CIB Q4-2022 Consolidated Financial Statements

RNS Number : 6492P

Commercial Intnl Bank (Egypt) SAE

13 February 2023

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements December 31, 2022

Consolidated Statement of Financial Position as at December 31, 2022 Notes Dec. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 15 47,492,549 43,492,248 Due from  banks 16 133,856,720 80,141,769 Loans and advances to banks, net 18 2,978,197 312,216 Loans and advances to customers, net 19 193,599,872 145,575,243 Derivative financial instruments 20 1,939,961 225,376 Investments - Financial Assets at Fair Value through P&L 21 - 240,987 - Financial Assets at Fair Value through OCI 21 204,020,733 193,198,894 - Financial Assets at Amortized cost 21 34,524,760 20,547,465 - Investments in associates 22 186,062 205,315 Other assets 23 14,521,427 11,207,128 Goodwill 43 96,268 137,525 Intangible assets 44 24,188 34,554 Deferred tax assets (Liabilities) 32 185,746 456,002 Property and equipment 24 2,405,434 2,461,116 Total assets 635,831,917 498,235,838 Liabilities and equity Liabilities Due to banks 25 3,496,698 866,056 Due to customers 26 531,616,550 407,241,538 Derivative financial instruments 20 219,752 265,470 Current income tax liabilities 3,051,583 2,234,985 Other liabilities 29 11,606,912 8,085,545 Issued debt instruments 27 2,456,607 1,557,263 Other loans 28 7,978,975 5,140,782 Other Provisions 30 7,066,672 3,541,462 Total liabilities 567,493,749 428,933,101 Equity Issued and paid up capital 31 29,825,134 19,702,418 Reserves 34 19,643,327 33,774,990 Reserve for employee stock ownership plan (ESOP) 34 1,895,435 1,674,392 Retained earnings * 34 16,393,841 13,696,402 Total equity and net profit for the year 67,757,737 68,848,202 Non Controlling Interest 580,431 454,535 Total minority interest, equity and net profit for the year 68,338,168 69,302,737 Total liabilities and equity 635,831,917 498,235,838 The accompanying notes are an integral part of these financial statements . (Audit report attached) * Including net profit for the current period Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Consolidated Income Statement for the Year Ended December 31, 2022 Notes Dec. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Interest and similar income 55,723,701 45,078,169 Interest and similar expense (24,718,803) (20,112,378) Net interest income 6 31,004,898 24,965,791 Fee and commission income 5,555,082 4,045,573 Fee and commission expense (2,476,945) (1,655,096) Net fee and commission income 7 3,078,137 2,390,477 Dividends income 8 52,411 59,725 Net trading income 9 2,749,657 708,297 Profits (Losses) on financial investments 21 1,162,195 594,863 Administrative expenses 10 (7,371,629) (6,182,730) Other operating (expenses) income 11 (5,080,138) (1,986,692) Goodwill amortization (41,257) (41,257) Intangible assets amortization (10,366) (10,366) Impairment release (charges) for credit losses 12 (1,584,942) (1,679,747) Bank's share in the profits / losses of associates (17,680) 14,996 Profit before income tax 23,941,286 18,833,357 Income tax expense 13 (6,345,103) (5,679,734) Deferred tax assets (Liabilities) (1,424,033) 114,135 Net profit for the year 16,172,150 13,267,758 Minority interest 57,762 (4,451) Bank shareholders 16,114,388 13,272,209 Earning per share 14 Basic 4.83 4.03 Diluted 4.78 3.99 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Consolidated Statement of Comprehensive Income for the Year Ended December 31 2022 Dec. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Net profit for the year 16,172,150 13,267,758 Comprehensive income items that will not be reclassified to the Profit or Loss: Change in fair value of equity instruments measured at fair value through comprehensive income 171,293 (162,812) Tax impact for investments that will not be reclassified to P&L 61,753 13,489 Transferred to RE from financial assets at fair value through comprehensive income (3,436) (177,488) Comprehensive income items that is or may be reclassified to the profit or loss: Change in fair value of debt instruments measured at fair value through comprehensive income (12,278,446) (2,293,405) Selling FVOCI financial instruments (1,116,776) (702,776) Tax impact for investments that will be reclassified to P&L (1,119,625) 82,416 Cumulative foreign currencies translation differences 181,324 (4,218) Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 455,047 (93,566) Total comprehensive income for the year 2,523,284 9,929,398 As follows: Bank's shareholders 2,465,522 9,933,849 Non Controlling Interest 57,762 (4,451) Total comprehensive income for the year 2,523,284 9,929,398

Consolidated Cash Flow for the Year Ended December 31, 2022
	Notes	Dec. 31, 2022		Dec. 31, 2021
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		23,941,286		18,833,357
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation	24	885,801		885,060
Impairment charge for credit losses (Loans and advances to customers and banks)	12	1,043,776		1,756,505
Other provisions charges	30	2,133,535		381,138
Impairment charge for credit losses (due from banks)	12	8,395		16,808
Impairment (Released) charge for credit losses (financial investments)	12	524,838		(93,566)
Impairment (Released) charge for other assets		(277,766)		31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC	21	(7,477,865)		17,261
Goodwill amortization	43	41,257		41,257
Intangible assets amortization	44	10,366		10,366
Utilization of other provisions	30	(3,126)		(45,483)
Other provisions no longer used	30	(172)		(2,451)
Exchange differences of  other provisions	30	1,394,973		(15,243)
Losses (profits) from selling property and equipment	11	(2,208)		(2,947)
Losses (profits) from selling financial investments at fair value through OCI	21	(1,162,195)		(702,776)
Impairment (Released) charges of investments in associates	21	-		107,913
Shares based payments		723,965		609,744
Bank's share in the profits / losses of associates		17,680		(14,996)
Operating profits before changes in operating assets and liabilities		21,802,540		21,813,922
Net decrease (increase) in assets and  liabilities
Due from banks	16	(25,811,654)		(17,183,300)
Financial assets at fair value through P&L	21	240,987		118,972
Derivative financial instruments	20	(1,760,303)		(42,220)
Loans and advances to banks and customers	18 - 19	(51,705,061)		(27,280,547)
Other assets	41	(2,862,478)		(2,135,921)
Due to banks	25	2,630,642		(7,951,479)
Due to customers	26	124,375,012		66,072,088
Current income tax obligations paid		(3,293,520)		(3,444,749)
Other liabilities	29	1,286,382		1,499,027
Net cash used in (generated from) operating activities		64,902,547		31,465,793
Cash flow from investing activities
Payment for purchases of associates		-		(158,360)
Payment for purchases of property, equipment and branches  constructions		(1,033,499)		(981,186)
Proceeds from selling property and equipment	11	2,208		2,947
Proceeds from redemption of financial assets at amortized cost		6,738,937		4,741,459
Payment for purchases of financial assets at amortized cost		(19,978,014)		(3,844)
Payment for purchases of financial assets at fair value through OCI		(45,646,889)		(250,679,698)
Proceeds from selling financial assets at fair value through OCI		27,478,730		203,315,958
Net cash generated from (used in) investing activities		(32,438,527)		(43,762,724)
Consolidated Cash Flow for the Year Ended December 31, 2022 (Cont.)
		Dec. 31, 2022		Dec. 31, 2021
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans	28	2,838,193		(2,606,164)
Dividends paid		(4,420,569)		(1,384,721)
Issued debt instruments		899,344		1,557,263
Capital increase		122,716		-
Net cash generated from (used in) financing activities		(560,316)		(2,433,622)
Net (decrease) increase in cash and cash equivalent during the year		31,903,704		(14,730,553)
Beginning balance of cash and cash equivalent		61,065,822		75,796,375
Cash and cash equivalent at the end of the year		92,969,526		61,065,822
Cash and cash equivalent comprise:
Cash and balances at the central bank	15	47,492,549		43,492,248
Due from banks	16	133,906,112		80,182,766
Treasury bills and other governmental  notes	17	59,146,824		41,579,504
Obligatory reserve balance with CBE	15	(40,493,607)		(38,100,936)
Due from banks with maturities more than three months		(47,286,754)		(23,801,430)
Treasury bills with maturity more than three months		(59,795,598)		(42,286,330)
Total cash and cash equivalent		92,969,526		61,065,822

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Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2021
Dec. 31, 2021	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
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	1,461	-	1,094	-	-	(8,937,973)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	(24,069)	(1,384,721)
Net profit of the year	-	-	-	-	-	-	-	-	13,272,209	-	-	13,272,209	(4,451)	13,267,758
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(177,488)	-	177,488	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(3,063,088)	-	-	-	-	(3,063,088)	-	(3,063,088)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	(93,566)	-	-	-	-	(93,566)	-	(93,566)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	609,744	-	609,744	-	609,744
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(534)	(534)	-	(534)
Balance at the end of the year	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2022
Dec. 31, 2022	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
														EGP Thousands
Beginning balance	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	(10,247)	(4,420,569)
Net profit of the year	-	-	-	-	-	-	-	-	16,114,388	-	-	16,114,388	57,762	16,172,150
Transferred to RE from financial assets at fair value through comprehensive income	-	-	-	-	-	-	(3,436)	-	3,436	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(14,281,801)	-	-	-	-	(14,281,801)	-	(14,281,801)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,840	(2,840)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	455,047	-	-	-	-	455,047	-	455,047
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	723,965	-	723,965	-	723,965
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	185,542	185,542	78,381	263,923
Balance at the end of the year	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

 

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