CIB 3rd Quarter Consolidated Condensed Results

RNS Number : 7812I

Commercial Intnl Bank (Egypt) SAE

16 December 2020

 

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

Consolidated Condensed Financial Statements
 

September 30, 2020

Condensed Consolidated Interim Balance Sheet as at September 30, 2020 Notes Sep. 30, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 7 35,786,423 28,273,962 Due from  banks 8 56,903,819 28,353,366 Loans and advances to banks, net 10 19,021 625,264 Loans and advances to customers, net 11 119,145,984 119,321,103 Derivative financial instruments 242,694 216,383 Investments - Financial Assets at Fair value through P&L 12 344,219 418,781 - Financial Assets at Fair value through OCI 12 119,938,583 89,897,257 - Amortized cost 12 69,896,376 107,225,613 - Investments in associates 13 141,772 107,693 Other assets 9,398,676 9,748,143 Goodwill 0 223,328 - Deferred tax assets (Liabilities) 413,720 350,339 Property, plant and equipment 14 2,265,502 2,204,464 Total assets 414,720,117 386,742,368 Liabilities and equity Liabilities Due to banks 15 8,820,095 11,810,607 Due to customers 16 332,326,819 304,448,455 Derivative financial instruments 305,164 282,588 Current tax liabilities 1,359,201 4,639,364 Other liabilities 6,656,244 8,396,794 Other loans 7,764,995 3,272,746 Provisions 17 2,960,720 2,011,369 Total liabilities 360,193,238 334,861,923 Equity Issued and paid up capital 14,776,813 14,690,821 Reserves 30,496,156 24,344,815 Reserve for employee stock ownership plan (ESOP) 1,410,846 963,152 Retained earnings * 7,501,210 11,881,657 Total equity 54,185,025 51,880,445 Minority interest 341,854 - Total minority interest, equity and net profit for the period/year 54,526,879 51,880,445 Total liabilities and equity 414,720,117 386,742,368 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 & Board member Chairman
Condensed Consolidated Interim statement of other Comprehensive Income for the period ended September 30, 2020 Last 9 Months Last 9 Months Sep. 30, 2020 Sep. 30, 2019 EGP Thousands EGP Thousands Net profit for the period 7,344,292 8,537,594 Net change in fair value of instruments measured at fair value through other comprehensive income (2,292,039) 5,271,372 Transferred from reserve for financial assets at fair value through OCI (76,717) - Cumulative foreign currencies translation differences 1,314 3,747 Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income 88,192 (71,846) Total other comprehensive income for the period 5,065,042 13,740,867 As follows: Bank's shareholders 5,067,142 13,740,867 Minority interest (2,100) - Total other comprehensive income for the period 5,065,042 13,740,867
Condensed Consolidated Interim Cash flows for the period ended September 30, 2020 Notes Sep. 30, 2020 Sep. 30, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 11,239,451 11,773,726 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 14 558,536 425,637 Impairment charge for credit losses (Loans and advances to customers and banks) 3,761,456 1,256,000 Other provisions charges 17 974,522 12,494 Impairment charge for credit losses (due from banks) 13,218 23,161 Impairment charge for credit losses (financial investments) 88,192 (71,846) Impairment charge for other assets 56,245 83,213 Exchange revaluation differences for financial assets at fair value through OCI 238,906 1,303,741 Goodwill amortization 22 20,302 - Intangible assets amortization - 97,656 Impairment charge financial assets at fair value through OCI 79,126 45,664 Utilization of other provisions 17 (1,479) (27,733) Other provisions no longer used 17 (6,022) (96,499) Exchange differences of  other provisions 17 (17,670) (103,531) Profits from selling property, plant and equipment (872) (1,439) (Profits) losses from selling financial investments 12 (979,144) (310,329) Released (Impairment) charges of investments in associates and subsidiaries 14,100 - Shares based payments 447,694 371,997 Bank's share in the profits of associates (24,327) (291) Operating profits before changes in operating assets and liabilities 16,462,234 14,781,621 Net decrease (increase) in assets and  liabilities Due from banks (5,972,551) (13,052,086) Treasury bills and other governmental notes (4,492,317) 4,974,205 Financial assets at fair value through P&L 12 74,562 2,252,280 Derivative financial instruments (3,735) (67,282) Loans and advances to banks and customers 10 - 11 (2,977,814) (4,796,325) Other assets 592,680 247,459 Due to banks 15 (2,990,512) (5,431,711) Due to customers 16 27,878,364 22,548,279 Income tax obligations paid (4,389,254) (3,625,579) Other liabilities (4,589,999) 1,862,821 Net cash used in (generated from) operating activities 19,591,658 19,693,682 Cash flow from investing activities Proceeds from Investments in associates. 750 - Payment for purchases of property, plant, equipment and branches  constructions (921,312) (1,067,918) Proceeds from selling property, plant and equipment 872 1,439 Proceeds from redemption of financial assets at amortized cost 37,493,345 33,937,957 Payment for purchases of financial assets at amortized cost - (47,344,534) Payment for purchases of financial assets at fair value through OCI (51,331,273) (26,637,577) Proceeds from selling financial assets at fair value through OCI 24,041,845 5,350,754 Proceeds from investment in subsidiaries. 194,722 - Net cash generated from (used in) investing activities 9,478,949 (35,759,879) Cash flow from financing activities Increase (decrease) in long term loans 4,492,249 (321,235) Dividend paid (3,370,464) (2,700,544) Capital increase 85,992 - Net cash generated from (used in) financing activities 1,207,777 (3,021,779) Net increase (decrease) in cash and cash equivalent during the period 30,278,384 (19,083,872) Beginning balance of cash and cash equivalent 22,895,017 34,303,645 Cash and cash equivalent at the end of the period 53,173,401 15,219,773 Cash and cash equivalent comprise: Cash and balances at the central bank 7 35,786,423 27,205,020 Due from banks 56,934,238 25,629,602 Treasury bills and other governmental  notes 9 32,133,958 44,736,504 Obligatory reserve balance with CBE 7 (30,004,955) (20,770,245) Due from banks with maturities more than three months (8,958,909) (16,541,989) Treasury bills with maturity more than three months (32,717,354) (45,039,119) Total cash and cash equivalent 53,173,401 15,219,773
Condensed Consolidated Interim 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 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   -    -    -    -    -    -     -    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)   -    -    -    -    -  ECL for impairment of debt instruments investments   -    -    -    -    -    (71,846)   -    -    -    -    (71,846)   -    (71,846) Cost of 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

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 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 share   -    -    -    -    -    -    -    -    -    -    -    343,954   343,954 Net profit of the period   -    -    -    -    -    -    -    7,346,392   -    -    7,346,392   (2,100)   7,344,292 Transferred from reserve for 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  bank risk reserve   -    -      -    -    -    -    1,259   (1,259)   -    -    -    -    -  Release provision 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

.Click on, or paste the following link into your web browser, to view the associated PDF document

http://www.rns-pdf.londonstockexchange.com/rns/7812I_1-2020-12-16.pdf

 

END

 

 

QRTBQLBFBLLXFBV