CIB H1-2024 Consolidated Financial Statements

Commercial Intnl Bank (Egypt) SAE

21 July 2024

 

Condensed Consolidated Interim Statement of Financial Position as at June 30, 2024
			Notes			Jun. 30, 2024						Dec. 31, 2023
	Assets
	Cash and balances at the central bank		9			43,581,935						71,887,821
	Due from banks		10			306,025,890						231,085,244
	Loans and advances to banks, net		12			1,483,003						822,448
	Loans and advances to customers, net		13			286,164,729						234,985,936
	Derivative financial instruments					1,323,696						1,105,148
	Financial investments
	- Financial Assets at Fair Value through P&L		14			172,728						-
	- Financial Assets at Fair Value through OCI		14			265,421,400						233,125,234
	- Financial Assets at Amortized cost		14			109,391,193						38,341,019
	- Investments in associates		15			112,517						115,979
	Non current assets held for sale		30.1			248						161
	Other assets		16			38,499,607						18,972,786
	Deferred tax assets					2,085,201						1,685,231
	Property and equipment		17			2,905,780						2,739,092
	Total assets					1,057,167,927						834,866,099
	Liabilities and equity
	Liabilities
	Due to banks		18			3,971,737						12,458,003
	Due to customers		19			861,719,735						677,237,479
	Non current liabilities held for sale		30.2			1,320						873
	Derivative financial instruments					261,033						140,934
	Current income tax liabilities					10,328,671						9,395,534
	Other liabilities		20			22,179,161						18,339,465
	Issued debt instruments		21			4,783,017						3,073,349
	Other loans					19,558,427						12,483,907
	Other provisions		22			14,986,345						11,095,089
	Total liabilities					937,789,446						744,224,633
	Equity
	Issued and paid up capital					30,431,580						30,195,010
	Reserves					58,674,548						28,807,042
	Reserve for employee stock ownership plan (ESOP)					1,396,104						1,486,010
	Retained earnings *					28,753,211						29,993,331
	Total equity and net profit for the period / year					119,255,443						90,481,393
	Non Controlling Interest					123,038						160,073
	Total minority interest, equity and net profit for the period / year					119,378,481						90,641,466
	Total liabilities and equity					1,057,167,927						834,866,099
	The accompanying notes are an integral part of these financial statements .
	( Limited Review report attached )
*	Including net profit for the period
	Hussein Abaza					Hisham Ezz Al-Arab
	CEO & Managing Director					Chairman
Condensed Consolidated Interim Income Statement for the period ended June 30, 2024
					Last 6 Months						Last 6 Months
		Notes			Jun. 30, 2024						Jun. 30, 2023
Interest and similar income					81,692,664						45,115,105
Interest and similar expense					(40,155,413)						(21,221,785)
Net interest income					41,537,251						23,893,320
Fee and commission income					5,914,748						4,128,821
Fee and commission expense					(2,505,646)						(1,575,094)
Net fee and commission income					3,409,102						2,553,727
Dividend income					46,101						77,253
Net trading income		6			17,390,608						2,335,117
Profits (Losses) on financial investments		14.1			297,208						92,572
Administrative expenses					(5,799,128)						(4,296,917)
Other operating income (expenses)		7			(16,423,342)						(3,423,286)
Goodwill amortization					-						(20,629)
Intangible assets amortization					-						(5,183)
Impairment release (charges) for credit losses					(2,052,147)						(1,182,487)
Bank's share in the profits / losses of associates					(3,462)						(26,630)
Profit before income tax					38,402,191						19,996,857
Income tax expense		29			(11,498,510)						(5,748,429)
Deferred tax assets (Liabilities)		29			643,621						(142,753)
Net profit from continued operations					27,547,302						14,105,675
Discontinued Operations
Net profit (loss) from discontinued operations		30.3			-						(49,612)
Net profit for the period					27,547,302						14,056,063
Non Controlling Interest					332						3,474
Bank's shareholders					27,546,970						14,052,589
Earnings per share		8
Basic					8.08						4.16
Diluted					7.98						4.11
Hussein Abaza										Hisham Ezz Al-Arab
CEO & Managing Director										Chairman
Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2024
														Last 6 Months				Last 6 Months
														Jun. 30, 2024				Jun. 30, 2023
Net profit for the period														27,547,302				14,056,063
Transferred to RE from financial assets at fair value through comprehensive income														-				(95,308)
Change in fair value of Financial invesments measured at fair value through comprehensive income after tax														4,194,501				(9,949,190)
Cumulative foreign currencies translation differences														877,881				184,795
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income														751,338				205,751
Total comprehensive income for the period														33,371,022				4,402,111
As follows:
Bank's shareholders														33,370,690				4,398,637
Non Controlling Interest														332				3,474
Total comprehensive income for the period														33,371,022				4,402,111
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024
							Notes	Jun. 30, 2024						Jun. 30, 2023
Cash flow from operating activities
Profit before income tax from continued operations								38,402,191						19,996,857
Profit (loss) from discontinued operations								-						(49,612)
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation							17	521,764						435,552
Impairment Release/charge for credit losses (Loans and advances to customers and banks)								2,383,373						950,009
Other provisions Release/charge							22	197,789						1,146,383
Impairment Release/charge for credit losses (due from banks)								(431)						5,231
Impairment Release/charge  for credit losses (financial investments)								(330,795)						227,247
Impairment Release/charge for other assets								(7,173)						-
Exchange revaluation differences for financial assets at fair value through OCI and AC								(18,461,627)						(5,858,602)
Goodwill amortization								-						20,629
Intangible assets amortization								-						5,183
Revaluation differences Impairment charge for Financial Assets at Fair value through OCI								1,185,435						-
Revaluation differences Impairment charge for Financial Assets at Amortized cost								100,975						-
Revaluation differences Impairment charge for due from banks								1,785						-
Utilization of other provisions							22	(8,970)						(1,031)
Other provisions no longer used							22	(4,220)						-
Exchange Revaluation differences of  other provisions							22	3,706,657						1,178,333
Profits/losses from selling property and equipment							7	(2,184)						(130)
Profits/losses from selling financial investments at fair value through OCI							14.1	(297,208)						(92,572)
Share based payments								533,219						402,192
Bank's share in the profits / losses of associates								3,462						26,630
Operating profits before changes in operating assets and liabilities								27,924,042						18,392,299
Net decrease / increase in assets and liabilities
Due from banks								35,579,404						31,684,362
Financial assets at fair value through P&L								(172,728)						-
Derivative financial instruments								167,636						(213,992)
Loans and advances to banks and customers							12 - 13	(54,214,511)						(25,279,763)
Other assets								(18,857,430)						(4,443,895)
Non current assets held for sale								(248)						(214)
Due to banks							18	(8,486,266)						20,441,352
Due to customers							19	184,482,256						126,914,539
Current income tax obligations paid								(1,169,839)						(795,945)
Non current liabilities held for sale								1,320						933
Other liabilities								(5,907,589)						2,149,496
Net cash generated from (used in) operating activities								159,346,047						168,849,172
Cash flow from investing activities
Proceeds from sale of investments in associates								7,173						-
Payment for purchases of property, equipment and branches construction								(1,358,880)						(727,599)
Proceeds from selling property and equipment								2,184						130
Proceeds from redemption of financial assets at amortized cost								1,440,627						196,783
Payment for purchases of financial assets at amortized cost								(70,069,828)						(9,121,279)
Payment for purchases of financial assets at fair value through OCI								(58,957,315)						(51,268,261)
Proceeds from selling financial assets at fair value through OCI								46,444,442						59,321,328
Payment for investment in subsidiaries								-						(1,008,761)
Net cash generated from (used in) investing activities								(82,491,597)						(2,607,659)
Condensed Consolidated Interim Cash flows for the period ended June 30, 2024 (Cont.)
								Jun. 30, 2024						Jun. 30, 2023
Cash flow from financing activities
Other loans								7,074,520						3,179,561
Dividends paid								(5,116,159)						(3,594,747)
Issued debt instruments								1,709,668						614,030
Capital increase								236,570						369,876
Net cash generated from (used in) financing activities								3,904,599						568,720
Net (decrease) increase in cash and cash equivalent during the period								80,759,049						166,810,233
Beginning balance of cash and cash equivalent								234,317,913						92,969,526
Cash and cash equivalent at the end of the period								315,076,962						259,779,759
Cash and cash equivalent comprise:
Cash and balances at the central bank							9	43,581,935						33,569,139
Due from banks								306,029,402						282,285,952
Treasury bills and other governmental notes							11	118,676,181						71,798,021
Obligatory reserve balance with CBE								(25,444,215)						(25,697,561)
Due from banks with maturity more than three months								(10,029,823)						(30,318,097)
Treasury bills and other governmental notes with maturity more than three months								(117,736,518)						(71,857,695)
Total cash and cash equivalent								315,076,962						259,779,759

	Condensed Consolidated Interim statement of changes in shareholders' equity
	Jun. 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
	Beginning balance	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
	Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
	Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
	Dividends paid	-	-	-	-	-	-	-	-	14,052,589	-	-	14,052,589	3,474	14,056,063
	Net profit for the period	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
	Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
	Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
	Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(9,949,190)	-	-	-	-	(9,949,190)	-	(9,949,190)
	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	-	-	-	-	-	-	205,751	-	-	-	-	205,751	-	205,751
	Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	402,192	-	402,192	-	402,192
	Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	85,603	85,603	99,192	184,795
	Ending balance	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(23,027,565)	15,230	14,411,378	1,133,385	266,927	68,506,515	129,122	68,635,637
	Jun. 30, 2024	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
	Beginning balance	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(16,868,691)	15,230	29,993,331	1,486,010	148,353	90,481,393	160,073	90,641,466
	Capital increase	236,570	-	-	-	-	-	-	-	-	-	-	236,570	-	236,570
	Transferred to reserves	-	1,438,320	22,582,085	-	-	1,663	-	-	(23,398,943)	(623,125)	-	-	-	-
	Dividends paid	-	-	-	-	-	-	-	-	(5,366,429)	-	-	(5,366,429)	(37,367)	(5,403,796)
	Net profit for the period	-	-	-	-	-	-	-	-	27,546,970	-	-	27,546,970	332	27,547,302
	Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Transferred from RE to banking risk reserve	-	-	-	-	-	-	-	19,024	(19,024)	-	-	-	-	-
	Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	4,194,501	-	-	-	-	4,194,501	-	4,194,501
	Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,694	(2,694)	-	-	-	-	-
	Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	751,338	-	-	-	-	751,338	-	751,338
	Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	533,219	-	533,219	-	533,219
	Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	877,881	877,881	-	877,881
	Ending balance	30,431,580	6,208,674	62,422,792	1,550,906	(670,972)	22,818	(11,922,852)	36,948	28,753,211	1,396,104	1,026,234	119,255,443	123,038	119,378,481

 

END