CIB Q4.23 Consolidated Financial Statements - IFRS

Commercial Intnl Bank (Egypt) SAE
11 February 2024
 

Text Box: Public

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

 

 

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

 

 

 http://www.rns-pdf.londonstockexchange.com/rns/7294C_1-2024-2-11.pdf

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