CIB FY 2021 Consolidated Financial Results

RNS Number : 3514C

Commercial Intnl Bank (Egypt) SAE

22 February 2022

 

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

Consolidated Financial Statements

December 31, 2021

Consolidated Balance Sheet as at December 31, 2021 Notes Dec. 31, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 15 43,492,248 33,768,549 Due from  banks 16 80,141,769 87,426,301 Loans and advances to banks, net 18 312,216 776,980 Loans and advances to customers, net 19 145,575,243 119,570,005 Derivative financial instruments 20 225,376 248,759 Investments - Financial Assets at Fair Value through P&L 21 240,987 359,959 - Financial Assets at Fair Value through OCI 21 193,198,894 148,118,372 - Financial assets at Amortized cost 21 20,547,465 25,285,225 - Investments in associates 22 205,315 139,871 Other assets 23 11,207,128 9,175,525 Goodwill 43 137,525 178,782 Intangible assets 44 34,554 44,920 Deferred tax assets (Liabilities) 32 456,002 437,772 Property and equipment 24 2,461,116 2,311,147 Total assets 498,235,838 427,842,167 Liabilities and equity Liabilities Due to banks 25 866,056 8,817,535 Due to customers 26 407,241,538 341,169,450 Derivative financial instruments 20 265,470 331,073 Current tax liabilities 2,234,985 859,582 Other liabilities 29 8,085,545 5,735,269 Issued debt instruments 27 1,557,263 - Other loans 28 5,140,782 7,746,946 Other provisions 30 3,541,462 3,223,501 Total liabilities 428,933,101 367,883,356 Equity Issued and paid up capital 31 19,702,418 14,776,813 Reserves 34 33,774,990 33,094,580 Reserve for employee stock ownership plan (ESOP) 34 1,674,392 1,064,648 Retained earnings * 34 13,696,402 10,539,715 Total equity and net profit for the year 68,848,202 59,475,756 Minority interest 454,535 483,055 Total minority interest, equity and net profit for the year 69,302,737 59,958,811 Total liabilities and equity 498,235,838 427,842,167 The accompanying notes are an integral part of these financial statements . (Audit report attached) * Including net profit for the current year Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Consolidated Income Statement for the Year Ended December 31, 2021 Notes Dec. 31, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Interest and similar income 45,078,169 42,196,235 Interest and similar expense (20,112,378) (17,023,815) Net interest income 6 24,965,791 25,172,420 Fee and commission income 4,045,573 3,059,264 Fee and commission expense (1,655,096) (983,450) Net fee and commission income 7 2,390,477 2,075,814 Dividend income 8 59,725 50,175 Net trading income 9 708,297 406,631 Profits (Losses) on financial investments  21 594,863 922,832 Administrative expenses 10 (6,182,730) (5,625,883) Other operating (expenses) income 11 (1,986,692) (2,742,996) Goodwill amortization (41,257) (27,505) Intangible assets amortization (10,366) (6,911) Impairment release (charges) for credit losses 12 (1,679,747) (5,018,781) Profits from subsidiaries acquisition - 8,086 Bank's share in the profits of associates 14,996 22,426 Profit before income tax 18,833,357 15,236,308 Income tax expense 13 (5,679,734) (5,087,418) Deferred tax assets (Liabilities) 114,135 87,433 Net profit for the year 13,267,758 10,236,323 Minority interest (4,451) (1,834) Bank shareholders 13,272,209 10,238,157 Earning per share 14 Basic 6.10 4.67 Diluted 6.06 4.63 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Consolidated Statement of Other Comprehensive Income for the Year Ended December 31, 2021 Dec. 31, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Net profit for the period 13,267,758 10,236,323 Other comprehensive income items that will not be reclassified to the Profit or Loss: Change in fair value of equity instruments measured at fair value through other comprehensive income after tax impact related to OCI that will not be reclassified to the profit or loss (149,323) (13,966) Other comprehensive income items that is or may be reclassified to the profit or loss: Change in fair value of debt instruments measured at fair value through other comprehensive income after tax impact related to OCI that will be reclassified to the profit or loss (2,210,989) 767,703 Change in fair value from selling  FVOCI financial instruments (702,776) (1,018,469) Transferred from reserve on disposal of financial assets at fair value through OCI (177,488) (76,717) Cumulative foreign currencies translation differences (4,218) (3,684) Effect of ECL in fair value of debt instruments measured at fair value through OCI (93,566) 205,182 Total other comprehensive income for the year 9,929,398 10,096,372 As follows: Bank's shareholders 9,933,849 10,098,206 Minority interest (4,451) (1,834) Total comprehensive income for the year 9,929,398 10,096,372

Consolidated Cash Flow for the Year Ended December 31, 2021
	Notes	Dec. 31, 2021		Dec. 31, 2020
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		18,833,357		15,236,308
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	24	885,060		733,032
Impairment charge for credit losses (Loans and advances to customers and banks)	12	1,756,505		4,806,518
Other provisions charges	30	381,138		1,234,980
Impairment charge for credit losses (due from banks)	12	16,808		7,081
Impairment (Released) charge for credit losses (financial investments)	12	(93,566)		205,182
Impairment (Released) charge for other assets		31,975		69,217
Exchange revaluation differences for financial assets at fair value through OCI and at amortized cost	21	17,261		249,642
Goodwill amortization	43	41,257		27,505
Intangible assets amortization	44	10,366		6,911
Impairment (Released) charge financial assets at fair value through OCI	21	-		79,126
Utilization of other provisions	30	(45,483)		(2,382)
Other provisions no longer used	30	(2,451)		(13,273)
Exchange differences of  other provisions	30	(15,243)		(7,193)
Profits from selling property and equipment	11	(2,947)		(1,094)
Losses (profits) from selling financial investments	21	(702,776)		(1,018,469)
Impairment (Released) charges of investments in associates and subsidiaries	21	107,913		16,511
Shares based payments		609,744		552,438
Bank's share in the profits of associates		(14,996)		(22,426)
Operating losses (profits) before changes in operating assets and liabilities		21,813,922		22,159,614
Net decrease (increase) in assets and  liabilities
Due from banks	15 - 16	(17,183,300)		(10,899,927)
Financial assets at fair value through P&L	21	118,972		58,822
Derivative financial instruments	20	(42,220)		16,109
Loans and advances to banks and customers	18 - 19	(27,280,547)		(5,020,609)
Other assets	41	(2,135,921)		568,988
Due to banks	25	(7,951,479)		(2,993,072)
Due to customers	26	66,072,088		36,720,995
Income tax obligations paid		(3,444,749)		(3,779,782)
Other liabilities	29	1,499,027		(7,645,182)
Net cash generated from operating activities		31,465,793		29,185,956
Cash flow from investing activities
Proceeds from Investments in associates.		-		750
Payment for purchases of associates		(158,360)		-
Payment for purchases of property, equipment and branches  constructions		(981,186)		(1,091,829)
Proceeds from selling property and equipment	11	2,947		1,094
Proceeds from redemption of financial assets at amortized cost	21	4,741,459		82,309,481
Payment for purchases of financial assets at amortized cost	21	(3,844)		(233,765)
Payment for purchases of financial assets at fair value through OCI	21	(250,679,698)		(112,791,966)
Proceeds from selling financial assets at fair value through OCI		203,315,958		54,137,187
Proceeds from investment in subsidiaries.		-		194,722
Net cash used in (generated from) investing activities		(43,762,724)		22,525,674
Consolidated Cash Flow for the Year Ended December 31, 2021 (Cont.)
		Dec. 31, 2021		Dec. 31, 2020
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Decreased (increase) in long term loans	28	(2,606,164)		4,474,200
Dividend paid		(1,384,721)		(3,370,464)
Issued debt instruments		1,557,263		-
Capital increase		-		85,992
Net cash used in (generated from) financing activities		(2,433,622)		1,189,728
Net (decrease) increase in cash and cash equivalent during the year		(14,730,553)		52,901,358
Beginning balance of cash and cash equivalent		75,796,375		22,895,017
Cash and cash equivalent at the end of the year		61,065,822		75,796,375
Cash and cash equivalent comprise:
Cash and balances at the central bank	15	43,492,248		33,768,549
Due from banks	16	80,182,766		87,450,490
Treasury bills and other governmental  notes	17	41,579,504		39,497,692
Obligatory reserve balance with CBE	15	(38,100,936)		(27,744,700)
Due from banks with maturities more than three months		(23,801,430)		(16,974,367)
Treasury bills with maturity more than three months		(42,286,330)		(40,201,289)
Total cash and cash equivalent		61,065,822		75,796,375

'

Consolidated Statement of Changes in Shareholders' Equity  for the Year Ended December 31, 2020
Dec. 31, 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	8,291,229	-	-	1,440	-	-	(8,431,833)	(450,942)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	485,779	485,779
Net profit of the year	-	-	-	-	-	-	-	-	10,238,157	-	-	10,238,157	(1,834)	10,236,323
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	101,013	-	-	101,013	-	101,013
Change in retained earnings from acquisition of subsidiaries	-	-	-	-	-	-	-	-	45,727	-	-	45,727	-	45,727
Reserve for transactions under common control	-	-	-	-	8,183	-	-	-	-	-	-	8,183	-	8,183
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(264,732)	-	-	-	-	(264,732)	-	(264,732)
Transferred (from) to  banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	205,182	-	-	-	-	205,182	-	205,182
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	552,438	-	552,438	-	552,438
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(6,185)	(6,185)	(890)	(7,075)
Balance at the end of the year	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
Consolidated Statement of Changes in Shareholders' Equity  for the Year Ended December 31, 2021
Dec. 31, 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)	(24,069)	(1,384,721)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net profit of the year	-	-	-	-	-	-	-	-	13,272,209	-	-	13,272,209	(4,451)	13,267,758
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(177,488)	-	177,488	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(3,063,088)	-	-	-	-	(3,063,088)	-	(3,063,088)
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	-	-	-	-	-	-	(93,566)	-	-	-	-	(93,566)	-	(93,566)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	609,744	-	609,744	-	609,744
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(534)	(534)	-	(534)
Balance at the end of the year	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737

 

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