CIB Interim Separate Condensed June Statements

RNS Number : 8808S

Commercial Intnl Bank (Egypt) SAE

14 July 2020

 

 

Commercial International Bank (Egypt) S.A.E.
Separate Condensed Interim Financial Statements
June 30, 2020
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Separate Condensed Interim balance sheet as at June 30, 2020

Notes Jun. 30, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances with central bank 7 30,421,432  28,273,962 Due from banks 8 56,777,751  28,353,366 Loans and advances to banks, net 10 883,248  625,264 Loans and advances to customers, net 11 119,351,228  119,321,103 Derivative financial instruments 315,916  216,383 Investments - Financial Assets at Fair Value through P&L 12 357,304  418,781 - Financial Assets at Fair value through OCI 12 84,930,779 89,897,257 -Amortized cost 12 92,811,350 107,225,613 -Investments in associates and subsidiaries 13 692,010 63,953 Other assets 8,986,441  9,747,939 Deferred tax assets (Liabilities) 457,940  350,339 Property, plant and equipment 14 2,308,961  2,202,698 Total assets 398,294,360  386,696,658 Liabilities and equity Liabilities Due to banks 15 12,271,095  11,810,607 Due to customers 16 318,944,242  304,483,655 Derivative financial instruments 340,652  282,588 Current tax liabilities 2,652,208  4,639,364 Other liabilities 5,434,030  8,396,487 Other loans 3,250,254  3,272,746 Provisions 17 3,067,002  2,011,369 Total liabilities 345,959,483  334,896,816 Equity Issued and paid up capital 14,690,821 14,690,821 Reserves 31,327,194 24,342,314 Reserve for employee stock ownership plan (ESOP) 1,260,111 963,152 Retained earnings * 5,056,751 11,803,555 Total equity 52,334,877 51,799,842 Total liabilities and equity 398,294,360 386,696,658 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period Hisham Ezz Al-Arab Chairman and Managing Director

Separate Condensed Interim income statement for the period ended June 30, 2020 Note Jun. 30, 2020 Jun.30, 2019 EGP Thousands EGP Thousands Interest and similar income 20,922,642 20,695,803 Interest and similar expense (8,445,745) (10,691,075) Net interest income 12,476,897 10,004,728 Fee and commission income 1,479,217 1,647,254 Fee and commission expense (493,057) (536,140) Net fee and commission income 986,160 1,111,114 Dividend income 25,962 22,454 Net trading income 5 177,231 379,943 Profits (Losses) on financial investments  12 832,005 19,781 Administrative expenses (2,844,898) (2,617,257) Other operating (expenses) income (1,847,487) (661,079) Intangible assets amortization - (65,104) Impairment release (charges) for credit losses (2,259,654) (795,124) Profit before income tax 7,546,216 7,399,456 Income tax expense (2,652,208) (2,058,736) Deferred tax assets (Liabilities) 107,601 17,300 Net profit for the period 5,001,609 5,358,020 Earnings per share 6 3.01 3.23 Basic 3.00 3.21 Diluted Hisham Ezz Al-Arab Chairman and Managing Director

Condensed Separate Interim statement of other Comprehensive Income for the period ended June 30, 2020 Last 6 Months Last 6 Months Jun. 30, 2020 Jun. 30, 2019 EGP Thousands EGP Thousands Net profit for the period 5,001,609 5,358,020 Net change in fair value of instruments measured at fair value through other comprehensive income (1,483,581) 2,838,861 Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income 90,512 (109,668) Total other comprehensive income for the period 3,608,540 8,087,213 Condensed Separate Interim Cash flows for the period ended June 30, 2020 Notes Jun. 30, 2020 Jun. 30, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax   7,546,216   7,399,456 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 14   328,251   275,052 Impairment charge for credit losses (Loans and advances to customers and banks)   2,144,988   875,635 Other provisions charges 17   1,096,888   3,140 Impairment charge for credit losses (due from banks)   24,154   29,156 Impairment charge for credit losses (financial investments)   90,512   (109,667) Impairment charge for other assets   24,621   52,772 Exchange revaluation differences for financial assets at fair value through OCI   (85,180)   886,795 Intangible assets amortization   -    65,104 Impairment charge financial assets at fair value through OCI   -    45,664 Exchange differences in financial investments in subsidiary 13   (242)   3,020 Utilization of other provisions 17   (1,066)   1,878 Other provisions no longer used 17   (43,200)   (126,575) Exchange differences of  other provisions 17   3,011   (69,724) (Profits) losses from selling property, plant and equipment   (94)   (1,439) (Profits) losses from selling financial investments 12   (924,720)   (65,445) Shares based payments   296,959   247,998 Released (Impairment) charges of investments in associates and subsidiaries   14,100   -  Released (Impairment) charges of FVOCI equity instruments   78,615   -  Operating profits before changes in operating assets and liabilities   10,593,813   9,512,820 Net decrease (increase) in assets and  liabilities Due from banks 8   (507,846)   (25,049,337) Treasury bills and other governmental notes   -    24,315,394 Financial assets at fair value through P&L 12   61,477   2,262,513 Derivative financial instruments   (41,469)   (75,592) Loans and advances to banks and customers 10 - 11   (2,430,817)   (4,776,117) Other assets   925,679   1,289,326 Due to banks 15   460,488   (5,879,606) Due to customers 16   14,460,587   20,263,230 Income tax obligations paid   (4,639,364)   (3,625,579) Other liabilities   (2,962,457)   (1,225,572) Net cash provided from operating activities   15,920,091   17,011,480 Cash flow from investing activities Proceeds from investments in associates.   750   -  Payments for investment in subsidiaries.   (560,963)   -  Payment for purchases of property, plant, equipment and branches  constructions   (625,596)   (840,953) Proceeds from selling property, plant and equipment   94   1,439 Proceeds from redemption of financial assets at amortized cost   59,360,102   33,290,053 Payment for purchases of financial assets at amortized cost   (44,945,839)   (32,633,462) Payment for purchases of financial assets at fair value through OCI   (50,506,453)   (11,433,512) Proceeds from selling financial assets at fair value through OCI   55,237,128   5,105,870 Net cash used in investing activities   17,959,223   (6,510,565) Cash flow from financing activities Increase (decrease) in long term loans   (22,492)   (230,801) Dividend paid   (3,370,464)   (2,700,544) Net cash used in (provided from) financing activities   (3,392,956)   (2,931,345) Net increase (decrease) in cash and cash equivalent during the period   30,486,358   7,569,570 Beginning balance of cash and cash equivalent   22,895,017   34,303,645 Cash and cash equivalent at the end of the period   53,381,375   41,873,215 Cash and cash equivalent comprise: Cash and balances with central bank 7   30,421,432   24,993,377 Due from banks 8   56,818,722   66,543,158 Treasury bills and other governmental  notes 9   27,424,702   25,344,096 Obligatory reserve balance with CBE 7   (22,905,156)   (15,980,212) Due from banks with maturities more than three months   (10,266,781)   (33,329,274) Treasury bills with maturity more than three months   (28,111,544)   (25,697,930) Total cash and cash equivalent   53,381,375   41,873,215

Separate condensed Interim statement of changes in shareholders' equity  for the period ended June 30, 2019 Jun. 30, 2019 Issued and paid up capital Legal reserve General reserve General risk reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Total EGP Thousands Beginning balance   11,668,326   1,710,293   12,776,215   1,549,445   12,421   (1,860,851)   4,323   9,555,755   738,320   36,154,247 Capital increase   2,917,082   -    (2,917,082)   -    -    -    -    -    -     -  Transferred to reserves   -    477,736   6,375,589   -    1,045   -    -    (6,854,370)   -    -  Dividend paid   -    -    -    -    -    -    -    (2,700,544)   -    (2,700,544) Net profit for the period   -    -    -    -    -    -    -    5,358,020   -    5,358,020 Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    2,838,861   -     -    -    2,838,861 Transferred (from) to  bank risk reserve   -    -    -    -    -    -    841   (841)   -    -  ECL for impairment of debt instruments investments   -    -    -    -    -    (109,668)   -    -    -    (109,668) Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -     -    247,998   247,998 Ending balance   14,585,408   2,188,029   16,234,722   1,549,445   13,466   868,342   5,164   5,358,020   986,318   41,788,914 Separate condensed Interim statement of changes in shareholders' equity  for the period ended June 30, 2020 Jun. 30, 2020 Issued and paid up capital Legal reserve General reserve General risk reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Total EGP Thousands Beginning balance   14,690,821   2,188,029   16,474,429   1,549,445   13,466   4,111,781   5,164   11,803,555   963,152   51,799,842 Capital increase   -    -    -    -    -    -    -    -    -     -  Transferred to reserves   -    590,106   7,840,286   -    1,440   -    -    (8,431,832)   -    -  Dividend paid   -    -    -    -    -    -    -    (3,370,464)   -    (3,370,464) Net profit for the period   -    -    -    -    -    -    -    5,001,609   -    5,001,609 Transferred from reserve for financial assets at fair value through OCI   -    -    -    -    -    (55,142)   -     55,142   -    -  Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    (1,483,581)   -    -    -    (1,483,581) Transferred (from) to  bank risk reserve   -    -    -    -    -    -    1,259   (1,259)   -     -  Release provision for impairment of debt instruments investments   -    -    -    -    -    90,512   -    -    -    90,512 Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    296,959   296,959 Ending balance   14,690,821   2,778,135   24,314,715   1,549,445   14,906   2,663,570   6,423   5,056,751   1,260,111   52,334,877

 

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