CIB FY2020 Annual Financial Report

RNS Number : 0559X

Commercial Intnl Bank (Egypt) SAE

29 April 2021

 

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Commercial International Bank (Egypt) S.A.E.
Financial Statements
December 31, 2020

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 (17,107,598) (21,054,078) Net interest income 3 25,088,637 21,546,879 Fee and commission income 3,059,264 3,451,688 Fee and commission expense (983,450) (1,170,893) Net fee and commission income 4 2,075,814 2,280,795 Dividend income 5 50,175 53,423 Net trading income 6 483,006 688,059 Profits (Losses) on financial investments 20 1,001,958 450,697 Administrative expenses 7 (6,877,303) (6,468,560) Other operating expenses 8 (2,500,823) (1,698,547) Impairment release (charges) for credit losses 9 (5,018,781) (1,435,460) Intangible Assets Impairment - (651,041) Profits from subsidiaries acquisition 38 8,086 - Bank's share in the profits of associates 12 22,426 1,135 Profit before income tax from continuing operations 14,333,195 14,767,380 Current income tax expense (5,087,418) (4,639,364) Deferred income tax 10.2 87,433 (94,522) Net profit from continuing operations 9,333,210 10,033,494 Net profit for the year 9,333,210 10,033,494 Attributable to: Equity holders of the parent 9,335,044 10,033,494 Non-controlling interest (1,834) - Net Profit for the year 9,333,210 10,033,494 Earning per share 11 Basic attributable to equity holders of the parent 6.36 6.84 Diluted attributable to equity holders of the parent 6.33 6.81 The accompying notes from 1 to 42 form an integral part of these consolidated financial statements. Hussein Abaza Sherif Samy CEO & Board member Chairman

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2020 Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Profit for the year 9,333,210 10,033,494 Other comprehensive income to be reclassified to profit or loss in subsequent periods: Net (Loss)/gain on FVOCI (295,452) 5,975,133 Total other comprehensive income for the year 9,037,758 16,008,627 Attributable to: Equity holders of the parent 9,039,592 16,008,627 Non-controlling interest (1,834) - The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Consolidated Statement of Financial Position as at December 31, 2020

Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 13 33,768,549 28,273,962 Due from  banks 14 87,426,301 28,353,366 Loans and advances to banks, net 15 776,980 625,264 Loans and advances to customers, net 16 119,570,005 119,321,103 Financial Assets at Fair value through P&L 19 552,288 545,545 Derivative financial instruments 17 248,759 216,383 Financial Assets at Fair value through OCI 19 156,157,553 92,940,479 Financial Assets at Amortized cost 19 25,285,225 107,225,613 Right of use 23 814,587 339,501 Investments in associates 21 139,871 107,693 Other assets 22 9,175,525 9,748,143 Intangible assets 38 51,831 - Goodwill 38 206,287 - Deferred tax assets 10.2 437,772 350,339 Property and equipment 23 2,311,147 2,204,464 Total assets 436,922,680 390,251,855 Liabilities and equity Liabilities Due to banks 24 8,817,535 11,810,607 Due to customers 25 341,169,450 304,448,455 Lease Liability 23 905,861 337,531 Derivative financial instruments 17 331,073 282,588 Other liabilities 27 15,070,029 12,923,926 Current Tax Liability 859,582 4,639,364 Other loans 26 7,746,946 3,272,746 Provisions 28 3,224,180 2,011,369 Total liabilities 378,124,656 339,726,586 Equity Issued and paid in capital 29 14,776,813 14,690,821 Reserves 30 32,939,079 23,180,850 Reserve for employee stock ownership plan (ESOP) 30 1,064,648 963,152 Retained earnings 30 9,534,429 11,690,446 Total equity attributable to equity holders of the parent 58,314,969 50,525,269 Non-controlling interest 39 483,055 - Total equity 58,798,024 50,525,269 Total liabilities and equity 436,922,680 390,251,855 The accompying notes from 1 to 42 form an integral part of these consolidated financial statements. Hussein Abaza Sherif Samy CEO & Board member Chairman

Consolidated Statement of Changes in Shareholders' Equity Dec. 31, 2019 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity Beginning balance at 1st of jan 2019 11,668,326 897,680 9,444,663 12,635,473 34,646,142 - 34,646,142 Total comprehensive income - - 10,033,494 - 10,033,494 - 10,033,494 Capital increase 3,022,495 - - - 3,022,495 - 3,022,495 Reserve for employee stock ownership plan (ESOP) - 464,539 - - 464,539 - 464,539 Dividend - - (2,700,544) - (2,700,544) - (2,700,544) Transferred to reserves - (399,067) (5,087,167) 10,545,377 5,059,143 - 5,059,143 Balance at 31 December 2019 14,690,821 963,152 11,690,446 23,180,850 50,525,269 - 50,525,269 Beginning balance at 1st of Jan 2020 14,690,821 963,152 11,690,446 23,180,850 50,525,269 - 50,525,269 Total comprehensive income - - 9,335,044 - 9,335,044 (1,834) 9,333,210 Capital increase 85,992 - - - 85,992 - 85,992 Minority Interest share - - - - - 485,779 485,779 Reserve for employee stock ownership plan (ESOP) - 552,438 - - 552,438 - 552,438 Dividend - - (2,013,318) - (2,013,318) - (2,013,318) Transferred to reserves - (450,942) (9,477,743) 9,758,229 (170,456) (890) (171,346) Balance at 31 December 2020 14,776,813 1,064,648 9,534,429 32,939,079 58,314,969 483,055 58,798,024

	Consolidated Statement of 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 14,333,195 14,767,380 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 924,667 587,662 Impairment charge for credit losses (Loans and advances to customers) 4,806,518 1,610,878 Other provisions charges 1,235,659 461,869 Impairment charge for other assets 69,217 (93,313) Impairment charge for credit losses (due from banks) 7,081 9,503 Exchange revaluation differences for financial assets at fair value through OCI 249,642 1,593,030 Impairment charge for credit losses (financial investments) 205,182 (184,921) Utilization of other provisions (2,382) (28,135) Other provisions no longer used (13,273) (6,910) Impairment of intangible assets - 651,041 Exchange differences of  other provisions (7,193) (110,062) Released (Impairment) charges of investments in associates and subsidiaries 16,511 - Profits from selling property, plant and equipment (1,094) (1,439) (Profits) losses from selling financial investments (1,018,469) (497,894) Shares based payments 552,438 464,539 Bank's share in the profits of associates (22,426) (1,135) Operating profits before changes in working capital 21,335,273 19,222,093 Net decrease (increase) in working capital Due from banks (10,899,927) (8,870,547) Financial assets at fair value through P&L 58,822 2,318,924 Derivative financial instruments 16,109 (2,910) Loans and advances to banks and customers (5,020,609) (14,533,328) Other assets 568,988 163,933 Due to banks (2,993,072) 4,550,788 Due to customers 36,720,995 19,151,586 Income tax obligations paid (3,779,782) (3,625,579) Other liabilities 2,146,103 1,895,241 Net cash generated from operating activities 38,152,900 20,270,201 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 1,094 1,439 Proceeds from redemption of financial assets at amortized cost 82,309,481 43,937,957 Payment for purchases of financial assets at amortized cost (233,765) (76,516,842) Payment for purchases of financial assets at fair value through OCI (117,787,925) (50,954,311) Proceeds from selling financial assets at fair value through OCI 54,137,187 54,855,966 Proceeds from selling property and equipment 194,722 - Net cash generated from (used in) investing activities 17,529,715 (29,978,972) Consolidated Statement of 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 4,474,200 (448,783) Dividend paid (2,013,318) (2,700,544) Transferred from previous years' outstanding balances 85,992 105,413 Cash payments for lease (principle and interest) (242,173) - Net cash generated from (used in) financing activities 2,304,701 (3,043,914) Net increase (decrease) in cash and cash equivalent during the year 57,987,316 (12,752,685) Beginning balance of cash and cash equivalent 8,362,969 21,115,654 Cash and cash equivalent at the end of the year 66,350,285 8,362,969 Cash and cash equivalent comprise: Cash and balances at the central bank 13 33,768,549 28,273,962 Due from banks 14 87,450,490 28,370,183 Treasury bills and other governmental  notes 19 40,256,277 27,634,062 Obligatory reserve balance with CBE 13 (27,744,700) (22,397,310) Due from banks with maturities more than three months (27,179,042) (25,125,951) Treasury bills with maturity more than three months (40,201,289) (28,391,977) Total cash and cash equivalent 31 66,350,285 8,362,969

 

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