CIB FY 2021 IFRS Annual Financial Report

RNS Number : 9007J

Commercial Intnl Bank (Egypt) SAE

29 April 2022

 

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

Consolidated Financial Statements

December 31, 2021

Consolidated Income Statement for the Year Ended  December 31, 2021
	Notes			Dec. 31, 2021				Dec. 31, 2020
				EGP Thousands				EGP Thousands
Interest and similar income				45,078,169				42,196,235
Interest and similar expense				(20,204,272)				(17,107,598)
Net interest income	3			24,873,897				25,088,637
Fee and commission income				4,045,573				3,059,264
Fee and commission expense				(1,655,096)				(983,450)
Net fee and commission income	4			2,390,477				2,075,814
Dividend income	5			59,725				50,175
Net trading income	6			774,992				483,006
Profits (Losses) on financial investments	20			594,863				1,001,958
Administrative expenses	7			(7,787,584)				(6,877,303)
Other operating expenses	8			(1,673,546)				(2,500,823)
Impairment charges for credit losses	9			(1,679,747)				(5,018,781)
Profits from subsidiaries acquisition				-				8,086
Bank's share in the profits of associates	12			14,996				22,426
Profit before income tax from continuing operations				17,568,073				14,333,195
Income taxes	10			(5,565,599)				(4,999,985)
Net profit for the year				12,002,474				9,333,210
Attributable to:
Equity holders of the parent				12,006,925				9,335,044
Non-controlling interest				(4,451)				(1,834)
Net Profit for the year				12,002,474				9,333,210
Earning per share	11
Basic attributable to equity holders of the parent				6.09				4.74
Diluted attributable to equity holders of the parent				6.05				4.70
The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.
Hussein Abaza				Sherif Samy
CEO & Managing director				Chairman
28-Apr-22				28-Apr-22

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2021
						Dec. 31, 2021						Dec. 31, 2020
						EGP Thousands						EGP Thousands
Profit for the year						12,002,474						9,333,210
Other comprehensive income items that will not be reclassified to the Profit or Loss:
Change in fair value of equity instruments measured at fair value through other comprehensive income after tax impact related to OCI						(149,323)						(13,966)
Other comprehensive income items that is or may be reclassified to the profit or loss:
Change in fair value of debt instruments measured at fair value through other comprehensive income after tax impact related to OCI						(2,181,779)						827,630
Change in fair value from selling  FVOCI financial instruments						(702,776)						(1,018,469)
Transferred from reserve on disposal of financial assets at fair value through OCI						(177,488)						(76,717)
Cumulative foreign currencies translation differences						(4,218)						(3,684)
Effect of deferred tax on Investment FVOCI						(95,905)						(215,428)
Effect of ECL in fair value of debt instruments measured at fair value through OCI						(93,566)						205,182
Total other comprehensive income for the year						8,597,419						9,037,758
As follows:
Bank's shareholders						8,601,870						9,039,592
Non-controlling interest						(4,451)						(1,834)
Total other comprehensive income for the year						8,597,419						9,037,758
Consolidated Statement of Financial Position as at December 31, 2021
				Notes			Dec. 31, 2021				Dec. 31, 2020
							EGP Thousands				EGP Thousands
	Assets
	Cash and balances at the central bank			13			43,492,248				33,768,549
	Due from  banks			14			80,141,769				87,426,301
	Loans and advances to banks, net			15			312,216				776,980
	Loans and advances to customers, net			16			145,575,243				119,570,005
	Financial Assets at fair value through profit or loss			19			443,859				552,288
	Derivative financial instruments			17			225,376				248,759
	Financial Assets at fair value through OCI			19			197,238,721				156,157,553
	Financial Assets at amortized cost			19			20,547,465				25,285,225
	Right of use assets			23			1,084,585				814,587
	Investments in associates			21			205,315				139,871
	Other assets			22			11,207,128				9,175,525
	Intangible assets			38			51,831				51,831
	Goodwill			38			206,287				206,287
	Deferred tax assets			10.2			456,002				437,772
	Property and equipment			23			2,461,116				2,311,147
	Total assets						503,649,161				436,922,680
	Liabilities and equity
	Liabilities
	Due to banks			24			866,056				8,817,535
	Due to customers			25			407,241,538				341,169,450
	Lease liabilities			23			1,087,820				905,861
	Derivative financial instruments			17			265,470				331,073
	Issued debt instruments			18			1,557,263				-
	Other liabilities			27			13,710,791				15,070,029
	Current Tax liability						2,234,985				859,582
	Other loans			26			5,140,782				7,746,946
	Provisions			28			3,541,462				3,224,180
	Total liabilities						435,646,167				378,124,656
	Equity
	Issued and paid in capital			29			19,702,418				14,776,813
	Reserves			30			33,552,794				32,939,079
	Reserve for employee stock ownership plan (ESOP)			30			1,674,392				1,064,648
	Retained earnings			30			12,618,855				9,534,429
	Total equity attributable to equity holders of the parent						67,548,459				58,314,969
	Non-controlling interest			39			454,535				483,055
	Total equity						68,002,994				58,798,024
	Total liabilities and equity						503,649,161				436,922,680
	The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.
	Hussein Abaza						Sherif Samy
	CEO & Managing director						Chairman
	28-Apr-22						28-Apr-22
Consolidated Statement of Changes in Shareholders' Equity
Dec. 31, 2020		Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)		Retained earnings			Reserves			Total		Non-controlling interest				Total equity
Beginning balance at 1st of Jan 2020		14,690,821	963,152		11,690,446			23,180,850			50,525,269		-				50,525,269
Total comprehensive income		-	-		9,335,044			-			9,335,044		(1,834)				9,333,210
Capital increase		85,992	-		-			-			85,992		-				85,992
Reserve for employee stock ownership plan (ESOP)		-	552,438		-			-			552,438		-				552,438
Dividend		-	-		(2,013,318)			-			(2,013,318)		-				(2,013,318)
Transferred to reserves		-	(450,942)		(9,477,743)			9,758,229			(170,456)		(890)				(171,346)
Non-controlling interest		-	-		-			-			-		485,779				485,779
Balance at 31 December 2020		14,776,813	1,064,648		9,534,429			32,939,079			58,314,969		483,055				58,798,024
Beginning balance at 1st of Jan 2021		14,776,813	1,064,648		9,534,429			32,939,079			58,314,969		483,055				58,798,024
Total comprehensive income		-	-		12,006,925			-			12,006,925		(4,451)				12,002,474
Capital increase		4,925,605	-		-			(4,925,605)			-		-				-
Transferred to reserves		-	-		-			-			-		-				-
Reserve for employee stock ownership plan (ESOP)		-	609,744		-			-			609,744		-				609,744
Dividend		-	-		(156,389)			-			(156,389)		(24,069)				(180,458)
Transferred to reserves		-	-		(8,766,110)			5,539,320			(3,226,790)		-				(3,226,790)
Balance at 31 December 2021		19,702,418	1,674,392		12,618,855			33,552,794			67,548,459		454,535				68,002,994

Consolidated Statement of Cash Flow for the Year Ended  December 31, 2021
	Notes	Dec. 31, 2021		Dec. 31, 2020
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		17,568,073		14,333,195
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation		885,060		924,667
Impairment charge for credit losses (Loans and advances to customers)		1,756,505		4,806,518
Other provisions charges		380,459		1,235,659
Impairment charge for other assets		31,975		69,217
Impairment charge for credit losses (due from banks)		16,808		7,081
Exchange revaluation differences for financial assets at fair value through OCI and at amortized cost		17,261		249,642
Impairment (Reversal of impairment) charge for credit losses (financial investments)		(93,566)		205,182
Utilization of other provisions		(45,483)		(2,382)
Other provisions no longer used		(2,451)		(13,273)
Impairment of intangible assets		206,287		-
Exchange differences of  other provisions		(15,243)		(7,193)
Impairment (Reversal of impairment) charges of investments in associates and subsidiaries		107,913		16,511
Profits from selling property, plant and equipment		(2,947)		(1,094)
Losses from selling financial investments		(702,776)		(1,018,469)
Shares based payments		609,744		552,438
Bank's share in the profits of associates		(14,996)		(22,426)
Operating profits before changes in working capital		20,702,623		21,335,273
Net decrease (increase) in working capital
Due from banks		(17,183,300)		(10,899,927)
Financial assets at fair value through profit or loss		118,972		58,822
Derivative financial instruments		(42,220)		16,109
Loans and advances to banks and customers		(27,280,547)		(5,020,609)
Other assets		(2,135,921)		568,988
Due to banks		(7,951,479)		(2,993,072)
Due to customers		66,072,088		36,720,995
Income tax obligations paid		(3,444,749)		(3,779,782)
Other liabilities		(1,359,238)		2,146,103
Net cash generated from operating activities		27,496,229		38,152,900
Cash flow from investing activities
Proceeds from Investments in associates.		-		750
Payment for purchases of associates		(158,360)		-
Payment for purchases of property, equipment and branches  constructions		(981,186)		(1,091,829)
Proceeds from selling property and equipment		2,947		1,094
Proceeds from redemption of financial assets at amortized cost		4,741,459		82,309,481
Payment for purchases of financial assets at amortized cost		(3,844)		(233,765)
Payment for purchases of financial assets at fair value through OCI		(250,679,698)		(117,787,925)
Proceeds from selling financial assets at fair value through OCI		206,611,955		54,137,187
Proceeds from selling property and equipment		-		194,722
Net cash used in (generated from) investing activities		(40,466,727)		17,529,715
Consolidated Statement of Cash Flow for the Year Ended  December 31, 2021
(Cont.)
		Dec. 31, 2021		Dec. 31, 2020
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Decreased (increase) in long term loans		(2,606,164)		4,474,200
Dividend paid		(156,389)		(2,013,318)
Issued debt instruments		-		85,992
Cash payments for lease (principle and interest)		(242,292)		(242,173)
Net cash generated from (used in) financing activities		(3,004,845)		2,304,701
Net (decrease) increase in cash and cash equivalent during the year		(15,975,343)		57,987,316
Beginning balance of cash and cash equivalent		66,350,285		8,362,969
Cash and cash equivalent at the end of the year		50,374,942		66,350,285
Cash and cash equivalent comprise:
Cash and balances at the central bank	13	43,492,248		33,768,549
Due from banks with maturities of 3 months or less	14	44,983,081		60,271,448
Treasury bills with maturities of three months or less	19	549		54,988
Obligatory reserve balance with CBE	13	(38,100,936)		(27,744,700)
Total cash and cash equivalent	31	50,374,942		66,350,285

 

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