CIB Q4-2022 Separate Financial Statements

RNS Number : 6493P

Commercial Intnl Bank (Egypt) SAE

13 February 2023

 

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

Separate 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 47,384,574 43,385,222 Due from  banks 16 133,766,196 79,991,287 Loans and advances to banks, net 18 2,978,197 312,216 Loans and advances to customers, net 19 192,621,288 144,765,808 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 21 202,916,225 192,390,931 - Financial Assets at Amortized cost 21 34,178,753 20,318,767 - Investments in associates and subsidiaries 22 1,074,250 1,014,350 Other assets 23 14,454,868 11,141,917 Deferred tax assets (Liabilities) 32 24,240 460,026 Property and equipment 24 2,304,513 2,404,237 Total assets 633,643,065 496,651,124 Liabilities and equity Liabilities Due to banks 25 3,475,848 862,759 Due to customers 26 530,124,905 406,100,916 Derivative financial instruments 20 219,752 265,265 Current income tax liabilities 3,051,583 2,234,985 Other liabilities 29 11,549,472 8,021,310 Issued debt instruments 27 2,456,607 1,557,263 Other loans 28 7,978,975 5,140,782 Other Provisions 30 7,065,292 3,539,676 Total liabilities 565,922,434 427,722,956 Equity Issued and paid up capital 31 29,825,134 19,702,418 Reserves 34 19,502,716 33,767,423 Reserve for employee stock ownership plan (ESOP) 34 1,895,435 1,674,392 Retained earnings * 34 16,497,346 13,783,935 Total equity and net profit for the year 67,720,631 68,928,168 Total liabilities and equity 633,643,065 496,651,124 The accompanying notes are an integral part of these financial statements. (Audit report attached) *Including net profit for the current year Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Separate Income Statement for the year ended December 31, 2022

Notes Dec. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Interest and similar income 55,442,268 44,945,445 Interest and similar expense (24,606,441) (20,057,935) Net interest income 6 30,835,827 24,887,510 Fee and commission income 5,542,843 4,036,955 Fee and commission expense (2,477,342) (1,654,671) Net fee and commission income 7 3,065,501 2,382,284 Dividends income 8 62,226 84,700 Net trading income 9 2,741,854 696,738 Profits (Losses) on financial investments 21 1,116,776 684,417 Administrative expenses 10 (7,177,250) (6,096,221) Other operating (expenses) income 11 (5,070,547) (1,981,093) Impairment release (charges) for credit losses 12 (1,512,007) (1,677,450) Profit before income tax 24,062,380 18,980,885 Income tax expense 13 (6,342,457) (5,678,659) Deferred tax assets (Liabilities) 32 - 13 (1,589,563) 118,159 Net profit for the year 16,130,360 13,420,385 Earning per share 14 Basic 4.83 4.03 Diluted 4.78 3.99 Hussein Abaza CEO & Managing Director Sherif Samy Chairman

Separate 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 period 16,130,360 13,420,385 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 (12,225,948) (2,291,019) 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 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 2,352,668 10,088,629

Separate 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				24,062,380				18,980,885
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation			24	868,611				858,609
Impairment charge for credit losses (Loans and advances to customers and banks)			12	978,374				1,753,908
Other provisions charges			30	2,133,941				381,601
Impairment charge for credit losses (due from banks)			12	8,795				17,108
Impairment (Released) charge for credit losses (financial investments)			12	524,838				(93,566)
Impairment (Released) charge for other assets			23	(277,766)				31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC			21	(7,477,865)				17,261
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	(1,116,776)				(702,776)
Shares based payments				723,965				609,744
Impairment (Released) charges of investments in associates			21	-				18,359
Operating profits before changes in operating assets and liabilities				21,817,964				21,806,984
Net decrease (increase) in assets and  liabilities
Due from banks			16	(25,816,942)				(17,927,084)
Financial assets at fair value through P&L			21	240,987				118,972
Derivative financial instruments			20	(1,760,098)				(42,425)
Loans and advances to banks and customers			18 - 19	(51,470,510)				(27,183,640)
Other assets			41	(2,859,380)				(2,155,845)
Due to banks			25	2,613,089				(7,952,802)
Due to customers			26	124,023,989				66,014,392
Current income tax obligations paid				(3,221,401)				(3,443,674)
Other liabilities			29	1,223,704				1,490,795
Net cash used in (generated from) operating activities				64,791,402				30,725,673
Cash flow from investing activities
Payments for investment in subsidiaries and associates.				(59,900)				(158,360)
Payment for purchases of property, equipment and branches  constructions				(974,017)				(942,173)
Proceeds from selling property and equipment			11	2,208				2,947
Proceeds from redemption of financial assets at amortized cost				6,738,937				4,705,849
Payment for purchases of financial assets at amortized cost				(19,860,705)				(3,844)
Payment for purchases of financial assets at fair value through OCI				(45,171,763)				(250,190,493)
Proceeds from selling financial assets at fair value through OCI				27,087,151				203,196,606
Net cash generated from (used in) investing activities				(32,238,089)				(43,389,468)
	Separate 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			(4,410,322)			(1,360,652)
Issued debt instruments			899,344			1,557,263
Capital increase			122,716			-
Net cash generated from (used in) financing activities			(550,069)			(2,409,553)
Net (decrease) increase in cash and cash equivalent during the year			32,003,244			(15,073,348)
Beginning balance of cash and cash equivalent			60,891,899			75,965,247
Cash and cash equivalent at the end of the year			92,895,143			60,891,899
Cash and cash equivalent comprise:
Cash and balances at the central bank		15	47,384,574			43,385,222
Due from banks		16	133,815,430			80,031,726
Treasury bills and other governmental  notes		17	59,146,824			41,579,504
Obligatory reserve balance with CBE		15	(40,414,752)			(38,016,793)
Due from banks with maturities more than three months			(47,241,335)			(23,801,430)
Treasury bills with maturity more than three months			(59,795,598)			(42,286,330)
Total cash and cash equivalent			92,895,143			60,891,899

'

Separate 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	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	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit of the year	-	-	-	-	-	-	-	13,420,385	-	13,420,385
Transferred to RE from financial assets at fair value through comprehensive income	-	-	-	-	-	(177,488)	-	177,488	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(3,060,702)	-	-	-	(3,060,702)
Transferred (from) to bank 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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-		-	-	-	609,744	609,744
Ending 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
Separate 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	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	10,122,716	-	(10,000,000)	-	-	-	-	-	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	2,947	-	-	(9,007,223)	(502,922)	-
Dividend paid	-	-	-	-	-	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	16,130,360	-	16,130,360
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	-	-	-	-	-	(14,229,303)	-	-	-	(14,229,303)
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
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	723,965	723,965
Ending 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

	Proposed  appropriation account for the year ended December 31, 2022
		Dec. 31, 2022		Dec. 31, 2021
		EGP Thousands		EGP Thousands
	Net profit after tax	16,130,360		13,420,385
	Deduct:
	Profits selling property, plant and equipment transferred to capital reserve according to the law	(2,208)		(2,947)
	Bank risk reserve	(3,249)		(2,840)
	Available net profit for distributing	16,124,903		13,414,598
	Added
	Retained Earnings beginning balance	363,550		177,729
	Transferred to retained earnings	3,436		185,821
	Total	16,491,889		13,778,148
	To be distributed as follows:
	Legal reserve	806,408		670,872
	General reserve	11,579,607		8,333,404
	Dividends to shareholders	1,613,036		2,684,077
	Staff profit sharing	1,612,490		1,341,460
	Board members bonus	110,239		49,420
	CIB's foundation	241,874		201,219
	Support and development of banking sector fund	161,249		134,146
	Retained Earnings closing balance	366,986		363,550
	Total	16,491,889		13,778,148

 

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