3rd Quarter 2022 Results (Separate)

RNS Number : 2910F

Commercial Intnl Bank (Egypt) SAE

04 November 2022

 

Commercial International Bank (Egypt) S.A.E.
Condensed Separate Financial Statements
September 30, 2022 Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/2910F_1-2022-11-3.pdf

Condensed Separate Interim Statement of Financial Position as at  September 30, 2022 Notes Sep. 30, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 43,776,754 43,385,222 Due from  banks 9 90,378,194 79,991,287 Loans and advances to banks, net 11 1,944,633 312,216 Loans and advances to customers, net 12 176,669,649 144,765,808 Derivative financial instruments 951,214 225,376 Investments - Financial Assets at Fair Value through P&L 13 - 240,987 - Financial Assets at Fair Value through OCI 13 230,060,807 192,390,931 - Financial Assets at Amortized cost 13 32,306,835 20,318,767 - Investments in associates and subsidiaries 14 1,074,250 1,014,350 Other assets 15 10,167,659 11,141,917 Deferred tax assets (Liabilities) 727,276 460,026 Property and equipment 16 2,302,530 2,404,237 Total assets 590,359,801 496,651,124 Liabilities and equity Liabilities Due to banks 17 1,703,884 862,759 Due to customers 18 497,584,590 406,100,916 Derivative financial instruments 43,987 265,265 Current income tax liabilities 2,678,372 2,234,985 Other liabilities 19 9,945,543 8,021,310 Issued debt instruments 20 1,940,240 1,557,263 Other loans 6,257,126 5,140,782 Other Provisions 21 5,675,006 3,539,676 Total liabilities 525,828,748 427,722,956 Equity Issued and paid up capital 26 29,825,134 19,702,418 Reserves 20,381,196 33,767,423 Reserve for employee stock ownership plan (ESOP) 1,751,123 1,674,392 Retained earnings * 12,573,600 13,783,935 Total equity and net profit for the period / year 64,531,053 68,928,168 Total liabilities and equity 590,359,801 496,651,124 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 Separate Interim Income Statement for the period ended September 30, 2022

Last 9 Months Last 9 Months Notes Sep. 30, 2022 Sep. 30, 2021 EGP Thousands EGP Thousands Interest and similar income 38,761,627 32,568,923 Interest and similar expense (17,050,977) (14,463,322) Net interest income 21,710,650 18,105,601 Fee and commission income 3,900,488 2,895,435 Fee and commission expense (1,730,066) (1,129,866) Net fee and commission income 2,170,422 1,765,569 Dividends income 64,372 82,426 Net trading income 5 1,431,729 484,774 Profits (Losses) on financial investments 13 1,096,850 634,108 Administrative expenses (5,024,897) (4,382,463) Other operating (expenses) income 6 (3,399,057) (1,366,178) Impairment release (charges) for credit losses (262,606) (1,325,770) Profit before income tax 17,787,463 13,998,067 Income tax expense 25 (4,984,283) (4,115,227) Deferred tax assets (Liabilities) 25 (597,258) 11,845 Net profit for the period 12,205,922 9,894,685 Earning per share 7 Basic 3.62 2.97 Diluted 3.60 2.95 Hussein Abaza CEO & Managing Director Sherif Samy Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2022 Last 9 Months Last 9 Months Sep. 30, 2022 Sep. 30, 2021 EGP Thousands EGP Thousands Net profit for the period 12,205,922 9,894,685 Change in fair value of financial instruments measured at fair value through other comprehensive income after income tax (13,128,801) (2,374,495) Transferred to RE from financial assets at fair value through OCI (4,128) (177,362) Effect of ECL in fair value of debt instruments measured at fair value through OCI 233,717 (98,246) Total comprehensive income for the period (693,290) 7,244,582

Condensed Separate Interim Cash Flows for the period ended September 30, 2022

			Notes	Sep. 30, 2022				Sep. 30, 2021
				EGP Thousands				EGP Thousands
Cash flow from operating activities
Profit before income tax				17,787,463				13,998,067
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation			16	654,220				636,413
Impairment charge for credit losses (Loans and advances to customers and banks)				(16,255)				1,385,835
Other provisions charges			21	1,803,863				190,858
Impairment charge for credit losses (due from banks)				849				38,181
Impairment (Released) charge for credit losses (financial investments)				278,012				(98,246)
Impairment (Released) charge for other assets				(277,768)				31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC				(3,745,045)				40,050
Utilization of other provisions			21	(1,857)				(44,978)
Other provisions no longer used			21	(101)				(12,255)
Exchange differences of other provisions			21	333,425				(13,722)
Losses (profits) from selling property and equipment				(2,192)				(2,124)
Losses (profits) from selling financial investments at fair value through OCI			13	(1,096,850)				(643,467)
Shares based payments				579,653				477,644
Impairment (Released) charges of investments in associates				-				9,359
Operating profits before changes in operating assets and liabilities				16,297,417				15,993,590
Net decrease (increase) in assets and  liabilities
Due from banks				845,633				(272,238)
Financial assets at fair value through P&L			13	240,987				153,260
Derivative financial instruments				(947,116)				(24,448)
Loans and advances to banks and customers			11 - 12	(33,520,003)				(20,847,787)
Other assets				1,242,254				(1,631,518)
Due to banks			17	841,125				(7,272,811)
Due to customers			18	91,483,674				62,999,029
Current income tax obligations paid				(2,305,911)				(2,152,739)
Other liabilities				(310,752)				1,414,946
Net cash used in (generated from) operating activities				73,867,308				48,359,284
Cash flow from investing activities
Payments for investment in subsidiaries and associates.				(59,900)				(158,360)
Payment for purchases of property, equipment and branches  constructions				(542,743)				(669,801)
Proceeds from selling property and equipment				2,192				2,124
Proceeds from redemption of financial assets at amortized cost				6,569,803				4,725,376
Payment for purchases of financial assets at amortized cost				(18,239,332)				(3,844)
Payment for purchases of financial assets at fair value through OCI				(114,918,927)				(207,918,546)
Proceeds from selling financial assets at fair value through OCI				73,463,225				146,303,855
Net cash generated from (used in) investing activities				(53,725,682)				(57,719,196)
	Condensed Separate Interim Cash Flows for the period ended September 30, 2022 (Cont.)
			Sep. 30, 2022			Sep. 30, 2021
			EGP Thousands			EGP Thousands
Cash flow from financing activities
Other loans			1,116,344			(2,113,845)
Dividends paid			(4,410,322)			(1,360,652)
Issued debt instruments			382,977			1,556,032
Capital increase			122,716			-
Net cash generated from (used in) financing activities			(2,788,285)			(1,918,465)
Net (decrease) increase in cash and cash equivalent during the period			17,353,341			(11,278,377)
Beginning balance of cash and cash equivalent			60,891,899			75,965,247
Cash and cash equivalent at the end of the period			78,245,240			64,686,870
Cash and cash equivalent comprise:
Cash and balances at the central bank			43,776,754			33,207,606
Due from banks			90,419,482			72,015,406
Treasury bills and other governmental  notes		10	87,119,766			65,654,913
Obligatory reserve balance with CBE			(38,022,832)			(27,183,002)
Due from banks with maturities more than three months			(22,949,758)			(16,980,376)
Treasury bills with maturity more than three months			(82,098,172)			(62,027,677)
Total cash and cash equivalent			78,245,240			64,686,870

'

Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended September 30, 2021
Sep. 30, 2021	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
										EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	9,894,685	-	9,894,685
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	(177,362)	-	177,362	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(2,374,495)	-	-	-	(2,374,495)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	2,718	(2,718)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	(98,246)	-	-	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	477,644	477,644
Ending balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	1,320,884	9,141	10,258,109	1,542,292	65,951,895
Condensed Separate Interim statement of  changes in shareholders' equity for the period ended September 30, 2022
Sep. 30, 2022	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
										EGP Thousands
Beginning balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	639,231	9,141	13,783,935	1,674,392	68,928,168
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	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)
Net profit of the period	-	-	-	-	-	-	-	12,205,922	-	12,205,922
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,128)	-	4,128	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(13,128,801)	-	-	-	(13,128,801)
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	-	-	-	-	-	233,717	-	-	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	579,653	579,653
Ending balance	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(12,259,981)	11,981	12,573,600	1,751,123	64,531,053

 

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