CIB 1st Quarter Consolidated Results

RNS Number : 8647L

Commercial Intnl Bank (Egypt) SAE

05 May 2020

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2020
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Consolidated balance sheet as at March 31, 2020

Notes Mar. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances with central bank 15 27,169,495 28,273,962 Due from  banks 16 26,608,406 28,353,366 Loans and advances to banks, net 18 937,043 625,264 Loans and advances to customers, net 19 115,422,951 119,321,103 Derivative financial instruments 20 377,344 216,383 Investments - Financial Assets at Fair value through P&L 21 314,665 418,781 - Financial Assets at Fair value through OCI 21 92,478,550 89,897,257 - Amortized cost 21 106,531,563 107,225,613 - Investments in associates 22 101,742 107,693 Other assets 23 9,011,653 9,748,143 Deferred tax assets (Liabilities) 31 425,580 350,339 Property, plant and equipment 24 2,227,841 2,204,464 Total assets 381,606,833 386,742,368 Liabilities and equity Liabilities Due to banks 25 10,437,923 11,810,607 Due to customers 26 309,972,342 304,448,455 Derivative financial instruments 20 479,441 282,588 Current tax liabilities 1,332,487 4,639,364 Other liabilities 28 7,674,322 8,396,794 Other loans 27 3,181,170 3,272,746 Provisions 29 2,389,204 2,011,369 Total liabilities 335,466,889 334,861,923 Equity Issued and paid up capital 30 14,690,821 14,690,821 Reserves 33   27,863,613 24,344,815 Reserve for employee stock ownership plan (ESOP) 33   1,108,221 963,152 Retained earnings * 33   2,477,289 11,881,657 Total equity   46,139,944 51,880,445 Total liabilities and equity   381,606,833 386,742,368 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period Chairman and Managing Director

Consolidated income statement for the period ended March 31, 2020 Note Mar. 31, 2020 March. 31, 2019 EGP Thousands EGP Thousands Continued Operations Interest and similar income 10,687,101 10,278,050 Interest and similar expense (4,491,657) (5,338,642) Net interest income 6 6,195,444 4,939,408 Fee and commission income 805,413 855,477 Fee and commission expense (305,561) (277,625) Net fee and commission income 7 499,852 577,852 Dividend income 8 - 121 Net trading income 9 (5,425) 249,879 Profits (Losses) on financial investments  21 470,150 6,377 Administrative expenses 10 (1,524,860) (1,322,068) Other operating (expenses) income 11 (747,433) (141,263) Intangible assets amortization - (32,552) Impairment release (charges) for credit losses 12 (1,240,110) (520,727) Bank's share in the profits of associates 8,149 - Profit before income tax 3,655,767 3,757,027 Income tax expense 13 (1,332,487) (1,090,009) Deferred tax assets (Liabilities) 31 - 13 75,241 (25,411) Net profit for the period 2,398,521 2,641,607 Bank shareholders 2,398,521 2,641,607 Earning per share 14 Basic 1.44 1.59 Diluted 1.43 1.58 Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of other comprehensive income for the period ended March 31, 2020

Notes Dec. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Net profit for the period 2,398,521 2,641,607 Net change in fair value of debt instruments measured at fair value through other comprehensive income (4,865,970) 2,442,704 Net change in fair value of debt instruments measured at fair value through other comprehensive income Cumulative foreign currencies translation differences 1,499 1,180 Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income (47,321) (107,122) Total other comprehensive income for the period (2,513,271) 4,978,369 Consolidated cash flow for the period ended March 31, 2020 Notes Mar. 31, 2020 Mar. 31, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 3,655,767 3,757,027 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 160,538 131,898 Impairment charge for credit losses (Loans and advances to customers) 12 1,272,649 634,951 Other provisions charges 29 439,410 2,077 Impairment charge for credit losses (due from banks) 12 14,782 (7,102) Impairment charge for credit losses (financial investments) 12 (47,321) (107,122) Impairment charge for other assets 23 13,707 24,814 Exchange revaluation differences for financial assets at fair value through OCI 21 287,889 334,394 Intangible assets amortization - 32,552 Impairment charge financial assets at fair value through OCI 21 - 45,664 Exchange differences in financial investments in subsidiary 22 - 1,485 Utilization of other provisions 29 (726) 2,461 Other provisions no longer used 29 (38,630) (164,335) Exchange differences of  other provisions 29 (22,219) (37,871) Profits from selling property, plant and equipment 11 (94) - (Profits) losses from selling financial investments 21 (554,113) (52,041) Shares based payments 145,069 124,000 Bank's share in the profits of associates 5,951 - Released (Impairment) charges of equity instruments 69,863 - Operating profits before changes in operating assets and liabilities 5,402,522 4,722,852 Net decrease (increase) in assets and  liabilities Due from banks 15 211,025 (17,549,341) Treasury bills and other governmental notes - 15,781,350 Financial assets at fair value through P&L 21 104,116 2,180,287 Derivative financial instruments 20 35,892 (47,159) Loans and advances to banks and customers 18 - 19 2,421,201 (6,035,057) Other assets 40 857,769 (587,120) Due to banks 25 (1,372,684) (3,921,303) Due to customers 26 5,523,887 8,052,189 Income tax obligations paid (4,639,364) (3,762,070) Other liabilities 28 (722,192) 3,487,750 Net cash provided from operating activities 7,822,172 2,322,378 Cash flow from investing activities Payment for purchases of property, plant, equipment and branches constructions (320,835) (483,048) Proceeds from selling property, plant and equipment 11 94 - Proceeds from redemption of financial assets at amortized cost 21 45,639,889 33,452,378 Payment for purchases of financial assets at amortized cost 21 (44,945,839) (32,834,360) Payment for purchases of financial assets at fair value through OCI 21 (62,050,349) (4,493,603) Proceeds from selling financial assets at fair value through OCI 54,866,521 4,617,766 Net cash used in investing activities (6,810,519) 259,133 Cash flow from financing activities Increase (decrease) in long term loans 27 (91,576) (114,541) Dividend paid (3,370,464) (2,700,544) Net cash used in (provided from) financing activities (3,462,040) (2,815,085) Net increase (decrease) in cash and cash equivalent during the year (2,450,387) (233,574) Beginning balance of cash and cash equivalent 22,895,017 34,303,645 Cash and cash equivalent at the end of the year 20,444,630 34,070,071 Cash and cash equivalent comprise: Cash and balances with central bank 15 27,169,495 24,741,584 Due from banks 16 26,640,005 51,538,237 Treasury bills and other governmental  notes 17 29,091,960 33,831,714 Obligatory reserve balance with CBE 15 (22,186,285) (17,837,693) Due from banks with maturities more than three months (10,415,104) (23,971,797) Treasury bills with maturity more than three months (29,855,441) (34,231,974) Total cash and cash equivalent 20,444,630 34,070,071

Consolidated statement of changes in shareholders' equity for the period ended March 31, 2019

Mar. 31, 2019 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance   11,668,326   1,710,293   12,776,215   1,549,445   12,421   (1,860,851)   4,323   9,637,083   738,320   -    36,235,575   -     36,235,575 Capital increase   2,917,082   -    (2,917,082)   -    -    -    -    -    -    -    -    -    -  Transferred to reserves   -    477,736   6,375,589   -    1,045   -    -    (6,854,370)   -    -    -    -    -  Dividend paid   -     -    -    -    -    -    -    (2,700,544)   -    -    (2,700,544)   -    (2,700,544) Net profit of the period   -    -    -    -    -    -    -    2,641,607   -    -    2,641,607   -    2,641,607 Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    2,442,704   -    -    -    -    2,442,704   -    2,442,704 Transferred (from) to  bank risk reserve   -    -    -    -    -    -    841   (841)   -    -    -    -    -  ECL for impairment of debt instruments investments   -    -    -    -     -    (107,122)   -    -    -    -    (107,122)   -    (107,122) Cost of employees stock ownership plan (ESOP)    -    -    -    -    -    -    -    -    124,000   -    124,000   -    124,000 Cumulative foreign currencies translation differences   -    -    -    -    -    -    -    -    -    1,180   1,180   -    1,180 Balance at the end of the period   14,585,408   2,188,029   16,234,722   1,549,445   13,466   474,731   5,164   2,722,935   862,320   1,180   38,637,400    -    38,637,400

Consolidated statement of changes in shareholders' equity  for the period ended December 31, 2019

Mar. 31, 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance   14,690,821   2,188,029   16,474,429   1,549,445   13,466   4,111,781   5,164   11,881,657   963,152   2,501   51,880,445   -     51,880,445 Capital increase   -    -    -    -    -    -    -    -    -    -    -    -    -  Transferred to reserves   -    590,106   7,840,286   -    1,440   -    -    (8,431,832)   -    -    -    -    -  Dividend paid   -    -    -    -    -    -    -    (3,370,464)   -    -    (3,370,464)   -    (3,370,464) Net profit of the period   -    -    -    -    -    -    -    2,398,521   -    -    2,398,521   -    2,398,521 Net unrealised gain/(loss) on financial assets at fair value through OCI    -    -    -    -    -    (4,865,970)   -    -    -    -    (4,865,970)   -    (4,865,970) Transferred (from) to  bank risk reserve   -    -    -    -    -    -    1,259   (1,259)   -    -    -    -    -  Release provision for impairment of debt instruments investments   -    -    -    -    -    (47,321)   -    -    -    -    (47,321)   -     (47,321) Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    145,069   -    145,069   -    145,069 Cumulative foreign currencies translation differences   -    -     -    -    -    -    -    666   -    (1,002)   (336)   -    (336) Balance at the end of the period   14,690,821   2,778,135   24,314,715   1,549,445   14,906   (801,510)   6,423   2,477,289   1,108,221   1,499   46,139,944   -    46,139,944

 

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