CIB 1H2022 Condensed Separate Financial Results

RNS Number : 5292T

Commercial Intnl Bank (Egypt) SAE

25 July 2022

 

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

Condensed Separate Financial Statements

June 30, 2022

Condensed Separate Interim Balance Sheet as at June 30, 2022 Notes Jun. 30, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 41,845,093 43,385,222 Due from  banks 9 56,970,904 79,991,287 Loans and advances to banks, net 11 1,308,243 312,216 Loans and advances to customers, net 12 169,610,784 144,765,808 Derivative financial instruments 877,137 225,376 Investments - Financial Assets at Fair Value through P&L 13 1,648 240,987 - Financial Assets at Fair Value through OCI 13 215,842,642 192,390,931 - Financial Assets at Amortized cost 13 19,723,117 20,318,767 - Investments in associates and subsidiaries 14 1,064,250 1,014,350 Other assets 15 11,626,924 11,141,917 Deferred tax assets (Liabilities) 354,638 460,026 Property and equipment 16 2,391,033 2,404,237 Total assets 521,616,413 496,651,124 Liabilities and equity Liabilities Due to banks 17 2,969,822 862,759 Due to customers 18 427,556,083 406,100,916 Derivative financial instruments 34,934 265,265 Current income tax liabilities 2,330,166 2,234,985 Other liabilities 19 9,972,432 8,021,310 Issued debt instruments 20 1,864,924 1,557,263 Other loans 5,987,651 5,140,782 Other Provisions 21 5,355,635 3,539,676 Total liabilities 456,071,647 427,722,956 Equity Issued and paid up capital 19,825,134 19,702,418 Reserves 36,022,139 33,767,423 Reserve for employee stock ownership plan (ESOP) 1,555,725 1,674,392 Retained earnings * 8,141,768 13,783,935 Total equity and net profit for the period / year 65,544,766 68,928,168 Total liabilities and equity 521,616,413 496,651,124 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 June 30, 2022 Notes Jun. 30, 2022 Jun. 30, 2021 EGP Thousands EGP Thousands Interest and similar income 24,258,160 20,975,491 Interest and similar expense (10,562,668) (9,302,462) Net interest income 13,695,492 11,673,029 Fee and commission income 2,408,556 1,798,447 Fee and commission expense (1,072,802) (687,129) Net fee and commission income 1,335,754 1,111,318 Dividend income 62,799 63,572 Net trading income 5 1,013,504 274,657 Profits (Losses) on financial investments 13 1,065,443 577,519 Administrative expenses (3,233,444) (2,918,943) Other operating (expenses) income 6 (2,509,857) (1,113,292) Impairment release (charges) for credit losses (14,449) (1,019,076) Profit before income tax 11,415,242 8,648,784 Income tax expense 25 (3,110,536) (2,590,270) Deferred tax assets (Liabilities) 25 (530,715) 18,828 Net profit for the period 7,773,991 6,077,342 Earning per share 7 Basic 3.48 2.75 Diluted 3.44 2.71 Hussein Abaza CEO & Managing Director Sherif Samy Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended June 30, 2022 Jun. 30, 2022 Jun. 30, 2021 EGP Thousands EGP Thousands Net profit for the period 7,773,991 6,077,342 Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax (7,358,230) (1,624,416) Transferred from reserve on disposal of financial assets at fair value through OCI (4,227) (104,406) Effect of ECL in fair value of debt instruments measured at fair value through OCI 104,188 (54,113) Total comprehensive income for the period 515,722 4,294,407

	Condensed Separate Interim Cash flows for the period ended June 30, 2022
			Notes	Jun. 30, 2022				Jun. 30, 2021
				EGP Thousands				EGP Thousands
Cash flow from operating activities
Profit before income tax				11,415,242				8,648,784
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation			16	427,873				411,612
Impairment charge for credit losses (Loans and advances to customers and banks)				(94,868)				1,060,008
Other provisions charges			21	1,513,984				350,323
Impairment charge for credit losses (due from banks)				5,357				13,181
Impairment (Released) charge for credit losses (financial investments)				103,960				(54,113)
Impairment (Released) charge for other assets				(277,768)				25,524
Exchange revaluation differences for financial assets at fair value through OCI and AC				(2,840,747)				50,039
Impairment (Released) charge financial assets at fair value through OCI				-				(72,957)
Utilization of other provisions			21	(1,707)				(44,173)
Other provisions no longer used			21	(267)				(9,145)
Exchange differences of  other provisions			21	303,949				(9,196)
Losses (profits) from selling property and equipment				(1,142)				(1,250)
Losses (profits) from selling financial investments			13	(1,065,443)				(514,837)
Shares based payments				384,255				316,514
Impairment (Released) charges of investments in associates and subsidiaries				-				10,275
Operating losses (profits) before changes in operating assets and liabilities				9,872,678				10,180,589
Net decrease (increase) in assets and  liabilities
Due from banks				13,240,715				(8,642,436)
Financial assets at fair value through P&L			13	239,339				151,530
Derivative financial instruments				(882,092)				(19,897)
Loans and advances to banks and customers			11 - 12	(25,746,135)				(12,680,083)
Other assets				(291,414)				(1,944,779)
Due to banks			17	2,107,063				(7,502,230)
Due to customers			18	21,455,167				44,869,003
Current income tax obligations paid				(780,370)				(973,779)
Other liabilities				(283,863)				794,030
Net cash used in (generated from) operating activities				18,931,088				24,231,948
Cash flow from investing activities
Proceeds (payments) for investment in associates.				(49,900)				(158,360)
Payment for purchases of property, equipment and branches  constructions				(312,818)				(522,975)
Proceeds from selling property and equipment				1,142				1,250
Proceeds from redemption of financial assets at amortized cost				659,761				2,654,583
Payment for purchases of financial assets at amortized cost				(41,770)				(3,844)
Payment for purchases of financial assets at fair value through OCI				(67,627,930)				(111,506,191)
Proceeds from selling financial assets at fair value through OCI				45,512,886				71,451,202
Net cash generated from (used in) investing activities				(21,858,629)				(38,084,335)
	Condensed Separate Interim Cash flows for the period ended June 30, 2022 (Cont.)
			Jun. 30, 2022			Jun. 30, 2021
			EGP Thousands			EGP Thousands
Cash flow from financing activities
Increase (decrease) in long term loans			846,869			(2,120,154)
Dividend paid			(4,410,322)			(1,360,652)
Increase (decrease) in issued debt instruments			307,661			-
Capital increase			122,716			-
Net cash generated from (used in) financing activities			(3,133,076)			(3,480,806)
Net (decrease) increase in cash and cash equivalent during the period			(6,060,617)			(17,333,193)
Beginning balance of cash and cash equivalent			60,891,899			75,965,247
Cash and cash equivalent at the end of the period			54,831,282			58,632,054
Cash and cash equivalent comprise:
Cash and balances at the central bank			41,845,093			31,792,597
Due from banks			57,016,700			79,116,502
Treasury bills and other governmental  notes		10	76,375,291			58,677,132
Obligatory reserve balance with CBE			(36,065,936)			(26,239,755)
Due from banks with maturities more than three months			(12,494,125)			(26,293,821)
Treasury bills with maturity more than three months			(71,845,741)			(58,420,601)
Total cash and cash equivalent			54,831,282			58,632,054

'

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
Capital increase	-	-	-	-	-	-	-	-	-	-
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 year	-	-	-	-	-	-	-	6,077,342	-	6,077,342
Transferred from reserve 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 after tax	-	-	-	-	-	(1,624,416)	-	-	-	(1,624,416)
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	-	-	-	-	-	(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
Condensed Separate Interim statement of  changes in shareholders' equity for the period ended June 30, 2022
Jun. 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	122,716	-	-	-	-	-	-	-	-	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 year	-	-	-	-	-	-	-	7,773,991	-	7,773,991
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(4,227)	-	4,227	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(7,358,230)	-	-	-	(7,358,230)
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	-	-	-	-	-	104,188	-	-	-	104,188
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	384,255	384,255
Ending balance	19,825,134	3,963,946	37,096,858	1,549,445	18,947	(6,619,038)	11,981	8,141,768	1,555,725	65,544,766

 

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