REG - Commercial Int Bank - CIB1H2022 Consolidated Condensed Financial Results
25/07/2022 07:00
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RNS Number : 5278T Commercial Intnl Bank (Egypt) SAE 25 July 2022
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30, 2022
Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30, 2022
Condensed Consolidated Interim Balance Sheet as at June 30, 2022
Notes Jun. 30, 2022 Dec. 31, 2021
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 41,970,190 43,492,248
Due from banks 9 56,928,062 80,141,769
Loans and advances to banks, net 11 1,308,243 312,216
Loans and advances to customers, net 12 170,618,940 145,575,243
Derivative financial instruments 877,137 225,376
Investments
-Financial Assets at Fair Value through P&L 13 1,648 240,987
-Financial Assets at Fair Value through OCI 13 216,824,006 193,198,894
-Financial Assets at Amortized cost 13 19,989,504 20,547,465
-Investments in associates 14 210,529 205,315
Other assets 15 11,673,059 11,207,128
Goodwill 26 116,896 137,525
Intangible assets 27 29,371 34,554
Deferred tax assets (Liabilities) 457,693 456,002
Property and equipment 16 2,457,931 2,461,116
Total assets 523,463,209 498,235,838
Liabilities and equity
Liabilities
Due to banks 17 2,958,999 866,056
Due to customers 18 428,866,287 407,241,538
Derivative financial instruments 34,934 265,470
Current tax liabilities 2,330,166 2,234,985
Other liabilities 19 10,015,827 8,085,545
Issued debt instruments 20 1,864,924 1,557,263
Other loans 5,987,651 5,140,782
Other Provisions 21 5,357,366 3,541,462
Total liabilities 457,416,154 428,933,101
Equity
Issued and paid up capital 19,825,134 19,702,418
Reserves 36,096,343 33,774,990
Reserve for employee stock ownership plan (ESOP) 1,555,725 1,674,392
Retained earnings * 8,045,041 13,696,402
Total equity and net profit for the period / year 65,522,243 68,848,202
Minority interest 524,812 454,535
Total minority interest, equity and net profit for the period / year 66,047,055 69,302,737
Total liabilities and equity 523,463,209 498,235,838
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,
2022
Notes Jun. 30, 2021
Jun. 30, 2022
EGP Thousands EGP Thousands
Interest and similar income 24,313,000 21,016,794
Interest and similar expense (10,584,315) (9,319,909)
Net interest income 13,728,685 11,696,885
Fee and commission income 2,411,504 1,801,723
Fee and commission expense (1,072,889) (687,236)
Net fee and commission income 1,338,615 1,114,487
Dividend income 54,557 63,572
Net trading income 5 1,014,279 278,559
Profits (Losses) on financial investments 13 1,065,443 601,887
Administrative expenses (3,270,349) (2,945,811)
Other operating (expenses) income 6 (2,511,186) (1,115,219)
Goodwill amortization 26 (20,629) (20,629)
Intangible assets amortization 27 (5,183) (5,183)
Impairment release (charges) for credit losses (73,977) (1,020,214)
Bank's share in the profits of associates 5,214 11,794
Profit before income tax 11,325,469 8,660,128
Income tax expense 28 (3,014,444) (2,590,814)
Deferred tax assets (Liabilities) 28 (530,698) 18,844
Net profit for the period 7,780,327 6,088,158
Minority interest 15,530 (1,712)
Bank shareholders 7,764,797 6,089,870
Earning per share 7
Basic 3.48 2.75
Diluted 3.44 2.71
Hussein Abaza Sherif Samy
CEO & Managing Director Chairman
Jun. 30, 2021
EGP Thousands
EGP Thousands
Interest and similar income
24,313,000
21,016,794
Interest and similar expense
(10,584,315)
(9,319,909)
Net interest income
13,728,685
11,696,885
Fee and commission income
2,411,504
1,801,723
Fee and commission expense
(1,072,889)
(687,236)
Net fee and commission income
1,338,615
1,114,487
Dividend income
54,557
63,572
Net trading income
5
1,014,279
278,559
Profits (Losses) on financial investments
13
1,065,443
601,887
Administrative expenses
(3,270,349)
(2,945,811)
Other operating (expenses) income
6
(2,511,186)
(1,115,219)
Goodwill amortization
26
(20,629)
(20,629)
Intangible assets amortization
27
(5,183)
(5,183)
Impairment release (charges) for credit losses
(73,977)
(1,020,214)
Bank's share in the profits of associates
5,214
11,794
Profit before income tax
11,325,469
8,660,128
Income tax expense
28
(3,014,444)
(2,590,814)
Deferred tax assets (Liabilities)
28
(530,698)
18,844
Net profit for the period
7,780,327
6,088,158
Minority interest
15,530
(1,712)
Bank shareholders
7,764,797
6,089,870
Earning per share
7
Basic
3.48
2.75
Diluted
3.44
2.71
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Jun. 30, 2021
EGP Thousands
EGP Thousands
Interest and similar income
24,313,000
21,016,794
Interest and similar expense
(10,584,315)
(9,319,909)
Net interest income
13,728,685
11,696,885
Fee and commission income
2,411,504
1,801,723
Fee and commission expense
(1,072,889)
(687,236)
Net fee and commission income
1,338,615
1,114,487
Dividend income
54,557
63,572
Net trading income
5
1,014,279
278,559
Profits (Losses) on financial investments
13
1,065,443
601,887
Administrative expenses
(3,270,349)
(2,945,811)
Other operating (expenses) income
6
(2,511,186)
(1,115,219)
Goodwill amortization
26
(20,629)
(20,629)
Intangible assets amortization
27
(5,183)
(5,183)
Impairment release (charges) for credit losses
(73,977)
(1,020,214)
Bank's share in the profits of associates
5,214
11,794
Profit before income tax
11,325,469
8,660,128
Income tax expense
28
(3,014,444)
(2,590,814)
Deferred tax assets (Liabilities)
28
(530,698)
18,844
Net profit for the period
7,780,327
6,088,158
Minority interest
15,530
(1,712)
Bank shareholders
7,764,797
6,089,870
Earning per share
7
Basic
3.48
2.75
Diluted
3.44
2.71
Hussein Abaza
Sherif Samy
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended June 30, 2022
Jun. 30, 2021
Jun. 30, 2022
EGP Thousands EGP Thousands
Net profit for the period 7,780,327 6,088,158
Change in fair value of debt instruments measured at fair value through other (7,377,135) (1,625,170)
comprehensive income after income tax
Transferred from reserve on disposal of financial assets at fair value through (4,227) (104,406)
OCI
Cumulative foreign currencies translation differences 81,324 (4,044)
Effect of ECL in fair value of debt instruments measured at fair value through 104,188 (54,113)
OCI
Total other comprehensive income 584,477 4,300,425
As follows:
Bank's shareholders 568,947 4,302,137
Minority interest 15,530 (1,712)
Total comprehensive income for the period 584,477 4,300,425
Jun. 30, 2021
EGP Thousands
EGP Thousands
Net profit for the period
7,780,327
6,088,158
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(7,377,135)
(1,625,170)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,227)
(104,406)
Cumulative foreign currencies translation differences
81,324
(4,044)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
104,188
(54,113)
Total other comprehensive income
584,477
4,300,425
As follows:
Bank's shareholders
568,947
4,302,137
Minority interest
15,530
(1,712)
Total comprehensive income for the period
584,477
4,300,425
Jun. 30, 2021
EGP Thousands
EGP Thousands
Net profit for the period
7,780,327
6,088,158
Change in fair value of debt instruments measured at fair value through other
comprehensive income after income tax
(7,377,135)
(1,625,170)
Transferred from reserve on disposal of financial assets at fair value through
OCI
(4,227)
(104,406)
Cumulative foreign currencies translation differences
81,324
(4,044)
Effect of ECL in fair value of debt instruments measured at fair value through
OCI
104,188
(54,113)
Total other comprehensive income
584,477
4,300,425
As follows:
Bank's shareholders
568,947
4,302,137
Minority interest
15,530
(1,712)
Total comprehensive income for the period
584,477
4,300,425
Condensed Consolidated Interim Cash flows for the period ended June 30, 2022
Notes Jun. 31, 2022 Jun. 31, 2021
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 11,325,469 8,660,128
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 16 445,305 411,612
Impairment charge for credit losses (Loans and advances to customers and (41,818) 1,061,426
banks)
Other provisions charges 21 1,513,929 350,039
Impairment charge for credit losses (due from banks) 4,970 12,901
Impairment (Released) charge for credit losses (financial investments) 110,825 (54,113)
Impairment (Released) charge for other assets (277,768) 25,524
Exchange revaluation differences for financial assets at fair value through (2,840,747) 50,039
OCI
Goodwill amortization 26 20,629 48,134
Intangible assets amortization 27 5,183 12,094
Impairment (Released) charge financial assets at fair value through OCI - (72,957)
Utilization of other provisions 21 (1,707) (44,173)
Other provisions no longer used 21 (267) (9,145)
Exchange differences of other provisions 21 303,949 (9,196)
Profits from selling property and equipment (1,142) (1,250)
Losses (profits) from selling financial investments 13 (1,065,443) (514,837)
Impairment (Released) charges of investments in associates and subsidiaries - (14,093)
Shares based payments 384,255 316,514
Bank's share in the profits of associates (5,214) (11,794)
Operating losses (profits) before changes in operating assets and liabilities 9,880,408 10,216,853
Net decrease (increase) in assets and liabilities
Due from banks 13,218,002 (8,642,436)
Financial assets at fair value through P&L 13 239,339 151,530
Derivative financial instruments (882,092) (19,897)
Loans and advances to banks and customers 11 - 12 (25,997,906) (12,747,967)
Other assets (280,761) (1,921,109)
Due to banks 17 2,092,943 (7,501,843)
Due to customers 18 21,624,749 44,831,706
Current income tax obligations paid (684,278) (974,323)
Other liabilities 2,751,421 791,514
Net cash used in (generated from) operating activities 21,961,825 24,184,028
Cash flow from investing activities
Proceeds (payments) for investment in associates. - (158,360)
Payment for purchases of property, equipment and branches constructions (331,846) (530,638)
Proceeds from selling property and equipment 1,142 1,250
Proceeds from redemption of financial assets at amortized cost 622,072 2,688,858
Payment for purchases of financial assets at amortized cost (41,770) (2,617)
Payment for purchases of financial assets at fair value through OCI (67,715,983) (111,888,471)
Proceeds from selling financial assets at fair value through OCI 44,348,943 69,864,103
Net cash generated from (used in) investing activities (23,117,442) (40,025,875)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2022
(Cont.)
Jun. 30, 2022 Jun. 30, 2021
EGP Thousands EGP Thousands
Cash flow from financing activities
Increase (decrease) in long term loans 846,869 (2,120,154)
Dividend paid (4,410,322) (1,360,652)
Increase (decrease) in issued debt instruments 307,661 -
Capital increase 122,716 -
Net cash generated from (used in) financing activities (3,133,076) (3,480,806)
Net (decrease) increase in cash and cash equivalent during the priod (4,288,693) (19,322,653)
Beginning balance of cash and cash equivalent 61,065,822 75,796,375
Cash and cash equivalent at the end of the period 56,777,129 56,473,722
Cash and cash equivalent comprise:
Cash and balances at the central bank 41,970,190 31,958,480
Due from banks 56,974,029 79,415,055
Treasury bills and other governmental notes 10 76,380,971 58,679,906
Obligatory reserve balance with CBE (36,172,792) (26,358,215)
Due from banks with maturities more than three months (10,529,528) (28,800,903)
Treasury bills with maturity more than three months (71,845,741) (58,420,601)
Total cash and cash equivalent 56,777,129 56,473,722
'
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 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
common control
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 year - - - - - - - - 6,089,870 - - 6,089,870 (1,712) 6,088,158
Transferred from reserve of financial assets at fair - - - - - - (104,406) - 104,406 - - - - -
value through OCI
Transferred from previous years' outstanding balances - - - - - - - - 8,333 - - 8,333 - 8,333
Net unrealised gain/(loss) on financial assets at - - - - - - (1,625,170) - - - - (1,625,170) - (1,625,170)
fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 2,718 (2,718) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - (54,113) - - - - (54,113) - (54,113)
measured at fair value through
OCI
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
Condensed Consolidated Interim statement of changes in shareholders' equity
for the period ended June 30, 2022
Jun. 30, 2022 Issued and paid up capital Legal reserve General reserve General risk reserve Reserve for transactions under 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
common control
EGP Thousands
Beginning balance 19,702,418 3,293,074 28,260,532 1,550,906 8,183 16,000 641,372 9,141 13,696,402 1,674,392 (4,218) 68,848,202 454,535 69,302,737
Capital increase 122,716 - - - - - - - - - - 122,716 - 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) - (4,410,322)
Net profit of the year - - - - - - - - 7,764,797 - - 7,764,797 15,530 7,780,327
Transferred from reserve on disposal of financial - - - - - - (4,227) - 4,227 - - - - -
assets at fair value through
OCI
Net unrealised gain/(loss) on financial assets at - - - - - - (7,377,135) - - - - (7,377,135) - (7,377,135)
fair value through OCI after
tax
Transferred (from) to banking risk reserve - - - - - - - 2,840 (2,840) - - - - -
Effect of ECL in fair value of debt instruments - - - - - - 104,188 - - - - 104,188 - 104,188
measured at fair value through
OCI
Cost of employees stock ownership plan (ESOP) - - - - - - - - - 384,255 - 384,255 - 384,255
Cumulative foreign currencies translation differences - - - - - - - - - - 85,542 85,542 54,747 140,289
Balance at the end of the period 19,825,134 3,963,946 37,096,858 1,550,906 8,183 18,947 (6,635,802) 11,981 8,045,041 1,555,725 81,324 65,522,243 524,812 66,047,055
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