CIB 1H2023 Separate Condensed Financial Statements

Commercial Intnl Bank (Egypt) SAE

24 July 2023

 

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

http://www.rns-pdf.londonstockexchange.com/rns/8758G_1-2023-7-23.pdf 

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

Condensed Separate Interim Financial Statements

June 30, 2023

Condensed Separate Interim Statement of Financial Position as at June 30, 2023                    Notes Jun. 30, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 33,404,357 47,384,574 Due from banks 9 281,453,512 133,766,196 Loans and advances to banks, net 11 265,506 2,978,197 Loans and advances to customers, net 12 219,683,799 192,621,288 Derivative financial instruments 2,072,177 1,939,961 Financial investments : - Financial Assets at Fair Value through OCI 13              190,099,506                   202,916,225 - Financial Assets at Amortized cost 13                43,649,201                     34,178,753 - Investments in associates and subsidiaries 14                  2,116,344                       1,074,250 Non current assets held for sale 27                     159,828                                 -   Other assets 15                19,089,982                     14,454,868 Deferred tax assets                     285,247                           24,240 Property and equipment 16                  2,398,143                       2,304,513 Total assets              794,677,602                   633,643,065 Liabilities and equity Liabilities Due to banks 17                23,940,798                       3,475,848 Due to customers 18              656,423,136                   530,124,905 Derivative financial instruments                     139,259                         219,752 Current income tax liabilities                  4,952,484                       3,051,583 Other liabilities 19                16,448,991                     11,549,472 Issued debt instruments 20                  3,070,637                       2,456,607 Other loans                11,158,536                       7,978,975 Other provisions 21                  9,389,034                       7,065,292 Total liabilities              725,522,875                   565,922,434 Equity Issued and paid up capital                30,195,010                     29,825,134 Reserves                23,220,467                     19,502,716 Reserve for employee stock ownership plan (ESOP)                  1,133,385                       1,895,435 Retained earnings *                14,605,865                     16,497,346 Total equity and net profit for the period / year                69,154,727                     67,720,631 Total liabilities and equity              794,677,602                   633,643,065 The accompanying notes are an integral part of these financial statements. (Limited review report attached) *Including net profit for the current period Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Condensed Separate Interim Income Statement for the period ended June 30, 2023

Notes Last 6 Months Last 6 Months Jun. 30, 2023 Jun. 30, 2022 EGP Thousands EGP Thousands Interest and similar income 44,928,893 24,258,160 Interest and similar expense (21,138,609) (10,562,668) Net interest income 23,790,284 13,695,492 Fee and commission income 4,126,585 2,408,556 Fee and commission expense (1,575,432) (1,072,802) Net fee and commission income 2,551,153 1,335,754 Dividend income 93,844 62,799 Net trading income 5 2,320,059 1,013,504 Profits (Losses) on financial investments 13 92,572 1,065,443 Administrative expenses (4,170,553) (3,233,444) Other operating (expenses) income 6 (3,336,832) (2,509,857) Impairment release (charges) for credit losses (1,212,831) (14,449) Profit before income tax 20,127,696 11,415,242 Income tax expense 25 (5,769,912) (3,110,536) Deferred tax assets (Liabilities) 25 (214,213) (530,715) Net profit for the period 14,143,571 7,773,991 Earning per share 7 Basic 4.17 2.29 Diluted 4.12 2.27 Hussein Abaza CEO & Managing Director Hisham Ezz El-Arab Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30,2023                                                                    Last 6 Months Jun. 30, 2023 Last 6 Months Jun. 30, 2022 EGP Thousands EGP Thousands Net profit for the period 14,143,571  7,773,991 Change in fair value of Financial investments measured at fair value through comprehensive income after tax (9,947,459) Transferred to RE from financial assets at fair value through comprehensive income (95,308)  (7,358,230) Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 204,804  (4,227) Total comprehensive income for the period 4,305,608  104,188 515,722

Condensed Separate Interim Cash Flows for the period ended June 30, 2023

			Notes	Jun. 30, 2023				Jun. 30, 2022
				EGP Thousands				EGP Thousands
Cash flow from operating activities
Profit before income tax				20,127,696				11,415,242
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation			16	416,248				427,873
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)				983,641				(94,868)
Other provisions charges			21	1,146,440				1,513,984
Impairment (Released) charge for credit losses (due from banks)				2,890				5,357
Impairment (Released) charge for credit losses (financial investments)				226,300				103,960
Impairment (Released) charge for other assets				-				(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC				(5,858,602)				(2,840,747)
Utilization of other provisions			21	(1,031)				(1,707)
Other provisions no longer used			21	-				(267)
Exchange differences of other provisions			21	1,178,333				303,949
profits from selling property and equipment				(130)				(1,142)
profits from selling financial investments at fair value through OCI			13	(92,572)				(1,065,443)
Shares based payments				402,192				384,255
Operating profits before changes in operating assets and liabilities				18,531,405				9,872,678
Net decrease (increase) in assets and  liabilities
Due from banks				32,434,410				13,240,715
Financial assets at fair value through P&L				-				239,339
Derivative financial instruments				(212,709)				(882,092)
Loans and advances to banks and customers			11 - 12	(25,329,650)				(25,746,135)
Other assets				(4,448,765)				(291,414)
Due to banks			17	20,464,950				2,107,063
Due to customers			18	126,298,231				21,455,167
Current income tax obligations paid				(817,428)				(780,370)
Other liabilities				2,117,243				(283,863)
Net cash generated from (used in) operating activities				169,037,687				18,931,088
Cash flow from investing activities
Payments for investment in subsidiaries				(1,216,022)				(49,900)
Payment for purchases of property, equipment and branches  constructions				(700,038)				(312,818)
Proceeds from selling property and equipment				130				1,142
Proceeds from redemption of financial assets at amortized cost				196,783				659,761
Payment for purchases of financial assets at amortized cost				(9,045,180)				(41,770)
Payment for purchases of financial assets at fair value through OCI				(51,454,096)				(67,627,930)
Proceeds from selling financial assets at fair value through OCI				59,328,407				45,512,886
Net cash generated from (used in) investing activities				(2,890,016)				(21,858,629)
	Condensed Separate Interim Cash Flows for the period ended June 30, 2023 (Cont.)
			Jun. 30, 2023			Jun. 30, 2022
			EGP Thousands			EGP Thousands
Cash flow from financing activities
Other loans			3,179,561			846,869
Dividends paid			(3,577,639)			(4,410,322)
Issued debt instruments			614,030			307,661
Capital increase			369,876			122,716
Net cash generated from (used in) financing activities			585,828			(3,133,076)
Net (decrease) increase in cash and cash equivalent during the period			166,733,499			(6,060,617)
Beginning balance of cash and cash equivalent			92,895,143			60,891,899
Cash and cash equivalent at the end of the period			259,628,642			54,831,282
Cash and cash equivalent comprise:
Cash and balances at the central bank			33,404,357			41,845,093
Due from banks			281,505,636			57,016,700
Treasury bills		10	71,798,021			76,375,291
Obligatory reserve balance with CBE			(25,558,292)			(36,065,936)
Due from banks with maturities more than three months			(29,663,385)			(12,494,125)
Treasury bills with maturity more than three months			(71,857,695)			(71,845,741)
Total cash and cash equivalent			259,628,642			54,831,282

'

Condensed Separate Interim statement of  changes in shareholders' equity
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 at 1 January 2022	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 period	-	-	-	-	-	-	-	7,773,991	-	7,773,991
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,227)	-	4,227	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(7,358,230)	-	-	-	(7,358,230)
Transferred (from) to bank 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
Balance at 30 June 2022	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
Jun. 30, 2023	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 at 1 January 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	369,876	-	-	-	-	-	-	-	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	2,208	-	-	(12,388,223)	(1,164,242)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit of the period	-	-	-	-	-	-	-	14,143,571	-	14,143,571
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(95,308)	-	95,308	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(9,947,459)	-	-	-	(9,947,459)
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	-	-	-	-	-	204,804	-	-	-	204,804
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	402,192	402,192
Balance at 30 June 2023	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(22,976,424)	15,230	14,605,865	1,133,385	69,154,727

 

END