REG - Commercial Int Bank - CIB1H2023 Condensed Consolidated Financials
24/07/2023 08:15
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RNS Number : 8759G Commercial Intnl Bank (Egypt) SAE 24 July 2023
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Commercial International Bank (Egypt) S.A.E.
Condensed Consolidated Financial Statements
June
30, 2023
Condensed Consolidated Interim Statement of Financial Position as at June 30,
2023
Notes Jun. 30, 2023 Dec. 31, 2022
EGP Thousands EGP Thousands
Assets
Cash and balances at the central bank 8 33,569,139 47,492,549
Due from banks 9 282,231,329 133,856,720
Loans and advances to banks, net 11 265,506 2,978,197
Loans and advances to customers, net 12 220,646,128 193,599,872
Derivative financial instruments 2,072,177 1,939,961
Financial investments :
-Financial Assets at Fair Value through OCI 13 191,018,179 204,020,733
-Financial Assets at Amortized cost 13 44,071,307 34,524,760
-Investments in associates 14 145,332 186,062
Non current assets held for sale 29 214 -
Other assets 15 19,148,600 14,521,427
Goodwill 26 75,639 96,268
Intangible assets 27 19,005 24,188
Deferred tax assets 518,213 185,746
Property and equipment 16 2,510,392 2,405,434
Total assets 796,291,160 635,831,917
Liabilities and equity
Liabilities
Due to banks 17 23,938,050 3,496,698
Due to customers 18 658,531,089 531,616,550
Non-current liabilities held for sale 30 933 -
Derivative financial instruments 139,259 219,752
Current income tax liabilities 4,952,484 3,051,583
Other liabilities 19 16,474,178 11,606,912
Issued debt instruments 20 3,070,637 2,456,607
Other loans 11,158,536 7,978,975
Other provisions 21 9,390,357 7,066,672
Total liabilities 727,655,523 567,493,749
Equity
Issued and paid up capital 30,195,010 29,825,134
Reserves 22,766,742 19,643,327
Reserve for employee stock ownership plan (ESOP) 1,133,385 1,895,435
Retained earnings * 14,411,378 16,393,841
Total equity and net profit for the period / year 68,506,515 67,757,737
Non-Controlling Interest 129,122 580,431
Total minority interest, equity and net profit for the period / year 68,635,637 68,338,168
Total liabilities and equity 796,291,160 635,831,917
The accompanying notes are an integral part of these financial statements .
(Limited review report attached)
*Including net profit for the current period
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Condensed Consolidated Interim Income Statement for the period ended June 30,
2023
Notes Last 6 Months Last 6 Months
Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Interest and similar income 45,115,105 24,313,000
Interest and similar expense (21,221,785) (10,584,315)
Net interest income 23,893,320 13,728,685
Fee and commission income 4,128,821 2,411,504
Fee and commission expense (1,575,094) (1,072,889)
Net fee and commission income 2,553,727 1,338,615
Dividend income 77,253 54,557
Net trading income 5 2,335,117 1,014,279
Profits (Losses) on financial investments 13 92,572 1,065,443
Administrative expenses (4,296,917) (3,270,349)
Other operating (expenses) income 6 (3,423,286) (2,511,186)
Goodwill amortization 26 (20,629) (20,629)
Intangible assets amortization 27 (5,183) (5,183)
Impairment release (charges) for credit losses (1,182,487) (73,977)
Bank's share in the profits / losses of associates (26,630) 5,214
Profit before income tax 19,996,857 11,325,469
Income tax expense 28 (5,748,429) (3,014,444)
Deferred tax assets (Liabilities) 28 (142,753) (530,698)
Net profit from continued operations 14,105,675 7,780,327
Discontinued Operations
Net profit (loss) from discontinued operations 31 (49,612) -
Net profit for the period 14,056,063 7,780,327
Non Controlling Interest 3,474 15,530
14,052,589 7,764,797
Bank's shareholders
Earning per share 7
Basic 4.17 2.29
Diluted 4.12 2.27
Hussein Abaza Hisham Ezz Al-Arab
CEO & Managing Director Chairman
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Interest and similar income
45,115,105
24,313,000
Interest and similar expense
(21,221,785)
(10,584,315)
Net interest income
23,893,320
13,728,685
Fee and commission income
4,128,821
2,411,504
Fee and commission expense
(1,575,094)
(1,072,889)
Net fee and commission income
2,553,727
1,338,615
Dividend income
77,253
54,557
Net trading income
5
2,335,117
1,014,279
Profits (Losses) on financial investments
13
92,572
1,065,443
Administrative expenses
(4,296,917)
(3,270,349)
Other operating (expenses) income
6
(3,423,286)
(2,511,186)
Goodwill amortization
26
(20,629)
(20,629)
Intangible assets amortization
27
(5,183)
(5,183)
Impairment release (charges) for credit losses
(1,182,487)
(73,977)
Bank's share in the profits / losses of associates
(26,630)
5,214
Profit before income tax
19,996,857
11,325,469
Income tax expense
28
(5,748,429)
(3,014,444)
Deferred tax assets (Liabilities)
28
(142,753)
(530,698)
Net profit from continued operations
14,105,675
7,780,327
Discontinued Operations
Net profit (loss) from discontinued operations
31
(49,612)
-
Net profit for the period
14,056,063
7,780,327
Non Controlling Interest
3,474
15,530
Bank's shareholders
14,052,589
7,764,797
Earning per share
7
Basic
4.17
2.29
Diluted
4.12
2.27
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Interest and similar income
45,115,105
24,313,000
Interest and similar expense
(21,221,785)
(10,584,315)
Net interest income
23,893,320
13,728,685
Fee and commission income
4,128,821
2,411,504
Fee and commission expense
(1,575,094)
(1,072,889)
Net fee and commission income
2,553,727
1,338,615
Dividend income
77,253
54,557
Net trading income
5
2,335,117
1,014,279
Profits (Losses) on financial investments
13
92,572
1,065,443
Administrative expenses
(4,296,917)
(3,270,349)
Other operating (expenses) income
6
(3,423,286)
(2,511,186)
Goodwill amortization
26
(20,629)
(20,629)
Intangible assets amortization
27
(5,183)
(5,183)
Impairment release (charges) for credit losses
(1,182,487)
(73,977)
Bank's share in the profits / losses of associates
(26,630)
5,214
Profit before income tax
19,996,857
11,325,469
Income tax expense
28
(5,748,429)
(3,014,444)
Deferred tax assets (Liabilities)
28
(142,753)
(530,698)
Net profit from continued operations
14,105,675
7,780,327
Discontinued Operations
Net profit (loss) from discontinued operations
31
(49,612)
-
Net profit for the period
14,056,063
7,780,327
Non Controlling Interest
3,474
15,530
Bank's shareholders
14,052,589
7,764,797
Earning per share
7
Basic
4.17
2.29
Diluted
4.12
2.27
Hussein Abaza
Hisham Ezz Al-Arab
CEO & Managing Director
Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the
period ended June 30, 2023
Last 6 Months Last 6 Months
Jun 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Net profit for the period 14,056,063 7,780,327
Change in fair value of Financial investments measured at fair value through (9,949,190) (7,377,135)
comprehensive income after tax
Transferred to RE from financial assets at fair value through comprehensive (95,308) (4,227)
income
Cumulative foreign currencies translation differences 266,927 81,324
Effect of ECL in fair value of debt instruments measured at fair value through 205,751 104,188
comprehensive income
Total comprehensive income for the period 4,484,243 584,477
As follows:
Bank's shareholders 4,480,769 568,947
Non Controlling Interest 3,474 15,530
Total comprehensive income for the period 4,484,243 584,477
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Net profit for the period
14,056,063
7,780,327
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(9,949,190)
(7,377,135)
Transferred to RE from financial assets at fair value through comprehensive
income
(95,308)
(4,227)
Cumulative foreign currencies translation differences
266,927
81,324
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
205,751
104,188
Total comprehensive income for the period
4,484,243
584,477
As follows:
Bank's shareholders
4,480,769
568,947
Non Controlling Interest
3,474
15,530
Total comprehensive income for the period
4,484,243
584,477
Last 6 Months
Jun. 30, 2022
EGP Thousands
EGP Thousands
Net profit for the period
14,056,063
7,780,327
Change in fair value of Financial investments measured at fair value through
comprehensive income after tax
(9,949,190)
(7,377,135)
Transferred to RE from financial assets at fair value through comprehensive
income
(95,308)
(4,227)
Cumulative foreign currencies translation differences
266,927
81,324
Effect of ECL in fair value of debt instruments measured at fair value through
comprehensive income
205,751
104,188
Total comprehensive income for the period
4,484,243
584,477
As follows:
Bank's shareholders
4,480,769
568,947
Non Controlling Interest
3,474
15,530
Total comprehensive income for the period
4,484,243
584,477
Condensed Consolidated Interim Cash flows for the period ended June 30 2023
Notes Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations 19,996,857 11,325,469
Profit (loss) from discontinued operations (49,612) -
Adjustments to reconcile profits to net cash provided by operating
activities
Fixed assets depreciation 16 435,552 445,305
Impairment (Released) charge for credit losses (Loans and advances to 950,009 (41,818)
customers and banks)
Other provisions charges 21 1,146,383 1,513,929
Impairment (Released) charge for credit losses (due from banks) 5,231 4,970
Impairment (Released) charge for credit losses (financial investments) 227,247 110,825
Impairment (Released) charge for other assets - (277,768)
Exchange revaluation differences for financial assets at fair value through (5,858,602) (2,840,747)
OCI and AC
Goodwill amortization 26 20,629 20,629
Intangible assets amortization 27 5,183 5,183
Utilization of other provisions 21 (1,031) (1,707)
Other provisions no longer used 21 - (782)
Exchange differences of other provisions 21 1,178,333 303,949
profits from selling property and equipment (130) (1,142)
profits from selling financial investments at fair value through OCI 13 (92,572) (1,065,443)
Shares based payments 402,192 384,255
Bank's share in the profits / losses of associates 26,630 (5,214)
Operating profits before changes in operating assets and liabilities 18,392,299 9,879,893
Net decrease (increase) in assets and liabilities
Due from banks 31,684,362 13,218,002
Financial assets at fair value through P&L - 239,339
Derivative financial instruments (213,992) (882,092)
Loans and advances to banks and customers 11 - 12 (25,279,763) (25,997,906)
Other assets (4,443,895) (280,761)
Non current assets held for sale (214) -
Due to banks 17 20,441,352 2,092,943
Due to customers 18 126,914,539 21,624,749
Current income tax obligations paid (795,945) (684,278)
Non current liabilities held for sale 933 -
Other liabilities 2,149,496 2,750,906
Net cash generated from (used in) operating activities 168,849,172 21,960,795
Cash flow from investing activities
Payment for purchases of property, equipment and branches constructions (727,599) (331,846)
Proceeds from selling property and equipment 130 1,142
Proceeds from redemption of financial assets at amortized cost 196,783 622,072
Payment for purchases of financial assets at amortized cost (9,121,279) (41,770)
Payment for purchases of financial assets at fair value through OCI (51,268,261) (67,715,983)
Proceeds from selling financial assets at fair value through OCI 59,321,328 44,348,943
Payment for investment in subsidiaries. (1,008,761) -
Net cash generated from (used in) investing activities (2,607,659) (23,117,442)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2023
(Cont.)
Jun. 30, 2023 Jun. 30, 2022
EGP Thousands EGP Thousands
Cash flow from financing activities
Other loans 3,179,561 846,869
Dividends paid (3,594,747) (4,410,322)
Issued debt instruments 614,030 307,661
Capital increase 369,876 122,716
Net cash generated from (used in) financing activities 568,720 (3,133,076)
Net (decrease) increase in cash and cash equivalent during the period 166,810,233 (4,289,723)
Beginning balance of cash and cash equivalent 92,969,526 61,065,822
Cash and cash equivalent at the end of the period 259,779,759 56,776,099
Cash and cash equivalent comprise:
Cash and balances at the central bank 33,569,139 41,970,190
Due from banks 282,285,952 56,974,029
Treasury bills 10 71,798,021 76,380,971
Obligatory reserve balance with CBE (25,697,561) (36,172,792)
Due from banks with maturities more than three months (30,318,097) (10,530,558)
Treasury bills with maturity more than three months (71,857,695) (71,845,741)
Total cash and cash equivalent 259,779,759 56,776,099
'
Condensed Consolidated Interim statement of changes in shareholders' equity
Jun. 30, 2022 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 Non Controlling Interest Total
EGP Thousands
Beginning at 1 January 2022 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) - - - -
Dividends paid - - - - - - - - (4,410,322) - - (4,410,322) - (4,410,322)
Net profit of the period - - - - - - - - 7,764,797 - - 7,764,797 15,530 7,780,327
Transferred to RE from financial assets at fair value through OCI - - - - - - (4,227) - 4,227 - - - - -
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (7,377,135) - - - - (7,377,135) - (7,377,135)
tax
Transferred (from) to banking risk reserve - - - - - - - 2,840 (2,840) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 104,188 - - - - 104,188 - 104,188
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 30 June 2022 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
Jun. 30, 2023 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 Non Controlling Interest Total
EGP Thousands
Beginning at January 2023 29,825,134 3,963,946 27,096,858 1,550,906 8,183 18,947 (13,188,818) 11,981 16,393,841 1,895,435 181,324 67,757,737 580,431 68,338,168
Capital increase 369,876 - - - - - - - - - - 369,876 - 369,876
Transferred to reserves - 806,408 12,743,849 - - 2,208 - - (12,388,223) (1,164,242) - - - -
Dividends paid - - - - - - - - (3,738,888) - - (3,738,888) (17,108) (3,755,996)
Net profit of the period - - - - - - - - 14,052,589 - - 14,052,589 3,474 14,056,063
- - - - - - (95,308) - 95,308 - - - - -
Transferred to RE from financial assets at fair value through OCI
Change in non-controlling interest from acquisition of subsidiaries - - - - - - - - - - - - (536,867) (536,867)
Reserve for transactions under common control - - - - (679,155) - - - - - - (679,155) - (679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after - - - - - - (9,949,190) - - - - (9,949,190) - (9,949,190)
tax
Transferred (from) to banking risk reserve - - - - - - - 3,249 (3,249) - - - - -
Effect of ECL in fair value of debt instruments measured at fair value through - - - - - - 205,751 - - - - 205,751 - 205,751
OCI
- - - - - - - - - 402,192 - 402,192 - 402,192
Cost of employees stock ownership plan (ESOP)
Cumulative foreign currencies translation differences - - - - - - - - - - 85,603 85,603 99,192 184,795
30,195,010 4,770,354 39,840,707 1,550,906 (670,972) 21,155 (23,027,565) 15,230 14,411,378 1,133,385 266,927 68,506,515 129,122 68,635,637
Balance at the end of the period
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