CIB 1H2021 Condensed Separate Financial Results

RNS Number : 9927E

Commercial Intnl Bank (Egypt) SAE

13 July 2021

 

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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
June 30, 2021

Condensed Separate Interim Balance Sheet as at June 30,2021
		Notes	Jun. 30, 2021		Dec. 31, 2020
			EGP Thousands		EGP Thousands
	Assets
	Cash and balances at the central bank	7	31,792,597		33,572,597
	Due from  banks	8	79,079,990		86,997,034
	Loans and advances to banks, net	10	782,360		776,980
	Loans and advances to customers, net	11	130,469,575		118,854,880
	Derivative financial instruments		292,284		248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	208,429		359,959
	- Financial Assets at Fair Value through OCI	12	187,616,393		147,646,432
	- Amortized cost	12	22,369,984		25,020,917
	- Investments in associates and subsidiaries	13	1,022,433		874,348
	Other assets		10,930,487		9,095,212
	Deferred tax assets (Liabilities)		456,600		437,772
	Property and equipment	14	2,455,283		2,259,940
	Total assets		467,476,415		426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	15	1,313,331		8,815,561
	Due to customers	16	384,955,527		340,086,524
	Derivative financial instruments		354,701		331,073
	Current tax liabilities		1,616,491		859,582
	Other liabilities		7,332,878		5,679,266
	Other loans		5,626,792		7,746,946
	Provisions	17	3,509,061		3,221,252
	Total liabilities		404,708,781		366,740,204
	Equity
	Issued and paid up capital		14,776,813		14,776,813
	Reserves		40,241,849		33,085,554
	Reserve for employee stock ownership plan (ESOP)		1,381,162		1,064,648
	Retained earnings *		6,367,810		10,477,611
	Total equity and net profit for the period / year		62,767,634		59,404,626
	Total liabilities and equity		467,476,415		426,144,830
	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 June 30, 2021
	Notes		Jun. 30, 2021			Jun. 30, 2020
			EGP Thousands			EGP Thousands
Interest and similar income			20,975,491			20,922,642
Interest and similar expense			(9,302,462)			(8,445,745)
Net interest income			11,673,029			12,476,897
Fee and commission income			1,798,447			1,479,217
Fee and commission expense			(687,129)			(493,057)
Net fee and commission income			1,111,318			986,160
Dividend income			63,572			25,962
Net trading income	5		274,657			177,231
Profits (Losses) on financial investments	12		577,519			832,005
Administrative expenses			(2,918,943)			(2,844,898)
Other operating (expenses) income			(1,113,292)			(1,847,487)
Impairment release (charges) for credit losses			(1,019,076)			(2,259,654)
Profit before income tax			8,648,784			7,546,216
Income tax expense			(2,590,270)			(2,652,208)
Deferred tax assets (Liabilities)			18,828			107,601
Net profit for the period			6,077,342			5,001,609
Earning per share	6
Basic			3.64			3.00
Diluted			3.63			2.99
	Hussein Abaza					Sherif Samy
	CEO & Managing Director					Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended June 30, 2021
			Jun. 30, 2021			Jun. 30, 2020
			EGP Thousands			EGP Thousands
Net profit for the period			6,077,342			5,001,609
Change in fair value of debt instruments measured at fair value through other comprehensive income			(1,624,416)			(1,483,581)
Transferred from reserve on disposal of financial assets at fair value through OCI			(104,406)			-
Effect of ECL in fair value of debt instruments measured at fair value through OCI			(54,113)			90,512
Total comprehensive income for the period			4,294,407			3,608,540

	Condensed Separate Interim Cash flows for the period ended June 30, 2021
		Notes	Jun. 30, 2021	Jun. 30, 2020
			EGP Thousands	EGP Thousands
	Cash flow from operating activities
	Profit before income tax		8,648,784	7,546,216
	Adjustments to reconcile net profit to net cash provided by operating activities
	Fixed assets depreciation	14	411,612	328,251
	Impairment charge for credit losses (Loans and advances to customers and banks)		1,060,008	2,144,988
	Other provisions charges	17	350,323	1,096,888
	Impairment charge for credit losses (due from banks)		13,181	24,154
	Impairment charge for credit losses (financial investments)		(54,113)	90,512
	Impairment charge for other assets		25,524	24,621
	Exchange revaluation differences for financial assets at fair value through OCI		50,039	(85,180)
	Released (Impairment) charge financial assets at fair value through OCI		(72,957)	78,615
	Exchange differences in financial investments in subsidiary		-	(242)
	Utilization of other provisions	17	(44,173)	(1,066)
	Other provisions no longer used	17	(9,145)	(43,200)
	Exchange differences of  other provisions	17	(9,196)	3,011
	(Profits) losses from selling property, plant and equipment		(1,250)	(94)
	(Profits) losses from selling financial investments	12	(514,837)	(924,720)
	Shares based payments		316,514	296,959
	Released (Impairment) charges of investments in associates and subsidiaries		10,275	14,100
	Operating profits before changes in operating assets and liabilities		10,180,589	10,593,813
	Net decrease (increase) in assets and liabilities
	Due from banks		(8,642,436)	(507,846)
	Financial assets at fair value through P&L	12	151,530	61,477
	Derivative financial instruments		(19,897)	(41,469)
	Loans and advances to banks and customers	10 - 11	(12,680,083)	(2,430,817)
	Other assets		(1,944,779)	925,679
	Due to banks	15	(7,502,230)	460,488
	Due to customers	16	44,869,003	14,460,587
	Income tax obligations paid		(973,779)	(4,639,364)
	Other liabilities		794,030	(2,962,457)
	Net cash used in (generated from) operating activities		24,231,948	15,920,091
	Cash flow from investing activities
	Proceeds from investments in associates.		-	750
	Proceeds (payments) for investment in associates.		(158,360)	(560,963)
	Payment for purchases of property, plant, equipment and branches constructions		(522,975)	(625,596)
	Proceeds from selling property, plant and equipment		1,250	94
	Proceeds from redemption of financial assets at amortized cost		2,654,583	59,360,102
	Payment for purchases of financial assets at amortized cost		(3,844)	(44,945,839)
	Payment for purchases of financial assets at fair value through OCI		(111,506,191)	(50,506,453)
	Proceeds from selling financial assets at fair value through OCI		71,451,202	55,237,128
	Net cash generated from (used in) investing activities		(38,084,335)	17,959,223
	Cash flow from financing activities
	Received (Repaid) in long term loans		(2,120,154)	(22,492)
	Dividend paid		(1,360,652)	(3,370,464)
	Net cash generated from (used in) financing activities		(3,480,806)	(3,392,956)
	Net (decrease) increase in cash and cash equivalent during the priod		(17,333,193)	30,486,358
	Beginning balance of cash and cash equivalent		75,965,247	22,895,017
	Cash and cash equivalent at the end of the period		58,632,054	53,381,375
	Cash and cash equivalent comprise:
	Cash and balances at the central bank		31,792,597	30,421,432
	Due from banks		79,116,502	56,818,722
	Treasury bills and other governmental notes		58,677,132	27,424,701
	Obligatory reserve balance with CBE		(26,239,755)	(22,905,156)
	Due from banks with maturities more than three months		(26,293,821)	(10,266,780)
	Treasury bills with maturity more than three months		(58,420,601)	(28,111,544)
	Total cash and cash equivalent		58,632,054	53,381,375

Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended June 30, 2020
Jun. 30, 2020	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	14,690,821	2,188,029	16,474,429	1,549,445	13,466	4,111,781	5,164	11,803,555	963,152	51,799,842
Transferred to reserves	-	590,106	7,840,286	-	1,440	-	-	(8,431,832)	-	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	(3,370,464)
Net profit for the period	-	-	-	-	-	-	-	5,001,609	-	5,001,609
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	(55,142)	-	55,142	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(1,483,581)	-	-	-	(1,483,581)
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	90,512	-	-	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	296,959	296,959
Ending balance	14,690,821	2,778,135	24,314,715	1,549,445	14,906	2,663,570	6,423	5,056,751	1,260,111	52,334,877
Condensed Separate 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	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
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit for the period	-	-	-	-	-	-	-	6,077,342	-	6,077,342
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(104,406)	-	104,406	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(1,624,416)	-	-	-	(1,624,416)
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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	316,514	316,514
Ending balance	14,776,813	3,293,074	33,186,137	1,549,445	16,000	2,188,052	9,141	6,367,810	1,381,162	62,767,634

 

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