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FY 2019 Separate Financial Results

4 Feb 2020 07:00

RNS Number : 8260B
Commercial Intnl Bank (Egypt) SAE
04 February 2020
 

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

 

http://www.rns-pdf.londonstockexchange.com/rns/8260B_1-2020-2-3.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Separate Financial Statements

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate balance sheet as at December 31, 2019

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Dec. 31, 2019

 

 

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and balances with central bank

15

 

 

 28,273,962

 

 

 

 20,058,974

Due from banks

16

 

 

 28,353,366

 

 

 

 46,518,892

Loans and advances to banks, net

18

 

 

 625,264

 

 

 

 67,703

Loans and advances to customers, net

19

 

 

 119,321,103

 

 

 

 106,309,205

Derivative financial instruments

20

 

 

 216,383

 

 

 

 52,289

Investments

 

 

 

 

 

 

 

 

- Financial investments securities

21

 

 

 197,541,651

 

 

 

 157,585,611

- Investments in associates and subsidiaries

22

 

 

 63,953

 

 

 

 68,633

Other assets

23

 

 

 9,747,939

 

 

 

 9,563,218

Intangible assets

40

 

 

 -

 

 

 

 238,715

Deferred tax assets (Liabilities)

31

 

 

 350,339

 

 

 

 308,370

Property, plant and equipment

24

 

 

 2,202,698

 

 

 

 1,651,875

Total assets

 

 

 

 386,696,658

 

 

 

 342,423,485

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Due to banks

25

 

 

 11,810,607

 

 

 

7,259,819

Due to customers

26

 

 

 304,483,655

 

 

 

285,340,472

Derivative financial instruments

20

 

 

 282,588

 

 

 

132,858

Current tax liabilities

 

 

 

 4,639,364

 

 

 

3,625,579

Other liabilities

28

 

 

 8,396,487

 

 

 

6,501,553

Other loans

27

 

 

 3,272,746

 

 

 

3,721,529

Provisions

29

 

 

 2,011,369

 

 

 

1,694,607

Total liabilities

 

 

 

 334,896,816

 

 

 

308,276,417

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Issued and paid up capital

30

 

 

14,690,821

 

 

 

11,668,326

Reserves

33

 

 

24,342,314

 

 

 

12,184,667

Reserve for employee stock ownership plan (ESOP)

33

 

 

963,152

 

 

 

738,320

Retained earnings *

33

 

 

11,803,555

 

 

 

9,555,755

Total equity

 

 

 

51,799,842

 

 

 

34,147,068

Total liabilities and equity

 

 

 

386,696,658

 

 

 

342,423,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate income statement for the period ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

Note

Dec. 31, 2019

 

 

Dec. 31, 2018

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

Interest and similar income

 

 

42,600,957

 

 

37,403,709

Interest and similar expense

 

 

(21,022,838)

 

 

(19,260,190)

Net interest income

 

6

21,578,119

 

 

18,143,519

 

 

 

 

 

 

 

Fee and commission income

 

 

3,451,688

 

 

3,402,616

Fee and commission expense

 

 

(1,170,893)

 

 

(991,957)

Net fee and commission income

 

7

2,280,795

 

 

2,410,659

 

 

 

 

 

 

 

Dividend income

 

8

53,423

 

 

25,958

Net trading income

 

9

688,059

 

 

1,089,076

Profits (Losses) on financial investments

 

21

450,697

 

 

402,067

Administrative expenses

 

10

(5,044,937)

 

 

(4,222,779)

Other operating (expenses) income

 

11

(1,794,540)

 

 

(1,589,675)

Intangible assets amortization

 

40

(238,715)

 

 

(130,208)

Impairment release (charges) for credit losses

 

12

(1,435,460)

 

 

(3,076,023)

Profit before income tax

 

 

16,537,441

 

 

13,052,594

 

 

 

 

 

 

 

Income tax expense

 

13

(4,639,364)

 

 

(3,625,579)

Deferred tax assets (Liabilities)

 

31 - 13

(94,522)

 

 

128,740

Net profit for the period

 

 

11,803,555

 

 

9,555,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

 

14

 

 

 

 

Basic

 

 

7.33

 

 

5.94

Diluted

 

 

7.28

 

 

5.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate statement of other comprehensive income for the period ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Dec. 31, 2019

 

Dec. 31, 2018

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Net profit for the period

 

11,803,555

 

9,555,755

Other comprehensive income items that will not be reclassified to the Profit or Loss:

 

 

 

 

Net change in fair value of debt instruments measured at fair value through other comprehensive income

 

212,967

 

57,026

Other comprehensive income items that is or may be reclassified to the profit or loss:

 

 

 

 

Net change in fair value of debt instruments measured at fair value through other comprehensive income

 

5,944,586

 

(2,164,847)

Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income

 

(184,921)

 

-

Total other comprehensive income for the year

 

17,776,187

 

7,447,934

 

 

 

 

 

 

 

 

 

 

Separate cash flow for the period ended December 31, 2019

 

Notes

Dec. 31, 2019

 

Dec. 31, 2018

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax

 

16,537,441

 

13,052,594

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

 

 

 

 

Fixed assets depreciation

24

576,544

 

390,830

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

12

1,610,878

 

3,076,023

Other provisions charges

29

461,869

 

101,501

Impairment charge for credit losses (due from banks)

12

9,503

 

-

Impairment charge for credit losses (financial investments)

12

(184,921)

 

-

Impairment charge for other assets

23

(93,313)

 

316,763

Exchange revaluation differences for financial assets at fair value through OCI

20

1,593,030

 

(102,991)

Intangible assets amortization

 

238,715

 

130,208

Impairment charge financial assets at fair value through OCI

21

-

 

39,561

Exchange differences in financial investments in subsidiary

22

4,680

 

(465)

Utilization of other provisions

29

(28,135)

 

(2,114)

Other provisions no longer used

29

(6,910)

 

(17,670)

Exchange differences of other provisions

29

(110,062)

 

(2,269)

(Profits) losses from selling property, plant and equipment

11

(1,439)

 

(1,045)

(Profits) losses from selling financial investments

21

(497,894)

 

(441,628)

Shares based payments

 

464,539

 

408,346

Operating profits before changes in operating assets and liabilities

 

 

20,574,525

 

16,947,644

 

 

 

 

 

Net decrease (increase) in assets and liabilities

 

 

 

 

Due from banks

15

(8,870,547)

 

(13,661,577)

Treasury bills and other governmental notes

41

-

 

4,640,524

Financial assets at fair value through P&L

21

2,318,924

 

4,557,492

Derivative financial instruments

20

(2,910)

 

(66,141)

Loans and advances to banks and customers

18 - 19

(14,533,328)

 

(21,255,952)

Other assets

42

162,502

 

(2,263,465)

Due to banks

25

4,550,788

 

5,381,901

Due to customers

26

19,143,183

 

34,573,102

Income tax obligations paid

 

(3,625,579)

 

(2,778,973)

Other liabilities

28

1,894,934

 

1,025,022

Net cash provided from operating activities

 

21,612,492

 

27,099,577

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Payment for purchases of subsidiary and associates

 

-

 

(10,575)

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

 

(1,301,415)

 

(874,708)

Proceeds from selling property, plant and equipment

11

1,439

 

1,045

Proceeds from redemption of financial assets at amortized cost

21

43,937,957

 

5,532,271

Payment for purchases of financial assets at amortized cost

21

(76,516,842)

 

(33,995,313)

Payment for purchases of financial assets at fair value through OCI

21

(50,954,311)

 

(12,670,761)

Proceeds from selling financial assets at fair value through OCI

 

54,855,966

 

2,059,341

Net cash used in investing activities

 

(29,977,206)

 

(39,958,700)

 

 

 

 

 

Cash flow from financing activities

 

 

Increase (decrease) in long term loans

27

(448,783)

46,793

Dividend paid

 

(2,700,544)

(2,143,177)

Capital increase

 

105,413

50,315

Net cash used in (provided from) financing activities

 

(3,043,914)

(2,046,069)

 

 

 

 

 

 

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

 

(11,408,628)

(14,905,192)

Beginning balance of cash and cash equivalent

 

34,303,645

49,208,837

Cash and cash equivalent at the end of the year

 

22,895,017

34,303,645

 

 

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

Cash and balances with central bank

15

28,273,962

20,058,974

Due from banks

16

28,370,183

46,518,892

Treasury bills and other governmental notes

17

27,634,062

41,999,252

Obligatory reserve balance with CBE

15

(22,397,310)

(13,526,763)

Due from banks with maturities more than three months

 

(10,593,903)

(10,733,386)

Treasury bills with maturity more than three months

 

(28,391,977)

(50,013,324)

Total cash and cash equivalent

 

22,895,017

34,303,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate statement of changes in shareholders' equity for the year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 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

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

6,138,790

 489,334

28,383,650

 

 

 

 

 

Capital increase

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)

 

 

 

 

Net profit for the year

-

-

-

-

-

-

 -

-

-

9,555,755

 -

9,555,755

 

 

 

 

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

-

-

-

-

-

-

 (2,107,821)

-

-

-

 -

(2,107,821)

 

 

 

 

Transferred (from) to bank risk reserve

-

-

-

-

-

-

 -

689

-

(689)

 -

-

 

 

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

 -

-

-

-

 408,346

408,346

 

 

 

 

Ending balance

11,668,326

1,710,293

12,776,215

-

20,645

12,421

 (3,750,779)

4,323

1,411,549

9,555,755

 738,320

34,147,068

 

 

 

 

                  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate statement of changes in shareholders' equity for the year ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 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

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

9,555,755

738,320

34,147,068

 

 

 

 

Effect of applying IFRS 9**

-

-

-

117,251

-

-

1,889,928

-

-

-

-

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

-

9,555,755

738,320

36,154,247

 

 

 

 

Capital increase

3,022,495

-

(2,917,082)

-

-

-

-

-

-

-

-

105,413

 

 

 

 

Transferred to reserves

-

477,736

6,615,296

-

-

1,045

-

-

-

(6,854,370)

(239,707)

-

 

 

 

 

Dividend paid

-

-

-

-

-

-

-

-

-

(2,700,544)

-

(2,700,544)

 

 

 

 

Net profit for the year

-

-

-

-

-

-

-

-

-

11,803,555

-

11,803,555

 

 

 

 

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

-

-

-

-

-

-

6,157,553

-

-

-

-

6,157,553

 

 

 

 

Transferred (from) to bank risk reserve

-

-

-

-

-

-

-

841

-

(841)

-

-

 

 

 

 

Provision for impairment of debt instruments investments

-

-

-

 

-

-

(184,921)

-

-

-

-

(184,921)

 

 

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

464,539

464,539

 

 

 

 

Ending balance

14,690,821

2,188,029

16,474,429

1,549,445

-

13,466

4,111,781

5,164

-

11,803,555

963,152

51,799,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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*

 

 

 

 

 

 

 

 

 

( 16 The initial application impact (disclosure in page number**

 

 

 

 

 

 

 

 

 

The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand (disclosure in page number 19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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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
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22nd Feb 20227:00 amRNSCIB FY 2021 Separate Financial results

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