CIB's FY22 IFRS 9 Financial Statements

RNS Number : 5862T

Commercial Intnl Bank (Egypt) SAE

20 March 2023

 

http://www.rns-pdf.londonstockexchange.com/rns/5862T_1-2023-3-20.pdf

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	(24,828,731 )	(20,204,272 )
Net interest income  3	30,894,970	24,873,897
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  4	3,078,137	2,390,477
Dividend income  5	52,411	59,725
Net trading income  6	2,827,922	774,992
Profits on financial investments  20	1,162,195	594,863
Administrative expenses  7	(9,460,461)	(7,787,584)
Other operating expenses  8	(4,562,700)	(1,673,546)
Impairment charges for credit losses  9	(1,584,942)	(1,679,747)
Bank's share in the (loss)/profit of associates  12	(19,253 )	14,996
Profit before income tax from continuing operations	22,388,279	17,568,073
Income taxes  10	(7,769,136 )	(5,565,599)
Net profit for the year	14,619,143	12,002,474
Attributable to:
Equity holders of the parent	14,561,381	12,006,925
Non-controlling interest	57,762	(4,451)
Net Profit for the year	14,619,143	12,002,474
Earning per share  11
Basic attributable to equity holders of the parent	4.88	4.03
Diluted attributable to equity holders of the parent	4.84	3.99

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

Sherif Samy

CEO & Managing director  Chairman 

20- March -2023     20- March -2023

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2022
	Dec. 31, 2022	Dec. 31, 2021
	EGP Thousands	EGP Thousands
Profit for the year	14,619,143	12,002,474
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	233,046	(149,323)
Tax impact for investments that will not be reclassified to Income Statement	(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	(14,691,866)	(2,181,779)
Change in fair value from selling FVOCI financial instruments	(1,116,776)	(702,776)
Cumulative foreign currencies translation differences	181,324	(4,218)
Tax impact for OCI investment that will be reclassified to Income Statement	1,215,530	(109,394)
Effect of ECL in fair value of debt instruments measured at fair value through OCI	455,047	(93,566 )
Total comprehensive income for the year	830,259	8,597,419
As follows:
Bank's shareholders	772,497	8,601,870
Non-controlling interest	57,762	(4,451 )
Total comprehensive income for the year	830,259	8,597,419

Consolidated Statement of Financial Position as at December 31, 2022

Notes

Dec. 31, 2021

EGP Thousands

Assets
Cash and balances at the central bank	13	47,492,549		43,492,248
Due from banks	14	133,856,720		80,141,769
Loans and advances to banks, net	15	2,978,197		312,216
Loans and advances to customers, net	16	193,599,872		145,575,243
Financial Assets at fair value through profit or loss	19	247,324		443,859
Derivative financial instruments	17	1,939,961		225,376
Financial Assets at fair value through OCI	19	208,144,247		197,238,721
Financial Assets at amortized cost	19	34,524,760		20,547,465
Right of use assets	23	1,726,082		1,084,585
Investments in associates	21	186,062		205,315
Other assets	22	14,521,427		11,207,128
Intangible assets	38	51,831		51,831
Goodwill	38	206,287		206,287
Deferred tax assets	10.2	185,745		456,002
Property and equipment	23	2,405,434		2,461,116
Total assets		642,066,498		503,649,161
Liabilities and equity
Liabilities
Due to banks	24	3,496,698		866,056
Due to customers	25	531,616,550		407,241,538
Lease liabilities	23	1,690,099		1,087,820
Derivative financial instruments	17	219,752		265,470
Issued debt instruments	18	2,456,607		1,557,263
Other liabilities	27	17,700,479		13,710,791
Current Tax liability		3,051,583		2,234,985
Other loans	26	7,978,975		5,140,782
Provisions	28	7,067,599		3,541,462
Total liabilities		575,278,342		435,646,167
Equity
Issued and paid in capital	29	29,825,134		19,702,418
Reserves	30	19,342,866		33,552,794
Reserve for employee stock ownership plan (ESOP)	30	1,895,435		1,674,392
Retained earnings	30	15,144,290		12,618,855
Total equity attributable to equity holders of the parent		66,207,725		67,548,459
Non-controlling interest	39	580,431		454,535
Total equity		66,788,156		68,002,994
Total liabilities and equity		642,066,498		503,649,161

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

CEO & Managing director

20- March -2023 

Sherif Samy

Chairman

20- March -2023

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2021  Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings  Reserves  Total  Non-controlling

interest

Total equity

	19,702,418 1,674,392 12,618,855 33,552,794 67,548,459 454,535 68,002,994 - - 14,561,381 - 14,561,381 57,762 14,619,143 10,122,716 - - (10,000,000) 122,716 - 122,716 - 723,965 - - 723,965 - 723,965 - - (3,019,442) - (3,019,442) (10,247) (3,029,689) - (502,922) (9,016,504) (4,209,928) (13,729,354) 78,381 (13,650,973)   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 2021  14,776,813  1,064,648  9,534,429  32,939,079  58,314,969  483,055  58,798,024

Total comprehensive income  -  -  12,006,925  -  12,006,925  (4,451)  12,002,474

Capital increase	4,925,605	-		-		(4,925,605)		-		-		-
Reserve for employee stock ownership plan (ESOP)	-		609,744		-		-		609,744		-		609,744
Dividend	-		-		(156,389)		-		(156,389)		(24,069)		(180,458)
Transferred to reserves	-		-		(8,766,110)		5,539,320		(3,226,790)		-		(3,226,790)
Balance at 31 December 2021	19,702,418		1,674,392		12,618,855		33,552,794		67,548,459		454,535		68,002,994
Beginning balance at 1st of Jan 2022
Total comprehensive income
Capital increase
Reserve for employee stock ownership plan (ESOP)
Dividend
Transferred to reserves
Balance at 31 December 2022

Notes Cash flow from operating activities Dec. 31, 2022 EGP Thousands Dec. 31, 2021 EGP Thousands Profit before income tax from continued operations 22,388,279 17,568,073 Adjustments to reconcile profits to net cash provided by operating activities Fixed assets depreciation 885,801 885,060 Impairment charge for credit losses (Loans and advances to customers) 1,043,776 1,756,505 Other provisions charges 2,134,462 380,459 Impairment charge for other assets (277,766) 31,975 Impairment charge for credit losses (due from banks) 8,395 16,808 Exchange revaluation differences for financial assets at fair value through OCI and AC (7,477,865) 17,261 Impairment (Reversal of impairment) charge for credit losses (financial investments) 524,838 (93,566) Utilization of other provisions (3,126) (45,483) Other provisions no longer used (172) (2,451) Impairment of intangible assets 206,287 206,287 Exchange differences of other provisions 1,394,973 (15,243) Impairment (Reversal of impairment) charges of investments in associates - 107,913 Profits from selling property, plant and equipment (2,208) (2,947) Losses from selling financial investments (1,162,195) (702,776) 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 working capital 20,405,124 20,702,623 Net decrease (increase) in working capital Due from banks (25,811,654) (17,183,300) Financial assets at fair value through profit or loss 240,987 118,972 Derivative financial instruments (1,760,303) (42,220) Loans and advances to banks and customers (51,705,061) (27,280,547) Other assets (2,862,478) (2,135,921) Due to banks 2,630,642 (7,951,479) Due to customers 124,375,012 66,072,088 Current income tax obligations paid (3,293,520) (3,444,749) Other liabilities     3,989,688     (1,359,238 Net cash generated from operating activities     66,208,437 27,496,229 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 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 (19,908,223) (3,844) Payment for purchases of financial assets at fair value through OCI (45,665,232) (250,679,698) Proceeds from selling financial assets at fair value through OCI     26,046,482     206,611,955 Net cash generated from (used in) investing activities     (33,819,327 ) (40,466,727)

Consolidated Statement of Cash Flow for the Year Ended December 31, 2022

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Dec. 31, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Cash flow from financing activities Other loans 2,838,193 (2,606,164) Other loans - new loans obtained in the year 102,613 24,334 Other loans - loans repaid in the year (554,539) (2,625,878) Other loans - movement in foreign exchange rate 3,290,119 (4,620) Dividends paid (3,019,442) (156,389) Issued debt instruments ( the effect of changes in foregin exchange rate ) 899,344 - Cash payments for lease (principle and interest) (498,794) (242,292) Capital increase     122,716     - Net cash generated from (used in) financing activities     342,017 (3,004,845) Net (decrease) increase in cash and cash equivalent during the year 32,731,127 (15,975,343) Beginning balance of cash and cash equivalent     50,374,942     66,350,285 Cash and cash equivalent at the end of the year     83,106,069 50,374,942 Cash and cash equivalent comprise: Cash and balances at the central bank 13 47,492,549 43,492,248 Due from banks with maturities of 3 months or less 14 76,096,552 44,983,081 Treasury bills with maturities of three months or less 19 10,575 549 Obligatory reserve balance with CBE 13     (40,493,607 )     (38,100,936 Total cash and cash equivalent 31     83,106,069 50,374,942 Interest received in cash Dec.31, 2022 Dec.31, 2021 EGP Thousands EGP Thousands From operating activities: Loans and advances 24,170,943 18,206,717 Due to customers 23,237,484 18,950,534 Dec.31, 2022 Dec.31, 2021 EGP Thousands EGP Thousands From investing activities: Financial assets at FVOCI 26,107,850 20,516,144 Financial assets at AC 3,136,458 3,653,803 Dec.31, 2022 Dec.31, 2021 EGP Thousands EGP Thousands From Financing activities: Other loans     455,183 322,522

Consolidated Statement of Cash Flow for the Year Ended December 31, 2022 (Cont.)

 

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