CIB 3Q21 Condensed Consolidated Financial Results

RNS Number : 1594S

Commercial Intnl Bank (Egypt) SAE

12 November 2021

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2021

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Condensed Consolidated Interim Balance Sheet as at September 30, 2021 Notes Sep. 30, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 7 33,326,348 33,768,549 Due from  banks 8 72,234,555 87,426,301 Loans and advances to banks, net 10 - 776,980 Loans and advances to customers, net 11 139,923,206 119,570,005 Derivative financial instruments 267,016 248,759 Investments - Financial Assets at Fair Value through P&L 12 206,699 359,959 - Financial Assets at Fair Value through OCI 12 212,487,239 148,118,372 - Amortized cost 12 20,533,947 25,285,225 - Investments in associates 13 331,602 139,871 Other assets 10,582,643 9,175,525 Goodwill 23 147,839 178,782 Intangible assets 24 37,146 44,920 Deferred tax assets (Liabilities) 445,594 437,772 Property and equipment 14 2,508,417 2,311,147 Total assets 493,032,251 427,842,167 Liabilities and equity Liabilities Due to banks 15 1,546,050 8,817,535 Due to customers 16 404,203,107 341,169,450 Derivative financial instruments 324,863 331,073 Current tax liabilities 1,962,488 859,582 Other liabilities 8,002,075 5,735,269 Issued debt instruments 17 1,556,032 - Other loans 5,633,101 7,746,946 Provisions 18 3,343,071 3,223,501 Total liabilities 426,570,787 367,883,356 Equity Issued and paid up capital 19,702,418 14,776,813 Reserves 34,459,488 33,094,580 Reserve for employee stock ownership plan (ESOP) 1,542,292 1,064,648 Retained earnings * 10,301,362 10,539,715 Total equity and net profit for the period / year 66,005,560 59,475,756 Minority interest 455,904 483,055 Total minority interest, equity and net profit for the period / year 66,461,464 59,958,811 Total liabilities and equity 493,032,251 427,842,167 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 September 30, 2021 Notes Last 3 Months Sep. 30, 2021 Last 9 Months Sep. 30, 2021 Last 3 Months Sep. 30, 2020 Last 9 Months Sep. 30, 2020 EGP Thousands EGP Thousands EGP Thousands EGP Thousands Interest and similar income 11,637,222 32,654,016 10,598,726 31,521,368 Interest and similar expense (5,179,478) (14,499,387) (4,235,829) (12,681,144) Net interest income 6,457,744 18,154,629 6,362,897 18,840,224 Fee and commission income 1,099,130 2,900,853 663,330 2,142,547 Fee and commission expense (442,713) (1,129,949) (310,289) (803,346) Net fee and commission income 656,417 1,770,904 353,041 1,339,201 Dividend income 18,854 57,451 14,431 40,393 Net trading income 5 212,228 490,787 51,001 228,232 Profits (Losses) on financial investments 12 56,596 658,483 53,913 885,918 Administrative expenses (1,492,421) (4,438,232) (1,352,498) (4,200,518) Other operating (expenses) income (255,488) (1,370,707) (187,946) (2,035,158) Goodwill amortization 23 (10,314) (30,943) (11,921) (20,302) Intangible assets amortization 24 (2,591) (7,774) - - Impairment release (charges) for credit losses (303,307) (1,323,521) (1,603,212) (3,862,866) Bank's share in the profits of associates 6,560 18,354 17,333 24,327 Profit before income tax 5,344,278 13,979,431 3,697,039 11,239,451 Income tax expense (1,525,115) (4,115,929) (1,306,332) (3,958,540) Deferred tax assets (Liabilities) (6,983) 11,861 (44,220) 63,381 Net profit for the period 3,812,180 9,875,363 2,346,487 7,344,292 Minority interest (220) (1,932) (2,100) (2,100) Bank shareholders 3,812,400 9,877,295 2,348,587 7,346,392 Earning per share 6 Basic 1.71 4.44 1.08 3.34 Diluted 1.70 4.42 1.07 3.32 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2021 Last 3 Months Sep. 30, 2021 Last 9 Months Sep. 30, 2021 Last 3 Months Sep. 30, 2020 Last 9 Months Sep. 30, 2020 EGP Thousands EGP Thousands EGP Thousands EGP Thousands Net profit for the period 3,812,180 9,875,363 2,346,487 7,344,292 Change in fair value of debt instruments measured at fair value through other comprehensive income (700,186) (2,375,618) (807,000) (2,292,039) Transferred from reserve on disposal of financial assets at fair value through OCI (72,956) (177,362) (21,575) (76,717) Cumulative foreign currencies translation differences (3,490) (2,636) 460 1,314 Effect of ECL in fair value of debt instruments measured at fair value through OCI (83,602) (98,246) (2,320) 88,192 Total comprehensive income for the period 2,951,946 7,221,501 1,516,052 5,065,042 As follows: Bank's shareholders 2,952,166 7,223,433 1,518,152 5,067,142 Minority interest (220) (1,932) (2,100) (2,100) Total comprehensive income for the period 2,951,946 7,221,501 1,516,052 5,065,042

Condensed Consolidated Interim Cash flows for the period ended September 30, 2021
	Notes	Sep. 30, 2021		Sep. 30, 2020
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		13,979,431		11,239,451
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	14	636,413		558,536
Impairment charge for credit losses (Loans and advances to customers and banks)		1,383,887		3,761,456
Other provisions charges	18	190,525		974,522
Impairment charge for credit losses (due from banks)		37,880		13,218
Impairment (Released) charge for credit losses (financial investments)		(98,246)		88,192
Impairment (Released) charge for other assets		31,975		56,245
Exchange revaluation differences for financial assets at fair value through OCI		40,050		238,906
Goodwill amortization	23	58,448		20,302
Intangible assets amortization	24	14,685		-
Impairment (Released) charge financial assets at fair value through OCI		-		79,126
Utilization of other provisions	18	(44,978)		(1,479)
Other provisions no longer used	18	(12,255)		(6,022)
Exchange differences of  other provisions	18	(13,722)		(17,670)
Profits from selling property and equipment		(2,124)		(872)
Losses (profits) from selling financial investments	12	(643,467)		(979,144)
Impairment (Released) charges of investments in associates and subsidiaries		(15,016)		14,100
Shares based payments		477,644		447,694
Bank's share in the profits of associates		(18,354)		(24,327)
Operating losses (profits) before changes in operating assets and liabilities		16,002,776		16,462,234
Net decrease (increase) in assets and  liabilities
Due from banks		(272,238)		(5,972,551)
Financial assets at fair value through P&L	12	153,260		74,562
Derivative financial instruments		(24,448)		(3,735)
Loans and advances to banks and customers	10 - 11	(20,943,748)		(2,977,814)
Other assets		(1,611,672)		592,680
Due to banks	15	(7,271,485)		(2,990,512)
Due to customers	16	63,033,657		27,878,364
Income tax obligations paid		(2,153,441)		(4,389,254)
Other liabilities		1,706,495		(4,589,999)
Net cash used in (generated from) operating activities		48,619,156		24,083,975
Cash flow from investing activities
Proceeds from Investments in associates.		-		750
Proceeds (payments) for investment in associates.		(158,360)		-
Payment for purchases of property, equipment and branches  constructions		(677,464)		(921,312)
Proceeds from selling property and equipment		2,124		872
Proceeds from redemption of financial assets at amortized cost		4,753,398		37,493,345
Payment for purchases of financial assets at amortized cost		(2,617)		-
Payment for purchases of financial assets at fair value through OCI		(208,509,917)		(55,823,590)
Proceeds from selling financial assets at fair value through OCI		147,101,717		24,041,845
Proceeds from investment in subsidiaries.		-		194,722
Net cash generated from (used in) investing activities		(57,491,119)		4,986,632
Condensed Consolidated Interim Cash flows for the period ended September 30, 2021 (Cont.)
		Sep. 30, 2021		Sep. 30, 2020
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans		(2,113,845)		4,492,249
Dividend paid		(1,360,652)		(3,370,464)
Issued debt instruments		1,556,032		-
Capital increase		-		85,992
Net cash generated from (used in) financing activities		(1,918,465)		1,207,777
Net (decrease) increase in cash and cash equivalent during the period		(10,790,428)		30,278,384
Beginning balance of cash and cash equivalent		75,796,375		22,895,017
Cash and cash equivalent at the end of the period		65,005,947		53,173,401
Cash and cash equivalent comprise:
Cash and balances at the central bank		33,326,348		35,786,423
Due from banks		72,296,624		56,934,238
Treasury bills and other governmental  notes	9	65,656,846		32,133,958
Obligatory reserve balance with CBE		(27,265,818)		(30,004,955)
Due from banks with maturities more than three months		(16,980,376)		(8,958,909)
Treasury bills with maturity more than three months		(62,027,677)		(32,717,354)
Total cash and cash equivalent		65,005,947		53,173,401

'

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2020
Sep. 30, 2020	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	14,690,821	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	85,992	-	-	-	-	-	-	-	-	-	-	85,992	-	85,992
Transferred to reserves	-	590,106	7,840,287	-	-	1,440	-	-	(8,431,833)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	343,954	343,954
Net profit of the period	-	-	-	-	-	-	-	-	7,346,392	-	-	7,346,392	(2,100)	7,344,292
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,292,039)	-	-	-	-	(2,292,039)	-	(2,292,039)
Transferred (from) to  banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	88,192	-	-	-	-	88,192	-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	447,694	-	447,694	-	447,694
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(1,187)	(1,187)	-	(1,187)
Balance at the end of the period	14,776,813	2,778,135	24,314,716	1,549,445	-	14,906	1,831,217	6,423	7,501,210	1,410,846	1,314	54,185,025	341,854	54,526,879
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2021
Sep. 30, 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
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	1,461	-	1,094	-	-	(8,937,973)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	-	(25,219)	(25,219)
Net profit of the period	-	-	-	-	-	-	-	-	9,877,295	-	-	9,877,295	(1,932)	9,875,363
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(177,362)	-	177,362	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,375,618)	-	-	-	-	(2,375,618)	-	(2,375,618)
Transferred (from) to  banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	(98,246)	-	-	-	-	(98,246)	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	477,644	-	477,644	-	477,644
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	1,048	1,048	-	1,048
Balance at the end of the period	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	1,324,288	9,141	10,301,362	1,542,292	(2,636)	66,005,560	455,904	66,461,464

 

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