CIB 1Q23 Consolidated Financial Statements

Commercial Intnl Bank (Egypt) SAE

14 May 2023

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements March 31, 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/3361Z_1-2023-5-14.pdf

Condensed Consolidated Interim Statement of Financial Position as at March 31, 2023 Notes Mar. 31, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 52,462,528 47,492,549 Due from  banks 9 170,682,323 133,856,720 Loans and advances to banks, net 11 616,088 2,978,197 Loans and advances to customers, net 12 213,047,067 193,599,872 Derivative financial instruments 2,088,501 1,939,961 Investments - Financial Assets at Fair Value through OCI 13 185,998,930 204,020,733 - Financial Assets at Amortized cost 13 43,654,330 34,524,760 - Investments in associates 14 157,091 186,062 Non current assets held for sale 29 220,335 - Other assets 15 14,774,256 14,521,427 Goodwill 26 85,954 96,268 Intangible assets 27 21,597 24,188 Deferred tax assets - 185,746 Property and equipment 16 2,478,113 2,405,434 Total assets 686,287,113 635,831,917 Liabilities and equity Liabilities Due to banks 17 8,286,885 3,496,698 Due to customers 18 576,828,746 531,616,550 Non current liabilities held for sale 30 890 - Derivative financial instruments 8,294 219,752 Deferred tax liabilities 65,046 - Current income tax liabilities 1,991,935 3,051,583 Other liabilities 19 16,078,448 11,606,912 Issued debt instruments 20 3,069,231 2,456,607 Other loans 9,586,379 7,978,975 Other provisions 21 8,700,532 7,066,672 Total liabilities 624,616,386 567,493,749 Equity Issued and paid up capital 29,990,563 29,825,134 Reserves 23,559,843 19,643,327 Reserve for employee stock ownership plan (ESOP) 1,667,377 1,895,435 Retained earnings * 6,330,323 16,393,841 Total equity and net profit for the period / year 61,548,106 67,757,737 Non Controlling Interest 122,621 580,431 Total minority interest, equity and net profit for the period / year 61,670,727 68,338,168 Total liabilities and equity 686,287,113 635,831,917 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 Consolidated Interim Income Statement for the period ended March 31, 2023 Notes Mar. 31, 2023 Mar. 31, 2022 EGP Thousands EGP Thousands Interest and similar income 19,823,554 12,006,043 Interest and similar expense (8,939,377) (5,288,771) Net interest income 10,884,177 6,717,272 Fee and commission income 2,005,304 1,203,252 Fee and commission expense (792,175) (515,125) Net fee and commission income 1,213,129 688,127 Dividend income 32,362 37,800 Net trading income 5 1,851,908 732,821 Profits (Losses) on financial investments 13 70,920 1,040,297 Administrative expenses (2,063,690) (1,670,887) Other operating (expenses) income 6 (2,040,922) (1,431,967) Goodwill amortization 26 (10,314) (10,314) Intangible assets amortization 27 (2,591) (2,591) Impairment release (charges) for credit losses (944,829) 38,692 Bank's share in the profits / losses of associates (14,871) 2,841 Profit before income tax 8,975,279 6,142,091 Income tax expense 28 (2,262,132) (1,372,939) Deferred tax assets (Liabilities) 28 (645,223) (509,534) Net profit from continued operations 6,067,924 4,259,618 Discontinued Operations Net profit from discontinued operations 31 870 - Net profit for the period 6,068,794 4,259,618 Non Controlling Interest 3,847 15,387 Bank's shareholders 6,064,947 4,244,231 Earning per share 7 Basic 1.81 1.26 Diluted 1.79 1.24 Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2023 Mar. 31, 2023 Mar. 31, 2022 EGP Thousands EGP Thousands Net profit for the period 6,068,794 4,259,618 Change in fair value of Financial investments measured at fair value through comprehensive income after tax (8,522,293) (3,961,167) Transferred to RE from financial assets at fair value through comprehensive income (1,895) (4,201) Cumulative foreign currencies translation differences 281,927 52,636 Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 208,752 101,602 Total comprehensive income for the period (1,964,715) 448,488 As follows: Bank's shareholders (1,968,562) 433,101 Non Controlling Interest 3,847 15,387 Total comprehensive income for the period (1,964,715) 448,488

Condensed Consolidated Interim Cash flows for the period ended March 31 2023
	Notes	Mar. 31, 2023		Mar. 31, 2022
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		8,975,279		6,142,091
Profit from discontinued operations		870		-
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation	16	228,065		223,781
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		707,740		(145,266)
Other provisions charges	21	464,311		1,036,252
Impairment (Released) charge for credit losses (due from banks)		2,096		4,776
Impairment (Released) charge for credit losses (financial investments)		234,993		101,798
Impairment (Released) charge for other assets		-		(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(6,033,831)		63
Goodwill amortization	26	10,314		10,314
Intangible assets amortization	27	2,591		2,591
Utilization of other provisions	21	(345)		(156)
Other provisions no longer used	21	-		(385)
Exchange differences of  other provisions	21	1,169,894		278,463
profits from selling property and equipment		(118)		(50)
profits from selling financial investments at fair value through OCI	13	(70,920)		(1,040,297)
Shares based payments		190,974		175,235
Bank's share in the profits / losses of associates		14,871		(2,841)
Operating profits before changes in operating assets and liabilities		5,896,784		6,508,601
Net decrease (increase) in assets and  liabilities
Due from banks		12,110,117		25,468,271
Financial assets at fair value through P&L		-		239,339
Derivative financial instruments		(359,998)		(680,085)
Loans and advances to banks and customers	11 - 12	(17,792,410)		(12,821,977)
Other assets		(96,139)		1,844,416
Non current assets held for sale		(220,335)		-
Due to banks	17	4,790,187		2,859,939
Due to customers	18	45,212,196		21,780,515
Current income tax obligations paid		(270,197)		(259,516)
Non current liabilities held for sale		890		-
Other liabilities		(354,332)		1,860,904
Net cash generated from (used in) operating activities		48,916,763		46,800,407
Cash flow from investing activities
Payment for purchases of property, equipment and branches  constructions		(457,850)		(92,999)
Proceeds from selling property and equipment		118		50
Proceeds from redemption of financial assets at amortized cost		196,783		2,609,283
Payment for purchases of financial assets at amortized cost		(8,533,818)		(2,474,553)
Payment for purchases of financial assets at fair value through OCI		(32,339,905)		(68,625,535)
Proceeds from selling financial assets at fair value through OCI		46,767,421		78,456,150
Payment for investment in subsidiaries.		(1,008,761)		-
Net cash generated from (used in) investing activities		4,623,988		9,872,396
Condensed Consolidated Interim Cash flows for the period ended March 31, 2023 (Cont.)
		Mar. 31, 2023		Mar. 31, 2022
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans		1,607,404		1,035,994
Dividends paid		(1,988,585)		(4,410,322)
Issued debt instruments		612,624		253,338
Capital increase		165,429		122,716
Net cash generated from (used in) financing activities		396,872		(2,998,274)
Net (decrease) increase in cash and cash equivalent during the period		53,937,623		53,674,529
Beginning balance of cash and cash equivalent		92,969,526		61,065,822
Cash and cash equivalent at the end of the period		146,907,149		114,740,351
Cash and cash equivalent comprise:
Cash and balances at the central bank		52,462,528		30,581,505
Due from banks		170,733,811		121,128,084
Treasury bills and other governmental  notes	10	68,681,151		40,379,000
Obligatory reserve balance with CBE		(46,005,523)		(26,188,639)
Due from banks with maturities more than three months		(29,664,721)		(10,245,456)
Treasury bills with maturity more than three months		(69,300,097)		(40,914,143)
Total cash and cash equivalent		146,907,149		114,740,351

'

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	Non Controlling 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)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	-	4,244,231	-	-	4,244,231	15,387	4,259,618
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,201)	-	4,201	-	-	-	-	-
Net unrealized 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
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2023
Mar. 31, 2023	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	Non Controlling Interest	Total
														EGP Thousands
Beginning balance	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(13,188,818)	11,981	16,393,841	1,895,435	181,324	67,757,737	580,431	68,338,168
Capital increase	165,429	-	-	-	-	-	-	-	-	-	-	165,429	-	165,429
Transferred to reserves	-	806,408	11,998,639	-	-	2,208	-	-	(12,388,223)	(419,032)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(23,982)	(3,762,870)
Net profit of the period	-	-	-	-	-	-	-	-	6,064,947	-	-	6,064,947	3,847	6,068,794
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(1,895)	-	1,895	-	-	-	-	-
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(8,522,293)	-	-	-	-	(8,522,293)	-	(8,522,293)
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	-	-	-	-	-	-	208,752	-	-	-	-	208,752	-	208,752
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	190,974	-	190,974	-	190,974
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	100,603	100,603	99,192	199,795
Balance at the end of the period	29,990,563	4,770,354	39,095,497	1,550,906	(670,972)	21,155	(21,504,254)	15,230	6,330,323	1,667,377	281,927	61,548,106	122,621	61,670,727

 

END