1st Quarter Results - Separate Statements

Commercial Intnl Bank (Egypt) SAE

12 May 2024

 

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

Separate Financial Statements 

March 31, 2024

Condensed Separate Interim Statement of Financial Position as at March 31, 2024
		Notes	Mar. 31, 2024		Dec. 31, 2023
	Assets
	Cash and balances at the central bank	9	36,542,863		71,747,343
	Due from banks	10	291,979,960		230,709,419
	Loans and advances to banks, net	12	1,140,170		822,448
	Loans and advances to customers, net	13	268,482,525		233,824,745
	Derivative financial instruments		1,677,011		1,101,896
	Financial investments
	- Financial Assets at Fair Value through P&L	14	974,297		-
	- Financial Assets at Fair Value through OCI	14	248,351,476		232,290,598
	- Financial Assets at Amortized cost	14	92,820,896		37,847,114
	- Investments in subsidiaries and associates	15	671,525		671,525
	Non current assets held for sale	28	159,828		159,828
	Other assets	16	24,919,564		18,929,067
	Deferred tax assets		1,936,004		1,685,223
	Property and equipment	17	2,703,062		2,737,936
	Total assets		972,359,181		832,527,142
	Liabilities and equity
	Liabilities
	Due to banks	18	5,572,065		12,427,384
	Due to customers	19	792,409,197		675,310,076
	Derivative financial instruments		602,480		140,934
	Current income tax liabilities		5,445,769		9,395,534
	Other liabilities	20	29,842,663		18,307,580
	Issued debt instruments	21	4,699,516		3,073,349
	Other loans		19,184,788		12,483,907
	Other provisions	22	14,699,408		11,088,372
	Total liabilities		872,455,886		742,227,136
	Equity
	Issued and paid up capital		30,195,010		30,195,010
	Reserves		55,513,384		29,388,626
	Reserve for employee stock ownership plan (ESOP)		1,786,010		1,486,010
	Retained earnings *		12,408,891		29,230,360
	Total equity and net profit for the period / year		99,903,295		90,300,006
	Total liabilities and equity		972,359,181		832,527,142
	The accompanying notes are an integral part of these financial statements.
	( Limited Review report attached )
*	Including net profit for the period
	Hussein Abaza		Hisham Ezz Al-Arab
	CEO & Managing Director		Chairman

Condensed Separate Interim Income Statement for the period ended March 31, 2024
	Notes	Mar. 31, 2024			Mar. 31, 2023
Interest and similar income		36,544,341			19,729,848
Interest and similar expense		(17,784,185)			(8,897,778)
Net interest income		18,760,156			10,832,070
Fee and commission income		2,684,283			2,004,350
Fee and commission expense		(1,118,950)			(792,102)
Net fee and commission income		1,565,333			1,212,248
Dividend income		610			32,362
Net trading income	6	16,202,679			1,845,604
Profits (Losses) on financial investments	14.1	224,271			70,920
Administrative expenses		(2,840,462)			(2,004,617)
Other operating income (expenses)	7	(14,923,188)			(1,969,625)
Impairment release (charges) for credit losses		(1,482,187)			(947,656)
Profit before income tax		17,507,212			9,071,306
Income tax expense	26	(5,722,492)			(2,264,671)
Deferred tax assets (Liabilities)	26	161,877			(722,182)
Net profit for the period		11,946,597			6,084,453
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 Separate Interim Statement of Comprehensive Income for the period ended March 31, 2024
			Mar. 31, 2024				Mar. 31, 2023
Net profit for the period			11,946,597				6,084,453
Change in fair value of Financial invesments measured at fair value through comprehensive income after tax			1,977,715				(8,507,038)
Transferred to RE from financial assets at fair value through comprehensive income			-				(1,895)
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income			745,406				208,250
Total comprehensive income for the period			14,669,718				(2,216,230)

Condensed Separate Interim Cash Flows for the period ended March 31, 2024
		Notes	Mar. 31, 2024		Mar. 31, 2023
	Cash flow from operating activities
	Profit before income tax		17,507,212		9,071,306
	Adjustments to reconcile profits to net cash provided by operating  activities
	Fixed assets depreciation	17	261,427		206,400
	Impairment Release/charge for credit losses (Loans and advances to customers and banks)		1,772,387		714,714
	Other provisions Release/charge	22	40,759		464,368
	Impairment Release/charge  for credit losses (due from banks)		(53)		(1,549)
	Impairment Release/charge  for credit losses (financial investments)		(290,147)		234,491
	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)
	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		101		-
	Utilization of other provisions	22	(297)		(345)
	Other provisions no longer used	22	(4,220)		-
	Exchange revaluation differences of other provisions	22	3,574,794		1,169,894
	Profits/losses from selling property and equipment		-		(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
	Operating profits before changes in operating assets and liabilities		6,829,971		5,945,384
	Net decrease / increase in assets and  liabilities
	Due from banks		42,289,034		12,102,385
	Financial assets at fair value through P&L		(974,297)		-
	Derivative financial instruments		154,638		(358,715)
	Loans and advances to banks and customers	12-13	(36,747,889)		(17,757,613)
	Other assets		(5,850,432)		(75,936)
	Due to banks	18	(6,855,319)		4,811,010
	Due to customers	19	117,099,122		43,988,897
	Current income tax obligations paid		(276,723)		(272,736)
	Other liabilities		1,851,912		(362,831)
	Net cash generated from (used in) operating activities		117,520,017		48,019,845
	Cash flow from investing activities
	Proceeds from sale of investments in associates		4,782		-
	Payments for investment in subsidiaries		-		(1,216,022)
	Payment for purchases of property, equipment and branches construction		(366,618)		(415,435)
	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		(53,240,480)		(8,454,232)
	Payment for purchases of financial assets at fair value through OCI		(26,284,875)		(32,426,908)
	Proceeds from selling financial assets at fair value through OCI		26,380,625		46,782,676
	Net cash generated from (used in) investing activities		(53,221,059)		4,466,980
Condensed Separate Interim Cash Flows for the period ended March 31, 2024 (Cont.)
			Mar. 31, 2024		Mar. 31, 2023
	Cash flow from financing activities
	Other loans		6,700,881		1,607,404
	Dividends paid		(5,078,792)		(1,964,603)
	Issued debt instruments		1,626,167		612,624
	Capital increase		-		165,429
	Net cash generated from (used in) financing activities		3,248,256		420,854
	Net (decrease) increase in cash and cash equivalent during the period		67,547,214		52,907,679
	Beginning balance of cash and cash equivalent		233,912,193		92,895,143
	Cash and cash equivalent at the end of the period		301,459,407		145,802,822
	Cash and cash equivalent comprise:
	Cash and balances at the central bank	9	36,542,863		52,319,656
	Due from banks		291,980,200		169,655,814
	Treasury bills and other governmental notes	11	119,754,167		68,681,151
	Obligatory reserve balance with CBE		(19,383,018)		(45,888,981)
	Due from banks with maturity more than three months		(7,554,480)		(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		301,459,407		145,802,822

Condensed Separate Interim statement of  changes in shareholders' equity
	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
Mar. 31, 2023
Beginning Balance at 1 Januray 2023	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(13,138,461)	11,981	16,497,346	1,895,435	67,720,631
Capital increase	165,429	-	-	-	-	-	-	-	-	165,429
Transferred to reserves	-	806,408	11,998,639	-	2,208	-	-	(12,388,223)	(419,032)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit for the period	-	-	-	-	-	-	-	6,084,453	-	6,084,453
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(1,895)	-	1,895	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(8,507,038)	-	-	-	(8,507,038)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	3,249	(3,249)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	208,250	-	-	-	208,250
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	190,974	190,974
Balance at 31 March 2023	29,990,563	4,770,354	39,095,497	1,549,445	21,155	(21,439,144)	15,230	6,453,334	1,667,377	62,123,811
Mar. 31, 2024
Beginning Balance at 1 Januray 2024	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(16,808,265)	15,230	29,230,360	1,486,010	90,300,006
Capital increase	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	1,438,320	21,958,960	-	1,663	-	-	(23,398,943)	-	-
Dividend paid	-	-	-	-	-	-	-	(5,366,429)	-	(5,366,429)
Net profit for the period	-	-	-	-	-	-	-	11,946,597	-	11,946,597
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	1,977,715	-	-	-	1,977,715
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	-	-	-	-	-	745,406	-	-	-	745,406
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	300,000	300,000
Balance at 31 March 2024	30,195,010	6,208,674	61,799,667	1,549,445	22,818	(14,085,144)	17,924	12,408,891	1,786,010	99,903,295

 

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