CIB Q1-2023 Separate Financial Statements

Commercial Intnl Bank (Egypt) SAE

14 May 2023

 

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Condensed Separate Interim Financial Statements
March 31, 2023

Condensed Separate Interim Statement of Financial Position as at March 31, 2023 Notes Mar. 31, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 52,319,656 47,384,574 Due from  banks 9 169,608,129 133,766,196 Loans and advances to banks, net 11 616,088 2,978,197 Loans and advances to customers, net 12 212,026,712 192,621,288 Derivative financial instruments 2,087,218 1,939,961 Investments - Financial Assets at Fair Value through OCI 13 184,988,891 202,916,225 - Financial Assets at Amortized cost 13 43,228,737 34,178,753 - Investments in associates and subsidiaries 14 2,116,344 1,074,250 Noncurrent assets held for sale 27 159,828 - Other assets 15 14,686,237 14,454,868 Deferred tax assets - 24,240 Property and equipment 16 2,357,699 2,304,513 Total assets 684,195,539 633,643,065 Liabilities and equity Liabilities Due to banks 17 8,286,858 3,475,848 Due to customers 18 574,113,802 530,124,905 Derivative financial instruments 8,294 219,752 Deferred tax liabilities 303,511 - Current income tax liabilities 1,991,935 3,051,583 Other liabilities 19 16,012,509 11,549,472 Issued debt instruments 20 3,069,231 2,456,607 Other loans 9,586,379 7,978,975 Other provisions 21 8,699,209 7,065,292 Total liabilities 622,071,728 565,922,434 Equity Issued and paid up capital 29,990,563 29,825,134 Reserves 24,012,537 19,502,716 Reserve for employee stock ownership plan (ESOP) 1,667,377 1,895,435 Retained earnings * 6,453,334 16,497,346 Total equity and net profit for the period / year 62,123,811 67,720,631 Total liabilities and equity 684,195,539 633,643,065 The accompanying notes are an integral part of these financial statements. (Limited review report attached) Including net profit for the current period Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Condensed Separate Interim Income Statement for the period ended March 31, 2023

Notes Mar. 31, 2023 Mar. 31, 2022 EGP Thousands EGP Thousands Interest and similar income 19,729,848 11,812,196 Interest and similar expense (8,897,778) (5,209,537) Net interest income 10,832,070 6,602,659 Fee and commission income 2,004,350 1,191,476 Fee and commission expense (792,102) (514,635) Net fee and commission income 1,212,248 676,841 Dividend income 32,362 37,800 Net trading income 5 1,845,604 716,066 Profits (Losses) on financial investments 13 70,920 1,021,334 Administrative expenses (2,004,617) (1,545,348) Other operating (expenses) income 6 (1,969,625) (1,425,498) Impairment release (charges) for credit losses (947,656) 40,525 Profit before income tax 9,071,306 6,124,379 Income tax expense 25 (2,264,671) (1,375,213) Deferred tax assets (Liabilities) 25 (722,182) (509,574) Net profit for the period 6,084,453 4,239,592 Earning per share 7 Basic 1.81 1.26 Diluted 1.79 1.24 Hussein Abaza CEO & Managing Director Hisham Ezz El-Arab Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2023 Mar. 31, 2023 Mar. 31, 2022 EGP Thousands EGP Thousands Net profit for the period 6,084,453 4,239,592 Change in fair value of Financial investments measured at fair value through comprehensive income after tax (8,507,038) (3,958,945) Transferred to RE from financial assets at fair value through comprehensive income (1,895) (4,201) Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 208,250 101,561 Total comprehensive income for the period (2,216,230) 378,007

Condensed Separate Cash flows for the period ended March 31 2023
		Notes	Mar. 31, 2023				Mar. 31, 2022
			EGP Thousands				EGP Thousands
Cash flow from operating activities
Profit before income tax			9,071,306				6,124,379
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation		16	206,400				210,105
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)			714,714				(147,259)
Other provisions charges		21	464,368				1,036,307
Impairment (Released) charge for credit losses (due from banks)			(1,549)				4,977
Impairment (Released) charge for credit losses (financial investments)			234,491				101,757
Impairment (Released) charge for other assets			-				(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC			(6,033,831)				63
Utilization of other provisions		21	(345)				(156)
Other provisions no longer used		21	-				(385)
Exchange differences of other provisions		21	1,169,894				278,463
profits from selling property and equipment			(118)				(50)
profits from selling financial investments at fair value through OCI		13	(70,920)				(1,021,334)
Shares based payments			190,974				175,235
Operating profits before changes in operating assets and liabilities			5,945,384				6,484,334
Net decrease (increase) in assets and  liabilities
Due from banks			12,102,385				25,542,432
Financial assets at fair value through P&L			-				239,339
Derivative financial instruments			(358,715)				(680,290)
Loans and advances to banks and customers		11 - 12	(17,757,613)				(12,715,125)
Other assets			(75,936)				1,851,768
Due to banks		17	4,811,010				2,833,129
Due to customers		18	43,988,897				21,553,142
Current income tax obligations paid			(272,736)				(261,790)
Other liabilities			(362,831)				1,876,780
Net cash generated from (used in) operating activities			48,019,845				46,723,719
Cash flow from investing activities
Payments for investment in subsidiaries			(1,216,022)				-
Payment for purchases of property, equipment and branches  constructions			(415,435)				(76,753)
Proceeds from selling property and equipment			118				50
Proceeds from redemption of financial assets at amortized cost			196,783				2,609,283
Payment for purchases of financial assets at amortized cost			(8,454,232)				(2,430,124)
Payment for purchases of financial assets at fair value through OCI			(32,426,908)				(68,194,467)
Proceeds from selling financial assets at fair value through OCI			46,782,676				78,071,439
Net cash generated from (used in) investing activities			4,466,980				9,979,428
Condensed Separate Interim Cash flows for the period ended March 31, 2023 (Cont.)
		Mar. 31, 2023		Mar. 31, 2022
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans		1,607,404		1,035,994
Dividends paid		(1,964,603)		(4,410,322)
Issued debt instruments		612,624		253,338
Capital increase		165,429		122,716
Net cash generated from (used in) financing activities		420,854		(2,998,274)
Net (decrease) increase in cash and cash equivalent during the period		52,907,679		53,704,873
Beginning balance of cash and cash equivalent		92,895,143		60,891,899
Cash and cash equivalent at the end of the period		145,802,822		114,596,772
Cash and cash equivalent comprise:
Cash and balances at the central bank		52,319,656		30,471,454
Due from banks		169,655,814		120,943,837
Treasury bills and other governmental  notes	10	68,681,151		40,371,415
Obligatory reserve balance with CBE		(45,888,981)		(26,030,335)
Due from banks with maturities more than three months		(29,664,721)		(10,245,456)
Treasury bills with maturity more than three months		(69,300,097)		(40,914,143)
Total cash and cash equivalent		145,802,822		114,596,772

Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2022
Mar. 31, 2022	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	19,702,418	3,293,074	28,260,532	1,549,445	16,000	639,231	9,141	13,783,935	1,674,392	68,928,168
Capital increase	122,716	-	502,922	-	-	-	-	-	(502,922)	122,716
Transferred to reserves	-	670,872	8,333,404	-	2,947	-	-	(9,007,223)	-	-
Dividend paid	-	-	-	-	-	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	4,239,592	-	4,239,592
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,201)	-	4,201	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(3,958,945)	-	-	-	(3,958,945)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	2,840	(2,840)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	101,561	-	-	-	101,561
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	175,235	175,235
Ending balance	19,825,134	3,963,946	37,096,858	1,549,445	18,947	(3,222,354)	11,981	4,607,343	1,346,705	65,198,005
Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2023
Mar. 31, 2023	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	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	165,429	-	-	-	-	-	-	-	-	165,429
Transferred to reserves	-	806,408	11,998,639	-	2,208	-	-	(12,388,223)	(419,032)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit of the period	-	-	-	-	-	-	-	6,084,453	-	6,084,453
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(1,895)	-	1,895	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(8,507,038)	-	-	-	(8,507,038)
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	-	-	-	-	-	208,250	-	-	-	208,250
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	190,974	190,974
Ending balance of the period	29,990,563	4,770,354	39,095,497	1,549,445	21,155	(21,439,144)	15,230	6,453,334	1,667,377	62,123,811

 

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