CIB1H2023 Condensed Consolidated Financials

Commercial Intnl Bank (Egypt) SAE

24 July 2023

 

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Commercial International Bank (Egypt) S.A.E.

Condensed Consolidated Financial Statements                                                  June 30, 2023

Condensed Consolidated Interim Statement of Financial Position as at June 30, 2023 Notes Jun. 30, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 33,569,139 47,492,549 Due from banks 9 282,231,329 133,856,720 Loans and advances to banks, net 11 265,506 2,978,197 Loans and advances to customers, net 12 220,646,128 193,599,872 Derivative financial instruments 2,072,177 1,939,961 Financial investments : - Financial Assets at Fair Value through OCI 13 191,018,179 204,020,733 - Financial Assets at Amortized cost 13 44,071,307 34,524,760 - Investments in associates 14 145,332 186,062 Non current assets held for sale 29 214 - Other assets 15 19,148,600 14,521,427 Goodwill 26 75,639 96,268 Intangible assets 27 19,005 24,188 Deferred tax assets 518,213 185,746 Property and equipment 16 2,510,392 2,405,434 Total assets 796,291,160 635,831,917 Liabilities and equity Liabilities Due to banks 17 23,938,050 3,496,698 Due to customers 18 658,531,089 531,616,550 Non-current liabilities held for sale 30 933 - Derivative financial instruments 139,259 219,752 Current income tax liabilities 4,952,484 3,051,583 Other liabilities 19 16,474,178 11,606,912 Issued debt instruments 20 3,070,637 2,456,607 Other loans 11,158,536 7,978,975 Other provisions 21 9,390,357 7,066,672 Total liabilities 727,655,523 567,493,749 Equity Issued and paid up capital 30,195,010 29,825,134 Reserves 22,766,742 19,643,327 Reserve for employee stock ownership plan (ESOP) 1,133,385 1,895,435 Retained earnings * 14,411,378 16,393,841 Total equity and net profit for the period / year 68,506,515 67,757,737 Non-Controlling Interest 129,122 580,431 Total minority interest, equity and net profit for the period / year 68,635,637 68,338,168 Total liabilities and equity 796,291,160 635,831,917 The accompanying notes are an integral part of these financial statements . (Limited review report attached) * Including net profit for the current period Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Condensed Consolidated Interim Income Statement for the period ended June 30, 2023 Notes Last 6 Months Jun. 30, 2023 Last 6 Months Jun. 30, 2022 EGP Thousands EGP Thousands Interest and similar income 45,115,105 24,313,000 Interest and similar expense (21,221,785) (10,584,315) Net interest income 23,893,320 13,728,685 Fee and commission income 4,128,821 2,411,504 Fee and commission expense (1,575,094) (1,072,889) Net fee and commission income 2,553,727 1,338,615 Dividend income 77,253 54,557 Net trading income 5 2,335,117 1,014,279 Profits (Losses) on financial investments 13 92,572 1,065,443 Administrative expenses (4,296,917) (3,270,349) Other operating (expenses) income 6 (3,423,286) (2,511,186) Goodwill amortization 26 (20,629) (20,629) Intangible assets amortization 27 (5,183) (5,183) Impairment release (charges) for credit losses (1,182,487) (73,977) Bank's share in the profits / losses of associates (26,630) 5,214 Profit before income tax 19,996,857 11,325,469 Income tax expense 28 (5,748,429) (3,014,444) Deferred tax assets (Liabilities) 28 (142,753) (530,698) Net profit from continued operations 14,105,675 7,780,327 Discontinued Operations Net profit (loss) from discontinued operations 31 (49,612) - Net profit for the period 14,056,063 7,780,327 Non Controlling Interest 3,474 15,530 Bank's shareholders 14,052,589 7,764,797 Earning per share 7 Basic 4.17 2.29 Diluted 4.12 2.27 Hussein Abaza Hisham Ezz Al-Arab CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2023 Last 6 Months Jun 30, 2023 Last 6 Months Jun. 30, 2022 EGP Thousands EGP Thousands Net profit for the period 14,056,063 7,780,327 Change in fair value of Financial investments measured at fair value through comprehensive income after tax (9,949,190) (7,377,135) Transferred to RE from financial assets at fair value through comprehensive income (95,308) (4,227) Cumulative foreign currencies translation differences 266,927 81,324 Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 205,751 104,188 Total comprehensive income for the period 4,484,243 584,477 As follows: Bank's shareholders 4,480,769 568,947 Non Controlling Interest 3,474 15,530 Total comprehensive income for the period 4,484,243 584,477

Condensed Consolidated Interim Cash flows for the period ended June 30 2023
	Notes	Jun. 30, 2023		Jun. 30, 2022
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		19,996,857		11,325,469
Profit (loss) from discontinued operations		(49,612)		-
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation	16	435,552		445,305
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		950,009		(41,818)
Other provisions charges	21	1,146,383		1,513,929
Impairment (Released) charge for credit losses (due from banks)		5,231		4,970
Impairment (Released) charge for credit losses (financial investments)		227,247		110,825
Impairment (Released) charge for other assets		-		(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(5,858,602)		(2,840,747)
Goodwill amortization	26	20,629		20,629
Intangible assets amortization	27	5,183		5,183
Utilization of other provisions	21	(1,031)		(1,707)
Other provisions no longer used	21	-		(782)
Exchange differences of  other provisions	21	1,178,333		303,949
profits from selling property and equipment		(130)		(1,142)
profits from selling financial investments at fair value through OCI	13	(92,572)		(1,065,443)
Shares based payments		402,192		384,255
Bank's share in the profits / losses of associates		26,630		(5,214)
Operating profits before changes in operating assets and liabilities		18,392,299		9,879,893
Net decrease (increase) in assets and  liabilities
Due from banks		31,684,362		13,218,002
Financial assets at fair value through P&L		-		239,339
Derivative financial instruments		(213,992)		(882,092)
Loans and advances to banks and customers	11 - 12	(25,279,763)		(25,997,906)
Other assets		(4,443,895)		(280,761)
Non current assets held for sale		(214)		-
Due to banks	17	20,441,352		2,092,943
Due to customers	18	126,914,539		21,624,749
Current income tax obligations paid		(795,945)		(684,278)
Non current liabilities held for sale		933		-
Other liabilities		2,149,496		2,750,906
Net cash generated from (used in) operating activities		168,849,172		21,960,795
Cash flow from investing activities
Payment for purchases of property, equipment and branches  constructions		(727,599)		(331,846)
Proceeds from selling property and equipment		130		1,142
Proceeds from redemption of financial assets at amortized cost		196,783		622,072
Payment for purchases of financial assets at amortized cost		(9,121,279)		(41,770)
Payment for purchases of financial assets at fair value through OCI		(51,268,261)		(67,715,983)
Proceeds from selling financial assets at fair value through OCI		59,321,328		44,348,943
Payment for investment in subsidiaries.		(1,008,761)		-
Net cash generated from (used in) investing activities		(2,607,659)		(23,117,442)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2023 (Cont.)
		Jun. 30, 2023		Jun. 30, 2022
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans		3,179,561		846,869
Dividends paid		(3,594,747)		(4,410,322)
Issued debt instruments		614,030		307,661
Capital increase		369,876		122,716
Net cash generated from (used in) financing activities		568,720		(3,133,076)
Net (decrease) increase in cash and cash equivalent during the period		166,810,233		(4,289,723)
Beginning balance of cash and cash equivalent		92,969,526		61,065,822
Cash and cash equivalent at the end of the period		259,779,759		56,776,099
Cash and cash equivalent comprise:
Cash and balances at the central bank		33,569,139		41,970,190
Due from banks		282,285,952		56,974,029
Treasury bills	10	71,798,021		76,380,971
Obligatory reserve balance with CBE		(25,697,561)		(36,172,792)
Due from banks with maturities more than three months		(30,318,097)		(10,530,558)
Treasury bills with maturity more than three months		(71,857,695)		(71,845,741)
Total cash and cash equivalent		259,779,759		56,776,099

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Condensed Consolidated Interim statement of changes in shareholders' equity
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	Non Controlling Interest	Total
														EGP Thousands
Beginning at 1 January 2022	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)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	-	7,764,797	-	-	7,764,797	15,530	7,780,327
Transferred to RE from 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 30 June 2022	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
Jun. 30, 2023	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	Non Controlling Interest	Total
														EGP Thousands
Beginning at January 2023	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(13,188,818)	11,981	16,393,841	1,895,435	181,324	67,757,737	580,431	68,338,168
Capital increase	369,876	-	-	-	-	-	-	-	-	-	-	369,876	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
Net profit of the period	-	-	-	-	-	-	-	-	14,052,589	-	-	14,052,589	3,474	14,056,063
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
Change in non-controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(9,949,190)	-	-	-	-	(9,949,190)	-	(9,949,190)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	3,249	(3,249)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	205,751	-	-	-	-	205,751	-	205,751
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	402,192	-	402,192	-	402,192
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	85,603	85,603	99,192	184,795
Balance at the end of the period	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(23,027,565)	15,230	14,411,378	1,133,385	266,927	68,506,515	129,122	68,635,637

 

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