3rd Quarter 2022 Results (Consolidated)

RNS Number : 2907F

Commercial Intnl Bank (Egypt) SAE

04 November 2022

 

Commercial International Bank (Egypt) S.A.E.
Condensed Consolidated Financial Statements
September 30, 2022 Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/2907F_1-2022-11-3.pdf

Condensed Consolidated Interim Balance Sheet as at September 30, 2022 Notes Sep. 30, 2022 Dec. 31, 2021 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 43,857,708 43,492,248 Due from  banks 9 90,458,312 80,141,769 Loans and advances to banks, net 11 1,944,633 312,216 Loans and advances to customers, net 12 177,710,036 145,575,243 Derivative financial instruments 951,214 225,376 Investments - Financial Assets at Fair Value through P&L 13 - 240,987 - Financial Assets at Fair Value through OCI 13 231,064,431 193,198,894 - Financial Assets at Amortized cost 13 32,613,909 20,547,465 - Investments in associates 14 187,399 205,315 Other assets 15 10,221,640 11,207,128 Goodwill 26 106,582 137,525 Intangible assets 27 26,780 34,554 Deferred tax assets (Liabilities) 834,437 456,002 Property and equipment 16 2,391,296 2,461,116 Total assets 592,368,377 498,235,838 Liabilities and equity Liabilities Due to banks 17 1,747,427 866,056 Due to customers 18 499,019,607 407,241,538 Derivative financial instruments 43,987 265,470 Current tax liabilities 2,678,372 2,234,985 Other liabilities 19 9,995,151 8,085,545 Issued debt instruments 20 1,940,240 1,557,263 Other loans 6,257,126 5,140,782 Other Provisions 21 5,676,497 3,541,462 Total liabilities 527,358,407 428,933,101 Equity Issued and paid up capital 25 29,825,134 19,702,418 Reserves 20,434,644 33,774,990 Reserve for employee stock ownership plan (ESOP) 1,751,123 1,674,392 Retained earnings * 12,453,402 13,696,402 Total equity and net profit for the period / year 64,464,303 68,848,202 Non Controlling Interest 545,667 454,535 Total minority interest, equity and net profit for the period / year 65,009,970 69,302,737 Total liabilities and equity 592,368,377 498,235,838 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 September 30, 2022 Notes Sep. 30, 2022 Sep. 30, 2021 EGP Thousands EGP Thousands Interest and similar income 38,938,124 32,654,016 Interest and similar expense (17,120,373) (14,499,387) Net interest income 21,817,751 18,154,629 Fee and commission income 3,908,463 2,900,853 Fee and commission expense (1,730,281) (1,129,949) Net fee and commission income 2,178,182 1,770,904 Dividend income 54,557 57,451 Net trading income 5 1,434,169 490,787 Profits (Losses) on financial investments 13 1,096,850 658,483 Administrative expenses (5,142,060) (4,438,232) Other operating (expenses) income 6 (3,404,237) (1,370,707) Goodwill amortization 26 (30,943) (30,943) Intangible assets amortization 27 (7,774) (7,774) Impairment release (charges) for credit losses (298,078) (1,323,521) Bank's share in the profits/losses of associates (16,343) 18,354 Profit before income tax 17,682,074 13,979,431 Income tax expense 28 (4,885,951) (4,115,929) Deferred tax assets (Liabilities) 28 (597,241) 11,861 Net profit for the period 12,198,882 9,875,363 Minority interest 25,625 (1,932) Bank shareholders 12,173,257 9,877,295 Earning per share 7 Basic 3.62 2.97 Diluted 3.60 2.95 Hussein Abaza Sherif Samy CEO & Managing Director Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2022 Sep. 30, 2022 Sep. 30, 2021 EGP Thousands EGP Thousands Net profit for the period 12,198,882 9,875,363 Change in fair value of financial instruments measured at fair value through other comprehensive income after income tax (13,184,005) (2,375,618) Transferred to RE from financial assets at fair value through OCI (4,128) (177,362) Cumulative foreign currencies translation differences 96,867 (2,636) Effect of ECL in fair value of debt instruments measured at fair value through OCI 233,717 (98,246) Total other comprehensive income (658,667) 7,221,501 As follows: Bank's shareholders (684,292) 7,223,433 Non-Controlling Interest 25,625 (1,932) Total comprehensive income for the period (658,667) 7,221,501

Condensed Consolidated Interim Cash flows for the period ended September 30, 2022
	Notes	Sep. 30, 2022		Sep. 30, 2021
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		17,682,074		13,979,431
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation	16	644,401		636,413
Impairment charge for credit losses (Loans and advances to customers and banks)		12,998		1,383,887
Other provisions charges	21	1,803,568		190,525
Impairment charge for credit losses (due from banks)		534		37,880
Impairment (Released) charge for credit losses (financial investments)		284,546		(98,246)
Impairment (Released) charge for other assets		(277,768)		31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC		(3,745,045)		40,050
Goodwill amortization	26	30,943		58,448
Intangible assets amortization	27	7,774		14,685
Utilization of other provisions	21	(1,857)		(44,978)
Other provisions no longer used	21	(101)		(12,255)
Exchange differences of  other provisions	21	333,425		(13,722)
Losses (Profits) from selling property and equipment		(2,192)		(2,124)
Losses (profits) from selling financial investments	13	(1,096,850)		(643,467)
Impairment (Released) charges of investments in associates		-		(15,016)
Shares based payments		579,653		477,644
Bank's share in the profits / losses of associates		16,343		(18,354)
Operating losses (profits) before changes in operating assets and liabilities		16,272,446		16,002,776
Net decrease (increase) in assets and  liabilities
Due from banks		870,167		(272,238)
Financial assets at fair value through P&L	13	240,987		153,260
Derivative financial instruments		(947,321)		(24,448)
Loans and advances to banks and customers	11 - 12	(33,780,208)		(20,943,748)
Other assets		1,245,185		(1,611,672)
Due to banks	17	881,371		(7,271,485)
Due to customers	18	91,778,069		63,033,657
Current income tax obligations paid		(2,207,579)		(2,153,441)
Other liabilities		(325,379)		1,706,495
Net cash used in (generated from) operating activities		74,027,738		48,619,156
Cash flow from investing activities
Proceeds (payments) for investment in associates.		-		(158,360)
Payment for purchases of property, equipment and branches  constructions		(556,512)		(677,464)
Proceeds from selling property and equipment		2,192		2,124
Proceeds from redemption of financial assets at amortized cost		6,520,697		4,753,398
Payment for purchases of financial assets at amortized cost		(18,268,602)		(2,617)
Payment for purchases of financial assets at fair value through OCI		(115,077,815)		(208,509,917)
Proceeds from selling financial assets at fair value through OCI		73,424,845		147,101,717
Net cash generated from (used in) investing activities		(53,955,195)		(57,491,119)
Condensed Consolidated Interim Cash flows for the period ended Sep 30, 2022 (Cont.)
		Sep. 30, 2022		Sep. 30, 2021
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans		1,116,344		(2,113,845)
Dividend paid		(4,410,322)		(1,360,652)
Issued debt instruments		382,977		1,556,032
Capital increase		122,716		-
Net cash generated from (used in) financing activities		(2,788,285)		(1,918,465)
Net (decrease) increase in cash and cash equivalent during the period		17,284,258		(10,790,428)
Beginning balance of cash and cash equivalent		61,065,822		75,796,375
Cash and cash equivalent at the end of the period		78,350,080		65,005,947
Cash and cash equivalent comprise:
Cash and balances at the central bank		43,857,708		33,326,348
Due from banks		90,499,843		72,296,624
Treasury bills and other governmental  notes	10	87,122,900		65,656,846
Obligatory reserve balance with CBE		(38,082,441)		(27,265,818)
Due from banks with maturities more than three months		(22,949,758)		(16,980,376)
Treasury bills with maturity more than three months		(82,098,172)		(62,027,677)
Total cash and cash equivalent		78,350,080		65,005,947

'

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2021
Sep. 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	Non Controlling 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
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	1,461	-	1,094	-	-	(8,937,973)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	-	9,877,295	-	-	9,877,295	(1,932)	9,875,363
Minority Interest Share	-	-	-	-	-	-	-	-	-	-	-	-	(25,219)	(25,219)
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(177,362)	-	177,362	-	-	-	-	-
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	-	-	-	-	-	-	(2,375,618)	-	-	-	-	(2,375,618)	-	(2,375,618)
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	-	-	-	-	-	-	(98,246)	-	-	-	-	(98,246)	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	477,644	-	477,644	-	477,644
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	1,048	1,048	-	1,048
Balance at the end of the period	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	1,324,288	9,141	10,301,362	1,542,292	(2,636)	66,005,560	455,904	66,461,464
Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2022
Sep. 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 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	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	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	-	-	-	-	-	-	-	-	12,173,257	-	-	12,173,257	25,625	12,198,882
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,128)	-	4,128	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(13,184,005)	-	-	-	-	(13,184,005)	-	(13,184,005)
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	-	-	-	-	-	-	233,717	-	-	-	-	233,717	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	579,653	-	579,653	-	579,653
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	101,085	101,085	65,507	166,592
Balance at the end of the period	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(12,313,044)	11,981	12,453,402	1,751,123	96,867	64,464,303	545,667	65,009,970

 

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