CIB1H2022 Consolidated Condensed Financial Results

RNS Number : 5278T

Commercial Intnl Bank (Egypt) SAE

25 July 2022

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30, 2022

Condensed Consolidated Interim Balance Sheet as at June 30, 2022 Notes Jun. 30, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 41,970,190 43,492,248 Due from  banks 9 56,928,062 80,141,769 Loans and advances to banks, net 11 1,308,243 312,216 Loans and advances to customers, net 12 170,618,940 145,575,243 Derivative financial instruments 877,137 225,376 Investments - Financial Assets at Fair Value through P&L 13 1,648 240,987 - Financial Assets at Fair Value through OCI 13 216,824,006 193,198,894 - Financial Assets at Amortized cost 13 19,989,504 20,547,465 - Investments in associates 14 210,529 205,315 Other assets 15 11,673,059 11,207,128 Goodwill 26 116,896 137,525 Intangible assets 27 29,371 34,554 Deferred tax assets (Liabilities) 457,693 456,002 Property and equipment 16 2,457,931 2,461,116 Total assets 523,463,209 498,235,838 Liabilities and equity Liabilities Due to banks 17 2,958,999 866,056 Due to customers 18 428,866,287 407,241,538 Derivative financial instruments 34,934 265,470 Current tax liabilities 2,330,166 2,234,985 Other liabilities 19 10,015,827 8,085,545 Issued debt instruments 20 1,864,924 1,557,263 Other loans 5,987,651 5,140,782 Other Provisions 21 5,357,366 3,541,462 Total liabilities 457,416,154 428,933,101 Equity Issued and paid up capital 19,825,134 19,702,418 Reserves 36,096,343 33,774,990 Reserve for employee stock ownership plan (ESOP) 1,555,725 1,674,392 Retained earnings * 8,045,041 13,696,402 Total equity and net profit for the period / year 65,522,243 68,848,202 Minority interest 524,812 454,535 Total minority interest, equity and net profit for the period / year 66,047,055 69,302,737 Total liabilities and equity 523,463,209 498,235,838 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, 2022 Notes Jun. 30, 2022 Jun. 30, 2021 EGP Thousands EGP Thousands Interest and similar income 24,313,000 21,016,794 Interest and similar expense (10,584,315) (9,319,909) Net interest income 13,728,685 11,696,885 Fee and commission income 2,411,504 1,801,723 Fee and commission expense (1,072,889) (687,236) Net fee and commission income 1,338,615 1,114,487 Dividend income 54,557 63,572 Net trading income 5 1,014,279 278,559 Profits (Losses) on financial investments 13 1,065,443 601,887 Administrative expenses (3,270,349) (2,945,811) Other operating (expenses) income 6 (2,511,186) (1,115,219) Goodwill amortization 26 (20,629) (20,629) Intangible assets amortization 27 (5,183) (5,183) Impairment release (charges) for credit losses (73,977) (1,020,214) Bank's share in the profits of associates 5,214 11,794 Profit before income tax 11,325,469 8,660,128 Income tax expense 28 (3,014,444) (2,590,814) Deferred tax assets (Liabilities) 28 (530,698) 18,844 Net profit for the period 7,780,327 6,088,158 Minority interest 15,530 (1,712) Bank shareholders 7,764,797 6,089,870 Earning per share 7 Basic 3.48 2.75 Diluted 3.44 2.71 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2022 Jun. 30, 2022 Jun. 30, 2021 EGP Thousands EGP Thousands Net profit for the period 7,780,327 6,088,158 Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax (7,377,135) (1,625,170) Transferred from reserve on disposal of financial assets at fair value through OCI (4,227) (104,406) Cumulative foreign currencies translation differences 81,324 (4,044) Effect of ECL in fair value of debt instruments measured at fair value through OCI 104,188 (54,113) Total other comprehensive income 584,477 4,300,425 As follows: Bank's shareholders 568,947 4,302,137 Minority interest 15,530 (1,712) Total comprehensive income for the period 584,477 4,300,425

Condensed Consolidated Interim Cash flows for the period ended June 30, 2022
	Notes	Jun. 31, 2022		Jun. 31, 2021
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		11,325,469		8,660,128
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	16	445,305		411,612
Impairment charge for credit losses (Loans and advances to customers and banks)		(41,818)		1,061,426
Other provisions charges	21	1,513,929		350,039
Impairment charge for credit losses (due from banks)		4,970		12,901
Impairment (Released) charge for credit losses (financial investments)		110,825		(54,113)
Impairment (Released) charge for other assets		(277,768)		25,524
Exchange revaluation differences for financial assets at fair value through OCI		(2,840,747)		50,039
Goodwill amortization	26	20,629		48,134
Intangible assets amortization	27	5,183		12,094
Impairment (Released) charge financial assets at fair value through OCI		-		(72,957)
Utilization of other provisions	21	(1,707)		(44,173)
Other provisions no longer used	21	(267)		(9,145)
Exchange differences of  other provisions	21	303,949		(9,196)
Profits from selling property and equipment		(1,142)		(1,250)
Losses (profits) from selling financial investments	13	(1,065,443)		(514,837)
Impairment (Released) charges of investments in associates and subsidiaries		-		(14,093)
Shares based payments		384,255		316,514
Bank's share in the profits of associates		(5,214)		(11,794)
Operating losses (profits) before changes in operating assets and liabilities		9,880,408		10,216,853
Net decrease (increase) in assets and  liabilities
Due from banks		13,218,002		(8,642,436)
Financial assets at fair value through P&L	13	239,339		151,530
Derivative financial instruments		(882,092)		(19,897)
Loans and advances to banks and customers	11 - 12	(25,997,906)		(12,747,967)
Other assets		(280,761)		(1,921,109)
Due to banks	17	2,092,943		(7,501,843)
Due to customers	18	21,624,749		44,831,706
Current income tax obligations paid		(684,278)		(974,323)
Other liabilities		2,751,421		791,514
Net cash used in (generated from) operating activities		21,961,825		24,184,028
Cash flow from investing activities
Proceeds (payments) for investment in associates.		-		(158,360)
Payment for purchases of property, equipment and branches  constructions		(331,846)		(530,638)
Proceeds from selling property and equipment		1,142		1,250
Proceeds from redemption of financial assets at amortized cost		622,072		2,688,858
Payment for purchases of financial assets at amortized cost		(41,770)		(2,617)
Payment for purchases of financial assets at fair value through OCI		(67,715,983)		(111,888,471)
Proceeds from selling financial assets at fair value through OCI		44,348,943		69,864,103
Net cash generated from (used in) investing activities		(23,117,442)		(40,025,875)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2022 (Cont.)
		Jun. 30, 2022		Jun. 30, 2021
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Increase (decrease) in long term loans		846,869		(2,120,154)
Dividend paid		(4,410,322)		(1,360,652)
Increase (decrease) in issued debt instruments		307,661		-
Capital increase		122,716		-
Net cash generated from (used in) financing activities		(3,133,076)		(3,480,806)
Net (decrease) increase in cash and cash equivalent during the priod		(4,288,693)		(19,322,653)
Beginning balance of cash and cash equivalent		61,065,822		75,796,375
Cash and cash equivalent at the end of the period		56,777,129		56,473,722
Cash and cash equivalent comprise:
Cash and balances at the central bank		41,970,190		31,958,480
Due from banks		56,974,029		79,415,055
Treasury bills and other governmental  notes	10	76,380,971		58,679,906
Obligatory reserve balance with CBE		(36,172,792)		(26,358,215)
Due from banks with maturities more than three months		(10,529,528)		(28,800,903)
Treasury bills with maturity more than three months		(71,845,741)		(58,420,601)
Total cash and cash equivalent		56,777,129		56,473,722

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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 year	-	-	-	-	-	-	-	-	6,089,870	-	-	6,089,870	(1,712)	6,088,158
Transferred from reserve 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 after tax	-	-	-	-	-	-	(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
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2022
Jun. 30, 2022	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	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	122,716	-	-	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	-	7,764,797	-	-	7,764,797	15,530	7,780,327
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(4,227)	-	4,227	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(7,377,135)	-	-	-	-	(7,377,135)	-	(7,377,135)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,840	(2,840)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	104,188	-	-	-	-	104,188	-	104,188
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	384,255	-	384,255	-	384,255
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	85,542	85,542	54,747	140,289
Balance at the end of the period	19,825,134	3,963,946	37,096,858	1,550,906	8,183	18,947	(6,635,802)	11,981	8,045,041	1,555,725	81,324	65,522,243	524,812	66,047,055

 

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