CIB 3Q21 Separate Condensed Financial Results

RNS Number : 1601S

Commercial Intnl Bank (Egypt) SAE

12 November 2021

 

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

Condensed Separate 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	33,207,606		33,572,597
	Due from  banks	8	71,953,894		86,997,034
	Loans and advances to banks, net	10	-		776,980
	Loans and advances to customers, net	11	139,110,172		118,854,880
	Derivative financial instruments		266,997		248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	206,699		359,959
	- Financial Assets at Fair Value through OCI	12	211,854,018		147,646,432
	- Amortized cost	12	20,299,222		25,020,917
	- Investments in associates and subsidiaries	13	1,023,350		874,348
	Other assets		10,515,647		9,095,212
	Deferred tax assets (Liabilities)		449,617		437,772
	Property and equipment	14	2,456,076		2,259,940
	Total assets		491,343,298		426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	15	1,542,750		8,815,561
	Due to customers	16	403,085,553		340,086,524
	Derivative financial instruments		324,863		331,073
	Current tax liabilities		1,962,488		859,582
	Other liabilities		7,945,461		5,679,266
	Issued debt instruments	17	1,556,032		-
	Other loans		5,633,101		7,746,946
	Provisions	18	3,341,155		3,221,252
	Total liabilities		425,391,403		366,740,204
	Equity
	Issued and paid up capital		19,702,418		14,776,813
	Reserves		34,449,076		33,085,554
	Reserve for employee stock ownership plan (ESOP)		1,542,292		1,064,648
	Retained earnings *		10,258,109		10,477,611
	Total equity and net profit for the period / year		65,951,895		59,404,626
	Total liabilities and equity		491,343,298		426,144,830
	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 Separate Interim Income Statement for the period ended September 30, 2021
		Notes		Last 3 Months		Last 9 Months	Last 3 Months	Last 9 Months
				Sep. 30, 2021		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2020
				EGP Thousands		EGP Thousands	EGP Thousands	EGP Thousands
Interest and similar income				11,593,432		32,568,923	10,576,974	31,499,616
Interest and similar expense				(5,160,860)		(14,463,322)	(4,220,982)	(12,666,727)
Net interest income				6,432,572		18,105,601	6,355,992	18,832,889
Fee and commission income				1,096,988		2,895,435	660,822	2,140,039
Fee and commission expense				(442,737)		(1,129,866)	(310,289)	(803,346)
Net fee and commission income				654,251		1,765,569	350,533	1,336,693
Dividend income				18,854		82,426	62,431	88,393
Net trading income		5		210,117		484,774	49,736	226,967
Profits (Losses) on financial investments		12		56,589		634,108	53,913	885,918
Administrative expenses				(1,463,520)		(4,382,463)	(1,339,447)	(4,184,345)
Other operating (expenses) income				(252,886)		(1,366,178)	(186,143)	(2,033,630)
Impairment release (charges) for credit losses				(306,694)		(1,325,770)	(1,602,505)	(3,862,159)
Profit before income tax				5,349,283		13,998,067	3,744,510	11,290,726
Income tax expense				(1,524,957)		(4,115,227)	(1,306,332)	(3,958,540)
Deferred tax assets (Liabilities)				(6,983)		11,845	(44,220)	63,381
Net profit for the period				3,817,343		9,894,685	2,393,958	7,395,567
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 Separate Interim statement of Comprehensive Income for the period ended September 30, 2021
			Last 3 Months		Last 9 Months	Last 3 Months		Last 9 Months
			Sep. 30, 2021		Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2020
			EGP Thousands		EGP Thousands	EGP Thousands		EGP Thousands
Net profit for the period			3,817,343		9,894,685	2,393,958	7,395,567
Change in fair value of debt instruments measured at fair value through other comprehensive income			(700,186)		(2,374,495)	(807,000)	(2,290,581)
Transferred from reserve on disposal of financial assets at fair value through OCI			(72,956)		(177,362)	(21,575)	(76,717)
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			2,960,599		7,244,582	1,563,063	5,116,461

	Condensed Separate 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		13,998,067	11,290,726
	Adjustments to reconcile net profit to net cash provided by operating  activities
	Fixed assets depreciation	14	636,413	503,005
	Impairment charge for credit losses (Loans and advances to customers and banks)		1,385,835	3,761,572
	Other provisions charges	18	190,858	972,522
	Impairment charge for credit losses (due from banks)		38,181	12,395
	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
	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)
	Losses (profits) from selling property, plant and equipment		(2,124)	(872)
	Losses (profits) from selling financial investments	12	(643,467)	(979,144)
	Shares based payments		477,644	447,694
	Impairment (Released) charges of investments in associates and subsidiaries		9,359	14,100
	Operating losses (profits) before changes in operating assets and liabilities		15,993,590	16,459,296
	Net decrease (increase) in assets and  liabilities
	Due from banks		(272,238)	(5,824,055)
	Financial assets at fair value through P&L	12	153,260	74,562
	Derivative financial instruments		(24,448)	(4,144)
	Loans and advances to banks and customers	10 - 11	(20,847,787)	(2,311,001)
	Other assets		(1,631,518)	653,639
	Due to banks	15	(7,272,811)	(2,999,346)
	Due to customers	16	62,999,029	26,727,228
	Income tax obligations paid		(2,152,739)	(4,389,254)
	Other liabilities		1,414,946	(4,645,456)
	Net cash used in (generated from) operating activities		48,359,284	23,741,469
	Cash flow from investing activities
	Proceeds from investments in associates.		-	750
	Proceeds (payments) for investment in associates.		(158,360)	(680,836)
	Payment for purchases of property, plant, equipment and branches  constructions		(669,801)	(809,475)
	Proceeds from selling property, plant and equipment		2,124	872
	Proceeds from redemption of financial assets at amortized cost		4,725,376	37,493,345
	Payment for purchases of financial assets at amortized cost		(3,844)	-
	Payment for purchases of financial assets at fair value through OCI		(207,918,546)	(55,656,650)
	Proceeds from selling financial assets at fair value through OCI		146,303,855	24,096,252
	Net cash generated from (used in) investing activities		(57,719,196)	4,444,258
	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		(11,278,377)	29,393,504
	Beginning balance of cash and cash equivalent		75,965,247	22,895,017
	Cash and cash equivalent at the end of the period		64,686,870	52,288,521
	Cash and cash equivalent comprise:
	Cash and balances at the central bank		33,207,606	35,579,884
	Due from banks		72,015,406	56,274,241
	Treasury bills and other governmental  notes	9	65,654,913	31,967,018
	Obligatory reserve balance with CBE		(27,183,002)	(29,856,359)
	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		64,686,870	52,288,521

Condensed Separate 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	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	13,466	4,111,781	5,164	11,803,555	963,152	51,799,842
Capital increase	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)
Net profit for the period	-	-	-	-	-	-	-	7,395,567	-	7,395,567
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	-	-	-	-	-	(2,290,581)	-	-	-	(2,290,581)
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	88,192	-	-	-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	447,694	447,694
Ending balance	14,776,813	2,778,135	24,314,716	1,549,445	14,906	1,832,675	6,423	7,472,283	1,410,846	54,156,242
Condensed Separate 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	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit for the period	-	-	-	-	-	-	-	9,894,685	-	9,894,685
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
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(2,374,495)	-	-	-	(2,374,495)
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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	477,644	477,644
Ending balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	1,320,884	9,141	10,258,109	1,542,292	65,951,895

 

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