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  5. 3rd Quarter Results - Consolidated

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3rd Quarter Results - Consolidated

3 Nov 2023 07:05

RNS Number : 2563S
Commercial Intnl Bank (Egypt) SAE
03 November 2023
 

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

Consolidated Financial Statements

 

September 30, 2023

 

 

 

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2023

 

Notes

Sep. 30, 2023

 

Dec. 31, 2022

 

EGP Thousands

 

EGP Thousands

 

Assets

 

 

 

Cash and balances at the central bank

8

59,950,223

 

47,492,549

 

Due from banks

9

276,842,860

 

133,856,720

 

Loans and advances to banks, net

11

-

 

2,978,197

 

Loans and advances to customers, net

12

223,085,568

 

193,599,872

 

Derivative financial instruments

 

1,647,485

 

1,939,961

 

Financial investments

 

 

 

- Financial Assets at Fair Value through OCI

13

189,098,612

 

204,020,733

 

- Financial Assets at Amortized cost

13

39,177,670

 

34,524,760

 

- Investments in associates

14

132,476

 

186,062

 

Non current assets held for sale

29

214

 

-

 

Other assets

15

17,375,013

 

14,521,427

 

Goodwill

26

65,325

 

96,268

 

Intangible assets

27

-

 

24,188

 

Deferred tax assets

 

1,137,342

 

185,746

 

Property and equipment

16

2,556,198

 

2,405,434

 

Total assets

 

811,068,986

 

635,831,917

 

Liabilities and equity

 

 

 

Liabilities

 

 

 

Due to banks

17

19,022,706

 

3,496,698

 

Due to customers

18

667,669,213

 

531,616,550

 

Non current liabilities held for sale

30

933

 

-

 

Derivative financial instruments

 

99,911

 

219,752

 

Current income tax liabilities

6,993,454

 

3,051,583

 

Other liabilities

19

15,875,568

 

11,606,912

 

Issued debt instruments

20

3,071,834

 

2,456,607

 

Other loans

 

10,387,714

 

7,978,975

 

Other provisions

21

10,511,982

 

7,066,672

 

Total liabilities

 

733,633,315

 

567,493,749

 

Equity

 

 

 

 

Issued and paid up capital

 

30,195,010

 

29,825,134

 

Reserves

 

23,007,690

 

19,643,327

 

Reserve for employee stock ownership plan (ESOP)

 

1,339,443

 

1,895,435

 

Retained earnings *

22,764,552

 

16,393,841

 

Total equity and net profit for the period / year

77,306,695

67,757,737

Non Controlling Interest

 

128,976

 

580,431

 

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

77,435,671

68,338,168

 

Total liabilities and equity

811,068,986

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 September 30, 2023

 

 

 

 

 

 

Last 9 Months

 

Last 9 Months

Notes

Sep. 30, 2023

 

Sep. 30, 2022

EGP Thousands

 

EGP Thousands

 

 

Interest and similar income

73,006,422

 

38,938,124

Interest and similar expense

(35,275,583)

 

(17,120,373)

Net interest income

 

37,730,839

 

21,817,751

 

 

Fee and commission income

6,543,585

 

3,908,463

Fee and commission expense

(2,589,680)

 

(1,730,281)

Net fee and commission income

 

3,953,905

 

2,178,182

 

 

Dividend income

83,653

 

54,557

Net trading income

5

3,165,144

 

1,434,169

Profits (Losses) on financial investments

13.1

165,478

 

1,096,850

Administrative expenses

(6,501,663)

 

(5,142,060)

Other operating (expenses) income

6

(5,679,447)

 

(3,404,237)

Goodwill amortization

26

(30,943)

 

(30,943)

Intangible assets amortization

27

(24,188)

 

(7,774)

Impairment release (charges) for credit losses

(1,216,770)

 

(298,078)

Bank's share in the profits / losses of associates

(39,486)

 

(16,343)

Profit before income tax

 

31,606,522

 

17,682,074

 

 

Income tax expense

28

(9,540,412)

 

(4,885,951)

Deferred tax assets (Liabilities)

28

392,680

 

(597,241)

Net profit from continued operations

 

22,458,790

 

12,198,882

 

 

Discontinued Operations

 

 

 

Net profit (loss) from discontinued operations

31

(49,699)

 

-

Net profit for the period

 

22,409,091

 

12,198,882

 

 

Non Controlling Interest

3,328

 

25,625

Bank's shareholders

 

22,405,763

 

12,173,257

 

 

Earnings per share

7

 

 

Basic

6.41

 

3.62

Diluted

6.34

 

3.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2023

 

Last 9 Months

 

Last 9 Months

Sep. 30, 2023

 

Sep. 30, 2022

EGP Thousands

 

EGP Thousands

 

 

Net profit for the period

22,409,091

 

12,198,882

 

 

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

(9,629,911)

 

(13,184,005)

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

(95,308)

 

(4,128)

Cumulative foreign currencies translation differences

193,162

 

96,867

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

201,185

 

233,717

Total comprehensive income for the period

 

13,078,219

 

(658,667)

 

 

 

 

 

 

 

 

 

 

As follows:

Bank's shareholders

13,074,891

 

(684,292)

Non-Controlling Interest

3,328

 

25,625

Total comprehensive income for the period

 

13,078,219

 

(658,667)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended September 30 2023

 

 

Notes

Sep. 30, 2023

 

Sep. 30, 2022

EGP Thousands

 

EGP Thousands

 

 

Cash flow from operating activities

 

 

 

Profit before income tax from continued operations

31,606,522

 

17,682,074

Profit (loss) from discontinued operations

(49,699)

 

-

Adjustments to reconcile profits to net cash provided by operating activities

 

 

 

Fixed assets depreciation

16

655,051

 

644,401

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

1,050,980

 

12,998

Other provisions charges

21

2,350,253

 

1,803,568

Impairment (Released) charge for credit losses (due from banks)

(47,249)

 

534

Impairment (Released) charge for credit losses (financial investments)

213,039

 

284,546

Impairment (Released) charge for other assets

14,347

 

(277,768)

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

(5,409,592)

 

(3,745,045)

Goodwill amortization

26

30,943

 

30,943

Intangible assets amortization

27

24,188

 

7,774

Utilization of other provisions

21

(1,608)

 

(1,857)

Other provisions no longer used

21

-

 

(101)

Exchange Revaluation differences of other provisions

21

1,096,665

 

333,425

profits from selling property and equipment

(194)

 

(2,192)

profits from selling financial investments at fair value through OCI

13.1

(149,012)

 

(1,096,850)

Losses (Profits) from selling investments in associates

13.1

(7,466)

 

-

Impairment (Released) charges of investments in associates

13.1

(9,000)

 

-

Shares based payments

608,250

 

579,653

Bank's share in the profits / losses of associates

39,486

 

16,343

Operating profits before changes in operating assets and liabilities

 

32,015,904

 

16,272,446

 

 

Net decrease / increase in assets and liabilities

 

 

 

Due from banks

9,859,636

 

870,167

Financial assets at fair value through P&L

-

 

240,987

Derivative financial instruments

172,635

 

(947,321)

Loans and advances to banks and customers

11 - 12

(27,548,758)

 

(33,780,208)

Other assets

(2,506,019)

 

1,245,185

Non current assets held for sale

(214)

 

-

Due to banks

17

15,526,008

 

881,371

Due to customers

18

136,052,663

 

91,778,069

Current income tax obligations paid

(2,546,958)

 

(2,207,579)

Non current liabilities held for sale

933

 

-

Other liabilities

(3,890,097)

 

(325,379)

Net cash generated from (used in) operating activities

 

157,135,733

 

74,027,738

 

 

Cash flow from investing activities

 

 

 

Proceeds from Investments in associates.

2,119

 

-

Payment for purchases of property, equipment and branches construction

(1,177,450)

 

(556,512)

Proceeds from selling property and equipment

194

 

2,192

Proceeds from redemption of financial assets at amortized cost

5,278,030

 

6,520,697

Payment for purchases of financial assets at amortized cost

(9,334,085)

 

(18,268,602)

Payment for purchases of financial assets at fair value through OCI

(64,860,157)

 

(115,077,815)

Proceeds from selling financial assets at fair value through OCI

75,128,566

 

73,424,845

Payment for investment in subsidiaries.

(1,008,761)

 

-

Net cash generated from (used in) investing activities

 

4,028,456

 

(53,955,195)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended September 30, 2023 (Cont.)

 

 

Sep. 30, 2023

 

Sep. 30, 2022

EGP Thousands

 

EGP Thousands

 

 

Cash flow from financing activities

 

 

 

Other loans

2,408,739

 

1,116,344

Dividends paid

(3,594,747)

 

(4,410,322)

Issued debt instruments

615,227

 

382,977

Capital increase

369,876

 

122,716

Net cash generated from (used in) financing activities

 

(200,905)

 

(2,788,285)

 

 

 

 

 

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

160,963,284

 

17,284,258

Beginning balance of cash and cash equivalent

92,969,526

 

61,065,822

Cash and cash equivalent at the end of the period

 

253,932,810

 

78,350,080

 

 

 

Cash and cash equivalent comprise:

 

 

 

Cash and balances at the central bank

59,950,223

 

43,857,708

Due from banks

276,845,003

 

90,499,843

Treasury bills

10

71,507,826

 

87,122,900

Obligatory reserve balance with CBE

(52,963,236)

 

(38,082,441)

Due from banks with maturity more than three months

(30,994,611)

 

(22,949,758)

Treasury bills with maturity more than three months

(70,412,395)

 

(82,098,172)

Total cash and cash equivalent

 

253,932,810

 

78,350,080

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim statement of changes in shareholders' equity

 

Sep. 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 Balance 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

10,122,716

-

(10,000,000)

-

-

-

-

-

-

-

-

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 for the period

-

-

-

-

-

-

-

-

12,173,257

-

-

12,173,257

25,625

12,198,882

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(4,128)

-

4,128

-

-

-

-

-

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

-

-

-

-

-

-

(13,184,005)

-

-

-

-

(13,184,005)

-

(13,184,005)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,840

(2,840)

-

-

-

-

-

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

-

-

-

-

-

-

233,717

-

-

-

-

233,717

-

233,717

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

579,653

-

579,653

-

579,653

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

101,085

101,085

65,507

166,592

Balance at 30 September 2022

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(12,313,044)

11,981

12,453,402

1,751,123

96,867

64,464,303

545,667

65,009,970

 

 

 

 

Sep. 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 Balance at 1 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 for the period

-

-

-

-

-

-

-

-

22,405,763

-

-

22,405,763

3,328

22,409,091

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(95,308)

-

95,308

-

-

-

-

-

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 tax

-

-

-

-

-

-

(9,629,911)

-

-

-

-

(9,629,911)

-

(9,629,911)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

3,249

(3,249)

-

-

-

-

-

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

-

-

-

-

-

-

201,185

-

-

-

-

201,185

-

201,185

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

608,250

-

608,250

-

608,250

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

11,838

11,838

99,192

111,030

 Balance at 30 September 2023

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(22,712,852)

15,230

22,764,552

1,339,443

193,162

77,306,695

128,976

77,435,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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