CIB FY20 Consolidated Results

RNS Number : 6095Q

Commercial Intnl Bank (Egypt) SAE

01 March 2021

 

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

Consolidated Financial Statements

December 31, 2020

Consolidated Balance Sheet as of December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances at the Central Bank 15 33,768,549 28,273,962 Due from banks 16 87,426,301 28,353,366 Loans and advances to banks, net 18 776,980 625,264 Loans and advances to customers, net 19 119,570,005 119,321,103 Derivative financial instruments 20 248,759 216,383 Investments - Financial Assets at Fair value through P&L 21 359,959 418,781 - Financial Assets at Fair value through OCI 21 148,118,372 89,897,257 - Amortized cost 21 25,285,225 107,225,613 - Investments in associates 22 139,871 107,693 Other assets 23 9,175,525 9,748,143 Goodwill 42 178,782 - Intangible Assets 43 44,920 - Deferred tax assets (Liabilities) 31 437,772 350,339 Property, plant and equipment 24 2,311,147 2,204,464 Total assets 427,842,167 386,742,368 Liabilities and equity Liabilities Due to banks 25 8,817,535 11,810,607 Due to customers 26 341,169,450 304,448,455 Derivative financial instruments 20 331,073 282,588 Current tax liabilities 859,582 4,639,364 Other liabilities 28 5,735,269 8,396,794 Other loans 27 7,746,946 3,272,746 Provisions 29 3,223,501 2,011,369 Total liabilities 367,883,356 334,861,923 Equity Issued and paid-up capital 30 14,776,813 14,690,821 Reserves 33 33,094,580 24,344,815 Reserve for employee stock ownership plan (ESOP) 33 1,064,648 963,152 Retained earnings * 33 10,539,715 11,881,657 Total equity 59,475,756 51,880,445 Minority interest 483,055 - Total minority interest, equity and net profit for the period/year 59,958,811 51,880,445 Total liabilities and equity 427,842,167 386,742,368 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 & Board member Chairman
Consolidated income statement for the year ended December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Interest and similar income 42,196,235 42,600,957 Interest and similar expense (17,023,815) (21,022,338) Net interest income 6 25,172,420 21,578,619 Fee and commission income 3,059,264 3,451,688 Fee and commission expense (983,450) (1,170,893) Net fee and commission income 7 2,075,814 2,280,795 Dividend income 8 50,175 53,423 Net trading income 9 406,631 688,059 Profits (Losses) on financial investments 21 922,832 450,697 Administrative expenses 10 (5,625,883) (5,048,922) Other operating (expenses) income 11 (2,742,996) (1,794,750) Goodwill amortization (27,505) - Intangible assets amortization (6,911) (238,715) Impairment release (charges) for credit losses 12 (5,018,781) (1,435,460) Profits from subsidiaries acquisition 8,086 - Bank's share in the profits of associates 22,426 1,135 Profit before income tax 15,236,308 16,534,881 Income tax expense 13 (5,087,418) (4,639,364) Deferred tax assets (Liabilities) 31 - 13 87,433 (94,522) Net profit for the year 10,236,323 11,800,995 Minority interest (1,834) - Bank shareholders 10,238,157 11,800,995 Earning per share 14 Basic 6.26 7.11 Diluted 6.24 7.09 Hussein Abaza Sherif Samy CEO & Board member Chairman
Consolidated statement of other comprehensive income for the year ended December 31, 2020 Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Net profit for the year 10,236,323 11,800,995 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   (13,966)   212,967 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   (250,766)   5,944,586 Transferred from reserve on disposal of financial assets at fair value through OCI   (76,717)   -  Cumulative foreign currencies translation differences   (3,684)   2,501 Effect of ECL in fair value of debt instruments measured at fair value through OCI   205,182   (184,921) Total other comprehensive income for the year   10,096,372   17,776,128 As follows: Bank's shareholders   10,098,206   17,776,128 Minority interest   (1,834)   -  Total other comprehensive income for the year   10,096,372   17,776,128

Consolidated cash flow for the year ended December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 15,236,308 16,534,881 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 733,032 576,544 Impairment charge for credit losses (Loans and advances to customers and banks) 12 4,806,518 1,610,878 Other provisions charges 29 1,234,980 461,869 Impairment charge for credit losses (due from banks) 12 7,081 9,503 Impairment charge for credit losses (financial investments) 12 205,182 (184,921) Impairment charge for other assets 23 69,217 (93,313) Exchange revaluation differences for financial assets at fair value through OCI 21 249,642 1,593,030 Goodwill amortization 42 27,505 - Intangible assets amortization 43 6,911 238,715 Impairment charge financial assets at fair value through OCI 21 79,126 - Utilization of other provisions 29 (2,382) (28,135) Other provisions no longer used 29 (13,273) (6,910) Exchange differences of  other provisions 29 (7,193) (110,062) Profits from selling property, plant and equipment 11 (1,094) (1,439) (Profits) losses from selling financial investments 21 (1,018,469) (497,894) Released (Impairment) charges of investments in associates and subsidiaries 21 16,511 - Shares based payments 552,438 464,539 Bank's share in the profits of associates (22,426) (1,135) Operating profits before changes in operating assets and liabilities 22,159,614 20,566,150 Net decrease (increase) in assets and  liabilities Due from banks 15 (10,899,927) (8,870,547) Treasury bills and other governmental notes - - Financial assets at fair value through P&L 21 58,822 2,318,924 Derivative financial instruments 20 16,109 (2,910) Loans and advances to banks and customers 18 - 19 (5,020,609) (14,533,328) Other assets 40 568,988 163,933 Due to banks 25 (2,993,072) 4,550,788 Due to customers 26 36,720,995 19,151,586 Income tax obligations paid (3,779,782) (3,625,579) Other liabilities 28 (7,645,182) 1,895,241 Net cash used in (generated from) operating activities 29,185,956 21,614,258 Cash flow from investing activities Proceeds from Investments in associates. 750 - Payment for purchases of property, plant, equipment and branches  constructions (1,091,829) (1,303,181) Proceeds from selling property, plant and equipment 11 1,094 1,439 Proceeds from redemption of financial assets at amortized cost 21 82,309,481 43,937,957 Payment for purchases of financial assets at amortized cost 21 (233,765) (76,516,842) Payment for purchases of financial assets at fair value through OCI 21 (112,791,966) (50,954,311) Proceeds from selling financial assets at fair value through OCI 54,137,187 54,855,966 Proceeds from investment in subsidiaries. 194,722 - Net cash generated from (used in) investing activities 22,525,674 (29,978,972) Consolidated cash flow for the year ended December 31, 2020 (Cont.) Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Cash flow from financing activities Received (Repaid) in long term loans 27 4,474,200 (448,783) Dividend paid (3,370,464) (2,700,544) Capital increase 85,992 105,413 Net cash generated from (used in) financing activities 1,189,728 (3,043,914) Net increase (decrease) in cash and cash equivalent during the year 52,901,358 (11,408,628) Beginning balance of cash and cash equivalent 22,895,017 34,303,645 Cash and cash equivalent at the end of the year 75,796,375 22,895,017 Cash and cash equivalent comprise: Cash and balances at the central bank 15 33,768,549 28,273,962 Due from banks 16 87,450,490 28,370,183 Treasury bills and other governmental  notes 17 39,497,692 27,634,062 Obligatory reserve balance with CBE 15 (27,744,700) (22,397,310) Due from banks with maturities more than three months (16,974,367) (10,593,903) Treasury bills with maturity more than three months (40,201,289) (28,391,977) Total cash and cash equivalent 75,796,375 22,895,017

Consolidated statement of changes in shareholders' equity  for the year ended December 31, 2019 Dec. 31, 2019 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 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 3,022,495 - (2,917,082) - - - - - - - - 105,413 - 105,413 Transferred to reserves - 477,736 6,615,296 - - 1,045 - - (6,854,370) (239,707) - - - - Dividend paid - - - - - - - - (2,700,544) - - (2,700,544) - (2,700,544) Net profit of the year - - - - - - - - 11,800,995 - - 11,800,995 - 11,800,995 Reserve for transactions under common control - - - - - - 6,157,553 - - - - 6,157,553 - 6,157,553 Transferred (from) to  banking risk reserve - - - - - - - 841 (841) - - - - - ECL for impairment of debt instruments investments - - - - - - (184,921) - - - - (184,921) - (184,921) Cost of employees stock ownership plan (ESOP) - - - - - - - - - 464,539 - 464,539 - 464,539 Cumulative foreign currencies translation differences - - - - - - - - (666) - 2,501 1,835 - 1,835 Balance at the end of the year 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 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 share - - - - - - - - - - - 485,779 485,779 Net profit of the year - - - - - - - - 10,238,157 - - 10,238,157 (1,834) 10,236,323 Transferred from reserve on disposal 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

 

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