CIB 1Q2022 Condensed Separate Results

RNS Number : 4911I

Commercial Intnl Bank (Egypt) SAE

15 April 2022

 

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Condensed Separate Interim Balance Sheet as at March 31, 2022 Notes Mar. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 30,471,454 43,385,222 Due from  banks 9 120,898,421 79,991,287 Loans and advances to banks, net 11 364,470 312,216 Loans and advances to customers, net 12 157,575,938 144,765,808 Derivative financial instruments 884,030 225,376 Investments - Financial Assets at Fair Value through P&L 13 1,648 240,987 - Financial Assets at Fair Value through OCI 13 179,382,229 192,390,931 - Amortized cost 13 20,139,599 20,318,767 - Investments in associates and subsidiaries 14 1,014,350 1,014,350 Other assets 15 9,554,515 11,141,917 Deferred tax assets (Liabilities) 308,421 460,026 Property and equipment 16 2,284,285 2,404,237 Total assets 522,879,360 496,651,124 Liabilities and equity Liabilities Due to banks 17 3,695,888 862,759 Due to customers 18 427,654,058 406,100,916 Derivative financial instruments 243,629 265,265 Current tax liabilities 1,113,423 2,234,985 Other liabilities 19 12,133,075 8,021,310 Issued debt instruments 20 1,810,601 1,557,263 Other loans 6,176,776 5,140,782 Other Provisions 21 4,853,905 3,539,676 Total liabilities 457,681,355 427,722,956 Equity Issued and paid up capital 19,825,134 19,702,418 Reserves 39,418,823 33,767,423 Reserve for employee stock ownership plan (ESOP) 1,346,705 1,674,392 Retained earnings * 4,607,343 13,783,935 Total equity and net profit for the period / year 65,198,005 68,928,168 Total liabilities and equity 522,879,360 496,651,124 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 March 31, 2022 Notes Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Interest and similar income 11,812,196 10,120,581 Interest and similar expense (5,209,537) (4,444,196) Net interest income 6,602,659 5,676,385 Fee and commission income 1,191,476 844,128 Fee and commission expense (514,635) (333,561) Net fee and commission income 676,841 510,567 Dividend income 37,800 91 Net trading income 5 716,066 112,718 Profits (Losses) on financial investments 13 1,021,334 493,655 Administrative expenses (1,545,348) (1,472,944) Other operating (expenses) income 6 (1,425,498) (526,604) Impairment release (charges) for credit losses 40,525 (702,082) Profit before income tax 6,124,379 4,091,786 Income tax expense (1,375,213) (1,209,247) Deferred tax assets (Liabilities) (509,574) (6,239) Net profit for the period 4,239,592 2,876,300 Earning per share 7 Basic 1.90 1.29 Diluted 1.87 1.27 Hussein Abaza Sherif Samy CEO & Managing Director Chairman                   Condensed Separate Interim statement of Comprehensive Income for the period ended March 31, 2022 Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Net profit for the period 4,239,592 2,876,300 Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax (3,958,945) (1,674,309) Transferred from reserve on disposal of financial assets at fair value through OCI (4,201) (104,406) Effect of ECL in fair value of debt instruments measured at fair value through OCI 101,561 (14,644) Total comprehensive income for the period 378,007 1,082,941                                   Condensed Separate Interim Cash flows for the period ended March 31, 2022 Notes Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax 6,124,379 4,091,786 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 16 210,105 194,609 Impairment charge for credit losses (Loans and advances to customers and banks) (147,259) 720,756 Other provisions charges 21 1,036,307 114,144 Impairment charge for credit losses (due from banks) 4,977 (4,030) Impairment (Released) charge for credit losses (financial investments) 101,757 (14,644) Impairment (Released) charge for other assets (277,768) 12,676 Exchange revaluation differences for financial assets at fair value through OCI 63 23,042 Impairment (Released) charge financial assets at fair value through OCI - (72,957) Utilization of other provisions 21 (156) (43,518) Other provisions no longer used 21 (385) (5,872) Exchange differences of  other provisions 21 278,463 (15,271) Losses (profits) from selling property and equipment (50) (1,250) Losses (profits) from selling financial investments 13 (1,021,334) (420,698) Shares based payments 175,235 162,451 Operating losses (profits) before changes in operating assets and liabilities 6,484,334 4,741,224 Net decrease (increase) in assets and  liabilities Due from banks 25,542,432 (12,278,859) Financial assets at fair value through P&L 13 239,339 18,839 Derivative financial instruments (680,290) (66,183) Loans and advances to banks and customers 11 - 12 (12,715,125) (2,173,587) Other assets 1,851,768 (284,984) Due to banks 17 2,833,129 (6,304,086) Due to customers 18 21,553,142 25,076,047 Income tax obligations paid (261,790) (29,046) Other liabilities 1,876,780 (236,449) Net cash used in (generated from) operating activities 46,723,719 8,462,916 Cash flow from investing activities Proceeds (payments) for investment in associates. - (158,360) Payment for purchases of property, equipment and branches  constructions (76,753) (347,656) Proceeds from selling property and equipment 50 1,250 Proceeds from redemption of financial assets at amortized cost 2,609,283 346,898 Payment for purchases of financial assets at amortized cost (2,430,124) (3,844) Payment for purchases of financial assets at fair value through OCI (68,194,467) (55,216,492) Proceeds from selling financial assets at fair value through OCI 78,071,439 34,497,956 Net cash generated from (used in) investing activities 9,979,428 (20,880,248) Condensed Separate Interim Cash flows for the period ended March 31, 2022 (Cont.) Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Cash flow from financing activities Received (Repaid) in long term loans 1,035,994 (14,410) Dividend paid (4,410,322) (1,360,652) Issued debt instruments 253,338 - Capital increase 122,716 - Net cash generated from (used in) financing activities (2,998,274) (1,375,062) Net (decrease) increase in cash and cash equivalent during the period 53,704,873 (13,792,394) Beginning balance of cash and cash equivalent 60,891,899 75,965,247 Cash and cash equivalent at the end of the period 114,596,772 62,172,853 Cash and cash equivalent comprise: Cash and balances at the central bank 30,471,454 21,580,813 Due from banks 120,943,837 97,088,303 Treasury bills and other governmental  notes 10 40,371,415 52,339,135 Obligatory reserve balance with CBE (26,030,335) (15,671,568) Due from banks with maturities more than three months (10,245,456) (40,498,431) Treasury bills with maturity more than three months (40,914,143) (52,665,399) Total cash and cash equivalent 114,596,772 62,172,853 ' Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended March 31, 2021 Mar. 31, 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   -    -    -    -    -    -    -    2,876,300   -    2,876,300 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   -    -    -    -    -    (1,674,309)   -    -    -    (1,674,309) Transferred (from) to bank risk reserve   -    -    -    -    -    -    2,718   (2,718)   -    -  ECL for impairment of debt instruments investments   -    -    -    -    -    (14,644)   -     -    -    (14,644) Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -     -    162,451   162,451 Ending balance   14,776,813   3,293,074   33,186,137   1,549,445   16,000   2,177,628   9,141   3,166,768   1,227,099   59,402,105 Condensed Separate Interim statement of  changes in shareholders' equity for the period ended March 31, 2022 Mar. 31, 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   -    502,922   -    -    -    -    -    (502,922)    122,716 Transferred to reserves   -    670,872   8,333,404   -    2,947   -    -    (9,007,223)   -    -  Dividend paid   -    -    -    -    -    -    -    (4,410,322)   -    (4,410,322) Net profit of the year   -    -    -    -    -    -    -    4,239,592   -    4,239,592 Transferred from reserve on disposal of financial assets at fair value through OCI   -    -    -    -    -    (4,201)   -    4,201   -    -  Net unrealised gain/(loss) on financial assets at fair value through OCI after tax   -    -    -    -    -    (3,958,945)   -    -    -    (3,958,945) 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   -    -    -    -    -    101,561    -    -    -    101,561 Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    175,235   175,235 Ending balance   19,825,134   3,963,946   37,096,858   1,549,445   18,947   (3,222,354)   11,981   4,607,343   1,346,705   65,198,005

Condensed Consolidated Interim Balance Sheet as at March 31, 2022 Notes Mar. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 30,581,505 43,492,248 Due from  banks 9 121,082,311 80,141,769 Loans and advances to banks, net 11 364,470 312,216 Loans and advances to customers, net 12 158,490,232 145,575,243 Derivative financial instruments 884,030 225,376 Investments - Financial Assets at Fair Value through P&L 13 1,648 240,987 - Financial Assets at Fair Value through OCI 13 180,352,612 193,198,894 - Amortized cost 13 20,412,726 20,547,465 - Investments in associates 14 208,156 205,315 Other assets 15 9,618,567 11,207,128 Goodwill 26 127,211 137,525 Intangible assets 27 31,963 34,554 Deferred tax assets (Liabilities) 308,421 456,002 Property and equipment 16 2,352,247 2,461,116 Total assets 524,816,099 498,235,838 Liabilities and equity Liabilities Due to banks 17 3,725,995 866,056 Due to customers 18 429,022,053 407,241,538 Derivative financial instruments 243,629 265,470 Current tax liabilities 1,113,423 2,234,985 Other liabilities 19 12,181,434 8,085,545 Issued debt instruments 20 1,810,601 1,557,263 Other loans 6,176,776 5,140,782 Other Provisions 21 4,855,636 3,541,462 Total liabilities 459,129,547 428,933,101 Equity Issued and paid up capital 19,825,134 19,702,418 Reserves 39,481,063 33,774,990 Reserve for employee stock ownership plan (ESOP) 1,346,705 1,674,392 Retained earnings * 4,524,449 13,696,402 Total equity and net profit for the period / year 65,177,351 68,848,202 Minority interest 509,201 454,535 Total minority interest, equity and net profit for the period / year 65,686,552 69,302,737 Total liabilities and equity 524,816,099 498,235,838 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 Consolidated Interim Income Statement for the period ended March 31, 2022 Notes Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Interest and similar income 12,006,043 10,121,709 Interest and similar expense (5,288,771) (4,444,196) Net interest income 6,717,272 5,677,513 Fee and commission income 1,203,252 844,263 Fee and commission expense (515,125) (333,668) Net fee and commission income 688,127 510,595 Dividend income 37,800 91 Net trading income 5 732,821 112,718 Profits (Losses) on financial investments 13 1,040,297 493,655 Administrative expenses (1,670,887) (1,475,077) Other operating (expenses) income 6 (1,431,967) (526,620) Goodwill amortization 26 (10,314) (10,314) Intangible assets amortization 27 (2,591) (2,591) Impairment release (charges) for credit losses 38,692 (702,082) Bank's share in the profits of associates 2,841 11,061 Profit before income tax 6,142,091 4,088,949 Income tax expense (1,372,939) (1,209,247) Deferred tax assets (Liabilities) (509,534) (6,239) Net profit for the period 4,259,618 2,873,463 Minority interest 15,387 419 Bank shareholders 4,244,231 2,873,044 Earning per share 7 Basic 1.90 1.29 Diluted 1.87 1.27 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31 2022 Mar. 31, 2022 Mar. 31, 2021 EGP Thousands EGP Thousands Net profit for the period 4,259,618 2,873,463 Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax (3,961,167) (1,674,309) Transferred from reserve on disposal of financial assets at fair value through OCI (4,201) (104,406) Cumulative foreign currencies translation differences 52,636 (3,320) Effect of ECL in fair value of debt instruments measured at fair value through OCI 101,602 (14,644) Total other comprehensive income 448,488 1,076,784 As follows: Bank's shareholders 433,101 1,076,365 Minority interest 15,387 419 Total comprehensive income for the period 448,488 1,076,784

Condensed Consolidated Interim Cash flows for the period ended March 31 2022
	Notes	Mar. 31, 2022		Mar. 31, 2021
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		6,142,091		4,088,949
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	16	223,781		194,609
Impairment charge for credit losses (Loans and advances to customers and banks)		(145,266)		720,756
Other provisions charges	21	1,036,252		114,109
Impairment charge for credit losses (due from banks)		4,776		(4,030)
Impairment (Released) charge for credit losses (financial investments)		101,798		(14,644)
Impairment (Released) charge for other assets		(277,768)		12,676
Exchange revaluation differences for financial assets at fair value through OCI		63		23,042
Goodwill amortization	26	10,314		37,819
Intangible assets amortization	27	2,591		9,502
Impairment (Released) charge financial assets at fair value through OCI		-		(72,957)
Utilization of other provisions	21	(156)		(43,518)
Other provisions no longer used	21	(385)		(5,872)
Exchange differences of  other provisions	21	278,463		(15,271)
Profits from selling property and equipment		(50)		(1,250)
Losses (profits) from selling financial investments	13	(1,040,297)		(420,698)
Shares based payments		175,235		162,451
Bank's share in the profits of associates		(2,841)		(11,061)
Operating losses (profits) before changes in operating assets and liabilities		6,508,601		4,774,612
Net decrease (increase) in assets and  liabilities
Due from banks		25,468,271		(12,278,859)
Financial assets at fair value through P&L	13	239,339		18,839
Derivative financial instruments		(680,085)		(66,183)
Loans and advances to banks and customers	11 - 12	(12,821,977)		(2,178,284)
Other assets		1,844,416		(371,049)
Due to banks	17	2,859,939		(6,304,086)
Due to customers	18	21,780,515		25,079,066
Income tax obligations paid		(259,516)		(29,046)
Other liabilities		1,860,904		(25,774)
Net cash used in (generated from) operating activities		46,800,407		8,619,236
Cash flow from investing activities
Proceeds (payments) for investment in associates.		-		(158,360)
Payment for purchases of property, equipment and branches  constructions		(92,999)		(348,974)
Proceeds from selling property and equipment		50		1,250
Proceeds from redemption of financial assets at amortized cost		2,609,283		452,910
Payment for purchases of financial assets at amortized cost		(2,474,553)		(237,609)
Payment for purchases of financial assets at fair value through OCI		(68,625,535)		(55,600,830)
Proceeds from selling financial assets at fair value through OCI		78,456,150		33,585,657
Net cash generated from (used in) investing activities		9,872,396		(22,305,956)
Condensed Consolidated Interim Cash flows for the period ended March 31, 2022 (Cont.)
		Mar. 31, 2022		Mar. 31, 2021
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans		1,035,994		(14,410)
Dividend paid		(4,410,322)		(1,360,652)
Issued debt instruments		253,338		-
Capital increase		122,716		-
Net cash generated from (used in) financing activities		(2,998,274)		(1,375,062)
Net (decrease) increase in cash and cash equivalent during the priod		53,674,529		(15,061,782)
Beginning balance of cash and cash equivalent		61,065,822		75,796,375
Cash and cash equivalent at the end of the period		114,740,351		60,734,593
Cash and cash equivalent comprise:
Cash and balances at the central bank		30,581,505		21,800,293
Due from banks		121,128,084		97,518,428
Treasury bills and other governmental  notes	10	40,379,000		52,371,207
Obligatory reserve balance with CBE		(26,188,639)		(15,805,888)
Due from banks with maturities more than three months		(10,245,456)		(42,484,048)
Treasury bills with maturity more than three months		(40,914,143)		(52,665,399)
Total cash and cash equivalent		114,740,351		60,734,593

'

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2021
Mar. 31, 2021	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders' Equity	Minority Interest	Total
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Transferred to reserves	-	514,939	8,420,479	-	-	1,094	-	-	(8,936,512)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the year	-	-	-	-	-	-	-	-	2,873,044	-	-	2,873,044	419	2,873,463
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	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(1,674,309)	-	-	-	-	(1,674,309)	-	(1,674,309)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	(14,644)	-	-	-	-	(14,644)	-	(14,644)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	162,451	-	162,451	-	162,451
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	364	364	-	364
Balance at the end of the period	14,776,813	3,293,074	33,186,137	1,549,445	8,183	16,000	2,182,155	9,141	3,225,616	1,227,099	(3,320)	59,470,343	483,474	59,953,817
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2022
Mar. 31, 2022	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders' Equity	Minority Interest	Total
														EGP Thousands
Beginning balance	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	122,716	-	502,922	-	-	-	-	-	-	(502,922)	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,333,404	-	-	2,947	-	-	(9,007,223)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	-	4,244,231	-	-	4,244,231	15,387	4,259,618
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(4,201)	-	4,201	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(3,961,167)	-	-	-	-	(3,961,167)	-	(3,961,167)
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	-	-	-	-	-	-	101,602	-	-	-	-	101,602	-	101,602
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	175,235	-	175,235	-	175,235
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	56,854	56,854	39,279	96,133
Balance at the end of the period	19,825,134	3,963,946	37,096,858	1,550,906	8,183	18,947	(3,222,394)	11,981	4,524,449	1,346,705	52,636	65,177,351	509,201	65,686,552

 

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