CIB1H2021 Condensed Consolidated Financial Results

RNS Number : 9928E

Commercial Intnl Bank (Egypt) SAE

13 July 2021

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30, 2021

Condensed Consolidated Interim Balance Sheet as at June 30, 2021 Notes Jun. 30, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 7 31,958,480 33,768,549 Due from  banks 8 79,377,965 87,426,301 Loans and advances to banks, net 10 782,360 776,980 Loans and advances to customers, net 11 131,251,166 119,570,005 Derivative financial instruments 292,284 248,759 Investments - Financial Assets at Fair Value through P&L 12 208,429 359,959 - Financial Assets at Fair Value through OCI 12 188,204,356 148,118,372 - Amortized cost 12 22,598,404 25,285,225 - Investments in associates 13 324,125 139,871 Other assets 10,993,659 9,175,525 Goodwill 22 158,153 178,782 Intangible assets 23 39,737 44,920 Deferred tax assets (Liabilities) 452,578 437,772 Property and equipment 14 2,507,624 2,311,147 Total assets 469,149,320 427,842,167 Liabilities and equity Liabilities Due to banks 15 1,315,692 8,817,535 Due to customers 16 386,001,156 341,169,450 Derivative financial instruments 354,701 331,073 Current tax liabilities 1,616,491 859,582 Other liabilities 7,391,941 5,735,269 Other loans 5,626,792 7,746,946 Provisions 17 3,511,026 3,223,501 Total liabilities 405,817,799 367,883,356 Equity Issued and paid up capital 14,776,813 14,776,813 Reserves 40,249,761 33,094,580 Reserve for employee stock ownership plan (ESOP) 1,381,162 1,064,648 Retained earnings * 6,442,442 10,539,715 Total equity and net profit for the period / year 62,850,178 59,475,756 Minority interest 481,343 483,055 Total minority interest, equity and net profit for the period / year 63,331,521 59,958,811 Total liabilities and equity 469,149,320 427,842,167 The accompanying notes are an integral part of these financial statements . (Review report attached) * Including net profit for the current period Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim Income Statement for the period ended June 30, 2021 Notes Jun. 30, 2021 Jun. 30, 2020 EGP Thousands EGP Thousands Interest and similar income 21,016,794 20,922,642 Interest and similar expense (9,319,909) (8,445,315) Net interest income 11,696,885 12,477,327 Fee and commission income 1,801,723 1,479,217 Fee and commission expense (687,236) (493,057) Net fee and commission income 1,114,487 986,160 Dividend income 63,572 25,962 Net trading income 5 278,559 177,231 Profits (Losses) on financial investments 12 601,887 832,005 Administrative expenses (2,945,811) (2,848,020) Other operating (expenses) income (1,115,219) (1,847,212) Goodwill amortization 22 (20,629) (8,381) Intangible assets amortization 23 (5,183) - Impairment release (charges) for credit losses (1,020,214) (2,259,654) Bank's share in the profits of associates 11,794 6,994 Profit before income tax 8,660,128 7,542,412 Income tax expense (2,590,814) (2,652,208) Deferred tax assets (Liabilities) 18,844 107,601 Net profit for the period 6,088,158 4,997,805 Minority interest (1,712) - Bank shareholders 6,089,870 4,997,805 Earning per share 6 Basic 3.64 3.00 Diluted 3.63 2.99 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2021 Jun. 30, 2021 Jun. 30, 2020 EGP Thousands EGP Thousands Net profit for the period 6,088,158 4,997,805 Change in fair value of debt instruments measured at fair value through other comprehensive income (1,625,170) (1,483,581) Transferred from reserve on disposal of financial assets at fair value through OCI (104,406) - Cumulative foreign currencies translation differences (4,044) 1,647 Effect of ECL in fair value of debt instruments measured at fair value through OCI (54,113) 90,512 Total comprehensive income for the period 4,300,425 3,606,383 As follows: Bank's shareholders 4,302,137 3,606,383 Minority interest (1,712) - Total comprehensive income for the period 4,300,425 3,606,383

Condensed Consolidated Interim Cash flows for the period ended June 30, 2021
	Notes	Jun. 30, 2021		Jun. 30, 2020
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		8,660,128		7,542,412
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	14	411,612		383,782
Impairment charge for credit losses (Loans and advances to customers and banks)		1,061,426		2,144,988
Other provisions charges	17	350,039		1,098,888
Impairment charge for credit losses (due from banks)		12,901		24,154
Impairment charge for credit losses (financial investments)		(54,113)		90,512
Impairment charge for other assets		25,524		24,621
Exchange revaluation differences for financial assets at fair value through OCI		50,039		(84,884)
Goodwill amortization	22	48,134		8,381
Intangible assets amortization	23	12,094		-
Released (Impairment) charge financial assets at fair value through OCI		(72,957)		78,615
Utilization of other provisions	17	(44,173)		(1,066)
Other provisions no longer used	17	(9,145)		(43,200)
Exchange differences of  other provisions	17	(9,196)		3,011
Profits from selling property, plant and equipment		(1,250)		(94)
(Profits) losses from selling financial investments	12	(514,837)		(924,720)
Released (Impairment) charges of investments in associates and subsidiaries		(14,093)		14,100
Shares based payments		316,514		296,959
Bank's share in the profits of associates		(11,794)		(6,994)
Operating profits before changes in operating assets and liabilities		10,216,853		10,649,465
Net decrease (increase) in assets and  liabilities
Due from banks		(8,642,436)		(598,148)
Financial assets at fair value through P&L	12	151,530		61,477
Derivative financial instruments		(19,897)		(41,469)
Loans and advances to banks and customers	10 - 11	(12,747,967)		(3,109,801)
Other assets		(1,921,109)		907,956
Due to banks	15	(7,501,843)		466,875
Due to customers	16	44,831,706		15,697,986
Income tax obligations paid		(974,323)		(4,639,364)
Other liabilities		791,514		(2,946,225)
Net cash used in (generated from) operating activities		24,184,028		16,448,752
Cash flow from investing activities
Proceeds from Investments in associates.		-		750
Proceeds (payments) for investment in associates.		(158,360)		-
Payment for purchases of property, plant, equipment and branches  constructions		(530,638)		(739,117)
Proceeds from selling property, plant and equipment		1,250		94
Proceeds from redemption of financial assets at amortized cost		2,688,858		59,360,102
Payment for purchases of financial assets at amortized cost		(2,617)		(44,945,839)
Payment for purchases of financial assets at fair value through OCI		(111,888,471)		(50,868,698)
Proceeds from selling financial assets at fair value through OCI		69,864,103		55,517,561
Proceeds from investment in subsidiaries.		-		194,722
Net cash generated from (used in) investing activities		(40,025,875)		18,519,575
Condensed Consolidated Interim Cash flows for the period ended June 30, 2021 (Cont.)
		Jun. 30, 2021		Jun. 30, 2020
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Received (Repaid) in long term loans		(2,120,154)		(22,492)
Dividend paid		(1,360,652)		(3,370,464)
Net cash generated from (used in) financing activities		(3,480,806)		(3,392,956)
Net (decrease) increase in cash and cash equivalent during the priod		(19,322,653)		31,575,371
Beginning balance of cash and cash equivalent		75,796,375		22,895,017
Cash and cash equivalent at the end of the period		56,473,722		54,470,388
Cash and cash equivalent comprise:
Cash and balances at the central bank		31,958,480		31,267,392
Due from banks		79,415,055		56,990,499
Treasury bills and other governmental  notes		58,679,906		27,591,164
Obligatory reserve balance with CBE		(26,358,215)		(22,995,458)
Due from banks with maturities more than three months		(28,800,903)		(10,271,665)
Treasury bills with maturity more than three months		(58,420,601)		(28,111,544)
Total cash and cash equivalent		56,473,722		54,470,388

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2020
Jun. 30, 2020	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
														EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	-	13,466	4,111,781	5,164	11,881,657	963,152	2,501	51,880,445	-	51,880,445
Transferred to reserves	-	590,106	7,840,286	-	-	1,440	-	-	(8,431,832)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	453,248	453,248
Net profit of the period	-	-	-	-	-	-	-	-	4,997,805	-	-	4,997,805	-	4,997,805
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(55,142)	-	55,142	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(1,483,581)	-	-	-	-	(1,483,581)	-	(1,483,581)
Transferred (from) to  banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	90,512	-	-	-	-	90,512	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	296,959	-	296,959	-	296,959
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(854)	(854)	-	(854)
Balance at the end of the period	14,690,821	2,778,135	24,314,715	1,549,445	-	14,906	2,663,570	6,423	5,131,049	1,260,111	1,647	52,410,822	453,248	52,864,070
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2021
Jun. 30, 2021	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Transferred to reserves	-	514,939	8,420,479	-	-	1,094	-	-	(8,936,512)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	-	6,089,870	-	-	6,089,870	(1,712)	6,088,158
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(104,406)	-	104,406	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(1,625,170)	-	-	-	-	(1,625,170)	-	(1,625,170)
Transferred (from) to  banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	(54,113)	-	-	-	-	(54,113)	-	(54,113)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	316,514	-	316,514	-	316,514
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(360)	(360)	-	(360)
Balance at the end of the period	14,776,813	3,293,074	33,186,137	1,549,445	8,183	16,000	2,191,825	9,141	6,442,442	1,381,162	(4,044)	62,850,178	481,343	63,331,521

 

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