3rd Quarter Results

Commercial Intnl Bank (Egypt) SAE

03 November 2023

 

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

Condensed Separate 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               59,818,535                  47,384,574 Due from banks 9             276,244,051                133,766,196 Loans and advances to banks, net 11                              -                     2,978,197 Loans and advances to customers, net 12             222,326,692                192,621,288 Derivative financial instruments                 1,647,485                   1,939,961 Financial investments - Financial Assets at Fair Value through OCI 13             188,243,712                202,916,225 - Financial Assets at Amortized cost 13               38,686,046                  34,178,753 - Investments in associates and subsidiaries 14                    694,633                   1,074,250 Non current assets held for sale 27                    159,828                              -   Other assets 15               17,327,838                  14,454,868 Deferred tax assets                 1,137,342                        24,240 Property and equipment 16                 2,456,340                   2,304,513 Total assets             808,742,502                633,643,065 Liabilities and equity Liabilities Due to banks 17               19,030,415                   3,475,848 Due to customers 18             665,894,926                530,124,905 Derivative financial instruments                      99,911                      219,752 Current income tax liabilities                 6,993,454                   3,051,583 Other liabilities 19               15,475,422                  11,549,472 Issued debt instruments 20                 3,071,834                   2,456,607 Other loans               10,387,714                   7,978,975 Other provisions 21               10,510,696                   7,065,292 Total liabilities             731,464,372                565,922,434 Equity Issued and paid up capital               30,195,010                  29,825,134 Reserves               23,549,307                  19,502,716 Reserve for employee stock ownership plan (ESOP)                 1,339,443                   1,895,435 Retained earnings *               22,194,370                  16,497,346 Total equity and net profit for the period / year               77,278,130                  67,720,631 Total liabilities and equity             808,742,502                633,643,065 The accompanying notes are an integral part of these financial statements. (Limited review report attached) * Including net profit for the current period

Condensed Separate 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                  72,741,395                     38,761,627 Interest and similar expense                 (35,154,201)                   (17,050,977) Net interest income                37,587,194                21,710,650 Fee and commission income                    6,540,630                       3,900,488 Fee and commission expense                   (2,590,207)                     (1,730,066) Net fee and commission income                  3,950,423                  2,170,422 Dividend income                       100,244                           64,372 Net trading income 5                    3,146,544                       1,431,729 Profits (Losses) on financial investments  13.1                   (1,256,233)                       1,096,850 Administrative expenses                   (6,304,022)                     (5,024,897) Other operating (expenses) income 6                   (5,293,795)                     (3,399,057) Impairment release (charges) for credit losses                   (1,248,897)                        (262,606) Profit before income tax                30,681,458                17,787,463 Income tax expense 25                   (9,540,541)                     (4,984,283) Deferred tax assets (Liabilities) 25                       591,159                        (597,258) Net profit for the period                  21,732,076                     12,205,922 Earnings per share 7 Basic 6.41 3.62 Diluted 6.34 3.58

Condensed Separate 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          21,732,076            12,205,922 Change in fair value of Financial invesments measured at fair value through comprehensive income after tax          (9,611,703)           (13,128,801) Transferred to RE from financial assets at fair value through comprehensive income               (95,308)                  (4,128) Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income               197,888                233,717 Total comprehensive income for the period          12,222,953               (693,290)

Condensed Separate 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 30,681,458 17,787,463 Adjustments to reconcile profits to net cash provided by operating  activities Fixed assets depreciation 16 636,285 654,220 Impairment (Released) charge for credit losses (Loans and advances to customers and banks) 1,088,174 (16,255) Other provisions charged ( Released ) 21 2,350,347 1,803,863 Impairment (Released) charge for credit losses (due from banks) (49,019) 849 Impairment (Released) charge for credit losses (financial investments) 209,742 278,012 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) 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) - Shares based payments 608,250 579,653 Impairment (Released) charges of investments in associates and subsidiaries 13.1 1,412,711 - Operating profits before changes in operating assets and liabilities 32,481,088 16,297,417 Net decrease / increase in assets and  liabilities Due from banks 5,142,259 845,633 Financial assets at fair value through P&L - 240,987 Derivative financial instruments 172,635 (947,116) Loans and advances to banks and customers 11 - 12 (27,805,660) (33,520,003) Other assets (2,507,984) 1,242,254 Due to banks 17 15,554,567 841,125 Due to customers 18 135,770,021 91,483,674 Current income tax obligations paid (2,547,087) (2,305,911) Other liabilities 874,366 (310,752) Net cash generated from (used in) operating activities 157,134,205 73,867,308 Cash flow from investing activities Proceeds from investments in associates. 2,119 - Payments for investment in subsidiaries (1,216,022) (59,900) Payment for purchases of property, equipment and branches construction (1,162,819) (542,743) Proceeds from selling property and equipment 194 2,192 Proceeds from redemption of financial assets at amortized cost 5,278,030 6,569,803 Payment for purchases of financial assets at amortized cost (9,178,811) (18,239,332) Payment for purchases of financial assets at fair value through OCI (65,109,765) (114,918,927) Proceeds from selling financial assets at fair value through OCI 76,347,190 73,463,225 Net cash generated from (used in) investing activities 4,960,116 (53,725,682)
Condensed Separate 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 (3,738,888) (4,410,322) Issued debt instruments 615,227 382,977 Capital increase 369,876 122,716 Net cash generated from (used in) financing activities (345,046) (2,788,285) Net (decrease) increase in cash and cash equivalent during the period 161,749,275 17,353,341 Beginning balance of cash and cash equivalent 92,895,143 60,891,899 Cash and cash equivalent at the end of the period 254,644,418 78,245,240 Cash and cash equivalent comprise: Cash and balances at the central bank 59,818,535 43,776,754 Due from banks 276,244,266 90,419,482 Treasury bills 10 71,507,826 87,119,766 Obligatory reserve balance with CBE (52,853,882) (38,022,832) Due from banks with maturity more than three months (29,659,932) (22,949,758) Treasury bills with maturity more than three months (70,412,395) (82,098,172) Total cash and cash equivalent 254,644,418 78,245,240

Condensed Separate Interim statement of changes in shareholders' equity
Sep. 30, 2022	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
Beginning Balance at 1 Januray 2022	19,702,418	3,293,074	28,260,532	1,549,445	16,000	639,231	9,141	13,783,935	1,674,392	68,928,168
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	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)
Net profit for the period	-	-	-	-	-	-	-	12,205,922	-	12,205,922
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	-	-	-	-	-	(13,128,801)	-	-	-	(13,128,801)
Transferred (from) to bank 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
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	579,653	579,653
Balance at 30 September 2022	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(12,259,981)	11,981	12,573,600	1,751,123	64,531,053
Sep. 30, 2023	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
Beginning Balance at 1 Januray 2023	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(13,138,461)	11,981	16,497,346	1,895,435	67,720,631
Capital increase	369,876	-	-	-	-	-	-	-	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	2,208	-	-	(12,388,223)	(1,164,242)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit for the period	-	-	-	-	-	-	-	21,732,076	-	21,732,076
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(95,308)	-	95,308	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(9,611,703)	-	-	-	(9,611,703)
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	-	-	-	-	-	197,888	-	-	-	197,888
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	608,250	608,250
Balance at 30 September 2023	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(22,647,584)	15,230	22,194,370	1,339,443	77,278,130

 

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