CIB Q4.23 Consolidated Financial Statements - IFRS

Commercial Intnl Bank (Egypt) SAE

11 February 2024

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements - IFRS December 31, 2023
Consolidated Statement of Financial Position as at December 31, 2023

				Notes	Dec. 31, 2023				Dec. 31, 2022
					EGP Thousands				EGP Thousands
Assets
Cash and balances at the central bank				13	71,887,821				47,492,549
Due from  banks				14	231,085,244				133,856,720
Loans and advances to banks, net				15	822,448				2,978,197
Loans and advances to customers, net				16	234,985,936				193,599,872
Financial Assets at fair value through profit or loss				19	306,375				247,324
Derivative financial instruments				17	1,105,148				1,939,961
Financial Assets at fair value through OCI				19	233,430,236				208,144,247
Financial Assets at amortized cost				19	38,341,019				34,524,760
Right of use assets				23	729,823				1,726,082
Investments in associates				21	115,979				186,062
Non current assets held for sale				43	161				-
Other assets				22	18,801,444				14,521,427
Intangible assets				38	-				51,831
Goodwill				38	-				206,287
Deferred tax assets				10.2	1,685,230				185,745
Property and equipment				23	2,739,092				2,405,434
Total assets					836,035,956				642,066,498
Liabilities and equity
Liabilities
Due to banks				24	12,458,003				3,496,698
Due to customers				25	677,237,479				531,616,550
Lease liabilities				23	674,417				1,690,099
Derivative financial instruments				17	140,934				219,752
Non current liabilities held for sale				44	873				-
Issued debt instruments				18	3,073,349				2,456,607
Other liabilities				27	21,937,452				17,700,479
Current Tax liability					9,395,534				3,051,583
Other loans				26	12,483,907				7,978,975
Provisions				28	11,095,996				7,067,599
Total liabilities					748,497,944				575,278,342
Equity
Issued and paid in capital				29	30,195,010				29,825,134
Reserves				30	28,362,690				19,342,866
Reserve for employee stock ownership plan (ESOP)				30	1,486,010				1,895,435
Retained earnings				30	27,334,229				15,144,290
Total equity attributable to equity holders of the parent					87,377,939				66,207,725
Non-controlling interest				39	160,073				580,431
Total equity					87,538,012				66,788,156
Total liabilities and equity					836,035,956				642,066,498
The accompanying  notes from 1 to 46 form an integral part of these consolidated financial statements.
Hussein Abaza					Hisham Ezz Al-Arab
CEO & Managing director					Chairman
11-Feb-2024					11-Feb-2024

Consolidated Income Statement for the Year Ended  December 31, 2023
	Notes			Dec. 31, 2023				Dec. 31, 2022
				EGP Thousands				EGP Thousands
Interest and similar income				104,028,379				55,723,701
Interest and similar expense				(51,142,688)				(24,828,159)
Net interest income	3			52,885,691				30,895,542
Fee and commission income				9,049,924				5,549,343
Fee and commission expense				(3,611,699)				(2,476,945)
Net fee and commission income	4			5,438,225				3,072,398
Dividend income	5			234,010				52,411
Net trading income	6			4,006,880				2,829,976
Gain on investments	20			221,810				1,162,195
Intangible assets	38			(51,831)				-
Goodwill	38			(206,287)				-
Administrative expenses	7			(13,299,910)				(9,452,863)
Other operating expenses	8			(6,341,869)				(4,562,828)
Impairment charges for credit losses	9			(4,270,081)				(1,584,944)
Bank's share in the (loss)/profit of associates	12			(55,983)				(19,253)
Profit before income tax from continuing operations				38,560,655				22,392,634
Taxes	10			(11,942,406)				(7,769,064)
Net profit for the year				26,618,249				14,623,570
Discontinued Operations
Net profit (loss) from discontinued operations	45			(42,102)				(4,427)
Net profit for the year				26,576,147				14,619,143
Attributable to:
Equity holders of the parent				26,541,824				14,561,381
Non-controlling interest				34,323				57,762
Net Profit for the year				26,576,147				14,619,143
Earnings per share	11
Basic attributable to equity holders of the parent				8.84				4.85
Diluted attributable to equity holders of the parent				8.74				4.79
The accompanying  notes from 1 to 46 form an integral part of these consolidated financial statements.
Hussein Abaza				Hisham Ezz Al-Arab
CEO & Managing director				Chairman
11-Feb-2024				11-Feb-2024

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2023
									Dec. 31, 2023				Dec. 31, 2022
									EGP Thousands				EGP Thousands
Profit for the year									26,618,249				14,619,143
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									259,291				233,046
Tax impact for investments that will not be reclassified to Income Statement									(131,008)				(61,753)
Transferred to RE from financial assets at fair value through comprehensive income									(95,308)				(3,436)
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									(7,070,544)				(14,691,866)
Change in fair value from selling  FVOCI financial instruments									(205,344)				(1,116,776)
Cumulative foreign currencies translation differences									(32,971)				181,324
Tax impact for OCI investment that will be reclassified to Income Statement									1,530,823				1,215,530
Effect of ECL in fair value of debt instruments measured at fair value through OCI									1,888,326				455,047
Total comprehensive income for the year									22,761,514				830,259
As follows:
Bank's shareholders									22,727,191				772,497
Non-controlling interest									34,323				57,762
Total comprehensive income for the year									22,761,514				830,259
Consolidated Statement of Cash Flow for the Year Ended  December 31, 2023 Notes Dec. 31, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 38,560,655 22,392,634 Profit (loss) from discontinued operations (42,102) (4,427) Adjustments to reconcile profits to net cash provided by operating  activities Fixed assets depreciation 788,209 885,801 Impairment charge for credit losses (Loans and advances to customers) 2,311,867 1,043,776 Other provisions charges 2,821,141 2,134,462 Impairment (Released) charge for credit losses (due from banks) (47,234) 8,395 Impairment (Released) charge for credit losses (financial investments) 2,005,448 524,838 Impairment (Released) charge for other assets 17,620 (277,766) Exchange revaluation differences for financial assets at fair value through OCI and AC (5,442,433) (7,477,865) Utilization of other provisions (5,850) (3,126) Other provisions no longer used - (172) Impairment of goodwill and intangible assets 258,118 206,287 Exchange Revaluation differences of  other provisions 1,213,126 1,394,973 Revaluation differences Impairment charge for Financial Assets at Amortized cost 607 - Impairment (Reversal of impairment) charges of investments in associates (9,000) - Profits from selling property, plant and equipment (1,663) (2,208) profits from selling financial investments at fair value through OCI (205,344) (1,162,195) Revaluation differences Impairment charge for Financial Assets at Fair value through OCI 1,903 - Shares based payments 754,817 723,965 Losses (Profits) from selling investments in associates (7,466) - Bank's share in the profits / losses of associates 55,983 17,680 Operating profits before changes in working capital 43,028,402 20,405,052 Net decrease (increase) in working capital Due from banks 18,441,280 (25,811,654) Financial assets at fair value through profit or loss - 240,987 Derivative financial instruments 755,995 (1,760,303) Loans and advances to banks and customers (41,467,103) (51,705,061) Other assets (3,968,123) (2,862,478) Non current assets held for sale (161) - Non current liabilities held for sale 873 - Due to banks 8,961,305 2,630,642 Due to customers 145,620,929 124,375,012 Current income tax obligations paid (3,704,414) (3,293,520) Other liabilities 4,236,973 3,989,688 Net cash generated from operating activities 171,905,956 66,208,365 Net cash generated from (used in) operating activities Cash flow from investing activities Proceeds from sale of investments in associates 4,510 - Payment for purchases of property, equipment and branches construction (1,685,846) (1,033,499) Proceeds from selling property and equipment 1,663 2,208 Proceeds from redemption of financial assets at amortized cost 6,125,452 6,738,937 Payment for purchases of financial assets at amortized cost (9,290,232) (19,908,223) Payment for purchases of financial assets at fair value through OCI (129,073,519) (45,665,232) Proceeds from selling financial assets at fair value through OCI 102,763,650 26,046,482 Payment for investment in subsidiaries. (1,142,840) - Net cash generated from (used in) investing activities (32,297,162) (33,819,327) Consolidated Statement of Cash Flow for the Year Ended  December 31, 2023 (Cont.) Dec. 31, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Cash flow from financing activities Other loans               4,504,932                  2,838,193 Other loans - new loans obtained in the year               9,604,139                    102,613 Other loans - loans repaid in the year              (5,334,093)                   (554,539) Other loans - movement in foreign exchange rate                  234,886                  3,290,119 Dividends paid              (2,016,159)                (3,019,442) Issued debt instruments                  616,742                    899,344 Cash payments for lease (principle and interest)                 (248,871)                   (498,794) Capital increase                  369,876                    122,716 Net cash generated from (used in) financing activities               3,226,520                    342,017 Net (decrease) increase in cash and cash equivalent during the year           142,835,314                32,731,127 Beginning balance of cash and cash equivalent             83,106,069                50,374,942 Cash and cash equivalent at the end of the year           225,941,383                83,106,069 Cash and cash equivalent at the end of the year Cash and balances at the central bank 13             71,887,821                47,492,549  Due from banks with maturities of 3 months or less 14           217,156,599                76,096,552 Treasury bills and other governmental notes with maturities of three months or less 19               1,293,148                      10,575 Obligatory reserve balance with CBE 13            (64,396,185)              (40,493,607) Total cash and cash equivalent 31           225,941,383                83,106,069
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2022	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)	Retained earnings	Reserves	Total	Non-controlling interest	Total equity
Beginning balance at 1st of Jan 2022	19,702,418	1,674,392	12,618,855	33,552,794	67,548,459	454,535	68,002,994
Total comprehensive income	-	-	14,561,381	-	14,561,381	57,762	14,619,143
Capital increase	10,122,716	-	-	(10,000,000)	122,716	-	122,716
Reserve for employee stock ownership plan (ESOP)	-	723,965	-	-	723,965	-	723,965
Dividend	-	-	(3,019,442)	-	(3,019,442)	(10,247)	(3,029,689)
Transferred to reserves	-	(502,922)	(9,016,504)	(4,209,928)	(13,729,354)	78,381	(13,650,973)
Balance at 31 December 2022	29,825,134	1,895,435	15,144,290	19,342,866	66,207,725	580,431	66,788,156
Beginning balance at 1st of Jan 2023	29,825,134	1,895,435	15,144,290	19,342,866	66,207,725	580,431	66,788,156
Total comprehensive income	-	-	26,541,824	-	26,541,824	34,323	26,576,147
Capital increase	369,876	-	-	-	369,876	-	369,876
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	(536,867)	(536,867)
Reserve for employee stock ownership plan (ESOP)	-	754,817	-	-	754,817	-	754,817
Dividend	-	-	(2,016,159)	-	(2,016,159)	(17,108)	(2,033,267)
Transferred to reserves	-	(1,164,242)	(12,335,726)	9,019,824	(4,480,144)	99,294	(4,380,850)
Balance at 31 December 2023	30,195,010	1,486,010	27,334,229	28,362,690	87,377,939	160,073	87,538,012

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