CIB H1-2024 Separate Financial Statements - E

Commercial Intnl Bank (Egypt) SAE

21 July 2024

 

Condensed Separate 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	43,371,479		71,747,343
	Due from banks	10	305,020,735		230,709,419
	Loans and advances to banks, net	12	1,483,003		822,448
	Loans and advances to customers, net	13	283,989,456		233,824,745
	Derivative financial instruments		1,323,696		1,101,896
	Financial investments
	- Financial Assets at Fair Value through P&L	14	172,728		-
	- Financial Assets at Fair Value through OCI	14	263,902,312		232,290,598
	- Financial Assets at Amortized cost	14	108,637,486		37,847,114
	- Investments in subsidiaries and associates	15	871,525		671,525
	Non current assets held for sale	28	159,828		159,828
	Other assets	16	38,391,247		18,929,067
	Deferred tax assets		1,844,280		1,685,223
	Property and equipment	17	2,808,451		2,737,936
	Total assets		1,051,976,226		832,527,142
	Liabilities and equity
	Liabilities
	Due to banks	18	3,997,426		12,427,384
	Due to customers	19	857,741,216		675,310,076
	Derivative financial instruments		261,033		140,934
	Current income tax liabilities		10,328,671		9,395,534
	Other liabilities	20	22,115,219		18,307,580
	Issued debt instruments	21	4,783,017		3,073,349
	Other loans		19,558,427		12,483,907
	Other provisions	22	14,979,232		11,088,372
	Total liabilities		933,764,241		742,227,136
	Equity
	Issued and paid up capital		30,431,580		30,195,010
	Reserves		58,238,829		29,388,626
	Reserve for employee stock ownership plan (ESOP)		1,396,104		1,486,010
	Retained earnings *		28,145,472		29,230,360
	Total equity and net profit for the period / year		118,211,985		90,300,006
	Total liabilities and equity		1,051,976,226		832,527,142
	The accompanying notes are an integral part of these financial statements.
	( Limited Review report attached )
*	Including net profit for the period

Condensed Separate 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		81,420,481		44,928,893
Interest and similar expense		(39,980,202)		(21,138,609)
Net interest income		41,440,279		23,790,284
Fee and commission income		5,905,503		4,126,585
Fee and commission expense		(2,505,646)		(1,575,432)
Net fee and commission income		3,399,857		2,551,153
Dividend income		76,025		93,844
Net trading income	6	17,385,406		2,320,059
Profits (Losses) on financial investments	14.1	297,208		92,572
Administrative expenses		(5,568,213)		(4,170,553)
Other operating income (expenses)	7	(16,410,949)		(3,336,832)
Impairment release (charges) for credit losses		(2,059,775)		(1,212,831)
Profit before income tax		38,559,838		20,127,696
Income tax expense	26	(11,255,055)		(5,769,912)
Deferred tax assets (Liabilities)	26	378,395		(214,213)
Net profit for the period		27,683,178		14,143,571
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 Separate Interim Statement of Comprehensive Income for the period ended June 30, 2024
		Last 6 Months			Last 6 Months
		Jun. 30, 2024			Jun. 30, 2023
Net profit for the period		27,683,178			14,143,571
Change in fair value of Financial invesments measured at fair value through comprehensive income after tax		4,073,707			(9,947,459)
Transferred to RE from financial assets at fair value through comprehensive income		-			(95,308)
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income		751,734			204,804
Total comprehensive income for the period		32,508,619			4,305,608

Condensed Separate 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		38,559,838		20,127,696
	Adjustments to reconcile profits to net cash provided by operating  activities
	Fixed assets depreciation	17	521,764		416,248
	Impairment Release/charge for credit losses (Loans and advances to customers and banks)		2,387,134		983,641
	Other provisions Release/charge	22	196,961		1,146,440
	Impairment Release/charge for credit losses (due from banks)		(35)		2,890
	Impairment Release/charge  for credit losses (financial investments)		(327,324)		226,300
	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)
	Revaluation differences Impairment charge for Financial Assets at Fair value through OCI		1,182,360		-
	Revaluation differences Impairment charge for Financial Assets at Amortized cost		100,975		-
	Revaluation differences Impairment charge for due from banks		105		-
	Utilization of other provisions	22	(8,970)		(1,031)
	Other provisions no longer used	22	(4,220)		-
	Exchange revaluation differences of other provisions	22	3,707,089		1,178,333
	Profits/losses from selling property and equipment		(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
	Operating profits before changes in operating assets and liabilities		28,080,704		18,531,405
	Net decrease / increase in assets and liabilities
	Due from banks		36,256,280		32,434,410
	Financial assets at fair value through P&L		(172,728)		-
	Derivative financial instruments		164,384		(212,709)
	Loans and advances to banks and customers	12-13	(53,204,190)		(25,329,650)
	Other assets		(18,799,962)		(4,448,765)
	Due to banks	18	(8,429,958)		20,464,950
	Due to customers	19	182,431,141		126,298,231
	Current income tax obligations paid		(926,384)		(817,428)
	Other liabilities		(5,875,532)		2,117,243
	Net cash generated from (used in) operating activities		159,523,755		169,037,687
	Cash flow from investing activities
	Proceeds from sale of investments in associates		7,173		-
	Payments for investment in subsidiaries		(200,000)		(1,216,022)
	Payment for purchases of property, equipment and branches construction		(1,262,707)		(700,038)
	Proceeds from selling property and equipment		2,184		130
	Proceeds from redemption of financial assets at amortized cost		1,240,196		196,783
	Payment for purchases of financial assets at amortized cost		(69,609,595)		(9,045,180)
	Payment for purchases of financial assets at fair value through OCI		(58,448,832)		(51,454,096)
	Proceeds from selling financial assets at fair value through OCI		47,255,555		59,328,407
	Net cash generated from (used in) investing activities		(81,016,026)		(2,890,016)
Condensed Separate 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		(5,078,792)		(3,577,639)
	Issued debt instruments		1,709,668		614,030
	Capital increase		236,570		369,876
	Net cash generated from (used in) financing activities		3,941,966		585,828
	Net (decrease) increase in cash and cash equivalent during the period		82,449,695		166,733,499
	Beginning balance of cash and cash equivalent		233,912,193		92,895,143
	Cash and cash equivalent at the end of the period		316,361,888		259,628,642
	Cash and cash equivalent comprise:
	Cash and balances at the central bank	9	43,371,479		33,404,357
	Due from banks		305,020,997		281,505,636
	Treasury bills and other governmental notes	11	118,676,181		71,798,021
	Obligatory reserve balance with CBE		(25,285,404)		(25,558,292)
	Due from banks with maturity more than three months		(7,684,847)		(29,663,385)
	Treasury bills and other governmental notes with maturity more than three months		(117,736,518)		(71,857,695)
	Total cash and cash equivalent		316,361,888		259,628,642

Condensed Separate Interim statement of  changes in shareholders' equity
	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Special reserve	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	IFRS 9 risk reserve	Retained earnings	Reserve for employee stock ownership plan	Total
Jun. 30, 2023
Beginning Balance at 1 Januray 2023	29,825,134	3,963,946	27,096,858	1,549,445	-	18,947	(13,138,461)	11,981	-	16,497,346	1,895,435	67,720,631
Capital increase	369,876	-	-	-	-	-	-	-	-	-	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	-	(12,388,223)	(1,164,242)	-
Dividend paid	-	-	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit for the period	-	-	-	-	-	-	-	-	-	14,143,571	-	14,143,571
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	-	95,308	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(9,947,459)	-	-	-	-	(9,947,459)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	-	3,249	-	(3,249)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	204,804	-	-	-	-	204,804
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	402,192	402,192
Balance at 30 June 2023	30,195,010	4,770,354	39,840,707	1,549,445	-	21,155	(22,976,424)	15,230	-	14,605,865	1,133,385	69,154,727
Jun. 30, 2024
Beginning Balance at 1 Januray 2024	30,195,010	4,770,354	39,840,707	1,549,445	-	21,155	(16,808,265)	15,230	-	29,230,360	1,486,010	90,300,006
Capital increase	236,570	-	-	-	-	-	-	-	-	-	-	236,570
Transferred to reserves	-	1,438,320	22,582,085	-	-	1,663	-	-	-	(23,398,943)	(623,125)	-
Dividend paid	-	-	-	-	-	-	-	-	-	(5,366,429)	-	(5,366,429)
Net profit for the period	-	-	-	-	-	-	-	-	-	27,683,178	-	27,683,178
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	4,073,707	-	-	-	-	4,073,707
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	-	-	-	-	-	-	751,734	-	-	-	-	751,734
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	533,219	533,219
Balance at 30 June 2024	30,431,580	6,208,674	62,422,792	1,549,445	-	22,818	(11,982,824)	17,924	-	28,145,472	1,396,104	118,211,985

	Hussein Abaza		Hisham Ezz Al-Arab
	CEO & Managing Director		Chairman

 

END