CIB Year End 2019 IFRS Consolidated Results

RNS Number : 9987K

Commercial Intnl Bank (Egypt) SAE

28 April 2020

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31,  2019

Consolidated statement of profit or loss for the year ended  December 31, 2019

Notes Dec. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Interest and similar income  42,600,957 37,403,709 Interest and similar expense  (21,054,078) (19,260,190) Net interest income 3  21,546,879 18,143,519 Fee and commission income  3,451,688 3,402,616 Fee and commission expense  (1,170,893) (991,957) Net fee and commission income 4  2,280,795 2,410,659 Dividend income 5  53,423 25,958 Net trading income 6  688,059 1,041,810 Profits (Losses) on financial investments  20  450,697 402,068 Administrative expenses 7  (6,468,560) (5,322,654) Other operating expenses 8  (1,698,547) (1,589,675) Impairment charge for credit losses 9  (1,435,460) (2,487,066) Intangible Assets Impairment 38  (651,041) - Bank's share in the profits of associates 12  1,135 27,419 Profit before income tax from continuing operations  14,767,380 12,652,038 Current income tax expense  (4,639,364) (3,625,579) Deferred income tax 10.2  (94,522) 36,008 Net profit from continuing operations  10,033,494 9,062,467 Net profit for the year 10,033,494 9,062,467 Attributable to: Equity holders of the parent 10,033,494 9,062,467 Non-controlling interest - - Net Profit for the year 10,033,494 9,062,467 Earning per share 11 Basic attributable to equity holders of the parent 7.04 7.79 Diluted attributable to equity holders of the parent 6.99 7.73 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, 2019 Note Dec. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Profit for the year 10,033,494   9,062,467 Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods: Net (Loss)/gain on FVOCI 5,975,133 (1,928,674) Total other comprehensive income for the year 16,008,627 7,133,793 Attributable to: Equity holders of the parent 16,008,627 7,133,793 Non-controlling interest - - 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, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Assets Cash and balances with central bank 13  28,273,962 20,058,974 Due from  banks 14  28,353,366 46,511,579 Loans and advances to banks, net 15  625,264 68,385 Loans and advances to customers, net 16  119,321,103 107,828,597 Financial Assets at Fair value through P&L 19  418,781 10,303,319 Derivative financial instruments 17  216,383 52,289 Financial Assets at Fair value through OCI 19  89,897,257 73,266,653 Financial Assets at Amortized cost 19  107,225,613 73,598,251 Right of use 23  339,501 - Investments in associates 21  107,693 106,558 Other assets 22  9,748,143 9,570,533 Intangible assets 38  -  651,041 Deferred tax assets 10.2  350,339 308,370 Property and equipment 23  2,204,464 1,653,102 Total assets   387,081,869 343,977,651 Liabilities and equity Liabilities Due to banks 24  11,810,607 7,259,819 Due to customers 25  304,448,455 285,296,869 Lease Liability  337,531 - Derivative financial instruments 17  282,588 132,858 Other liabilities 27  9,753,940 7,600,248 Current Tax Liability  4,639,364 3,625,579 Other loans 26  3,272,746 3,721,529 Provisions 28  2,011,369 1,694,607 Total liabilities  336,556,600 309,331,509 Equity Issued and paid in capital 29  14,690,821 11,668,326 Reserves  23,180,850 12,635,473 Reserve for employee stock ownership plan (ESOP) 31  963,152 897,680 Retained earnings  11,690,446 9,444,663 Total equity attributable to equity holders of the parent  50,525,269 34,646,142 Non-controlling interest  -  - Total equity  50,525,269  34,646,142 Total liabilities , equity and non-controlling interest  387,081,869  343,977,651 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

Dec.31, 2018 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity Beginning balance  11,618,011  489,334  6,876,988  8,867,806  27,852,139  -   27,852,139 Profit for the period  -   -   9,062,467  -   9,062,467  -   9,062,467 Other comprehensive income: - - - - - -   -  IFRS9 impact - - 455,274 156,187 611,461 - 611,461 Cumulative foreign currencies translation differences - - - - - - - Total comprehensive income - - 9,517,741 156,187 9,673,928 - 9,673,928 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 - - (2,927,869) 2,854,791 (73,078) - (73,078) 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 9,444,663 12,635,473 34,646,142 - 34,646,142 Beginning balance at 1 Jan 2019 11,668,326 897,680 9,444,663 12,635,473 34,646,142 - 34,646,142 Profit for the period - - 10,033,494 - 10,033,494 - 10,033,494 Total comprehensive income: - - 10,033,494 - 10,033,494 - 10,033,494 Capital increase 3,022,495 - - 3,022,495 - 3,022,495 Reserve for employee stock ownership plan (ESOP) - 464,539 - - 464,539 - 464,539 Dividend - - (2,700,544) - (2,700,544) - (2,700,544) Transferred to reserves - (399,067) (5,087,167) 10,545,377 5,059,143 - 5,059,143 Balance at 31 December 2019 14,690,821 963,152 11,690,446 23,180,850 50,525,269 - 50,525,269                       Consolidated cash flow statement for the year ended  December 31, 2019 Note Dec. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 14,767,380 12,652,038 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation  587,662  390,830 Impairment charge for credit losses (Loans and advances to customers)  1,610,878  3,076,023 Other provisions charges  461,869  101,501 Impairment charge for other assets  (93,313)  316,763 Impairment charge for credit losses (due from banks)  9,503  -  Exchange revaluation differences for financial assets at fair value through OCI  1,593,030  (102,991) Impairment charge for credit losses (financial investments)  (184,921)  39,561 Utilization of other provisions  (28,135)  (2,114) Other provisions no longer used  (6,910)  (17,670) Impairment of intangible assets  651,041  -  Exchange differences of  other provisions  (110,062)  (2,269) Profits from selling property, plant and equipment  (1,439)  (1,045) (Profits) losses from selling financial investments  (497,894)  (441,628) Shares based payments  464,539  408,346 Bank's share in the profits of associates  (1,135)  (27,419) Operating profits before changes in operating assets and liabilities  19,222,093  16,389,926 Net decrease (increase) in assets and  liabilities Due from banks  (8,870,547)  (13,661,577) Treasury bills and other governmental notes  -   4,640,524 Financial assets at fair value through P&L  2,318,924  4,557,492 Derivative financial instruments  (2,910)  (66,141) Loans and advances to banks and customers  (14,533,328)  (21,255,952) Other assets  163,933  (2,263,465) Due to banks  4,550,788  5,381,901 Due to customers  19,151,586  34,573,817 Income tax obligations paid  (3,625,579)  (2,778,973) Other liabilities  1,895,241  1,025,022 Net cash provided from operating activities  20,270,201  26,542,574 Cash flow from investing activities Payment for purchases of associates  -   (10,575) Payment for purchases of property, plant, equipment and branches constructions  (1,303,181)  (874,708) Proceeds from selling property, plant and equipment  1,439  1,045 Proceeds from redemption of financial assets at amortized cost  43,937,957  -  Payment for purchases of financial assets at amortized cost  (76,516,842)  (33,995,313) Payment for purchases of financial assets at fair value through OCI  (50,954,311)  (12,670,761) Proceeds from selling financial assets at fair value through OCI  54,855,966  2,314,616 Proceeds from selling non current assets held for sale  -   2,059,341 Net cash used in investing activities  (29,978,972)  (43,176,355) Consolidated cash flow statement for the year ended  December 31, 2019 (Cont.) Dec. 31, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Cash flow from financing activities Increase (decrease) in long term loans  (448,783)  46,793 Dividend paid  (2,700,544)  (2,143,177) Capital increase  105,413  50,315 Net cash used in financing activities  (3,043,914)  (2,046,069) Net increase (decrease) in cash and cash equivalent during the year  (12,752,685)  (18,679,850) Beginning balance of cash and cash equivalent  21,115,654  39,795,504 Cash and cash equivalent at the end of the year  8,362,969  21,115,654 Cash and cash equivalent comprise: Cash and balances with central bank 13  28,273,962  20,058,974 Due from banks 14  28,370,183  46,511,579 Treasury bills and other governmental  notes 19  27,634,062  41,999,252 Obligatory reserve balance with CBE 13  (22,397,310)  (13,526,763) Due from banks with maturities more than three months  (25,125,951)  (23,914,064) Treasury bills with maturity more than three months  (28,391,977)  (50,013,324) Obligatory reserve balance with CBE  8,362,969  21,115,654

 

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