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CIB1H2022 Consolidated Condensed Financial Results

25 Jul 2022 07:00

RNS Number : 5278T
Commercial Intnl Bank (Egypt) SAE
25 July 2022
 

Click on, or paste the following link into your web browser, to view the associated PDF documenthttp://www.rns-pdf.londonstockexchange.com/rns/5278T_1-2022-7-24.pdf

 

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

Consolidated Financial Statements

June 30, 2022

 

 

Condensed Consolidated Interim Balance Sheet as at June 30, 2022

 

Notes

Jun. 30, 2022

 

Dec. 31, 2021

 

EGP Thousands

 

EGP Thousands

 

Assets

 

 

 

 

Cash and balances at the central bank

8

41,970,190

 

43,492,248

 

Due from banks

9

56,928,062

 

80,141,769

 

Loans and advances to banks, net

11

1,308,243

 

312,216

 

Loans and advances to customers, net

12

170,618,940

 

145,575,243

 

Derivative financial instruments

 

877,137

 

225,376

 

Investments

 

 

 

- Financial Assets at Fair Value through P&L

13

1,648

 

240,987

 

- Financial Assets at Fair Value through OCI

13

216,824,006

 

193,198,894

 

- Financial Assets at Amortized cost

13

19,989,504

 

20,547,465

 

- Investments in associates

14

210,529

 

205,315

 

Other assets

15

11,673,059

 

11,207,128

 

Goodwill

26

116,896

 

137,525

 

Intangible assets

27

29,371

 

34,554

 

Deferred tax assets (Liabilities)

 

457,693

 

456,002

 

Property and equipment

16

2,457,931

 

2,461,116

 

Total assets

 

523,463,209

 

498,235,838

 

Liabilities and equity

 

 

 

Liabilities

 

 

 

Due to banks

17

2,958,999

 

866,056

 

Due to customers

18

428,866,287

 

407,241,538

 

Derivative financial instruments

 

34,934

 

265,470

 

Current tax liabilities

2,330,166

 

2,234,985

 

Other liabilities

19

10,015,827

 

8,085,545

 

Issued debt instruments

20

1,864,924

 

1,557,263

 

Other loans

 

5,987,651

 

5,140,782

 

Other Provisions

21

5,357,366

 

3,541,462

 

Total liabilities

 

457,416,154

 

428,933,101

 

Equity

 

 

 

Issued and paid up capital

 

19,825,134

 

19,702,418

 

Reserves

 

36,096,343

 

33,774,990

 

Reserve for employee stock ownership plan (ESOP)

 

1,555,725

 

1,674,392

 

Retained earnings *

 

8,045,041

 

13,696,402

 

Total equity and net profit for the period / year

65,522,243

 

68,848,202

 

Minority interest

524,812

454,535

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

 

66,047,055

 

69,302,737

 

Total liabilities and equity

523,463,209

498,235,838

 

 

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

 

 

 

(Review report attached)

 

 

*

Including net profit for the current period

 

 

 

 

 

 

Hussein Abaza

Sherif Samy

 

CEO & Managing Director

Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Income Statement for the period ended June 30, 2022

 

 

 

 

Notes

 

 

Jun. 30, 2022

 

Jun. 30, 2021

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Interest and similar income

24,313,000

 

21,016,794

Interest and similar expense

(10,584,315)

 

(9,319,909)

Net interest income

13,728,685

 

11,696,885

 

 

 

Fee and commission income

2,411,504

 

1,801,723

Fee and commission expense

(1,072,889)

 

(687,236)

Net fee and commission income

1,338,615

 

1,114,487

 

 

 

Dividend income

54,557

 

63,572

Net trading income

5

 

1,014,279

 

278,559

Profits (Losses) on financial investments

13

 

1,065,443

 

601,887

Administrative expenses

 

(3,270,349)

 

(2,945,811)

Other operating (expenses) income

6

(2,511,186)

 

(1,115,219)

Goodwill amortization

26

 

(20,629)

 

(20,629)

Intangible assets amortization

27

 

(5,183)

 

(5,183)

Impairment release (charges) for credit losses

 

(73,977)

 

(1,020,214)

Bank's share in the profits of associates

5,214

 

11,794

Profit before income tax

11,325,469

 

8,660,128

 

 

 

Income tax expense

28

(3,014,444)

 

(2,590,814)

Deferred tax assets (Liabilities)

28

(530,698)

 

18,844

Net profit for the period

7,780,327

 

6,088,158

Minority interest

15,530

 

(1,712)

Bank shareholders

7,764,797

 

6,089,870

 

 

 

Earning per share

7

 

 

 

Basic

 

3.48

 

2.75

Diluted

3.44

 

2.71

Hussein Abaza

 

Sherif Samy

 

CEO & Managing Director

Chairman

 

 

 

 

 

Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2022

 

 

 

 

 

 

Jun. 30, 2022

 

Jun. 30, 2021

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Net profit for the period

 

7,780,327

 

6,088,158

 

 

 

 

 

Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax

(7,377,135)

 

(1,625,170)

 

Transferred from reserve on disposal of financial assets at fair value through OCI

(4,227)

 

(104,406)

 

Cumulative foreign currencies translation differences

81,324

 

(4,044)

 

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

104,188

 

(54,113)

 

Total other comprehensive income

 

584,477

 

4,300,425

 

 

 

 

As follows:

 

Bank's shareholders

568,947

4,302,137

 

Minority interest

15,530

(1,712)

 

Total comprehensive income for the period

584,477

4,300,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended June 30, 2022

 

Notes

Jun. 31, 2022

 

Jun. 31, 2021

EGP Thousands

 

EGP Thousands

 

 

Cash flow from operating activities

 

 

Profit before income tax from continued operations

11,325,469

 

8,660,128

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

 

 

Fixed assets depreciation

16

445,305

 

411,612

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

 

(41,818)

 

1,061,426

Other provisions charges

21

1,513,929

 

350,039

Impairment charge for credit losses (due from banks)

 

4,970

 

12,901

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

110,825

 

(54,113)

Impairment (Released) charge for other assets

(277,768)

 

25,524

Exchange revaluation differences for financial assets at fair value through OCI

(2,840,747)

 

50,039

Goodwill amortization

26

20,629

 

48,134

Intangible assets amortization

27

5,183

 

12,094

Impairment (Released) charge financial assets at fair value through OCI

 

-

 

(72,957)

Utilization of other provisions

21

(1,707)

 

(44,173)

Other provisions no longer used

21

(267)

 

(9,145)

Exchange differences of other provisions

21

303,949

 

(9,196)

Profits from selling property and equipment

 

(1,142)

 

(1,250)

Losses (profits) from selling financial investments

13

(1,065,443)

 

(514,837)

Impairment (Released) charges of investments in associates and subsidiaries

 

-

 

(14,093)

Shares based payments

 

384,255

 

316,514

Bank's share in the profits of associates

(5,214)

 

(11,794)

Operating losses (profits) before changes in operating assets and liabilities

9,880,408

 

10,216,853

 

 

 

Net decrease (increase) in assets and liabilities

 

 

Due from banks

13,218,002

 

(8,642,436)

Financial assets at fair value through P&L

13

239,339

 

151,530

Derivative financial instruments

 

(882,092)

 

(19,897)

Loans and advances to banks and customers

11 - 12

(25,997,906)

 

(12,747,967)

Other assets

 

(280,761)

 

(1,921,109)

Due to banks

17

2,092,943

 

(7,501,843)

Due to customers

18

21,624,749

 

44,831,706

Current income tax obligations paid

 

(684,278)

 

(974,323)

Other liabilities

2,751,421

 

791,514

Net cash used in (generated from) operating activities

21,961,825

 

24,184,028

 

 

 

Cash flow from investing activities

 

 

Proceeds (payments) for investment in associates.

-

 

(158,360)

Payment for purchases of property, equipment and branches constructions

(331,846)

 

(530,638)

Proceeds from selling property and equipment

1,142

 

1,250

Proceeds from redemption of financial assets at amortized cost

622,072

 

2,688,858

Payment for purchases of financial assets at amortized cost

(41,770)

 

(2,617)

Payment for purchases of financial assets at fair value through OCI

(67,715,983)

 

(111,888,471)

Proceeds from selling financial assets at fair value through OCI

44,348,943

 

69,864,103

Net cash generated from (used in) investing activities

(23,117,442)

 

(40,025,875)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended June 30, 2022 (Cont.)

 

 

Jun. 30, 2022

 

Jun. 30, 2021

EGP Thousands

 

EGP Thousands

 

 

Cash flow from financing activities

 

 

Increase (decrease) in long term loans

846,869

 

(2,120,154)

Dividend paid

(4,410,322)

 

(1,360,652)

Increase (decrease) in issued debt instruments

307,661

 

-

Capital increase

122,716

 

-

Net cash generated from (used in) financing activities

(3,133,076)

 

(3,480,806)

 

 

 

 

 

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

(4,288,693)

 

(19,322,653)

Beginning balance of cash and cash equivalent

61,065,822

 

75,796,375

Cash and cash equivalent at the end of the period

56,777,129

 

56,473,722

 

 

 

Cash and cash equivalent comprise:

 

 

Cash and balances at the central bank

41,970,190

 

31,958,480

Due from banks

56,974,029

 

79,415,055

Treasury bills and other governmental notes

10

76,380,971

 

58,679,906

Obligatory reserve balance with CBE

 

(36,172,792)

 

(26,358,215)

Due from banks with maturities more than three months

(10,529,528)

 

(28,800,903)

Treasury bills with maturity more than three months

(71,845,741)

 

(58,420,601)

Total cash and cash equivalent

56,777,129

 

56,473,722

'

 

 

 

 

 

 

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2021

 

 

Jun. 30, 2021

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

Minority Interest

Total

EGP Thousands

Beginning balance

14,776,813

2,778,135

24,765,658

1,549,445

8,183

14,906

3,975,514

6,423

10,539,715

1,064,648

(3,684)

59,475,756

483,055

59,958,811

Transferred to reserves

-

514,939

8,420,479

-

-

1,094

-

-

(8,936,512)

-

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

-

(1,360,652)

-

-

(1,360,652)

-

(1,360,652)

Net profit of the year

-

-

-

-

-

-

-

-

6,089,870

-

-

6,089,870

(1,712)

6,088,158

Transferred from reserve of financial assets at fair value through OCI

-

-

-

-

-

-

(104,406)

-

104,406

-

-

-

-

-

Transferred from previous years' outstanding balances

-

-

-

-

-

-

-

-

8,333

-

-

8,333

-

8,333

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

-

-

-

-

-

-

(1,625,170)

-

-

-

-

(1,625,170)

-

(1,625,170)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,718

(2,718)

-

-

-

-

-

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

-

-

-

-

-

-

(54,113)

-

-

-

-

(54,113)

-

(54,113)

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

316,514

-

316,514

-

316,514

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

(360)

(360)

-

(360)

Balance at the end of the period

14,776,813

3,293,074

33,186,137

1,549,445

8,183

16,000

2,191,825

9,141

6,442,442

1,381,162

(4,044)

62,850,178

481,343

63,331,521

 

 

 

 

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2022

 

 

 

 

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

Minority Interest

Total

 

EGP Thousands

Beginning balance

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)

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

-

(4,410,322)

-

-

(4,410,322)

-

(4,410,322)

Net profit of the year

-

-

-

-

-

-

-

-

7,764,797

-

-

7,764,797

15,530

7,780,327

Transferred from reserve on disposal of financial assets at fair value through OCI

-

-

-

-

-

-

(4,227)

-

4,227

-

-

-

-

-

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

-

-

-

-

-

-

(7,377,135)

-

-

-

-

(7,377,135)

-

(7,377,135)

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

-

-

-

-

-

-

104,188

-

-

-

-

104,188

-

104,188

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 the end of the period

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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