1st Quarter Results - Consolidated Statements

Commercial Intnl Bank (Egypt) SAE

12 May 2024

 

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

http://www.rns-pdf.londonstockexchange.com/rns/0689O_1-2024-5-12.pdf

http://www.rns-pdf.londonstockexchange.com/rns/0689O_2-2024-5-12.pdf

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

Consolidated Financial Statements 

March 31, 2024

Consolidated Statement of Financial Position as at March 31, 2024 Notes Mar. 31, 2024 Dec. 31, 2023 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 9 36,731,091 71,887,821 Due from banks 10 292,721,033 231,085,244 Loans and advances to banks, net 12 1,140,170 822,448 Loans and advances to customers, net 13 270,496,805 234,985,936 Derivative financial instruments 1,677,011 1,105,148 Financial investments - Financial Assets at Fair Value through P&L 14 974,297 - - Financial Assets at Fair Value through OCI 14 249,660,996 233,125,234 - Financial Assets at Amortized cost 14 93,690,317 38,341,019 - Investments in associates 15 120,910 115,979 Non current assets held for sale 30.1 244 161 Other assets 16 25,011,464 18,972,786 Deferred tax assets 2,148,344 1,685,231 Property and equipment 17 2,774,970 2,739,092 Total assets 977,147,652 834,866,099 Liabilities and equity Liabilities Due to banks 18 5,529,064 12,458,003 Due to customers 19 796,080,537 677,237,479 Non current liabilities held for sale 30.2 1,297 873 Derivative financial instruments 602,480 140,934 Current income tax liabilities 5,445,769 9,395,534 Other liabilities 20 29,905,796 18,339,465 Issued debt instruments 21 4,699,516 3,073,349 Other loans 19,184,788 12,483,907 Other provisions 22 14,706,748 11,095,089 Total liabilities 876,155,995 744,224,633 Equity Issued and paid up capital 30,195,010 30,195,010 Reserves 55,719,754 28,807,042 Reserve for employee stock ownership plan (ESOP) 1,786,010 1,486,010 Retained earnings * 13,130,675 29,993,331 Total equity and net profit for the period / year 100,831,449 90,481,393 Non Controlling Interest 160,208 160,073 Total minority interest, equity and net profit for the period/year 100,991,657 90,641,466 Total liabilities and equity 977,147,652 834,866,099 The accompanying notes are an integral part of these financial statements .. ( Limited Review report attached ) * Including net profit for the current year Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Consolidated Income Statement for the year Ended March 31, 2024
	Notes		Mar. 31, 2024							Mar. 31, 2023
			EGP Thousands							EGP Thousands
Interest and similar income			36,652,802							19,823,554
Interest and similar expense			(17,852,691)							(8,939,377)
Net interest income			18,800,111							10,884,177
Fee and commission income			2,685,963							2,005,304
Fee and commission expense			(1,118,912)							(792,175)
Net fee and commission income			1,567,051							1,213,129
Dividend income			610							32,362
Net trading income	6		16,202,148							1,851,908
Profits (Losses) on financial investments	14.1		224,271							70,920
Administrative expenses			(2,928,640)							(2,063,690)
Other operating income (expenses)	7		(14,975,056)							(2,040,922)
Goodwill amortization			-							(10,314)
Intangible assets amortization			-							(2,591)
Impairment release (charges) for credit losses			(1,421,114)							(944,829)
Bank's share in the profits / losses of associates			4,931							(14,871)
Profit before income tax			17,474,312							8,975,279
Income tax expense	29		(5,926,187)							(2,262,132)
Deferred tax assets (Liabilities)	29		376,765							(645,223)
Net profit from continued operations			11,924,890							6,067,924
Discontinued Operations
Net profit (loss) from discontinued operations	30.3		-							870
Net profit for the period			11,924,890							6,068,794
Non Controlling Interest			456							3,847
Bank's shareholders			11,924,434							6,064,947
Earnings per share	8
Basic			3.50							1.78
Diluted			3.46							1.76
Hussein Abaza									Hisham Ezz Al-Arab
CEO & Managing Director									Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2024
Mar. 31, 2024 Mar. 31, 2023 Net profit for the period 11,924,890 6,068,794 Transferred to RE from financial assets at fair value through comprehensive income - (1,895) Change in fair value of Financial invesments measured at fair value through comprehensive income after tax 1,915,786 (8,522,293) Cumulative foreign currencies translation differences 831,452 100,603 Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income 744,813 208,752 Total comprehensive income for the period 15,416,941 (2,146,039) As follows: Bank's shareholders 15,416,485 (2,149,886) Non Controlling Interest 456 3,847 Total comprehensive income for the period 15,416,941 (2,146,039)
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024
							Notes		Mar. 31, 2024				Mar. 31, 2023
									EGP Thousands				EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations									17,474,312				8,975,279
Profit (loss) from discontinued operations									-				870
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation							17		261,427				228,065
Impairment Release/charge for credit losses (Loans and advances to customers and banks)									1,712,500				707,740
Other provisions Release/charge							22		41,587				464,311
Impairment Release/charge for credit losses (due from banks)									(646)				2,096
Impairment Release/charge  for credit losses (financial investments)									(290,740)				234,993
Impairment Release/charge for other assets									(4,782)				-
Exchange revaluation differences for financial assets at fair value through OCI and AC									(17,328,576)				(6,033,831)
Goodwill amortization									-				10,314
Intangible assets amortization									-				2,591
Revaluation differences Impairment charge for Financial Assets at Fair value through OCI									1,130,412				-
Revaluation differences Impairment charge for Financial Assets at Amortized cost									95,225				-
Revaluation differences Impairment charge for due from banks									1,393				-
Utilization of other provisions							22		(297)				(345)
Other provisions no longer used							22		(4,220)				-
Exchange Revaluation differences of  other provisions							22		3,574,589				1,169,894
Profits/losses from selling property and equipment							7		-				(118)
Profits/losses from selling financial investments at fair value through OCI							14.1		(224,271)				(70,920)
Share based payments									300,000				190,974
Bank's share in the profits / losses of associates									(4,931)				14,871
Operating profits before changes in operating assets and liabilities									6,732,982				5,896,784
Net decrease / increase in assets and liabilities
Due from banks									41,887,372				12,110,117
Financial assets at fair value through P&L									(974,297)				-
Derivative financial instruments									157,890				(359,998)
Loans and advances to banks and customers							12 - 13		(37,541,091)				(17,792,410)
Other assets									(5,893,831)				(96,139)
Non current assets held for sale									(244)				(220,335)
Due to banks							18		(6,928,939)				4,790,187
Due to customers							19		118,843,058				45,212,196
Current income tax obligations paid									(480,418)				(270,197)
Non current liabilities held for sale									1,297				890
Other liabilities									1,820,664				(354,332)
Net cash generated from (used in) operating activities									117,624,443				48,916,763
Cash flow from investing activities
Proceeds from sale of investments in associates									4,782				-
Payment for purchases of property, equipment and branches construction									(437,370)				(457,850)
Proceeds from selling property and equipment									-				118
Proceeds from redemption of financial assets at amortized cost									285,507				196,783
Payment for purchases of financial assets at amortized cost									(53,615,996)				(8,533,818)
Payment for purchases of financial assets at fair value through OCI									(26,592,698)				(32,339,905)
Proceeds from selling financial assets at fair value through OCI									26,222,450				46,767,421
Payment for investment in subsidiaries									-				(1,008,761)
Net cash generated from (used in) investing activities									(54,133,325)				4,623,988
Condensed Consolidated Interim Cash flows for the period ended March 31, 2024 (Cont.)
									Mar. 31, 2024				Mar. 31, 2023
									EGP Thousands				EGP Thousands
Cash flow from financing activities
Other loans									6,700,881				1,607,404
Dividends paid									(5,078,792)				(1,988,585)
Issued debt instruments									1,626,167				612,624
Capital increase									-				165,429
Net cash generated from (used in) financing activities									3,248,256				396,872
Net (decrease) increase in cash and cash equivalent during the period									66,739,374				53,937,623
Beginning balance of cash and cash equivalent									234,317,913				92,969,526
Cash and cash equivalent at the end of the period									301,057,287				146,907,149
:Cash and cash equivalent comprise
Cash and balances at the central bank									36,731,091				52,462,528
Due from banks									292,723,938				170,733,811
Treasury bills and other governmental notes									119,754,167				68,681,151
Obligatory reserve balance with CBE									(19,531,282)				(46,005,523)
Due from banks with maturity more than three months									(8,740,302)				(29,664,721)
Treasury bills and other governmental notes with maturity more than three months									(119,880,325)				(69,300,097)
Total cash and cash equivalent									301,057,287				146,907,149

Condensed Consolidated Interim statement of changes in shareholders' equity
Mar. 31, 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
Beginning balance	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	165,429	-	-	-	-	-	-	-	-	-	-	165,429	-	165,429
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Transferred to reserves	-	806,408	11,998,639	-	-	2,208	-	-	(12,388,223)	(419,032)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(23,982)	(3,762,870)
Net profit for the period	-	-	-	-	-	-	-	-	6,064,947	-	-	6,064,947	3,847	6,068,794
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(1,895)	-	1,895	-	-	-	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(8,522,293)	-	-	-	-	(8,522,293)	-	(8,522,293)
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	-	-	-	-	-	-	208,752	-	-	-	-	208,752	-	208,752
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	190,974	-	190,974	-	190,974
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	100,603	100,603	99,192	199,795
Balance at 31 March 2023	29,990,563	4,770,354	39,095,497	1,550,906	(670,972)	21,155	(21,504,254)	15,230	6,330,323	1,667,377	281,927	61,548,106	122,621	61,670,727
Mar. 31, 2024	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
Beginning balance	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(16,868,691)	15,230	29,993,331	1,486,010	148,353	90,481,393	160,073	90,641,466
Capital increase	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	1,438,320	21,958,960	-	-	1,663	-	-	(23,398,943)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(5,366,429)	-	-	(5,366,429)	-	(5,366,429)
Net profit for the period	-	-	-	-	-	-	-	-	11,924,434	-	-	11,924,434	456	11,924,890
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transferred from RE to banking risk reserve	-	-	-	-	-	-	-	19,024	(19,024)	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	1,915,786	-	-	-	-	1,915,786	-	1,915,786
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,694	(2,694)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	744,813	-	-	-	-	744,813	-	744,813
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	300,000	-	300,000	-	300,000
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	831,452	831,452	(321)	831,131
Ending balance	30,195,010	6,208,674	61,799,667	1,550,906	(670,972)	22,818	(14,208,092)	36,948	13,130,675	1,786,010	979,805	100,831,449	160,208	100,991,657

 

END