CIB-Consolidated Financial Statements 3Q.2024

Commercial Intnl Bank (Egypt) SAE

03 November 2024

 

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2024
		Notes	Sep. 30, 2024		Dec. 31, 2023
	Assets
	Cash and balances at the central bank	9	94,568,773		71,887,821
	Due from banks	10	305,235,726		231,085,244
	Loans and advances to banks, net	12	3,323,215		822,448
	Loans and advances to customers, net	13	304,043,669		234,985,936
	Derivative financial instruments		1,769,619		1,105,148
	Financial investments
	- Financial Assets at Fair Value through P&L	14	2,066,889		-
	- Financial Assets at Fair Value through OCI	14	223,821,557		233,125,234
	- Financial Assets at Amortized cost	14	145,437,207		38,341,019
	- Investments in associates	15	107,446		115,979
	Non current assets held for sale	30.1	-		161
	Other assets	16	34,331,134		18,972,786
	Deferred tax assets		2,135,720		1,685,231
	Property and equipment	17	3,117,062		2,739,092
	Total assets		1,119,958,017		834,866,099
	Liabilities and equity
	Liabilities
	Due to banks	18	3,799,980		12,458,003
	Due to customers	19	900,966,962		677,237,479
	Non current liabilities held for sale	30.2	1,327		873
	Derivative financial instruments		138,896		140,934
	Current income tax liabilities		14,269,506		9,395,534
	Other liabilities	20	21,760,126		18,339,465
	Issued debt instruments	21	4,811,742		3,073,349
	Other loans		20,324,693		12,483,907
	Other provisions	22	15,478,489		11,095,089
	Total liabilities		981,551,721		744,224,633
	Equity
	Issued and paid up capital		30,431,580		30,195,010
	Reserves		62,260,417		28,807,042
	Reserve for employee stock ownership plan (ESOP)		1,667,230		1,486,010
	Retained earnings *		43,924,408		29,993,331
	Total equity and net profit for the period / year		138,283,635		90,481,393
	Non Controlling Interest		122,661		160,073
	Total minority interest, equity and net profit for the period / year		138,406,296		90,641,466
	Total liabilities and equity		1,119,958,017		834,866,099

Condensed Consolidated Interim Income Statement for the period ended September 30, 2024
			Last 9 Months			Last 9 Months
	Notes		Sep. 30, 2024			Sep. 30, 2023
Interest and similar income			130,999,623			73,006,422
Interest and similar expense			(65,316,717)			(35,275,583)
Net interest income			65,682,906			37,730,839
Fee and commission income			9,274,284			6,543,585
Fee and commission expense			(4,049,111)			(2,589,680)
Net fee and commission income			5,225,173			3,953,905
Dividend income			70,934			83,653
Net trading income	6		18,194,491			3,165,144
Profits (Losses) on financial investments	14.1		377,992			165,478
Administrative expenses			(9,180,646)			(6,501,663)
Other operating income (expenses)	7		(17,995,808)			(5,679,447)
Goodwill amortization			-			(30,943)
Intangible assets amortization			-			(24,188)
Impairment release (charges) for credit losses			(3,745,003)			(1,216,770)
Bank's share in the profits / losses of associates			(8,533)			(39,486)
Profit before income tax			58,621,506			31,606,522
Income tax expense	29		(17,207,903)			(9,540,412)
Deferred tax assets (Liabilities)	29		934,295			392,680
Net profit from continued operations			42,347,898			22,458,790
Discontinued Operations
Net profit (loss) from discontinued operations	30.3		-			(49,699)
Net profit for the period			42,347,898			22,409,091
Non Controlling Interest			(45)			3,328
Bank's shareholders			42,347,943			22,405,763
Earnings per share	8
Basic			12.42			6.41
Diluted			12.26			6.33
Islam Zekry					Hisham Ezz Al-Arab
Group CFO					Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2024
		Last 9 Months		Last 9 Months
		Sep. 30, 2024		Sep. 30, 2023
Net profit for the period		42,347,898		22,409,091
Transferred to RE from financial assets at fair value through comprehensive income		(370,224)		(95,308)
Change in fair value of Financial investments measured at fair value through comprehensive income after tax		8,272,930		(9,629,911)
Cumulative foreign currencies translation differences		883,684		193,162
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income		623,199		201,185
Total comprehensive income for the period		51,757,487		13,078,219
As follows:
Bank's shareholders		51,757,532		13,074,891
Non Controlling Interest		(45)		3,328
Total comprehensive income for the period		51,757,487		13,078,219

Condensed Consolidated Interim Cash flows for the period ended September 30, 2024
	Notes	Sep. 30, 2024		Sep. 30, 2023
Cash flow from operating activities
Profit before income tax from continued operations		58,621,506		31,606,522
Profit (loss) from discontinued operations		-		(49,699)
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation	17	763,079		655,051
Impairment Release/charge for credit losses (Loans and advances to customers and banks)		4,224,251		1,050,980
Other provisions Release/charge	22	430,005		2,350,253
Impairment Release/charge for credit losses (due from banks)		829		(47,249)
Impairment Release/charge  for credit losses (financial investments)		(480,077)		213,039
Impairment Release/charge for other assets		(11,956)		14,347
Exchange revaluation differences for financial assets at fair value through OCI and AC		(18,536,183)		(5,409,592)
Goodwill amortization		-		30,943
Intangible assets amortization		-		24,188
Revaluation differences Impairment charge for Financial Assets at Fair value through OCI		1,193,810		-
Revaluation differences Impairment charge for Financial Assets at Amortized cost		107,207		-
Revaluation differences Impairment charge for due from banks		1,308		-
Utilization of other provisions	22	(9,196)		(1,608)
Exchange Revaluation differences of other provisions	22	3,962,591		1,096,665
Profits/losses from selling property and equipment	7	(2,254)		(194)
Profits/losses from selling financial investments at fair value through OCI	14.1	(377,992)		(149,012)
Losses (Profits) from selling investments in associates		-		(7,466)
Impairment (Released) charges of investments in associates		-		(9,000)
Share based payments		804,345		608,250
Bank's share in the profits / losses of associates		8,533		39,486
Operating profits before changes in operating assets and liabilities		50,699,806		32,015,904
Net decrease / increase in assets and liabilities
Due from banks		(14,547,420)		9,859,636
Financial assets at fair value through P&L		(2,066,889)		-
Derivative financial instruments		(225,875)		172,635
Loans and advances to banks and customers	12 - 13	(75,774,541)		(27,548,758)
Other assets		(14,094,581)		(2,506,019)
Non current assets held for sale		-		(214)
Due to banks	18	(8,658,023)		15,526,008
Due to customers	19	223,729,483		136,052,663
Current income tax obligations paid		(2,938,397)		(2,546,958)
Non current liabilities held for sale		1,327		933
Other liabilities		(5,488,554)		(3,890,097)
Net cash generated from (used in) operating activities		150,636,336		157,135,733
Cash flow from investing activities
Proceeds from sale of investments in associates		11,956		2,119
Payments for purchases of property, equipment and branches construction		(2,401,070)		(1,177,450)
Proceeds from selling property and equipment		2,254		194
Proceeds from redemption of financial assets at amortized cost		1,226,638		5,278,030
Payments for purchases of financial assets at amortized cost		(106,105,142)		(9,334,085)
Payments for purchases of financial assets at fair value through OCI		(22,138,419)		(64,860,157)
Proceeds from selling financial assets at fair value through OCI		55,475,567		75,128,566
Payment for investment in subsidiaries		-		(1,008,761)
Net cash generated from (used in) investing activities		(73,928,216)		4,028,456
Condensed Consolidated Interim Cash flows for the period ended September 30, 2024 (Cont.)
		Sep. 30, 2024		Sep. 30, 2023
Cash flow from financing activities
Other loans		7,840,786		2,408,739
Dividends paid		(5,116,159)		(3,594,747)
Issued debt instruments		1,738,393		615,227
Capital increase		236,570		369,876
Net cash generated from (used in) financing activities		4,699,590		(200,905)
Net (decrease) increase in cash and cash equivalent during the period		81,407,710		160,963,284
Beginning balance of cash and cash equivalent		234,317,913		92,969,526
Cash and cash equivalent at the end of the period		315,725,623		253,932,810
Cash and cash equivalent comprise:
Cash and balances at the central bank	9	94,568,773		59,950,223
Due from banks		305,240,021		276,845,003
Treasury bills and other governmental notes	11	82,174,775		71,507,826
Obligatory reserve balance with CBE		(76,360,420)		(52,963,236)
Due from banks with maturity more than three months		(19,125,420)		(30,994,611)
Treasury bills and other governmental notes with maturity more than three months		(70,772,106)		(70,412,395)
Total cash and cash equivalent		315,725,623		253,932,810

Condensed Consolidated Interim statement of changes in shareholders' equity
Sep. 30, 2023	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	Non Controlling Interest	Total
Beginning balance	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(13,188,818)	11,981	16,393,841	1,895,435	181,324	67,757,737	580,431	68,338,168
Capital increase	369,876	-	-	-	-	-	-	-	-	-	-	369,876	-	369,876
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-	-	22,405,763	-	-	22,405,763	3,328	22,409,091
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(9,629,911)	-	-	-	-	(9,629,911)	-	(9,629,911)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	3,249	(3,249)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	201,185	-	-	-	-	201,185	-	201,185
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	608,250	-	608,250	-	608,250
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	11,838	11,838	99,192	111,030
Ending balance	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(22,712,852)	15,230	22,764,552	1,339,443	193,162	77,306,695	128,976	77,435,671
Sep. 30, 2024	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	Non Controlling Interest	Total
Beginning balance	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(16,868,691)	15,230	29,993,331	1,486,010	148,353	90,481,393	160,073	90,641,466
Capital increase	236,570	-	-	-	-	-	-	-	-	-	-	236,570	-	236,570
Transferred to reserves	-	1,438,320	22,582,085	-	-	1,663	-	-	(23,398,943)	(623,125)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(5,366,429)	-	-	(5,366,429)	(37,367)	(5,403,796)
Net profit for the period	-	-	-	-	-	-	-	-	42,347,943	-	-	42,347,943	(45)	42,347,898
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(370,224)	-	370,224	-	-	-	-	-
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transferred from RE to banking risk reserve	-	-	-	-	-	-	-	19,024	(19,024)	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	8,272,930	-	-	-	-	8,272,930	-	8,272,930
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,694	(2,694)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	623,199	-	-	-	-	623,199	-	623,199
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	804,345	-	804,345	-	804,345
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	883,684	883,684	-	883,684
Ending balance	30,431,580	6,208,674	62,422,792	1,550,906	(670,972)	22,818	(8,342,786)	36,948	43,924,408	1,667,230	1,032,037	138,283,635	122,661	138,406,296

 

END