CIB's 2018 IFRS Consolidated Financial Statements

RNS Number : 3579V

Commercial Intnl Bank (Egypt) SAE

08 April 2019

 

Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31,  2018

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Consolidated statement of profit or loss for the year ended  December 31, 2018

Notes Dec. 31, 2018 Dec. 31, 2017 EGP Thousands EGP Thousands Interest and similar income 37,403,709 28,671,170 Interest and similar expense (19,260,190) (16,167,383) Net interest income 3 18,143,519 12,503,787 Fee and commission income 3,402,616 2,676,944 Fee and commission expense (991,957) (624,278) Net fee and commission income 4 2,410,659 2,052,666 Dividend income 5 25,958 34,514 Net trading income 6 1,041,810 1,292,215 Profits (Losses) on financial investments  21 402,067 165,111 Goodwill impairment 38 - - Administrative expenses 7 (5,322,654) (3,983,324) Other operating expenses 8 (1,589,675) (998,753) Impairment charge for credit losses 9 (2,487,066) (1,742,281) Bank's share in the profits of associates 12 27,419 29,066 Profit before income tax from continuing operations 12,652,038 9,292,103 Current income tax expense (3,625,579) (2,778,973) Deferred income tax 10.2 36,008 (1,678) Net profit from continuing operations 9,062,467 6,511,452 Discontinuing Operations Profit from discontinuing operations (Net of tax) - 122,234 Profit from disposal of discontinuing operations - 168,900 Net profit for the year 9,062,467 6,802,586 Attributable to: Equity holders of the parent 9,062,467 6,778,536 Non-controlling interest - 24,050 Net Profit for the year 9,062,467 6,802,586 Earning per share 11 Basic attributable to equity holders of the parent 7.79 5.85 Diluted attributable to equity holders of the parent 7.73 5.76 Earning per share from continuing operations Basic attributable to equity holders of the parent 7.79 5.60 Diluted attributable to equity holders of the parent 7.73 5.51 The accompying notes from 1 to 41 form an integral part of these consolidated financial statements. Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of other comprehensive income for the year ended December 31, 2018 Note Dec. 31, 2018 Dec. 31, 2017 EGP Thousands EGP Thousands Profit for the year                9,062,467 6,802,586 Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods: Net (Loss)/gain on FVOCI (2,001,252) Net (Loss)/gain on available-for-sale financial assets 537,286 Cumulative foreign currencies translation differences 32 - (8,588) Other comprehensive income for the year (2,001,252) 528,698 Total comprehensive income for the year 7,061,215 7,331,284 Attributable to: Equity holders of the parent 7,061,215 7,307,234 Non-controlling interest - 24,050 The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

Consolidated statement of financial position as at December 31, 2018

Notes Dec. 31, 2018 Dec. 31, 2017 EGP Thousands EGP Thousands Assets Cash and balances with central bank 13 20,058,974 14,663,289 Due from  banks 14 46,511,579 45,319,766 Loans and advances to banks, net 16 68,385 1,313 Loans and advances to customers, net 17 107,828,597 88,427,103 Financial Assets at Fair value through P&L 21 10,303,319 - Derivative financial instruments 18 52,289 40,001 Financial Assets at Fair value through OCI 20 73,347,245 - Amortized cost 20 73,598,251 - Trading Financial Assets 15 - 7,295,197 Investments in associates and subsidiaries 22 106,558 65,039 Available for sale Financial Assets 20 - 30,474,781 Other assets 23 9,563,019 6,886,607 Held to maturity Financial Assets 20 - 99,645,924 Intangible assets 38 651,041 651,041 Deferred tax assets 10.2 308,370 179,630 Property and equipment 24 1,653,102 1,415,746 Total assets 344,050,729 295,065,437 Liabilities and equity Liabilities Due to banks 25 7,259,819 1,877,918 Due to customers 26 285,296,869 250,723,052 Derivative financial instruments 18 132,858 196,984 Other liabilities 28 7,600,248 6,346,476 Current Tax Liability 3,625,579 2,778,973 Other loans 27 3,721,529 3,674,736 Provisions 29 1,694,607 1,615,159 Total liabilities 309,331,509 267,213,298 Equity Issued and paid in capital 30 11,668,326 11,618,011 Reserves 31 12,517,340 8,867,806 Reserve for employee stock ownership plan (ESOP) 897,680 489,334 Retained earnings 9,635,874 6,876,988 Total equity attributable to equity holders of the parent 34,719,220 27,852,139 Non-controlling interest - - Total equity 34,719,220 27,852,139 Total liabilities , equity and non-controlling interest 344,050,729 295,065,437 The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements. Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of changes in shareholders' equity

Attributable to equity holders of the parents Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves IFRS 9 impact* Total Non-controlling interest Total equity Beginning balance 11,538,660 343,460 5,509,967 3,448,737 - 20,840,824 133,077 20,973,901 Profit for the period - - 6,778,536 - - 6,778,536 24,050 6,802,586 Other comprehensive income: Net (Loss)/gain on available-for-sale financial assets - - - 537,286 - 537,286 - 537,286 Cumulative foreign currencies translation differences - - - - - - - - Total comprehensive income - - 6,778,536 537,286 - 7,315,822 24,050 7,339,872 Capital increase 79,351 - - - - 79,351 - 79,351 Reserve for employee stock ownership plan (ESOP) - 290,884 - - - 290,884 - 290,884 Dividend - - (1,350,204) - - (1,350,204) - (1,350,204) Transferred to reserves - (145,010) (4,745,361) 4,890,371 - - - - Change during the period - - 684,050 - - 684,050 (157,127) 526,923 Cumulative foreign currencies translation differences - - - (8,588) - (8,588) - (8,588) Balance at 31 December 2017 11,618,011 489,334 6,876,988 8,867,806 - 27,852,139 - 27,852,139 Beginning balance at 1 Jan 2018 11,618,011 489,334 6,876,988 8,905,860 573,407 28,463,600 - 28,463,600 Profit for the period - - 9,062,467 - - 9,062,467 - 9,062,467 Other comprehensive income: Net (Loss)/gain on available-for-sale financial assets - - - - - - - - Cumulative foreign currencies translation differences - - - - - - - - Total comprehensive income - - 9,062,467 - - 9,062,467 - 9,062,467 Capital increase 50,315 - - - 50,315 - 50,315 Reserve for employee stock ownership plan (ESOP) - 408,346 - - - 408,346 - 408,346 Dividend - - (2,143,177) - - (2,143,177) - (2,143,177) Transferred to reserves - - (2,854,791) 2,854,791 - - - - Distribution of profits - - (1,879,020) - - (1,879,020) - (1,879,020) Changes to Equity - - - 756,689 - 756,689 - 756,689 Balance at 31 December 2018 11,668,326 897,680 9,062,467 12,517,340 573,407 34,719,220 - 34,719,220 Consolidated cash flow statement for the year ended  December 31, 2018 Note Dec. 31, 2018 Dec. 31, 2017 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 12,652,038 9,292,103 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation                   390,830                   353,681 Impairment charge for credit losses                3,076,023                1,742,281 Other provisions charges                   101,501                   212,622 Impairment charge for other assets                   316,763                  (248,072) Available for sale investments exchange revaluation differences                  (102,991)                   100,078 Financial investments impairment charge                     39,561                             -   Utilization of other provisions                      (2,114)                    (83,079) Other provisions no longer used                    (17,670)                    (25,463) Exchange differences of  other provisions                      (2,269)                    (97,897) Profits from selling property, plant and equipment                      (1,045)                     11,840 (Profits) losses from selling financial investments                  (441,628)                         (607) Shares based payments                   408,346                     99,047 Bank's share in the profits of associates                    (27,419)                             -   Associates financial investments revaluation differences                             -                     290,884 Operating profits before changes in operating assets and liabilities 16,389,926 (38,636) Net decrease (increase) in assets and  liabilities Due from banks (13,661,577) (2,594,442) Treasury bills and other governmental notes 4,640,524 (16,466,420) Trading financial assets 4,557,492 (4,601,991) Derivative financial instruments (66,141) 95,161 Loans and advances to banks and customers (21,255,952) (4,019,132) Other assets (2,263,465) (1,121,981) Due to banks 5,381,901 (1,131,078) Due to customers 34,573,817 18,802,058 Income tax obligations paid (2,778,973) (2,017,034) Other liabilities 1,025,022 1,897,201 Net cash provided from operating activities 26,542,574 451,352 Cash flow from investing activities Proceeds from redemption of subsidiary and associates - 750 Payment for purchases of associates (10,575) (44,318) Payment for purchases of property, plant, equipment and branches constructions (874,708) (745,089) Proceeds from redemption of held to maturity financial investment - 13,354,468 Payment for purchases of held to maturity financial investments  (33,995,313) (4,597,254) Payment for purchases of  available for sale financial investments (12,670,761) (25,868,230) Proceeds from selling available for sale financial investments 2,314,616 1,261,980 Proceeds from selling property and equipment 1,045 Proceeds from selling non current assets held for sale 2,059,341 628,521 Non current assets held for sale - 428,011 Net cash used in investing activities (43,176,355) (15,581,161) Consolidated cash flow statement for the year ended  December 31, 2018 (Cont.) Dec. 31, 2018 Dec. 31, 2017 EGP Thousands EGP Thousands Cash flow from financing activities Increase in long term loans 46,793 3,524,063 Dividend paid (2,143,177) (1,350,204) Capital increase 50,315 79,351 Payment related to finance lease - (3,588) Net cash used in financing activities (2,046,069) 2,249,622 Net increase (decrease) in cash and cash equivalent during the year (18,679,850) (12,880,187) Beginning balance of cash and cash equivalent 39,795,504 52,675,691 Cash and cash equivalent at the end of the year 21,115,654 39,795,504 Cash and cash equivalent comprise: Cash and balances with central bank 13 20,058,974 14,663,289 Due from banks 14 46,511,579 45,319,766 Treasury bills and other governmental  notes 21 41,999,252 54,478,202 Obligatory reserve balance with CBE 13 (13,526,763) (8,878,986) Due from banks with maturities more than three months (23,914,064) (11,132,919) Treasury bills with maturity more than three months (50,013,324) (54,653,848) Total cash and cash equivalent 21,115,654 39,795,504

 

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