CIB 3Q 2019 Consolidated Financial Results

RNS Number : 2272S

Commercial Intnl Bank (Egypt) SAE

05 November 2019

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2019

Consolidated balance sheet as at September 30, 2019

Notes Sep. 30, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Assets Cash and balances with central bank 15 27,205,020 20,058,974 Due from  banks 16 25,599,127 46,518,892 Loans and advances to banks, net 18 642,973 67,703 Loans and advances to customers, net 19 109,994,085 106,309,205 Derivative financial instruments 20 291,686 52,289 Investments - Financial investments securities 21 198,155,796 157,585,611 - Investments in associates 22 106,849 106,558 Other assets 23 9,507,964 9,563,018 Intangible assets 40 141,059 238,715 Deferred tax assets (Liabilities) 31 492,460 308,370 Property, plant and equipment 24 2,015,038 1,651,875 Total assets 374,152,057 342,461,210 Liabilities and equity Liabilities Due to banks 25 1,828,108 7,259,819 Due to customers 26 307,845,505 285,296,869 Derivative financial instruments 20 302,812 132,858 Current tax liabilities 3,283,731 3,625,579 Other liabilities 28 8,364,374 6,501,553 Other loans 27 3,400,294 3,721,529 Provisions 29 1,479,338 1,694,607 Total liabilities 326,504,162 308,232,814 Equity Issued and paid up capital 30 14,585,408 11,668,326 Reserves 33 23,333,248 12,184,667 Reserve for employee stock ownership plan (ESOP) 33 1,110,317 738,320 Retained earnings * 33 8,618,922 9,637,083 Total equity 47,647,895 34,228,396 Total liabilities and equity 374,152,057 342,461,210 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated income statement for the period ended September 30, 2019 Note Sep. 30, 2019 Sep. 30, 2018 EGP Thousands EGP Thousands Continued Operations Interest and similar income 31,652,305 27,150,333 Interest and similar expense (16,203,599) (13,842,130) Net interest income 6 15,448,706 13,308,203 Fee and commission income 2,544,996 2,464,173 Fee and commission expense (857,475) (703,749) Net fee and commission income 7 1,687,521 1,760,424 Dividend income 8 22,454 25,063 Net trading income 9 561,877 745,248 Profits (Losses) on financial investments 21 263,132 402,153 Administrative expenses 10 (3,888,839) (2,947,507) Other operating (expenses) income 11 (1,016,445) (997,218) Intangible assets amortization 40 (97,656) (97,656) Impairment charge for credit losses 12 (1,207,315) (2,803,402) Bank's share in the profits of associates 291 16,346 Profit before income tax 11,773,726 9,411,654 Income tax expense 13 (3,283,731) (2,563,006) Deferred tax assets (Liabilities) 31 - 13 47,599 170,493 Net profit for the period 8,537,594 7,019,141 Bank shareholders 8,537,594 7,019,141 Earning per share 14 Basic 5.27 4.32 Diluted 5.23 4.29 Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of other comprehensive income for the period ended September 30, 2019

Notes Sep. 30, 2019 Sep. 30, 2018 EGP Thousands EGP Thousands Net profit for the period 8,537,594 7,019,141 Reserve for financial assets at fair value through OCI 5,199,526 (3,313,259) Cumulative foreign currencies translation differences 3,747 - Total other comprehensive income for the period 13,740,867 3,705,882 Consolidated cash flow for the period ended September 30, 2019 Notes Sep. 30, 2019 Sep. 30, 2018 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 11,773,726 9,411,654 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 425,637 279,798 Impairment charge for credit losses 12 1,256,000 2,803,402 Other provisions charges 29 12,494 90,731 Provisions charges - due from banks 12 23,161 - Provisions charges - financial investments 12 (71,846) - Impairment charge for other assets 23 83,213 242,481 Exchange revaluation differences for financial assets at fair value through OCI 21 1,303,741 (103,827) Intangible assets amortization 40 97,656 97,656 Impairment charge financial assets at fair value through OCI 21 45,664 19,721 Exchange differences in financial investments in subsidiary 22 4,104 - Utilization of other provisions 29 (27,733) (969) Other provisions no longer used 29 (96,499) (45,079) Exchange differences of  other provisions 29 (103,531) 2,776 Profits from selling property, plant and equipment 11 (1,439) (1,045) (Profits) losses from selling financial investments 21 (310,329) (421,874) Shares based payments 371,997 324,510 Bank's share in the profits of associates (291) (16,346) Operating profits before changes in operating assets and liabilities 14,785,725 12,683,589 Net decrease (increase) in assets and  liabilities Due from banks 16 (13,052,086) (42,520,192) Treasury bills and other governmental notes 41 4,974,205 6,405,425 Financial assets at fair value through P&L 21 2,252,280 3,182,127 Derivative financial instruments 20 (67,282) (42,783) Loans and advances to banks and customers 18 - 19 (4,796,325) (18,806,624) Other assets 42 247,459 (3,368,677) Due to banks 25 (5,431,711) (513,151) Due to customers 26 22,548,279 29,858,162 Income tax obligations paid (3,625,579) (2,778,973) Other liabilities 28 1,862,821 1,459,794 Net cash provided from operating activities 19,697,786 (14,441,303) Cash flow from investing activities Payment for purchases of associates - (10,575) Payment for purchases of property, plant, equipment and branches constructions (1,067,918) (652,768) Proceeds from selling property, plant and equipment 11 1,439 1,045 Proceeds from redemption of financial assets at amortized cost 21 33,937,957 7,321,780 Payment for purchases of financial assets at amortized cost 21 (47,344,534) (4,703,236) Payment for purchases of financial assets at fair value through OCI 21 (26,637,577) (11,372,289) Proceeds from selling financial assets at fair value through OCI 5,350,754 1,985,962 Net cash used in investing activities (35,759,879) (7,430,081) Consolidated cash flow for the period ended September 30, 2019 (Cont.) Sep. 30, 2019 Sep. 30, 2018 EGP Thousands EGP Thousands Cash flow from financing activities Increase in long term loans 27 (321,235) 4,358 Dividend paid (2,700,544) (2,143,177) Capital Increase - 50,315 Net cash used in (provided from) financing activities (3,021,779) (2,088,504) Net increase (decrease) in cash and cash equivalent during the period (19,083,872) (23,959,888) Beginning balance of cash and cash equivalent 34,303,645 49,208,837 Cash and cash equivalent at the end of the period 15,219,773 25,248,949 Cash and cash equivalent comprise: Cash and balances with central bank 15 27,205,020 33,253,111 Due from banks 16 25,629,602 45,038,599 Treasury bills and other governmental  notes 17 44,736,504 48,324,427 Obligatory reserve balance with CBE 15 (20,770,245) (23,004,955) Due from banks with maturities more than three months (16,541,989) (30,113,810) Treasury bills with maturity more than three months (45,039,119) (48,248,423) Total cash and cash equivalent 15,219,773 25,248,949

Consolidated statement of changes in shareholders' equity for the period ended September 30, 2018

Sep. 30, 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance 11,618,011 1,332,807 9,000,023 - 20,645 11,815 (1,642,958) 3,634 1,411,549 6,193,879 489,334 - 28,438,739 - 28,438,739 Capital increase 50,315 - - - - - - - - - - - 50,315 50,315 Transferred to reserves - 377,486 3,776,192 - - 606 - - - (3,994,924) (159,360) - - - - Dividend paid - - - - - - - - - (2,143,177) - - (2,143,177) - (2,143,177) Net profit of the period - - - - - - - - - 7,019,141 - - 7,019,141 - 7,019,141 Net unrealised gain/(loss) on AFS - - - - - - (3,313,259) - - - - - (3,313,259) - (3,313,259) Transferred (from) to  bank risk reserve - - - - - - - 689 - (689) - - - - - Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 324,510 - 324,510 - 324,510 Balance at the end of the period 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (4,956,217) 4,323 1,411,549 7,074,230 654,484 - 30,376,269 - 30,376,269

Consolidated statement of changes in shareholders' equity  for the period ended September 30, 2019

Sep. 30, 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,637,083 738,320 - 34,228,396 - 34,228,396 Effect of applying IFRS 9** - - - 117,251 - - 1,889,928 - - - - - 2,007,179 - 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 - 9,637,083 738,320 - 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 - - - - - - - - - 8,537,594 - - 8,537,594 - 8,537,594 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - 5,271,372 - - - - - 5,271,372 - 5,271,372 Transferred (from) to  bank risk reserve - - - - - - - 841 - (841) - - - - - Provision for impairment of debt instruments investments - - - - - - (71,846) - - - - - (71,846) - (71,846) Cost employees stock ownership plan (ESOP) - - - - - - - - - - 371,997 - 371,997 - 371,997 Cumulative foreign currencies translation differences - - - - - - - - - - - 3,747 3,747 - 3,747 Balance at the end of the period 14,585,408 2,188,029 16,234,722 1,549,445 - 13,466 3,338,675 5,164 - 8,618,922 1,110,317 3,747 47,647,895 - 47,647,895 *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 17) The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

 

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