Com.int.bk.regs Regulatory News (CBKD)

Condensed Separate Interim Statement of Financial Position as at March 31, 2024

Notes

Mar. 31, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

9

36,542,863

71,747,343

Due from banks

10

291,979,960

230,709,419

Loans and advances to banks, net

12

1,140,170

822,448

Loans and advances to customers, net

13

268,482,525

233,824,745

Derivative financial instruments

1,677,011

1,101,896

Financial investments

- Financial Assets at Fair Value through P&L

14

974,297

-

- Financial Assets at Fair Value through OCI

14

248,351,476

232,290,598

- Financial Assets at Amortized cost

14

92,820,896

37,847,114

- Investments in subsidiaries and associates

15

671,525

671,525

Non current assets held for sale

28

159,828

159,828

Other assets

16

24,919,564

18,929,067

Deferred tax assets

1,936,004

1,685,223

Property and equipment

17

2,703,062

2,737,936

Total assets

972,359,181

832,527,142

Liabilities and equity

Liabilities

Due to banks

18

5,572,065

12,427,384

Due to customers

19

792,409,197

675,310,076

Derivative financial instruments

602,480

140,934

Current income tax liabilities

5,445,769

9,395,534

Other liabilities

20

29,842,663

18,307,580

Issued debt instruments

21

4,699,516

3,073,349

Other loans

19,184,788

12,483,907

Other provisions

22

14,699,408

11,088,372

Total liabilities

872,455,886

742,227,136

Equity

Issued and paid up capital

30,195,010

30,195,010

Reserves

55,513,384

29,388,626

Reserve for employee stock ownership plan (ESOP)

1,786,010

1,486,010

Retained earnings *

12,408,891

29,230,360

Total equity and net profit for the period / year

99,903,295

90,300,006

Total liabilities and equity

972,359,181

832,527,142

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

( Limited Review report attached )

*

Including net profit for the period

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

Condensed Separate Interim Income Statement for the period ended March 31, 2024

Notes

Mar. 31, 2024

Mar. 31, 2023

Interest and similar income

36,544,341

19,729,848

Interest and similar expense

(17,784,185)

(8,897,778)

Net interest income

18,760,156

10,832,070

Fee and commission income

2,684,283

2,004,350

Fee and commission expense

(1,118,950)

(792,102)

Net fee and commission income

1,565,333

1,212,248

Dividend income

610

32,362

Net trading income

6

16,202,679

1,845,604

Profits (Losses) on financial investments 

14.1

224,271

70,920

Administrative expenses

(2,840,462)

(2,004,617)

Other operating income (expenses)

7

(14,923,188)

(1,969,625)

Impairment release (charges) for credit losses

(1,482,187)

(947,656)

Profit before income tax

17,507,212

9,071,306

Income tax expense

26

(5,722,492)

(2,264,671)

Deferred tax assets (Liabilities)

26

161,877

(722,182)

Net profit for the period

11,946,597

6,084,453

Earnings per share

8

Basic

3.50

1.78

Diluted

3.46

1.76

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2024

Mar. 31, 2024

Mar. 31, 2023

Net profit for the period

11,946,597

6,084,453

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax

1,977,715

(8,507,038)

Transferred to RE from financial assets at fair value through comprehensive income

-

(1,895)

Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income

745,406

208,250

Total comprehensive income for the period

14,669,718

(2,216,230)

Condensed Separate Interim Cash Flows for the period ended March 31, 2024

Notes

Mar. 31, 2024

Mar. 31, 2023

Cash flow from operating activities

Profit before income tax

17,507,212

9,071,306

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

261,427

206,400

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

1,772,387

714,714

Other provisions Release/charge

22

40,759

464,368

Impairment Release/charge for credit losses (due from banks)

(53)

(1,549)

Impairment Release/charge for credit losses (financial investments)

(290,147)

234,491

Impairment Release/charge for other assets

(4,782)

-

Exchange revaluation differences for financial assets at fair value through OCI and AC

(17,328,576)

(6,033,831)

Revaluation differences Impairment charge for Financial Assets at Fair value through OCI

1,130,412

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

95,225

-

Revaluation differences Impairment charge for due from banks

101

-

Utilization of other provisions

22

(297)

(345)

Other provisions no longer used

22

(4,220)

-

Exchange revaluation differences of other provisions

22

3,574,794

1,169,894

Profits/losses from selling property and equipment

-

(118)

Profits/losses from selling financial investments at fair value through OCI

14.1

(224,271)

(70,920)

Share based payments

300,000

190,974

Operating profits before changes in operating assets and liabilities

6,829,971

5,945,384

Net decrease / increase in assets and liabilities

Due from banks

42,289,034

12,102,385

Financial assets at fair value through P&L

(974,297)

-

Derivative financial instruments

154,638

(358,715)

Loans and advances to banks and customers

12-13

(36,747,889)

(17,757,613)

Other assets

(5,850,432)

(75,936)

Due to banks

18

(6,855,319)

4,811,010

Due to customers

19

117,099,122

43,988,897

Current income tax obligations paid

(276,723)

(272,736)

Other liabilities

1,851,912

(362,831)

Net cash generated from (used in) operating activities

117,520,017

48,019,845

Cash flow from investing activities

Proceeds from sale of investments in associates

4,782

-

Payments for investment in subsidiaries

-

(1,216,022)

Payment for purchases of property, equipment and branches construction

(366,618)

(415,435)

Proceeds from selling property and equipment

-

118

Proceeds from redemption of financial assets at amortized cost

285,507

196,783

Payment for purchases of financial assets at amortized cost

(53,240,480)

(8,454,232)

Payment for purchases of financial assets at fair value through OCI

(26,284,875)

(32,426,908)

Proceeds from selling financial assets at fair value through OCI

26,380,625

46,782,676

Net cash generated from (used in) investing activities

(53,221,059)

4,466,980

Condensed Separate Interim Cash Flows for the period ended March 31, 2024 (Cont.)

Mar. 31, 2024

Mar. 31, 2023

Cash flow from financing activities

Other loans

6,700,881

1,607,404

Dividends paid

(5,078,792)

(1,964,603)

Issued debt instruments

1,626,167

612,624

Capital increase

-

165,429

Net cash generated from (used in) financing activities

3,248,256

420,854

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

67,547,214

52,907,679

Beginning balance of cash and cash equivalent

233,912,193

92,895,143

Cash and cash equivalent at the end of the period

301,459,407

145,802,822

Cash and cash equivalent comprise:

Cash and balances at the central bank

9

36,542,863

52,319,656

Due from banks

291,980,200

169,655,814

Treasury bills and other governmental notes

11

119,754,167

68,681,151

Obligatory reserve balance with CBE

(19,383,018)

(45,888,981)

Due from banks with maturity more than three months

(7,554,480)

(29,664,721)

Treasury bills and other governmental notes with maturity more than three months

(119,880,325)

(69,300,097)

Total cash and cash equivalent

301,459,407

145,802,822

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

Mar. 31, 2023

Beginning

Balance at 1 Januray 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

165,429

-

-

-

-

-

-

-

-

165,429

Transferred to reserves

-

806,408

11,998,639

-

2,208

-

-

(12,388,223)

(419,032)

-

Dividend paid

-

-

-

-

-

-

-

(3,738,888)

-

(3,738,888)

Net profit for the period

-

-

-

-

-

-

-

6,084,453

-

6,084,453

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

(1,895)

-

1,895

-

-

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

-

-

-

-

-

(8,507,038)

-

-

-

(8,507,038)

Transferred (from) to bank risk reserve

-

-

-

-

-

-

3,249

(3,249)

-

-

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

-

-

-

-

-

208,250

-

-

-

208,250

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

190,974

190,974

Balance at 31 March 2023

29,990,563

4,770,354

39,095,497

1,549,445

21,155

(21,439,144)

15,230

6,453,334

1,667,377

62,123,811

Mar. 31, 2024

Beginning Balance at 1 Januray 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

-

-

-

-

-

-

-

-

-

-

Transferred to reserves

-

1,438,320

21,958,960

-

1,663

-

-

(23,398,943)

-

-

Dividend paid

-

-

-

-

-

-

-

(5,366,429)

-

(5,366,429)

Net profit for the period

-

-

-

-

-

-

-

11,946,597

-

11,946,597

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

1,977,715

-

-

-

1,977,715

Transferred (from) to banking risk reserve

-

-

-

-

-

-

2,694

(2,694)

-

-

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

-

-

-

-

-

745,406

-

-

-

745,406

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

300,000

300,000

Balance at 31 March 2024

30,195,010

6,208,674

61,799,667

1,549,445

22,818

(14,085,144)

17,924

12,408,891

1,786,010

99,903,295