3rd Quarter Results - Consolidated

Commercial Intnl Bank (Egypt) SAE

03 November 2023

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements                                September 30, 2023

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2023 Notes Sep. 30, 2023 Dec. 31, 2022 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 8 59,950,223 47,492,549 Due from banks 9 276,842,860 133,856,720 Loans and advances to banks, net 11 - 2,978,197 Loans and advances to customers, net 12 223,085,568 193,599,872 Derivative financial instruments 1,647,485 1,939,961 Financial investments - Financial Assets at Fair Value through OCI 13 189,098,612 204,020,733 - Financial Assets at Amortized cost 13 39,177,670 34,524,760 - Investments in associates 14 132,476 186,062 Non current assets held for sale 29 214 - Other assets 15 17,375,013 14,521,427 Goodwill 26 65,325 96,268 Intangible assets 27 - 24,188 Deferred tax assets 1,137,342 185,746 Property and equipment 16 2,556,198 2,405,434 Total assets 811,068,986 635,831,917 Liabilities and equity Liabilities Due to banks 17 19,022,706 3,496,698 Due to customers 18 667,669,213 531,616,550 Non current liabilities held for sale 30 933 - Derivative financial instruments 99,911 219,752 Current income tax liabilities 6,993,454 3,051,583 Other liabilities 19 15,875,568 11,606,912 Issued debt instruments 20 3,071,834 2,456,607 Other loans 10,387,714 7,978,975 Other provisions 21 10,511,982 7,066,672 Total liabilities 733,633,315 567,493,749 Equity Issued and paid up capital 30,195,010 29,825,134 Reserves 23,007,690 19,643,327 Reserve for employee stock ownership plan (ESOP) 1,339,443 1,895,435 Retained earnings * 22,764,552 16,393,841 Total equity and net profit for the period / year 77,306,695 67,757,737 Non Controlling Interest 128,976 580,431 Total minority interest, equity and net profit for the period / year 77,435,671 68,338,168 Total liabilities and equity 811,068,986 635,831,917 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 September 30, 2023 Last 9 Months Last 9 Months Notes Sep. 30, 2023 Sep. 30, 2022 EGP Thousands EGP Thousands Interest and similar income 73,006,422 38,938,124 Interest and similar expense (35,275,583) (17,120,373) Net interest income 37,730,839 21,817,751 Fee and commission income 6,543,585 3,908,463 Fee and commission expense (2,589,680) (1,730,281) Net fee and commission income 3,953,905 2,178,182 Dividend income 83,653 54,557 Net trading income 5 3,165,144 1,434,169 Profits (Losses) on financial investments 13.1 165,478 1,096,850 Administrative expenses (6,501,663) (5,142,060) Other operating (expenses) income 6 (5,679,447) (3,404,237) Goodwill amortization 26 (30,943) (30,943) Intangible assets amortization 27 (24,188) (7,774) Impairment release (charges) for credit losses (1,216,770) (298,078) Bank's share in the profits / losses of associates (39,486) (16,343) Profit before income tax 31,606,522 17,682,074 Income tax expense 28 (9,540,412) (4,885,951) Deferred tax assets (Liabilities) 28 392,680 (597,241) Net profit from continued operations 22,458,790 12,198,882 Discontinued Operations Net profit (loss) from discontinued operations 31 (49,699) - Net profit for the period 22,409,091 12,198,882 Non Controlling Interest 3,328 25,625 Bank's shareholders 22,405,763 12,173,257 Earnings per share 7 Basic 6.41 3.62 Diluted 6.34 3.58

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2023 Last 9 Months Last 9 Months Sep. 30, 2023 Sep. 30, 2022 EGP Thousands EGP Thousands Net profit for the period 22,409,091 12,198,882 Change in fair value of Financial invesments measured at fair value through comprehensive income after tax (9,629,911) (13,184,005) Transferred to RE from financial assets at fair value through comprehensive income (95,308) (4,128) Cumulative foreign currencies translation differences 193,162 96,867 Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income 201,185 233,717 Total comprehensive income for the period 13,078,219 (658,667) As follows: Bank's shareholders 13,074,891 (684,292) Non-Controlling Interest 3,328 25,625 Total comprehensive income for the period 13,078,219 (658,667)

Condensed Consolidated Interim Cash flows for the period ended September 30 2023
Notes Sep. 30, 2023 Sep. 30, 2022 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 31,606,522 17,682,074 Profit (loss) from discontinued operations (49,699) - Adjustments to reconcile profits to net cash provided by operating  activities Fixed assets depreciation 16 655,051 644,401 Impairment (Released) charge for credit losses (Loans and advances to customers and banks) 1,050,980 12,998 Other provisions charges 21 2,350,253 1,803,568 Impairment (Released) charge for credit losses (due from banks) (47,249) 534 Impairment (Released) charge for credit losses (financial investments) 213,039 284,546 Impairment (Released) charge for other assets 14,347 (277,768) Exchange revaluation differences for financial assets at fair value through OCI and AC (5,409,592) (3,745,045) Goodwill amortization 26 30,943 30,943 Intangible assets amortization 27 24,188 7,774 Utilization of other provisions 21 (1,608) (1,857) Other provisions no longer used 21 - (101) Exchange Revaluation differences of  other provisions 21 1,096,665 333,425 profits from selling property and equipment (194) (2,192) profits from selling financial investments at fair value through OCI 13.1 (149,012) (1,096,850) Losses (Profits) from selling investments in associates 13.1 (7,466) - Impairment (Released) charges of investments in associates 13.1 (9,000) - Shares based payments 608,250 579,653 Bank's share in the profits / losses of associates 39,486 16,343 Operating profits before changes in operating assets and liabilities 32,015,904 16,272,446 Net decrease / increase in assets and  liabilities Due from banks 9,859,636 870,167 Financial assets at fair value through P&L - 240,987 Derivative financial instruments 172,635 (947,321) Loans and advances to banks and customers 11 - 12 (27,548,758) (33,780,208) Other assets (2,506,019) 1,245,185 Non current assets held for sale (214) - Due to banks 17 15,526,008 881,371 Due to customers 18 136,052,663 91,778,069 Current income tax obligations paid (2,546,958) (2,207,579) Non current liabilities held for sale 933 - Other liabilities (3,890,097) (325,379) Net cash generated from (used in) operating activities 157,135,733 74,027,738 Cash flow from investing activities Proceeds from Investments in associates. 2,119 - Payment for purchases of property, equipment and branches construction (1,177,450) (556,512) Proceeds from selling property and equipment 194 2,192 Proceeds from redemption of financial assets at amortized cost 5,278,030 6,520,697 Payment for purchases of financial assets at amortized cost (9,334,085) (18,268,602) Payment for purchases of financial assets at fair value through OCI (64,860,157) (115,077,815) Proceeds from selling financial assets at fair value through OCI 75,128,566 73,424,845 Payment for investment in subsidiaries. (1,008,761) - Net cash generated from (used in) investing activities 4,028,456 (53,955,195)
Condensed Consolidated Interim Cash flows for the period ended September 30, 2023 (Cont.)
Sep. 30, 2023 Sep. 30, 2022 EGP Thousands EGP Thousands Cash flow from financing activities Other loans 2,408,739 1,116,344 Dividends paid (3,594,747) (4,410,322) Issued debt instruments 615,227 382,977 Capital increase 369,876 122,716 Net cash generated from (used in) financing activities (200,905) (2,788,285) Net (decrease) increase in cash and cash equivalent during the period 160,963,284 17,284,258 Beginning balance of cash and cash equivalent 92,969,526 61,065,822 Cash and cash equivalent at the end of the period 253,932,810 78,350,080 Cash and cash equivalent comprise: Cash and balances at the central bank 59,950,223 43,857,708 Due from banks 276,845,003 90,499,843 Treasury bills 10 71,507,826 87,122,900 Obligatory reserve balance with CBE (52,963,236) (38,082,441) Due from banks with maturity more than three months (30,994,611) (22,949,758) Treasury bills with maturity more than three months (70,412,395) (82,098,172) Total cash and cash equivalent 253,932,810 78,350,080

Condensed Consolidated Interim statement of changes in shareholders' equity
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 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	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 for 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	-	-	-	-	-
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 30 September 2022	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
Sep. 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 Balance at 1 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 for the period	-	-	-	-	-	-	-	-	22,405,763	-	-	22,405,763	3,328	22,409,091
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	-	-	-	-	-	-	(9,629,911)	-	-	-	-	(9,629,911)	-	(9,629,911)
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	-	-	-	-	-	-	201,185	-	-	-	-	201,185	-	201,185
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	608,250	-	608,250	-	608,250
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	11,838	11,838	99,192	111,030
Balance at 30 September 2023	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(22,712,852)	15,230	22,764,552	1,339,443	193,162	77,306,695	128,976	77,435,671

 

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