CIB H1-2024 Consolidated Financial Statements

Commercial Intnl Bank (Egypt) SAE
21 July 2024
 

Text Box: Public

 

Condensed Consolidated Interim Statement of Financial Position as at June 30, 2024

 

 


Notes

Jun. 30, 2024

 

Dec. 31, 2023

 



 

 


 


Assets

 

 

 


 


Cash and balances at the central bank

9

                 43,581,935

 

                   71,887,821

 


Due from banks

10

               306,025,890

 

                 231,085,244

 


Loans and advances to banks, net

12

                   1,483,003

 

                       822,448

 


Loans and advances to customers, net

13

               286,164,729

 

                 234,985,936

 


Derivative financial instruments


                   1,323,696

 

                     1,105,148

 


Financial investments

 

 

 


 


- Financial Assets at Fair Value through P&L

14

                      172,728

 

                               -  

 


- Financial Assets at Fair Value through OCI

14

               265,421,400

 

                 233,125,234

 


- Financial Assets at Amortized cost

14

               109,391,193

 

                   38,341,019

 


- Investments in associates

15

                      112,517

 

                       115,979

 


Non current assets held for sale

30.1

                             248

 

                             161

 


Other assets

16

                 38,499,607

 

                   18,972,786

 


Deferred tax assets


                   2,085,201

 

                     1,685,231

 


Property and equipment

17

                   2,905,780

 

                     2,739,092

 


Total assets

 

            1,057,167,927

 

                 834,866,099

 


Liabilities and equity

 

 

 


 


Liabilities

 

 

 


 


Due to banks

18

                   3,971,737

 

                   12,458,003

 


Due to customers

19

               861,719,735

 

                 677,237,479

 


Non current liabilities held for sale

30.2

                          1,320

 

                             873

 


Derivative financial instruments


                      261,033

 

                       140,934

 


Current income tax liabilities


                 10,328,671

 

                     9,395,534

 


Other liabilities

20

                 22,179,161

 

                   18,339,465

 


Issued debt instruments

21

                   4,783,017

 

                     3,073,349

 


Other loans


                 19,558,427

 

                   12,483,907

 


Other provisions

22

                 14,986,345

 

                   11,095,089

 


Total liabilities

 

               937,789,446

 

                 744,224,633

 


Equity

 

 

 


 


Issued and paid up capital


                 30,431,580

 

                   30,195,010

 


Reserves


                 58,674,548

 

                   28,807,042

 


Reserve for employee stock ownership plan (ESOP)


                   1,396,104

 

                     1,486,010

 


Retained earnings *


                 28,753,211

 

                   29,993,331

 


Total equity and net profit for the period / year

 

               119,255,443

 

                   90,481,393

 


Non Controlling Interest


                      123,038

 

                       160,073

 


Total minority interest, equity and net profit for the period / year

               119,378,481

 

                   90,641,466

 


Total liabilities and equity

 

            1,057,167,927

 

                 834,866,099

 


The accompanying notes are an integral part of these financial statements .

 



 


( Limited Review report attached )

 




 

*

Including net profit for the period

 




 



 







 



 



 


Hussein Abaza

Hisham Ezz Al-Arab

 

 

CEO & Managing Director

Chairman

 








 

Condensed Consolidated Interim Income Statement for the period ended June 30, 2024

 

 



Last 6 Months

 


Last 6 Months

 


Notes

 

Jun. 30, 2024

 


Jun. 30, 2023

 




 

 



 

Interest and similar income



                  81,692,664

 


                   45,115,105

 

Interest and similar expense



                (40,155,413)

 


                 (21,221,785)

 

Net interest income

 

 

                  41,537,251

 


                   23,893,320

 




 

 



 

Fee and commission income



                    5,914,748

 


                     4,128,821

 

Fee and commission expense



                  (2,505,646)

 


                   (1,575,094)

 

Net fee and commission income

 

 

                    3,409,102

 


                     2,553,727

 




 

 



 

Dividend income



                        46,101

 


                         77,253

 

Net trading income

6


                  17,390,608

 


                     2,335,117

 

Profits (Losses) on financial investments 

14.1


                      297,208

 


                         92,572

 

Administrative expenses



                  (5,799,128)

 


                   (4,296,917)

 

Other operating income (expenses)

7


                (16,423,342)

 


                   (3,423,286)

 

Goodwill amortization



                               -  

 


                        (20,629)

 

Intangible assets amortization



                               -  

 


                          (5,183)

 

Impairment release (charges) for credit losses


 

                  (2,052,147)

 


                   (1,182,487)

 



 

 

 



 

Discontinued Operations

 

 

 

 



 

Net profit (loss) from discontinued operations

30.3


                               -  

 


                        (49,612)

 

Net profit for the period

 

 

                  27,547,302

 


                   14,056,063

 



 

 

 



 

Non Controlling Interest


 

                             332

 


                           3,474

 

Bank's shareholders

 

 

                  27,546,970

 


                   14,052,589

 



 

 

 



 

Earnings per share

8

 

 

 



 

Basic


 

8.08

 


4.16

 

Diluted


 

7.98

 


4.11

 








 








 








 








 





 

Hussein Abaza

 



Hisham Ezz Al-Arab

 

CEO & Managing Director

 



Chairman

 

 







 








 






Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2024


 

 

 


Transferred to RE from financial assets at fair value through comprehensive income

 

                   -  

 

          (95,308)

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax

 

       4,194,501

 

     (9,949,190)

Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income

 

          751,338

 

          205,751

Total comprehensive income for the period

 

     33,371,022

 

       4,402,111











As follows:





Non Controlling Interest

 

                 332

 

              3,474

Total comprehensive income for the period

 

     33,371,022

 

       4,402,111

 

 

 

 


Condensed Consolidated Interim Cash flows for the period ended June 30, 2024

 

 





 


Notes

Jun. 30, 2024

 

Jun. 30, 2023

 



 

 


 

Cash flow from operating activities

 

 

 


 

Profit before income tax from continued operations


                     38,402,191

 

                        19,996,857

 

Profit (loss) from discontinued operations


                                    -  

 

                            (49,612)

 

Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 


 

Fixed assets depreciation

17

                          521,764

 

                            435,552

 

Impairment Release/charge for credit losses (Loans and advances to customers and banks)


                       2,383,373

 

                            950,009

 

Other provisions Release/charge

22

                          197,789

 

                         1,146,383

 

Impairment Release/charge for credit losses (due from banks)


                                (431)

 

                               5,231

 

Impairment Release/charge  for credit losses (financial investments)


                         (330,795)

 

                            227,247

 

Impairment Release/charge for other assets


                             (7,173)

 

                                    -  

 

Exchange revaluation differences for financial assets at fair value through OCI and AC


                    (18,461,627)

 

                        (5,858,602)

 

Goodwill amortization


                                    -  

 

                              20,629

 

Intangible assets amortization


                                    -  

 

                               5,183

 

Revaluation differences Impairment charge for Financial Assets at Fair value through OCI


                       1,185,435

 

                                    -  

 

Revaluation differences Impairment charge for Financial Assets at Amortized cost


                          100,975

 

                                    -  

 

Revaluation differences Impairment charge for due from banks


                              1,785

 

                                    -  

 

Utilization of other provisions

22

                             (8,970)

 

                              (1,031)

 

Other provisions no longer used

22

                             (4,220)

 

                                    -  

 

Exchange Revaluation differences of  other provisions

22

                       3,706,657

 

                         1,178,333

 

Profits/losses from selling property and equipment

7

                             (2,184)

 

                                (130)

 

Profits/losses from selling financial investments at fair value through OCI

14.1

                         (297,208)

 

                            (92,572)

 

Share based payments


                          533,219

 

                            402,192

 

Bank's share in the profits / losses of associates


                              3,462

 

                              26,630

 

Operating profits before changes in operating assets and liabilities

 

                     27,924,042

 

                        18,392,299

 



 

 


 

Net decrease / increase in assets and liabilities

 

 

 


 

Due from banks


                     35,579,404

 

                        31,684,362

 

Financial assets at fair value through P&L


                         (172,728)

 

                                    -  

 

Derivative financial instruments


                          167,636

 

                          (213,992)

 

Loans and advances to banks and customers

12 - 13

                    (54,214,511)

 

                      (25,279,763)

 

Other assets


                    (18,857,430)

 

                        (4,443,895)

 

Non current assets held for sale


                                (248)

 

                                (214)

 

Due to banks

18

                      (8,486,266)

 

                        20,441,352

 

Due to customers

19

                   184,482,256

 

                      126,914,539

 

Current income tax obligations paid


                      (1,169,839)

 

                          (795,945)

 

Non current liabilities held for sale


                              1,320

 

                                  933

 

Other liabilities


                      (5,907,589)

 

                         2,149,496

 

Net cash generated from (used in) operating activities

 

                   159,346,047

 

                      168,849,172

 



 

 


 

Cash flow from investing activities

 

 

 


 

Proceeds from sale of investments in associates


                              7,173

 

                                    -  

 

Payment for purchases of property, equipment and branches construction


                      (1,358,880)

 

                          (727,599)

 

Proceeds from selling property and equipment


                              2,184

 

                                  130

 

Proceeds from redemption of financial assets at amortized cost


                       1,440,627

 

                            196,783

 

Payment for purchases of financial assets at amortized cost


                    (70,069,828)

 

                        (9,121,279)

 

Payment for purchases of financial assets at fair value through OCI


                    (58,957,315)

 

                      (51,268,261)

 

Proceeds from selling financial assets at fair value through OCI


                     46,444,442

 

                        59,321,328

 

Payment for investment in subsidiaries


                                    -  

 

                        (1,008,761)

 

Net cash generated from (used in) investing activities

 

                    (82,491,597)

 

                        (2,607,659)

 


 

Condensed Consolidated Interim Cash flows for the period ended June 30, 2024 (Cont.)

 

 





 



Jun. 30, 2024

 

Jun. 30, 2023

 



 

 


 

Cash flow from financing activities

 

 

 


 

Other loans


                       7,074,520

 

                         3,179,561

 

Dividends paid


                      (5,116,159)

 

                        (3,594,747)

 

Issued debt instruments


                       1,709,668

 

                            614,030

 

Capital increase


                          236,570

 

                            369,876

 

Net cash generated from (used in) financing activities

 

                       3,904,599

 

                            568,720

 



 

 


 

Net (decrease) increase in cash and cash equivalent during the period


                     80,759,049

 

                      166,810,233

 

Beginning balance of cash and cash equivalent


                   234,317,913

 

                        92,969,526

 

Cash and cash equivalent at the end of the period

 

                   315,076,962

 

                      259,779,759

 



 

 


 

Cash and cash equivalent comprise:

 

 

 


 

Cash and balances at the central bank

9

                     43,581,935

 

                        33,569,139

 

Due from banks


                   306,029,402

 

                      282,285,952

 

Treasury bills and other governmental notes

11

                   118,676,181

 

                        71,798,021

 

Obligatory reserve balance with CBE


                    (25,444,215)

 

                      (25,697,561)

 

Due from banks with maturity more than three months


                    (10,029,823)

 

                      (30,318,097)

 

Treasury bills and other governmental notes with maturity more than three months


                  (117,736,518)

 

                      (71,857,695)

 

Total cash and cash equivalent

 

                   315,076,962

 

                      259,779,759

 






 

 

 

 

 


















Condensed Consolidated Interim statement of changes in shareholders' equity

 


Jun. 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)

                       -  

                         -  

                -  

                         -  


Dividends paid

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

                        -  

                -  

         14,052,589

                    -  

                       -  

          14,052,589

          3,474

          14,056,063


Net profit for the period

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

                        -  

                -  

          (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

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

          (9,949,190)

                -  

                        -  

                    -  

                       -  

          (9,949,190)

                -  

          (9,949,190)


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

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

              205,751

                -  

                        -  

                    -  

                       -  

               205,751

                -  

               205,751


Cost of employees stock ownership plan (ESOP)

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

                        -  

                -  

                        -  

          402,192

                       -  

               402,192

                -  

               402,192


Cumulative foreign currencies translation differences

                      -  

                    -  

                      -  

                    -  

                 -  

                -  

                        -  

                -  

                        -  

                    -  

                85,603

                 85,603

        99,192

               184,795


 Ending balance

       30,195,010

       4,770,354

       39,840,707

       1,550,906

      (670,972)

        21,155

        (23,027,565)

        15,230

         14,411,378

       1,133,385

              266,927

          68,506,515

      129,122

          68,635,637


















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 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

                   -  

                 -  

                   -  

                 -  

               -  

             -  

                     -  

             -  

      27,546,970

                 -  

                    -  

       27,546,970

           332

       27,547,302

 

Transferred to RE from financial assets at fair value through OCI

                   -  

                 -  

                   -  

                 -  

               -  

             -  

                     -  

             -  

                     -  

                 -  

                    -  

                      -  

             -  

                      -  

 

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

                   -  

                 -  

                   -  

                 -  

               -  

             -  

        4,194,501

             -  

                     -  

                 -  

                    -  

         4,194,501

             -  

         4,194,501

 

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

                   -  

                 -  

                   -  

                 -  

               -  

             -  

           751,338

             -  

                     -  

                 -  

                    -  

            751,338

             -  

            751,338

 

Cost of employees stock ownership plan (ESOP)

                   -  

                 -  

                   -  

                 -  

               -  

             -  

                     -  

             -  

                     -  

       533,219

                    -  

            533,219

             -  

            533,219

 

 Cumulative foreign currencies translation differences

                   -  

                 -  

                   -  

                 -  

               -  

             -  

                     -  

             -  

                     -  

                 -  

          877,881

            877,881

             -  

            877,881

 

 Ending balance

    30,431,580

    6,208,674

    62,422,792

    1,550,906

   (670,972)

      22,818

    (11,922,852)

      36,948

      28,753,211

    1,396,104

       1,026,234

     119,255,443

    123,038

     119,378,481

 

 

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