CIB FY 2018 Separate Financials Results

RNS Number : 0423P

Commercial Intnl Bank (Egypt) SAE

05 February 2019

 

Commercial International Bank (Egypt) S.A.E. Separate Financial Statements December 31st  ,  2018
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FINANCIAL POSITION
As of December 31st , 2018
Amounts in EGP Thousands				Note						December 31st , 2018						December 31st , 2017
Assets
Cash and balances with central bank				15						20,058,974						14,663,289
Due from  banks				16						46,518,892						45,319,766
Treasury bills and other governmental notes				17						41,999,252						54,478,202
Trading financial assets				18						2,737,705						7,295,197
Loans and advances to banks, net				19						67,703						1,313
Loans and advances to customers, net				20						106,309,205						88,427,103
Derivative financial instruments				21						52,289						40,001
Financial investments
- Available for sale				22						39,217,890						30,474,781
- Held to maturity				22						73,630,764						45,167,722
Investments in associates and subsidiaries				23						68,633						54,068
Other assets				24						9,563,218						6,886,807
Intangible assets				41						238,715						368,923
Deferred tax assets (Liabilities)				32						308,370						179,630
Property, plant and equipment				25						1,651,875						1,414,519
Total assets										342,423,485						294,771,321
Liabilities and equity
Liabilities
Due to banks				26						7,259,819						1,877,918
Due to customers				27						285,340,472						250,767,370
Derivative financial instruments				21						132,858						196,984
Current tax liabilities										3,625,579						2,778,973
Other liabilities				29						6,501,553						5,476,531
Other loans				28						3,721,529						3,674,736
Provisions				30						1,694,607						1,615,159
Total liabilities										308,276,417						266,387,671
Equity
Issued and paid up capital				31						11,668,326						11,618,011
Reserves				34						12,184,667						10,137,515
Reserve for employee stock ownership plan (ESOP)				34						738,320						489,334
Retained earnings*				34						9,555,755						6,138,790
Total equity										34,147,068						28,383,650
Total liabilities and equity										342,423,485						294,771,321
*Including net profit for the current year
INCOME  STATEMENT
As of December 31st , 2018
Amounts in EGP Thousands				Note						December 31st , 2018						December 31st , 2017
Interest and similar income										37,403,709						28,671,166
Interest and similar expense										(19,260,190)						(16,167,155)
Net interest income				6						18,143,519						12,504,011
Fee and commission income										3,402,616						2,794,211
Fee and commission expense										(991,957)						(796,107)
Net fee and commission income				7						2,410,659						1,998,104
Dividend income				8						25,958						34,513
Net trading income				9						1,089,076						1,292,215
Profits (Losses) on financial investments				22						402,067						496,045
Administrative expenses				10						(4,222,779)						(3,118,839)
Other operating (expenses) income				11						(1,589,675)						(1,002,570)
Intangible assets amortization				41						(130,208)						(130,208)
Impairment charge for credit losses				12						(3,076,023)						(1,742,281)
Profit before income tax										13,052,594						10,330,990
Income tax expense				13						(3,625,579)						(2,778,973)
Deferred tax assets (Liabilities)				32 & 13						128,740						(1,678)
Net profit for the period										9,555,755						7,550,339
Earnings per share				14
Basic										7.26						5.76
Diluted										7.22						5.67
CASH FLOW STATEMENT As of December 31st  , 2018
Amounts in EGP Thousands
													December 31st  , 2018						December 31st  , 2017
Cash flow from operating activities
Profit Before Income Tax												13,052,594						10,330,990
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						25						390,830						351,005
Impairment charge for credit losses						12						3,076,023						1,742,281
Other provisions charges						30						101,501						212,622
Impairment charge for other assets						24						316,763						-
Available for sale investments exchange revaluation differences						22						(102,991)						100,078
Intangible assets amortization						41						130,208						130,208
Financial investments impairment charge						22						39,561						(108,349)
Exchange differences in financial investments in subsidiary						23						(465)						-
Utilization of other provisions						30						(2,114)						(25,463)
Other provisions no longer used						30						(17,670)						(97,897)
Exchange differences of  other provisions						30						(2,269)						11,840
Profits from selling property, plant and equipment						11						(1,045)						(607)
(Profits) Losses from selling financial investments						22						(441,628)						99,047
Shares based payments												408,346						290,884
Released charges of non-current assets held for sale												-						(340,504)
Operating profits before changes in operating assets and liabilities												16,947,644						12,696,135
Net decrease (increase) in assets and  liabilities
Due from banks						16						(13,661,577)						(2,594,442)
Treasury bills and other governmental notes						42						4,640,524						(16,466,420)
Trading financial assets						18						4,557,492						(4,850,063)
Derivative financial instruments						21						(66,141)						120,431
Loans and advances to banks and customers						19-20						(21,255,952)						(4,007,616)
Other assets						43						(2,263,465)						(1,133,497)
Due to banks						26						5,381,901						(1,131,078)
Due to customers						27						34,573,102						18,802,058
Income tax obligations paid												(2,778,973)						(2,017,034)
Other liabilities						29						1,025,022						1,897,201
Net cash (used in) provided from operating activities												27,099,577						1,315,675
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates												-						750
Payment for purchases of subsidiary and associates												(10,575)						(44,318)
Payment for purchases of property, plant, equipment and branches constructions												(874,708)						(745,696)
Proceeds from selling property, plant and equipment						11						1,045						607
Proceeds from redemption of held to maturity financial investments						22						5,532,271						13,354,468
Payment for purchases of held to maturity financial investments						22						(33,995,313)						(4,597,254)
Payment for purchases of  available for sale financial investments						22						(12,670,761)						(25,868,230)
Proceeds from selling available for sale financial investments						22						2,059,341						1,261,980
Proceeds from selling non-current assets held for sale												-						768,515
Net cash (used in) provided from investing activities												(39,958,700)						(15,869,178)
Cash flow from financing activities
Increase (decrease) in long term loans                                                                                                  28												46,793						3,514,493
Dividend paid												(2,143,177)						(1,350,204)
Capital Increase												50,315						79,351
Net cash used in financing activities												(2,046,069)						2,243,640
Net increase (decrease) in cash and cash equivalent during the period												(14,905,192)						(12,309,863)
Beginning balance of cash and cash equivalent												49,208,837						61,518,700
Cash and cash equivalent at the end of the period												34,303,645						49,208,837
Cash and cash equivalent comprise:
Cash and balances with central bank						15						20,058,974						14,663,289
Due from banks						16						46,518,892						45,319,766
Treasury bills and other governmental  notes						17						41,999,252						54,478,202
Obligatory reserve balance with CBE						15						(13,526,763)						(8,878,986)
Due from banks with maturities more than three months												(10,733,386)						(1,719,586)
Treasury bills with maturity more than three months						17						(50,013,324)						(54,653,848)
Total cash and cash equivalent												34,303,645						49,208,837

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Separate statement of changes in shareholders' equity  for the year ended December 31, 2017 Dec. 31, 2017 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total EGP Thousands Beginning balance           11,538,660          1,035,363              4,554,403                 20,645                 10,133          (2,180,244)                  3,019                        -              5,950,555             343,460           21,275,994 Capital increase                  79,351                       -                            -                          -                          -                          -                          -                          -                          -                        -                    79,351 Transferred to reserves                          -               297,444              4,445,620                        -                     1,682                        -                          -                          -            (4,599,736)           (145,010)                          -   Dividend paid                          -                         -                            -                          -                          -                          -                          -                          -            (1,350,204)                      -              (1,350,204) Net profit for the year                          -                         -                            -                          -                          -                          -                          -                          -              7,550,339                      -               7,550,339 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                          -                537,286                        -                          -                          -                        -                  537,286 Transferred (from) to  bank risk reserve                          -                         -                            -                          -                          -                          -                       615                        -                      (615)                      -                            -   IFRS 9 risk reserve                          -                         -                            -                          -                          -                          -                          -             1,411,549          (1,411,549)                      -                            -   Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -                          -                          -               290,884                290,884 Balance at the end of the year           11,618,011          1,332,807              9,000,023                 20,645                 11,815          (1,642,958)                  3,634           1,411,549            6,138,790             489,334           28,383,650 Separate statement of changes in shareholders' equity  for the year ended December 31, 2018 Dec. 31, 2018 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan 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            6,138,790             489,334           28,383,650 Capital increase                  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) Net profit for the year                          -                         -                            -                          -                          -                          -                          -                          -              9,555,755                      -               9,555,755 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                          -            (2,107,821)                        -                          -                          -                        -              (2,107,821) Transferred (from) to  bank risk reserve                          -                         -                            -                          -                          -                          -                       689                        -                      (689)                      -                            -   Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -                          -                          -               408,346                408,346 Balance at the end of the year           11,668,326          1,710,293            12,776,215                 20,645                 12,421          (3,750,779)                  4,323           1,411,549            9,555,755             738,320           34,147,068

 

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