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

Consolidated Income Statement for the Year Ended December 31, 2020

Notes

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Interest and similar income

42,196,235

42,600,957

Interest and similar expense

(17,107,598)

(21,054,078)

Net interest income

3

25,088,637

21,546,879

Fee and commission income

3,059,264

3,451,688

Fee and commission expense

(983,450)

(1,170,893)

Net fee and commission income

4

2,075,814

2,280,795

Dividend income

5

50,175

53,423

Net trading income

6

483,006

688,059

Profits (Losses) on financial investments

20

1,001,958

450,697

Administrative expenses

7

(6,877,303)

(6,468,560)

Other operating expenses

8

(2,500,823)

(1,698,547)

Impairment release (charges) for credit losses

9

(5,018,781)

(1,435,460)

Intangible Assets Impairment

-

(651,041)

Profits from subsidiaries acquisition

38

8,086

-

Bank's share in the profits of associates

12

22,426

1,135

Profit before income tax from continuing operations

14,333,195

14,767,380

Current income tax expense

(5,087,418)

(4,639,364)

Deferred income tax

10.2

87,433

(94,522)

Net profit from continuing operations

9,333,210

10,033,494

Net profit for the year

9,333,210

10,033,494

Attributable to:

Equity holders of the parent

9,335,044

10,033,494

Non-controlling interest

(1,834)

-

Net Profit for the year

9,333,210

10,033,494

Earning per share

11

Basic attributable to equity holders of the parent

6.36

6.84

Diluted attributable to equity holders of the parent

6.33

6.81

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

Sherif Samy

CEO & Board member

Chairman

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2020

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Profit for the year

9,333,210

10,033,494

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Net (Loss)/gain on FVOCI

(295,452)

5,975,133

Total other comprehensive income for the year

9,037,758

16,008,627

Attributable to:

Equity holders of the parent

9,039,592

16,008,627

Non-controlling interest

(1,834)

-

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Notes

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Assets

Cash and balances at the central bank

13

33,768,549

28,273,962

Due from banks

14

87,426,301

28,353,366

Loans and advances to banks, net

15

776,980

625,264

Loans and advances to customers, net

16

119,570,005

119,321,103

Financial Assets at Fair value through P&L

19

552,288

545,545

Derivative financial instruments

17

248,759

216,383

Financial Assets at Fair value through OCI

19

156,157,553

92,940,479

Financial Assets at Amortized cost

19

25,285,225

107,225,613

Right of use

23

814,587

339,501

Investments in associates

21

139,871

107,693

Other assets

22

9,175,525

9,748,143

Intangible assets

38

51,831

-

Goodwill

38

206,287

-

Deferred tax assets

10.2

437,772

350,339

Property and equipment

23

2,311,147

2,204,464

Total assets

436,922,680

390,251,855

Liabilities and equity

Liabilities

Due to banks

24

8,817,535

11,810,607

Due to customers

25

341,169,450

304,448,455

Lease Liability

23

905,861

337,531

Derivative financial instruments

17

331,073

282,588

Other liabilities

27

15,070,029

12,923,926

Current Tax Liability

859,582

4,639,364

Other loans

26

7,746,946

3,272,746

Provisions

28

3,224,180

2,011,369

Total liabilities

378,124,656

339,726,586

Equity

Issued and paid in capital

29

14,776,813

14,690,821

Reserves

30

32,939,079

23,180,850

Reserve for employee stock ownership plan (ESOP)

30

1,064,648

963,152

Retained earnings

30

9,534,429

11,690,446

Total equity attributable to equity holders of the parent

58,314,969

50,525,269

Non-controlling interest

39

483,055

-

Total equity

58,798,024

50,525,269

Total liabilities and equity

436,922,680

390,251,855

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

Sherif Samy

CEO & Board member

Chairman

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2019

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

Total

Non-controlling interest

Total equity

Beginning balance at 1st of jan 2019

11,668,326

897,680

9,444,663

12,635,473

34,646,142

-

34,646,142

Total comprehensive income

-

-

10,033,494

-

10,033,494

-

10,033,494

Capital increase

3,022,495

-

-

-

3,022,495

-

3,022,495

Reserve for employee stock ownership plan (ESOP)

-

464,539

-

-

464,539

-

464,539

Dividend

-

-

(2,700,544)

-

(2,700,544)

-

(2,700,544)

Transferred to reserves

-

(399,067)

(5,087,167)

10,545,377

5,059,143

-

5,059,143

Balance at 31 December 2019

14,690,821

963,152

11,690,446

23,180,850

50,525,269

-

50,525,269

Beginning balance at 1st of Jan 2020

14,690,821

963,152

11,690,446

23,180,850

50,525,269

-

50,525,269

Total comprehensive income

-

-

9,335,044

-

9,335,044

(1,834)

9,333,210

Capital increase

85,992

-

-

-

85,992

-

85,992

Minority Interest share

-

-

-

-

-

485,779

485,779

Reserve for employee stock ownership plan (ESOP)

-

552,438

-

-

552,438

-

552,438

Dividend

-

-

(2,013,318)

-

(2,013,318)

-

(2,013,318)

Transferred to reserves

-

(450,942)

(9,477,743)

9,758,229

(170,456)

(890)

(171,346)

Balance at 31 December 2020

14,776,813

1,064,648

9,534,429

32,939,079

58,314,969

483,055

58,798,024

Consolidated Statement of Cash Flow for the Year Ended December 31, 2020

Notes

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

14,333,195

14,767,380

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

Fixed assets depreciation

924,667

587,662

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

4,806,518

1,610,878

Other provisions charges

1,235,659

461,869

Impairment charge for other assets

69,217

(93,313)

Impairment charge for credit losses (due from banks)

7,081

9,503

Exchange revaluation differences for financial assets at fair value through OCI

249,642

1,593,030

Impairment charge for credit losses (financial investments)

205,182

(184,921)

Utilization of other provisions

(2,382)

(28,135)

Other provisions no longer used

(13,273)

(6,910)

Impairment of intangible assets

-

651,041

Exchange differences of other provisions

(7,193)

(110,062)

Released (Impairment) charges of investments in associates and subsidiaries

16,511

-

Profits from selling property, plant and equipment

(1,094)

(1,439)

(Profits) losses from selling financial investments

(1,018,469)

(497,894)

Shares based payments

552,438

464,539

Bank's share in the profits of associates

(22,426)

(1,135)

Operating profits before changes in working capital

21,335,273

19,222,093

Net decrease (increase) in working capital

Due from banks

(10,899,927)

(8,870,547)

Financial assets at fair value through P&L

58,822

2,318,924

Derivative financial instruments

16,109

(2,910)

Loans and advances to banks and customers

(5,020,609)

(14,533,328)

Other assets

568,988

163,933

Due to banks

(2,993,072)

4,550,788

Due to customers

36,720,995

19,151,586

Income tax obligations paid

(3,779,782)

(3,625,579)

Other liabilities

2,146,103

1,895,241

Net cash generated from operating activities

38,152,900

20,270,201

Cash flow from investing activities

Proceeds from Investments in associates.

750

-

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

(1,091,829)

(1,303,181)

Proceeds from selling property, plant and equipment

1,094

1,439

Proceeds from redemption of financial assets at amortized cost

82,309,481

43,937,957

Payment for purchases of financial assets at amortized cost

(233,765)

(76,516,842)

Payment for purchases of financial assets at fair value through OCI

(117,787,925)

(50,954,311)

Proceeds from selling financial assets at fair value through OCI

54,137,187

54,855,966

Proceeds from selling property and equipment

194,722

-

Net cash generated from (used in) investing activities

17,529,715

(29,978,972)

Consolidated Statement of Cash Flow for the Year Ended December 31, 2020

(Cont.)

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Cash flow from financing activities

Received (Repaid) in long term loans

4,474,200

(448,783)

Dividend paid

(2,013,318)

(2,700,544)

Transferred from previous years' outstanding balances

85,992

105,413

Cash payments for lease (principle and interest)

(242,173)

-

Net cash generated from (used in) financing activities

2,304,701

(3,043,914)

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

57,987,316

(12,752,685)

Beginning balance of cash and cash equivalent

8,362,969

21,115,654

Cash and cash equivalent at the end of the year

66,350,285

8,362,969

Cash and cash equivalent comprise:

Cash and balances at the central bank

13

33,768,549

28,273,962

Due from banks

14

87,450,490

28,370,183

Treasury bills and other governmental notes

19

40,256,277

27,634,062

Obligatory reserve balance with CBE

13

(27,744,700)

(22,397,310)

Due from banks with maturities more than three months

(27,179,042)

(25,125,951)

Treasury bills with maturity more than three months

(40,201,289)

(28,391,977)

Total cash and cash equivalent

31

66,350,285

8,362,969