646,713) (65,109,765)
Proceeds from selling financial assets at fair value through OCI 67,015,091 76,347,190
Net cash generated from (used in) investing activities (61,731,236) 4,960,116
Condensed Separate Interim Cash Flows for the period ended September 30, 2024
(Cont.)
Sep. 30, 2024 Sep. 30, 2023
Cash flow from financing activities
Other loans 7,840,786 2,408,739
Dividends paid (5,078,792) (3,738,888)
Issued debt instruments 1,738,393 615,227
Capital increase 236,570 369,876
Net cash generated from (used in) financing activities 4,736,957 (345,046)
Net (decrease) increase in cash and cash equivalent during the period 81,842,498 161,749,275
Beginning balance of cash and cash equivalent 233,912,193 92,895,143
Cash and cash equivalent at the end of the period 315,754,691 254,644,418
Cash and cash equivalent comprise:
Cash and balances at the central bank 9 94,285,689 59,818,535
Due from banks 304,041,410 276,244,266
Treasury bills and other governmental notes 11 82,174,775 71,507,826
Obligatory reserve balance with CBE (76,128,521) (52,853,882)
Due from banks with maturity more than three months (17,846,556) (29,659,932)
Treasury bills and other governmental notes with maturity more than three (70,772,106) (70,412,395)
months
Total cash and cash equivalent 315,754,691 254,644,418
Condensed Separate Interim statement of changes in shareholders' equity
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
Sep. 30, 2023
Beginning Balance at 1 January 2023 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 369,876 - - - - - - - - 369,876
Transferred to reserves - 806,408 12,743,849 - 2,208 - - (12,388,223) (1,164,242) -
Dividend paid - - - - - - - (3,738,888) - (3,738,888)
Net profit for the period - - - - - - - 21,732,076 - 21,732,076
Transferred to RE from financial assets at fair value through OCI - - - - - (95,308) - 95,308 - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - (9,611,703) - - - (9,611,703)
tax
Transferred (from) to bank risk reserve - - - - - - 3,249 (3,249) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 197,888 - - - 197,888
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 608,250 608,250
Balance at 30 September 2023 30,195,010 4,770,354 39,840,707 1,549,445 21,155 (22,647,584) 15,230 22,194,370 1,339,443 77,278,130
Sep. 30, 2024
Beginning Balance at 1 January 2024 30,195,010 4,770,354 39,840,707 1,549,445 21,155 (16,808,265) 15,230 29,230,360 1,486,010 90,300,006
Capital increase 236,570 - - - - - - - - 236,570
Transferred to reserves - 1,438,320 22,582,085 - 1,663 - - (23,398,943) (623,125) -
Dividend paid - - - - - - - (5,366,429) - (5,366,429)
Net profit for the period - - - - - - - 42,557,376 - 42,557,376
Transferred to RE from financial assets at fair value through OCI - - - - - (370,224) - 370,224 - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - 8,284,110 - - - 8,284,110
tax
Transferred (from) to banking risk reserve - - - - - - 2,694 (2,694) - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - 624,524 - - - 624,524
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - 804,345 804,345
Balance at 30 September 2024 30,431,580 6,208,674 62,422,792 1,549,445 22,818 (8,269,855) 17,924 43,389,894 1,667,230 137,440,502
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