CIB 1st Separate Quarter Results

RNS Number : 1051Y

Commercial Intnl Bank (Egypt) SAE

07 May 2019

 

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

Separate Financial Statements

March 31,  2019

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Separate balance sheet as at March 31,2019

Notes Mar. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Assets Cash and balances with central bank 15  24,741,584 20,058,974 Due from  banks 16  51,538,024 46,518,892 Loans and advances to banks, net 18 241,873 67,703 Loans and advances to customers, net 19 112,253,470 106,309,205 Derivative financial instruments 20  150,424 52,289 Financial investments securities - Financial investments securities 21  149,898,821 157,585,611 - Investments in associates and subsidiaries 22  67,148 68,633 Other assets 23 10,372,008 9,563,218 Intangible assets 40  206,163 238,715 Deferred tax assets (Liabilities) 31 419,450 308,370 Property, plant and equipment 24  1,754,541 1,651,875 Total assets  351,643,506 342,423,485 Liabilities and equity Liabilities Due to banks 25 3,338,516 7,259,819 Due to customers 26 293,391,921 285,340,472 Derivative financial instruments 20 174,198 132,858 Current tax liabilities 1,090,009 3,625,579 Other liabilities 28 9,989,303 6,501,553 Other loans 27 3,606,988 3,721,529 Provisions 29 1,496,939 1,694,607 Total liabilities 313,087,874 308,276,417 Equity Issued and paid up capital 30 14,585,408 11,668,326 Reserves 33 20,465,557 12,184,667 Reserve for employee stock ownership plan (ESOP) 33 862,320 738,320 Retained earnings * 33 2,642,347 9,555,755 Total equity 38,555,632 34,147,068 Total liabilities and equity 351,643,506 342,423,485 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period

Separate income statement for the period ended March 31, 2019 Note Mar. 31, 2019 Mar. 31, 2018 EGP Thousands EGP Thousands Interest and similar income 10,278,050 7,936,316 Interest and similar expense (5,339,464) (4,676,400) Net interest income 6 4,938,586 3,259,916 Fee and commission income 855,477 786,422 Fee and commission expense (277,625) (214,083) Net fee and commission income 7 577,852 572,339 Dividend income 8 121 1,086 Net trading income 9 249,879 436,092 Profits (Losses) on financial investments  21 6,377 146,651 Administrative expenses 10 (1,320,672) (957,074) Other operating (expenses) income 11 (141,097) (236,859) Intangible assets amortization 40 (32,552) (32,552) Impairment charge for credit losses 12 (520,727) (320,232) Profit before income tax 3,757,767 2,869,367 Income tax expense 13 (1,090,009) (896,492) Deferred tax assets (Liabilities) 31 - 13 (25,411) 44,763 Net profit for the period 2,642,347 2,017,638 Earning per share 14 Basic 1.63 1.25 Diluted 1.62 1.24

Separate statement of other comprehensive income for the period ended March 31, 2019

Notes Mar. 31, 2019 Mar. 31, 2018 EGP Thousands EGP Thousands Net profit for the period 2,642,347 2,017,638 Reserve for financial assets at fair value through OCI 2,335,582 (603,484) Total other comprehensive income for the period 4,977,929 1,414,154 Separate cash flow for the period ended March 31, 2019 Notes Mar. 31, 2019 Mar. 31, 2018 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax 3,757,767 2,869,367 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 131,898 94,089 Impairment charge for credit losses 12 634,951 320,232 Other provisions charges 29 2,077 26,048 Provisions charges - due from banks 12 (7,102) - Provisions charges - financial investments 12 (107,122) - Impairment charge for other assets 23 24,814 - Exchange revaluation differences for financial assets at fair value through OCI 21 334,394 39,053 Intangible assets amortization 40 32,552 32,552 Impairment charge financial assets at fair value through OCI 21 45,664 (16) Exchange differences in financial investments in subidiary 22 1,485 209 Utilization of other provisions 29 2,461 245 Other provisions no longer used 29 (164,335) - Exchange differences of  other provisions 29 (37,871) 2,578 (Profits) losses from selling financial investments 21 (52,041) (146,635) Shares based payments 124,000 107,302 Operating profits before changes in operating assets and liabilities 4,723,592 3,345,024 Net decrease (increase) in assets and  liabilities Due from banks 16 (17,549,341) (29,978,825) Treasury bills and other governmental notes 41 15,781,350 8,624,987 Financial assets at fair value through P&L 21 2,180,287 124,989 Derivative financial instruments 20 (47,159) (5,392) Loans and advances to banks and customers 18 - 19 (6,035,057) (7,195,719) Other assets 42 (587,120) (1,232,913) Due to banks 25 (3,921,303) 9,474,440 Due to customers 26 8,051,449 5,354,264 Income tax obligations paid (3,762,070) (2,778,973) Other liabilities 28 3,487,750 2,608,087 Net cash provided from operating activities 2,322,378 (11,660,031) Cash flow from investing activities Payment for purchases of subsidiary and associates - (10,575) Payment for purchases of property, plant, equipment and branches constructions (483,048) (214,488) Proceeds from redemption of financial assets at amortized cost 21 33,452,378 2,808,013 Payment for purchases of financial assets at amortized cost 21 (32,834,360) - Payment for purchases of financial assets at fair value through OCI 21 (4,493,603) (10,484,844) Proceeds from selling financial assets at fair value through OCI 4,617,766 303,449 Net cash used in investing activities 259,133 (7,598,445) Separate cash flow for the period ended March 31, 2019 (Cont.) Mar. 31, 2019 Mar. 31, 2018 EGP Thousands EGP Thousands Cash flow from financing activities Increase in long term loans 27 (114,541) 13,092 Dividend paid (2,700,544) (2,143,177) Net cash used in (provided from) financing activities (2,815,085) (2,130,085) Net increase (decrease) in cash and cash equivalent during the period (233,574) (21,388,561) Beginning balance of cash and cash equivalent 34,303,645 49,208,837 Cash and cash equivalent at the end of the period 34,070,071 27,820,276 Cash and cash equivalent comprise: Cash and balances with central bank 15 24,741,584 26,182,232 Due from banks 16 51,538,237 42,306,844 Treasury bills and other governmental  notes 17 33,831,714 45,937,458 Obligatory reserve balance with CBE 15 (17,837,693) (20,421,756) Due from banks with maturities more than three months (23,971,797) (20,155,641) Treasury bills with maturity more than three months (34,231,974) (46,028,861) Total cash and cash equivalent 34,070,071 27,820,276

Separate statement of changes in shareholders' equity  for the period ended March 31, 2018

Mar. 31, 2018 Issued and paid up capital Legal reserve General reserve General risk reserve* Special reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total Beginning balance 11,618,011 1,332,807 9,000,023 - 20,645 11,815 (1,642,958) 3,634 1,411,549 6,138,790 489,334 28,383,650 Transferred to reserves - 377,486 3,616,832 - - 606 - - - (3,994,924) - - Dividend paid - - - - - - - - - (2,143,177) - (2,143,177) Net profit for the period - - - - - - - - - 2,017,638 - 2,017,638 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (603,484) - - - - (603,484) Transferred (from) to  bank risk reserve - - - - - - - 689 - (689) - - Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 107,302 107,302 Balance at the end of the period 11,618,011 1,710,293 12,616,855 - 20,645 12,421 (2,246,442) 4,323 1,411,549 2,017,638 596,636 27,761,929

Separate 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* Special reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total Beginning balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,555,755 738,320 34,147,068 Effect of applying IFRS 9** - - - 117,251 - - 1,889,928 - - - - 2,007,179 Transferred to general risk reserve - - - 1,432,194 (20,645) - - - (1,411,549) - - - Beginning balance after the impact of initial application 11,668,326 1,710,293 12,776,215 1,549,445 - 12,421 (1,860,851) 4,323 - 9,555,755 738,320 36,154,247 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) Net profit for the period - - - - - - - - - 2,642,347 - 2,642,347 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - 2,442,704 - - - - 2,442,704 Transferred (from) to  bank risk reserve - - - - - - - 841 - (841) - - Provision for impairment of debt instruments investments - - - - - (107,122) - - - - (107,122) Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 124,000 124,000 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 - 2,642,347 862,320 38,555,632 *The special reserve, general bank risk reserve and IFRS 9 risk reserve - were consolidated in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26 February 2019 The initial application impact (disclosure in page number 15)** The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

 

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