CIB First Half 2019 Separate Financial Results

RNS Number : 8602E

Commercial Intnl Bank (Egypt) SAE

09 July 2019

 

Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
June 30,  2019
Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/8602E_1-2019-7-8.pdf

Separate balance sheet as at June 30,2019

Notes Jun. 30, 2019 Dec. 31, 2018 EGP Thousands EGP Thousands Assets Cash and balances with central bank 15 24,993,377 20,058,974 Due from  banks 16 66,506,687 46,518,892 Loans and advances to banks, net 18 708,126 67,703 Loans and advances to customers, net 19 110,287,589 106,309,205 Derivative financial instruments 20 175,020 52,289 Investments - Financial investments securities 21 147,462,881 157,585,611 - Investments in associates and subsidiaries 22 65,613 68,633 Other assets 23 8,488,884 9,563,218 Intangible assets 40 173,611 238,715 Deferred tax assets (Liabilities) 31 462,161 308,370 Property, plant and equipment 24 1,948,012 1,651,875 Total assets 361,271,961 342,423,485 Liabilities and equity Liabilities Due to banks 25 1,380,213 7,259,819 Due to customers 26 305,603,702 285,340,472 Derivative financial instruments 20 170,361 132,858 Current tax liabilities 2,058,736 3,625,579 Other liabilities 28 5,275,981 6,501,553 Other loans 27 3,490,728 3,721,529 Provisions 29 1,503,326 1,694,607 Total liabilities 319,483,047 308,276,417 Equity Issued and paid up capital 30 14,585,408 11,668,326 Reserves 33 20,859,168 12,184,667 Reserve for employee stock ownership plan (ESOP) 33 986,318 738,320 Retained earnings * 33 5,358,020 9,555,755 Total equity 41,788,914 34,147,068 Total liabilities and equity 361,271,961 342,423,485 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period Hisham Ezz Al-Arab Chairman and Managing Director

Separate income statement for the period ended June 30, 2019 Note Jun. 30, 2019 Jun. 30, 2018 EGP Thousands EGP Thousands Interest and similar income 20,695,803 16,932,688 Interest and similar expense (10,691,075) (9,079,533) Net interest income 6 10,004,728 7,853,155 Fee and commission income 1,647,254 1,632,017 Fee and commission expense (536,140) (437,896) Net fee and commission income 7 1,111,114 1,194,121 Dividend income 8 22,454 20,533 Net trading income 9 379,943 385,925 Profits (Losses) on financial investments  21 19,781 401,995 Administrative expenses 10 (2,617,257) (1,933,064) Other operating (expenses) income 11 (661,079) (649,306) Intangible assets amortization 40 (65,104) (65,104) Impairment charge for credit losses 12 (795,124) (1,291,167) Profit before income tax 7,399,456 5,917,088 Income tax expense 13 (2,058,736) (1,685,554) Deferred tax assets (Liabilities) 31 - 13 17,300 185,421 Net profit for the period 5,358,020 4,416,955 Earning per share 14 Basic 3.31 2.73 Diluted 3.28 2.71 Hisham Ezz Al-Arab Chairman and Managing Director

Separate statement of other comprehensive income for the period ended June 30, 2019

Notes Jun. 30, 2019 Jun. 30, 2018 EGP Thousands EGP Thousands Net profit for the period 5,358,020 4,416,955 Reserve for financial assets at fair value through OCI 2,729,193 (2,410,531) Total other comprehensive income for the period 8,087,213 2,006,424 Separate cash flow for the period ended June 30, 2019 Notes Jun. 30, 2019 Jun. 30, 2018 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax 7,399,456 5,917,088 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 275,052 180,206 Impairment charge for credit losses 12 875,635 1,291,167 Other provisions charges 29 3,140 99,715 Provisions charges - due from banks 12 29,156 - Provisions charges - financial investments 12 (109,667) - Impairment charge for other assets 23 52,772 214,000 Exchange revaluation differences for financial assets at fair value through OCI 21 886,795 (91,952) Intangible assets amortization 40 65,104 65,104 Impairment charge financial assets at fair value through OCI 21 45,664 19,842 Exchange differences in financial investments in subsidiary 22 3,020 (401) Utilization of other provisions 29 1,878 (872) Other provisions no longer used 29 (126,575) (62,000) Exchange differences of  other provisions 29 (69,724) (790) Profits from selling property, plant and equipment 11 (1,439) - (Profits) losses from selling financial investments 21 (65,445) (421,837) Shares based payments 247,998 215,861 Operating profits before changes in operating assets and liabilities 9,512,820 7,425,131 Net decrease (increase) in assets and  liabilities Due from banks 16 (25,049,337) (27,757,024) Treasury bills and other governmental notes 41 24,315,394 20,314,670 Financial assets at fair value through P&L 21 2,262,513 389,097 Derivative financial instruments 20 (75,592) (42,938) Loans and advances to banks and customers 18 - 19 (4,776,117) (19,945,443) Other assets 42 1,289,326 (567,525) Due to banks 25 (5,879,606) 3,779,710 Due to customers 26 20,263,230 16,103,171 Income tax obligations paid (3,625,579) (2,778,973) Other liabilities 28 (1,225,572) (1,480,689) Net cash provided from operating activities 17,011,480 (4,560,813) Cash flow from investing activities Payment for purchases of subsidiary and associates - (10,575) Payment for purchases of property, plant, equipment and branches constructions (840,953) (404,485) Proceeds from selling property, plant and equipment 11 1,439 - Proceeds from redemption of financial assets at amortized cost 21 33,290,053 4,982,600 Payment for purchases of financial assets at amortized cost 21 (32,633,462) - Payment for purchases of financial assets at fair value through OCI 21 (11,433,512) (10,731,239) Proceeds from selling financial assets at fair value through OCI 5,105,870 724,732 Net cash used in investing activities (6,510,565) (5,438,967) Cash flow from financing activities Increase in long term loans 27 (230,801) 24,901 Dividend paid (2,700,544) (2,143,177) Net cash used in (provided from) financing activities (2,931,345) (2,118,276) Net increase (decrease) in cash and cash equivalent during the period 7,569,570 (12,118,056) Beginning balance of cash and cash equivalent 34,303,645 49,208,837 Cash and cash equivalent at the end of the period 41,873,215 37,090,781 Cash and cash equivalent comprise: Cash and balances with central bank 15 24,993,377 24,601,352 Due from banks 16 66,543,158 51,245,308 Treasury bills and other governmental  notes 17 25,344,096 33,938,896 Obligatory reserve balance with CBE 15 (15,980,212) (14,042,817) Due from banks with maturities more than three months (33,329,274) (24,312,780) Treasury bills with maturity more than three months (25,697,930) (34,339,178) Total cash and cash equivalent 41,873,215 37,090,781

Separate statement of changes in shareholders' equity for the period ended June 30, 2018

Jun. 30, 2018 Issued and paid up capital Legal reserve General reserve General risk reserve* Special reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total Beginning balance 11,618,011 1,332,807 9,000,023 - 20,645 11,815 (1,642,958) 3,634 1,411,549 6,138,790 489,334 28,383,650 Transferred to reserves - 377,486 3,616,832 - - 606 - - - (3,994,924) - - Dividend paid - - - - - - - - - (2,143,177) - (2,143,177) Net profit for the period - - - - - - - - - 4,416,955 - 4,416,955 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - (2,410,531) - - - - (2,410,531) Transferred (from) to  bank risk reserve - - - - - - - 689 - (689) - - Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 215,861 215,861 Balance at the end of the period 11,618,011 1,710,293 12,616,855 - 20,645 12,421 (4,053,489) 4,323 1,411,549 4,416,955 705,195 28,462,758

Separate statement of changes in shareholders' equity  for the period ended June 30, 2019

Jun. 30, 2019 Issued and paid up capital Legal reserve General reserve General risk reserve* Special reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total Beginning balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,555,755 738,320 34,147,068 Effect of applying IFRS 9** - - - 117,251 - - 1,889,928 - - - - 2,007,179 Transferred to general risk reserve - - - 1,432,194 (20,645) - - - (1,411,549) - - - Beginning balance after the impact of initial application 11,668,326 1,710,293 12,776,215 1,549,445 - 12,421 (1,860,851) 4,323 - 9,555,755 738,320 36,154,247 Capital increase 2,917,082 - (2,917,082) - - - - - - - - - Transferred to reserves - 477,736 6,375,589 - - 1,045 - - - (6,854,370) - - Dividend paid - - - - - - - - - (2,700,544) - (2,700,544) Net profit for the period - - - - - - - - - 5,358,020 - 5,358,020 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - - 2,838,861 - - - - 2,838,861 Transferred (from) to  bank risk reserve - - - - - - - 841 - (841) - - Provision for impairment of debt instruments investments - - - - - (109,668) - - - - (109,668) Cost of employees stock ownership plan (ESOP) - - - - - - - - - - 247,998 247,988 Balance at the end of the period 14,585,408 2,188,029 16,234,722 1,549,445 - 13,466 868,342 5,164 - 5,358,020 986,318 41,788,914 Beginning balance *The special reserve, general bank risk reserve and IFRS 9 risk reserve - were consolidated in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26 February 2019 **The initial application impact (disclosure in page number 16) The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

 

END

 

 

IR DVLFBKDFBBBF