REG - Commercial Int Bank - CIB1H2021 Condensed Consolidated Financial Results

Commercial International Bank Egypt CIBAnnouncement

13/07/2021 07:00

RNS Number : 9928E
  
Commercial Intnl Bank (Egypt) SAE
  
13 July 2021
  
 







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Commercial International Bank (Egypt) S.A.E.




Consolidated Financial Statements




June 30, 2021




 


 


 


 


 




 


 


 


 


 




 


















Condensed Consolidated Interim Balance Sheet as at June 30, 2021




 


 


Notes


Jun. 30, 2021


 


Dec. 31, 2020




 


 


EGP Thousands


 


EGP Thousands




 


Assets


 


 


 


 




 


Cash and balances at the central bank


7


31,958,480


 


33,768,549




 


Due from  banks


8


79,377,965


 


87,426,301




 


Loans and advances to banks, net


10


782,360


 


776,980




 


Loans and advances to customers, net


11


131,251,166


 


119,570,005




 


Derivative financial instruments


 


292,284


 


248,759




 


Investments


 


 


 


 




 


- Financial Assets at Fair Value through P&L


12


208,429


 


359,959




 


- Financial Assets at Fair Value through OCI


12


188,204,356


 


148,118,372




 


- Amortized cost


12


22,598,404


 


25,285,225




 


- Investments in associates


13


324,125


 


139,871




 


Other assets


 


10,993,659


 


9,175,525




 


Goodwill


22


158,153


 


178,782




 


Intangible assets


23


39,737


 


44,920




 


Deferred tax assets (Liabilities)


 


452,578


 


437,772




 


Property and equipment


14


2,507,624


 


2,311,147




 


Total assets


 


469,149,320


 


427,842,167




 


Liabilities and equity


 


 


 


 




 


Liabilities


 


 


 


 




 


Due to banks


15


1,315,692


 


8,817,535




 


Due to customers


16


386,001,156


 


341,169,450




 


Derivative financial instruments


 


354,701


 


331,073




 


Current tax liabilities


 


1,616,491


 


859,582




 


Other liabilities


 


7,391,941


 


5,735,269




 


Other loans


 


5,626,792


 


7,746,946




 


Provisions


17


3,511,026


 


3,223,501




 


Total liabilities


 


405,817,799


 


367,883,356




 


Equity


 


 


 


 




 


Issued and paid up capital


 


14,776,813


 


14,776,813




 


Reserves


 


40,249,761


 


33,094,580




 


Reserve for employee stock ownership plan (ESOP)


 


1,381,162


 


1,064,648




 


Retained earnings *


 


6,442,442


 


10,539,715




 


Total equity and net profit for the period / year


 


62,850,178


 


59,475,756




 


Minority interest


 


481,343


 


483,055




 


Total minority interest, equity and net profit for the period / year


63,331,521


 


59,958,811




 


Total liabilities and equity


 


469,149,320


 


427,842,167




 


 


 


 


 


 




 


 


 


 


 


 




 


The accompanying notes are an integral part of these financial statements .


 


 


 


 




 


(Review report attached)


 


 


 


 




*


Including net profit for the current period


 


 


 


 




 


 


 


 




 


 


 


 


 


 




 


 


 


 




 


 


 


 




 


Hussein Abaza


Sherif Samy




 


CEO & Managing Director


 


Chairman


 





 


 




 


 


 


 


 


 




 


 


 


 


 




 


 


 


 


 


 


 



 
 
 
 
 
 
 
 
 
 
 
 




 


 


 


 


 


 


 


 


















Condensed Consolidated Interim Income Statement for the period ended June 30, 2021




 


 


 


 


 


 


 


 




 


Notes


 


Jun. 30, 2021


 


 


Jun. 30, 2020


 




 


 


 


EGP Thousands


 


 


EGP Thousands


 




 


 


 


 


 


 


 


 




Interest and similar income


 


 


21,016,794


 


 


20,922,642


 




Interest and similar expense


 


 


(9,319,909)


 


 


(8,445,315)


 




Net interest income


 


 


11,696,885


 


 


12,477,327


 




 


 


 


 


 


 


 


 




Fee and commission income


 


 


1,801,723


 


 


1,479,217


 




Fee and commission expense


 


 


(687,236)


 


 


(493,057)


 




Net fee and commission income


 


 


1,114,487


 


 


986,160


 




 


 


 


 


 


 


 


 




Dividend income


 


 


63,572


 


 


25,962


 




Net trading income


5


 


278,559


 


 


177,231


 




Profits (Losses) on financial investments


12


 


601,887


 


 


832,005


 




Administrative expenses


 


 


(2,945,811)


 


 


(2,848,020)


 




Other operating (expenses) income


 


 


(1,115,219)


 


 


(1,847,212)


 




Goodwill amortization


22


 


(20,629)


 


 


(8,381)


 




Intangible assets amortization


23


 


(5,183)


 


 


-


 




Impairment release (charges) for credit losses


 


 


(1,020,214)


 


 


(2,259,654)


 




Bank's share in the profits of associates


 


 


11,794


 


 


6,994


 




Profit before income tax


 


 


8,660,128


 


 


7,542,412


 




 


 


 


 


 


 


 


 




Income tax expense


 


 


(2,590,814)


 


 


(2,652,208)


 




Deferred tax assets (Liabilities)


 


 


18,844


 


 


107,601


 




Net profit for the period


 


 


6,088,158


 


 


4,997,805


 




Minority interest


 


 


(1,712)


 


 


-


 




Bank shareholders


 


 


6,089,870


 


 


4,997,805


 




 


 


 


 


 


 


 


 




Earning per share


6


 


 


 


 


 


 




Basic


 


 


3.64


 


 


3.00


 




Diluted


 


 


3.63


 


 


2.99


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


 


 


 


 




 


Hussein Abaza


 


 


 


 


Sherif Samy


 




 


CEO & Managing Director


 


 


 


 


Chairman


 





 


 


 


 


 


 


 


 


















Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2021




 


 


 


 


 


 


 


 




 


 


 


Jun. 30, 2021


 


Jun. 30, 2020


 


 




 


 


 


EGP Thousands


 


EGP Thousands


 


 




 


 


 


 


 


 


 


 




Net profit for the period


 


 


6,088,158


 


4,997,805


 


 




 


 


 


 


 


 


 


 




Change in fair value of debt instruments measured at fair value through other comprehensive income


 


 


(1,625,170)


 


(1,483,581)


 


 




Transferred from reserve on disposal of financial assets at fair value through OCI


 


 


(104,406)


 


-


 


 




Cumulative foreign currencies translation differences


 


 


(4,044)


 


1,647


 


 




Effect of ECL in fair value of debt instruments measured at fair value through OCI


 


 


(54,113)


 


90,512


 


 




Total comprehensive income for the period


 


 


4,300,425


 


3,606,383


 


 




 


 


 


 


 


 


 


 




As follows:


 


 


 


 


 


 


 




Bank's shareholders


 


 


4,302,137


 


3,606,383


 


 




Minority interest


 


 


(1,712)


 


-


 


 




Total comprehensive income for the period


 


 


4,300,425


 


3,606,383


 


 





 


 


 


 


 


 


 


 








 





Condensed Consolidated Interim Cash flows for the period ended June 30, 2021




 


 


 


 


 




 


Notes


Jun. 30, 2021


 


Jun. 30, 2020




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from operating activities


 


 


 


 




Profit before income tax from continued operations 


 


8,660,128


 


7,542,412




Adjustments to reconcile net profit to net cash provided by operating  activities


 


 


 


 




Fixed assets depreciation


14 


411,612


 


383,782




Impairment charge for credit losses (Loans and advances to customers and banks)


 


1,061,426


 


2,144,988




Other provisions charges


17 


350,039


 


1,098,888




Impairment charge for credit losses (due from banks)


 


12,901


 


24,154




Impairment charge for credit losses (financial investments)


 


(54,113)


 


90,512




Impairment charge for other assets


 


25,524


 


24,621




Exchange revaluation differences for financial assets at fair value through OCI


 


50,039


 


(84,884)




Goodwill amortization


22 


48,134


 


8,381




Intangible assets amortization


23 


12,094


 


-




Released (Impairment) charge financial assets at fair value through OCI


 


(72,957)


 


78,615




Utilization of other provisions 


17 


(44,173)


 


(1,066)




Other provisions no longer used 


17 


(9,145)


 


(43,200)




Exchange differences of  other provisions 


17 


(9,196)


 


3,011




Profits from selling property, plant and equipment


 


(1,250)


 


(94)




(Profits) losses from selling financial investments


12 


(514,837)


 


(924,720)




Released (Impairment) charges of investments in associates and subsidiaries


 


(14,093)


 


14,100




Shares based payments


 


316,514


 


296,959




Bank's share in the profits of associates


 


(11,794)


 


(6,994)




Operating profits before changes in operating assets and liabilities 


 


10,216,853


 


10,649,465




 


 


 


 


 




Net decrease (increase) in assets and  liabilities


 


 


 


 




Due from banks


 


(8,642,436)


 


(598,148)




Financial assets at fair value through P&L


12 


151,530


 


61,477




Derivative financial instruments


 


(19,897)


 


(41,469)




Loans and advances to banks and customers


10 - 11


(12,747,967)


 


(3,109,801)




Other assets


 


(1,921,109)


 


907,956




Due to banks


15 


(7,501,843)


 


466,875




Due to customers


16 


44,831,706


 


15,697,986




Income tax obligations paid


 


(974,323)


 


(4,639,364)




Other liabilities


 


791,514


 


(2,946,225)




Net cash used in (generated from) operating activities


 


24,184,028


 


16,448,752




 


 


 


 


 




Cash flow from investing activities


 


 


 


 




Proceeds from Investments in associates.


 


-


 


750




Proceeds (payments) for investment in associates.


 


(158,360)


 


-




Payment for purchases of property, plant, equipment and branches  constructions


 


(530,638)


 


(739,117)




Proceeds from selling property, plant and equipment


 


1,250


 


94




Proceeds from redemption of financial assets at amortized cost


 


2,688,858


 


59,360,102




Payment for purchases of financial assets at amortized cost 


 


(2,617)


 


(44,945,839)




Payment for purchases of financial assets at fair value through OCI


 


(111,888,471)


 


(50,868,698)




Proceeds from selling financial assets at fair value through OCI


 


69,864,103


 


55,517,561




Proceeds from investment in subsidiaries.


 


-


 


194,722




Net cash generated from (used in) investing activities


 


(40,025,875)


 


18,519,575




 


 


 


 


 




 


 


 


 


 




 




Condensed Consolidated Interim Cash flows for the period ended June 30, 2021 (Cont.)




 


 


 


 


 




 


 


Jun. 30, 2021


 


Jun. 30, 2020




 


 


EGP Thousands


 


EGP Thousands




 


 


 


 


 




Cash flow from financing activities


 


 


 


 




Received (Repaid) in long term loans


 


(2,120,154)


 


(22,492)




Dividend paid


 


(1,360,652)


 


(3,370,464)




Net cash generated from (used in) financing activities


 


(3,480,806)


 


(3,392,956)




 


 


 


 


 




 


 


 


 


 




Net (decrease) increase in cash and cash equivalent during the priod


 


(19,322,653)


 


31,575,371




Beginning balance of cash and cash equivalent


 


75,796,375


 


22,895,017




Cash and cash equivalent at the end of the period


 


56,473,722


 


54,470,388




 


 


 


 


 




Cash and cash equivalent comprise:


 


 


 


 




Cash and balances at the central bank


 


31,958,480


 


31,267,392




Due from banks


 


79,415,055


 


56,990,499




Treasury bills and other governmental  notes 


 


58,679,906


 


27,591,164




Obligatory reserve balance with CBE


 


(26,358,215)


 


(22,995,458)




Due from banks with maturities more than three months


 


(28,800,903)


 


(10,271,665)




Treasury bills with maturity more than three months


 


(58,420,601)


 


(28,111,544)




Total cash and cash equivalent


 


56,473,722


 


54,470,388





 
 
 
 
 
 





 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2020


 


 


 


 




Jun. 30, 2020


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 


Minority Interest


Total


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


EGP Thousands


 




Beginning balance


14,690,821


2,188,029


16,474,429


1,549,445


-


13,466


4,111,781


5,164


11,881,657


963,152


2,501


51,880,445


-


51,880,445


 




Transferred to reserves


-


590,106


7,840,286


-


-


1,440


-


-


(8,431,832)


-


-


-


-


-


 




Dividend paid


-


-


-


-


-


-


-


-


(3,370,464)


-


-


(3,370,464)


-


(3,370,464)


 




Minority interest


-


-


-


-


-


-


-


-


-


-


-


-


453,248


453,248


 




Net profit of the period


-


-


-


-


-


-


-


-


4,997,805


-


-


4,997,805


-


4,997,805


 




Transferred from reserve of financial assets at fair value through OCI


-


-


-


-


-


-


(55,142)


-


55,142


-


-


-


-


-


 




Net unrealised gain/(loss) on financial assets at fair value through OCI


-


-


-


-


-


-


(1,483,581)


-


-


-


-


(1,483,581)


-


(1,483,581)


 




Transferred (from) to  banking risk reserve


-


-


-


-


-


-


-


1,259


(1,259)


-


-


-


-


-


 




ECL for impairment of debt instruments investments


-


-


-


-


-


-


90,512


-


-


-


-


90,512


-


90,512


 




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


-


296,959


-


296,959


-


296,959


 




Cumulative foreign currencies translation differences


-


-


-


-


-


-


-


-


-


-


(854)


(854)


-


(854)


 




Balance at the end of the period


14,690,821


2,778,135


24,314,715


1,549,445


-


14,906


2,663,570


6,423


5,131,049


1,260,111


1,647


52,410,822


453,248


52,864,070


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




 
 
 
 
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2021


 


 


 


 




Jun. 30, 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 


Minority 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


 




Transferred to reserves


-


514,939


8,420,479


-


-


1,094


-


-


(8,936,512)


-


-


-


-


-


 




Dividend paid


-


-


-


-


-


-


-


-


(1,360,652)


-


-


(1,360,652)


-


(1,360,652)


 




Net profit of the period


-


-


-


-


-


-


-


-


6,089,870


-


-


6,089,870


(1,712)


6,088,158


 




Transferred from reserve on disposal of financial assets at fair value through OCI


-


-


-


-


-


-


(104,406)


-


104,406


-


-


-


-


-


 




Transferred from previous years' outstanding balances


-


-


-


-


-


-


-


-


8,333


-


-


8,333


-


8,333


 




Net unrealised gain/(loss) on financial assets at fair value through OCI


-


-


-


-


-


-


(1,625,170)


-


-


-


-


(1,625,170)


-


(1,625,170)


 




Transferred (from) to  banking risk reserve


-


-


-


-


-


-


-


2,718


(2,718)


-


-


-


-


-


 




Effect of ECL in fair value of debt instruments measured at fair value through OCI


-


-


-


-


-


-


(54,113)


-


-


-


-


(54,113)


-


(54,113)


 




Cost of employees stock ownership plan (ESOP)


-


-


-


-


-


-


-


-


-


316,514


-


316,514


-


316,514


 




Cumulative foreign currencies translation differences


-


-


-


-


-


-


-


-


-


-


(360)


(360)


-


(360)


 




Balance at the end of the period


14,776,813


3,293,074


33,186,137


1,549,445


8,183


16,000


2,191,825


9,141


6,442,442


1,381,162


(4,044)


62,850,178


481,343


63,331,521


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 

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