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CIB 3Q 2019 Consolidated Financial Results

5 Nov 2019 07:00

RNS Number : 2272S
Commercial Intnl Bank (Egypt) SAE
05 November 2019
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/2272S_1-2019-11-4.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Consolidated Financial Statements

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated balance sheet as at September 30, 2019

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Sep. 30, 2019

 

 

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and balances with central bank

15

 

 

27,205,020

 

 

 

20,058,974

Due from banks

16

 

 

25,599,127

 

 

 

46,518,892

Loans and advances to banks, net

18

 

 

642,973

 

 

 

67,703

Loans and advances to customers, net

19

 

 

109,994,085

 

 

 

106,309,205

Derivative financial instruments

20

 

 

291,686

 

 

 

52,289

Investments

 

 

 

 

 

 

 

 

- Financial investments securities

21

 

 

198,155,796

 

 

 

157,585,611

- Investments in associates

22

 

 

106,849

 

 

 

106,558

Other assets

23

 

 

9,507,964

 

 

 

9,563,018

Intangible assets

40

 

 

141,059

 

 

 

238,715

Deferred tax assets (Liabilities)

31

 

 

492,460

 

 

 

308,370

Property, plant and equipment

24

 

 

2,015,038

 

 

 

1,651,875

Total assets

 

 

 

374,152,057

 

 

 

342,461,210

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Due to banks

25

 

 

1,828,108

 

 

 

7,259,819

Due to customers

26

 

 

307,845,505

 

 

 

285,296,869

Derivative financial instruments

20

 

 

302,812

 

 

 

132,858

Current tax liabilities

 

 

 

3,283,731

 

 

 

3,625,579

Other liabilities

28

 

 

8,364,374

 

 

 

6,501,553

Other loans

27

 

 

3,400,294

 

 

 

3,721,529

Provisions

29

 

 

1,479,338

 

 

 

1,694,607

Total liabilities

 

 

 

326,504,162

 

 

 

308,232,814

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Issued and paid up capital

30

 

 

14,585,408

 

 

 

11,668,326

Reserves

33

 

 

23,333,248

 

 

 

12,184,667

Reserve for employee stock ownership plan (ESOP)

33

 

 

1,110,317

 

 

 

738,320

Retained earnings *

33

 

 

8,618,922

 

 

 

9,637,083

Total equity

 

 

 

47,647,895

 

 

 

34,228,396

Total liabilities and equity

 

 

 

374,152,057

 

 

 

342,461,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

(Review report attached)

 

 

 

 

 

 

 

 

*Including net profit for the current period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated income statement for the period ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Note

Sep. 30, 2019

 

 

Sep. 30, 2018

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

Continued Operations

 

 

 

 

 

 

Interest and similar income

 

 

31,652,305

 

 

27,150,333

Interest and similar expense

 

 

(16,203,599)

 

 

(13,842,130)

Net interest income

 

6

15,448,706

 

 

13,308,203

 

 

 

 

 

 

 

Fee and commission income

 

 

2,544,996

 

 

2,464,173

Fee and commission expense

 

 

(857,475)

 

 

(703,749)

Net fee and commission income

 

7

1,687,521

 

 

1,760,424

 

 

 

 

 

 

 

Dividend income

 

8

22,454

 

 

25,063

Net trading income

 

9

561,877

 

 

745,248

Profits (Losses) on financial investments

 

21

263,132

 

 

402,153

Administrative expenses

 

10

(3,888,839)

 

 

(2,947,507)

Other operating (expenses) income

 

11

(1,016,445)

 

 

(997,218)

Intangible assets amortization

 

40

(97,656)

 

 

(97,656)

Impairment charge for credit losses

 

12

(1,207,315)

 

 

(2,803,402)

Bank's share in the profits of associates

 

 

291

 

 

16,346

Profit before income tax

 

 

11,773,726

 

 

9,411,654

 

 

 

 

 

 

 

Income tax expense

 

13

(3,283,731)

 

 

(2,563,006)

Deferred tax assets (Liabilities)

 

31 - 13

47,599

 

 

170,493

Net profit for the period

 

 

8,537,594

 

 

7,019,141

Bank shareholders

 

 

8,537,594

 

 

7,019,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

 

14

 

 

 

 

Basic

 

 

5.27

 

 

4.32

Diluted

 

 

5.23

 

 

4.29

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of other comprehensive income for the period ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Sep. 30, 2019

 

Sep. 30, 2018

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Net profit for the period

 

8,537,594

 

7,019,141

Reserve for financial assets at fair value through OCI

 

5,199,526

 

(3,313,259)

Cumulative foreign currencies translation differences

 

3,747

 

-

Total other comprehensive income for the period

 

13,740,867

 

3,705,882

 

 

 

 

 

 

 

 

 

 

Consolidated cash flow for the period ended September 30, 2019

 

 

Notes

Sep. 30, 2019

 

Sep. 30, 2018

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax from continued operations

 

11,773,726

 

9,411,654

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

 

 

 

 

Fixed assets depreciation

24

425,637

 

279,798

Impairment charge for credit losses

12

1,256,000

 

2,803,402

Other provisions charges

29

12,494

 

90,731

Provisions charges - due from banks

12

23,161

 

-

Provisions charges - financial investments

12

(71,846)

 

-

Impairment charge for other assets

23

83,213

 

242,481

Exchange revaluation differences for financial assets at fair value through OCI

21

1,303,741

 

(103,827)

Intangible assets amortization

40

97,656

 

97,656

Impairment charge financial assets at fair value through OCI

21

45,664

 

19,721

Exchange differences in financial investments in subsidiary

22

4,104

 

-

Utilization of other provisions

29

(27,733)

 

(969)

Other provisions no longer used

29

(96,499)

 

(45,079)

Exchange differences of other provisions

29

(103,531)

 

2,776

Profits from selling property, plant and equipment

11

(1,439)

 

(1,045)

(Profits) losses from selling financial investments

21

(310,329)

 

(421,874)

Shares based payments

 

371,997

 

324,510

Bank's share in the profits of associates

 

(291)

 

(16,346)

Operating profits before changes in operating assets and liabilities

 

14,785,725

 

12,683,589

 

 

 

 

 

Net decrease (increase) in assets and liabilities

 

 

 

 

Due from banks

16

(13,052,086)

 

(42,520,192)

Treasury bills and other governmental notes

41

4,974,205

 

6,405,425

Financial assets at fair value through P&L

21

2,252,280

 

3,182,127

Derivative financial instruments

20

(67,282)

 

(42,783)

Loans and advances to banks and customers

18 - 19

(4,796,325)

 

(18,806,624)

Other assets

42

247,459

 

(3,368,677)

Due to banks

25

(5,431,711)

 

(513,151)

Due to customers

26

22,548,279

 

29,858,162

Income tax obligations paid

 

(3,625,579)

 

(2,778,973)

Other liabilities

28

1,862,821

 

1,459,794

Net cash provided from operating activities

 

19,697,786

 

(14,441,303)

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Payment for purchases of associates

 

-

 

(10,575)

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

 

(1,067,918)

 

(652,768)

Proceeds from selling property, plant and equipment

11

1,439

 

1,045

Proceeds from redemption of financial assets at amortized cost

21

33,937,957

 

7,321,780

Payment for purchases of financial assets at amortized cost

21

(47,344,534)

 

(4,703,236)

Payment for purchases of financial assets at fair value through OCI

21

(26,637,577)

 

(11,372,289)

Proceeds from selling financial assets at fair value through OCI

 

5,350,754

 

1,985,962

Net cash used in investing activities

 

(35,759,879)

 

(7,430,081)

 

 

 

 

 

Consolidated cash flow for the period ended September 30, 2019 (Cont.)

 

 

 

 

 

 

 

Sep. 30, 2019

 

Sep. 30, 2018

 

 

EGP Thousands

 

EGP Thousands

Cash flow from financing activities

 

 

Increase in long term loans

27

(321,235)

4,358

Dividend paid

 

(2,700,544)

(2,143,177)

Capital Increase

 

-

50,315

Net cash used in (provided from) financing activities

 

(3,021,779)

(2,088,504)

 

 

 

 

 

 

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

 

(19,083,872)

(23,959,888)

Beginning balance of cash and cash equivalent

 

34,303,645

49,208,837

Cash and cash equivalent at the end of the period

 

15,219,773

25,248,949

 

 

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

Cash and balances with central bank

15

27,205,020

33,253,111

Due from banks

16

25,629,602

45,038,599

Treasury bills and other governmental notes

17

44,736,504

48,324,427

Obligatory reserve balance with CBE

15

(20,770,245)

(23,004,955)

Due from banks with maturities more than three months

 

(16,541,989)

(30,113,810)

Treasury bills with maturity more than three months

 

(45,039,119)

(48,248,423)

Total cash and cash equivalent

 

15,219,773

25,248,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity for the period ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep. 30, 2018

Issued and paid up capital

Legal reserve

General reserve

General risk reserve*

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

 

Banking risks reserve

 

IFRS 9 risk reserve

 

Retained earnings

 

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

11,618,011

1,332,807

9,000,023

-

20,645

11,815

(1,642,958)

3,634

1,411,549

6,193,879

489,334

-

28,438,739

-

28,438,739

 

 

Capital increase

50,315

-

-

-

-

-

-

-

-

-

-

-

50,315

 

50,315

 

 

Transferred to reserves

-

377,486

3,776,192

-

-

606

-

-

-

(3,994,924)

(159,360)

-

-

-

-

 

 

Dividend paid

-

-

-

-

-

-

-

-

-

(2,143,177)

-

-

(2,143,177)

-

(2,143,177)

 

 

Net profit of the period

-

-

-

-

-

-

-

-

-

7,019,141

-

-

7,019,141

-

7,019,141

 

 

Net unrealised gain/(loss) on AFS

-

-

-

-

-

-

(3,313,259)

-

-

-

-

-

(3,313,259)

-

(3,313,259)

 

 

Transferred (from) to bank risk reserve

-

-

-

-

-

-

-

689

-

(689)

-

-

-

-

-

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

324,510

-

324,510

-

324,510

 

 

Balance at the end of the period

11,668,326

1,710,293

12,776,215

-

20,645

12,421

(4,956,217)

4,323

1,411,549

7,074,230

654,484

-

30,376,269

-

30,376,269

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity for the period ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep. 30, 2019

Issued and paid up capital

Legal reserve

General reserve

General risk reserve*

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

IFRS 9 risk reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

11,668,326

1,710,293

12,776,215

-

20,645

12,421

(3,750,779)

4,323

1,411,549

9,637,083

738,320

-

34,228,396

-

34,228,396

 

Effect of applying IFRS 9**

-

-

-

117,251

-

-

1,889,928

-

-

-

-

-

2,007,179

-

2,007,179

 

Transferred to general risk reserve

-

-

-

1,432,194

(20,645)

-

-

-

(1,411,549)

-

-

-

-

-

-

 

Beginning balance after the impact of initial application

11,668,326

1,710,293

12,776,215

1,549,445

-

12,421

(1,860,851)

4,323

-

9,637,083

738,320

-

36,235,575

-

36,235,575

 

Capital increase

2,917,082

-

(2,917,082)

-

-

-

-

-

-

-

-

-

-

-

-

 

Transferred to reserves

-

477,736

6,375,589

-

-

1,045

-

-

-

(6,854,370)

-

-

-

-

-

 

Dividend paid

-

-

-

-

-

-

-

-

-

(2,700,544)

-

-

(2,700,544)

-

(2,700,544)

 

Net profit of the period

-

-

-

-

-

-

-

-

-

8,537,594

-

-

8,537,594

-

8,537,594

 

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

-

-

-

-

-

-

5,271,372

-

-

-

-

-

5,271,372

-

5,271,372

 

Transferred (from) to bank risk reserve

-

-

-

-

-

-

-

841

-

(841)

-

-

-

-

-

 

Provision for impairment of debt instruments investments

-

-

-

-

-

-

(71,846)

-

-

-

-

-

(71,846)

-

(71,846)

 

Cost employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

371,997

-

371,997

-

371,997

 

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

-

3,747

3,747

-

3,747

 

Balance at the end of the period

14,585,408

2,188,029

16,234,722

1,549,445

-

13,466

3,338,675

5,164

-

8,618,922

1,110,317

3,747

47,647,895

-

47,647,895

 

 

 

 

 

 

 

 

 

 

 

\* The special reserve, general bank risk reserve and IFRS 9 risk reserve - were consolidated in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26 February 2019

 

 

 

 

 

 

 

 

 

 

*\* The initial application impact (disclosure in page number 17)

 

 

 

 

 

 

 

 

 

The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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25th Jul 20227:00 amRNSCIB1H2022 Earnings Release
25th Jul 20227:00 amRNSCIB1H2022 Consolidated Condensed Financial Results
19th May 20223:09 pmRNSChange in CIB's Board of Directors
29th Apr 202212:17 pmRNSCIB FY 2021 IFRS Annual Financial Report
19th Apr 20227:00 amRNSCIB 1Q2022 Earnings Release
19th Apr 20227:00 amRNSCIB1Q2022 Condensed Consolidated Financial results
19th Apr 20227:00 amRNSCIB 1Q2022 Condensed Separate Results
28th Mar 20227:00 amRNSCIB's AGM Resolutions Summary
10th Mar 20224:41 pmRNSSecond Price Monitoring Extn
10th Mar 20224:36 pmRNSPrice Monitoring Extension
9th Mar 20224:36 pmRNSPrice Monitoring Extension
4th Mar 20227:00 amRNSInvitation toCIB Ordinary General Assembly Meeting
22nd Feb 20227:00 amRNSCIB FY 2021 Separate Financial results

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