RNS Number : 8758G
Commercial Intnl Bank (Egypt) SAE
24 July 2023
 
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                     Commercial International Bank (Egypt) S.A.E.
                  Condensed Separate Interim Financial Statements

                                            June 30, 2023


Condensed Separate Interim Statement of Financial Position as at June 30, 2023                   

 


Notes

Jun. 30, 2023

 

Dec. 31, 2022

 



EGP Thousands

 

EGP Thousands

 


 

 

 

 


 


Assets

 

 

 


 


Cash and balances at the central bank

8

33,404,357

 

47,384,574

 


Due from banks

9

281,453,512

 

133,766,196

 


Loans and advances to banks, net

11

265,506

 

2,978,197

 


Loans and advances to customers, net

12

219,683,799

 

192,621,288

 


Derivative financial instruments

 

2,072,177

 

1,939,961

 


Financial investments :


 

 


 


- Financial Assets at Fair Value through OCI

13

             190,099,506

 

                  202,916,225

 


- Financial Assets at Amortized cost

13

               43,649,201

 

                    34,178,753

 


- Investments in associates and subsidiaries

14

                 2,116,344

 

                      1,074,250

 


Non current assets held for sale

27

                    159,828

 

                                -  

 


Other assets

15

               19,089,982

 

                    14,454,868

 


Deferred tax assets

 

                    285,247

 

                          24,240

 


Property and equipment

16

                 2,398,143

 

                      2,304,513

 


Total assets

 

             794,677,602

 

                  633,643,065

 


Liabilities and equity


 

 


 


Liabilities


 

 


 


Due to banks

17

               23,940,798

 

                      3,475,848

 


Due to customers

18

             656,423,136

 

                  530,124,905

 


Derivative financial instruments

 

                    139,259

 

                        219,752

 


Current income tax liabilities


                 4,952,484

 

                      3,051,583

 


Other liabilities

19

               16,448,991

 

                    11,549,472

 


Issued debt instruments

20

                 3,070,637

 

                      2,456,607

 


Other loans

 

               11,158,536

 

                      7,978,975

 


Other provisions

21

                 9,389,034

 

                      7,065,292

 


Total liabilities

 

             725,522,875

 

                  565,922,434

 


Equity

 

 

 


 


Issued and paid up capital

 

               30,195,010

 

                    29,825,134

 


Reserves

 

               23,220,467

 

                    19,502,716

 


Reserve for employee stock ownership plan (ESOP)

 

                 1,133,385

 

                      1,895,435

 


Retained earnings *

 

               14,605,865

 

                    16,497,346

 


Total equity and net profit for the period / year

 

               69,154,727

 

                    67,720,631

 


Total liabilities and equity

 

             794,677,602

 

                  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


 




 





 







 





 





 


Hussein Abaza

Hisham Ezz Al-Arab

 

CEO & Managing Director


Chairman













 



 

 

 




 

 



 

 

 

 


 




















Condensed Separate Interim Income Statement for the period ended June 30, 2023

 


 





 

 

 

 




 

 



 


Notes

 

Last 6 Months

 


Last 6 Months

 

 




Jun. 30, 2023

 


Jun. 30, 2022

 

 




EGP Thousands

 


EGP Thousands

 

 

Interest and similar income



44,928,893

 


24,258,160


 

Interest and similar expense



(21,138,609)

 


(10,562,668)


 

Net interest income



23,790,284

 


13,695,492


 

 



 

 




 

Fee and commission income



4,126,585

 


2,408,556


 

Fee and commission expense



(1,575,432)

 


(1,072,802)


 

Net fee and commission income

 

 


2,551,153

 


1,335,754


 

 



 

 




 

Dividend income

 


93,844

 


62,799


 

Net trading income

5

 

2,320,059

 


1,013,504


 

Profits (Losses) on financial investments

13

 

92,572

 


1,065,443


 

Administrative expenses

 


(4,170,553)

 


(3,233,444)


 

Other operating (expenses) income

6


(3,336,832)

 


(2,509,857)


 

Impairment release (charges) for credit losses

 

 

(1,212,831)

 


(14,449)


 

Profit before income tax


 

20,127,696

 


11,415,242


 

 



 

 




 

Income tax expense

25


(5,769,912)

 


(3,110,536)


 

Deferred tax assets (Liabilities)

25


(214,213)

 


(530,715)


 

Net profit for the period

 


14,143,571

 


7,773,991


 

 



 

 




 

Earning per share

7


 

 




 

Basic



4.17

 


2.29


 

Diluted



4.12

 


2.27


 




 

 




 


 


 

 




 

 

 

 

 




 

 

 


 

 




 





 

 




 










 










 










 










 







 







 


 

Hussein Abaza




 



CEO & Managing Director

 




Hisham Ezz El-Arab

 

 








Chairman


 










 
















 





 

 


 








 







Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30,2023                                                                   

 



 

 



 




 

 




 




Last 6 Months

Jun. 30, 2023


 


Last 6 Months

Jun. 30, 2022



 




EGP Thousands

 


EGP Thousands


 

 


 

 




 

Net profit for the period



14,143,571

 


 7,773,991


 

Change in fair value of Financial investments measured at fair value through comprehensive income after tax



(9,947,459)

 


 


 

Transferred to RE from financial assets at fair value through comprehensive income



(95,308)

 


 (7,358,230)


 

Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income



204,804

 


 (4,227)


 

Total comprehensive income for the period



4,305,608

 


 104,188

515,722


 



 





 

 



 





 

 



 

 




 




 

 




 

 

 


 

 




 


 







Condensed Separate Interim Cash Flows for the period ended June 30, 2023

 



 





 








 

 

 







 

Notes

Jun. 30, 2023

 

Jun. 30, 2022




EGP Thousands

 

EGP Thousands




 

 


Cash flow from operating activities


 

 

 


Profit before income tax



20,127,696

 

11,415,242

Adjustments to reconcile profits to net cash provided by operating  activities



 

 


Fixed assets depreciation

 

16

416,248

 

427,873

Impairment (Released) charge for credit losses (Loans and advances to customers and banks)

 

 

983,641

 

(94,868)

Other provisions charges

 

21

1,146,440

 

1,513,984

Impairment (Released) charge for credit losses (due from banks)

 

 

2,890

 

5,357

Impairment (Released) charge for credit losses (financial investments)



226,300

 

103,960

Impairment (Released) charge for other assets



-

 

(277,768)

Exchange revaluation differences for financial assets at fair value through OCI and AC



(5,858,602)

 

(2,840,747)

Utilization of other provisions


21

(1,031)

 

(1,707)

Other provisions no longer used

 

21

-

 

(267)

Exchange differences of other provisions

 

21

1,178,333

 

303,949

profits from selling property and equipment

 

 

(130)

 

(1,142)

profits from selling financial investments at fair value through OCI

 

13

(92,572)

 

(1,065,443)

Shares based payments

 

 

402,192

 

384,255

Operating profits before changes in operating assets and liabilities

 


18,531,405

 

9,872,678

 



 

 


Net decrease (increase) in assets and  liabilities



 

 


Due from banks



32,434,410

 

13,240,715

Financial assets at fair value through P&L



-

 

239,339

Derivative financial instruments

 


(212,709)

 

(882,092)

Loans and advances to banks and customers

 

11 - 12

(25,329,650)

 

(25,746,135)

Other assets

 

 

(4,448,765)

 

(291,414)

Due to banks

 

17

20,464,950

 

2,107,063

Due to customers

 

18

126,298,231

 

21,455,167

Current income tax obligations paid

 

 

(817,428)

 

(780,370)

Other liabilities

 


2,117,243

 

(283,863)

Net cash generated from (used in) operating activities

 


169,037,687

 

18,931,088

 

 

 

 

 


Cash flow from investing activities


 

 

 


Payments for investment in subsidiaries



(1,216,022)

 

(49,900)

Payment for purchases of property, equipment and branches  constructions



(700,038)

 

(312,818)

Proceeds from selling property and equipment


 

130

 

1,142

Proceeds from redemption of financial assets at amortized cost


 

196,783

 

659,761

Payment for purchases of financial assets at amortized cost



(9,045,180)

 

(41,770)

Payment for purchases of financial assets at fair value through OCI



(51,454,096)

 

(67,627,930)

Proceeds from selling financial assets at fair value through OCI



59,328,407

 

45,512,886

Net cash generated from (used in) investing activities



(2,890,016)

 

(21,858,629)

 



 

 


 



 

 





 

 


 

 

 

 

 





 

 


 



 

 
















 

Condensed Separate Interim Cash Flows for the period ended June 30, 2023 (Cont.)

 








Jun. 30, 2023

 

Jun. 30, 2022

 



EGP Thousands

 

EGP Thousands

 



 

 


 

Cash flow from financing activities

 

 

 


 

Other loans

 

3,179,561

 

846,869

 

Dividends paid

 

(3,577,639)

 

(4,410,322)

 

Issued debt instruments


614,030

 

307,661

 

Capital increase


369,876

 

122,716

 

Net cash generated from (used in) financing activities


585,828

 

(3,133,076)

 

 


 

 


 



 

 


 

Net (decrease) increase in cash and cash equivalent during the period


166,733,499

 

(6,060,617)

 

Beginning balance of cash and cash equivalent


92,895,143

 

60,891,899

 

Cash and cash equivalent at the end of the period


259,628,642

 

54,831,282

 

 


 

 


 

Cash and cash equivalent comprise:

 

 

 


 

Cash and balances at the central bank

 

33,404,357

 

41,845,093

 

Due from banks

 

281,505,636

 

57,016,700

 

Treasury bills

10

71,798,021

 

76,375,291

 

Obligatory reserve balance with CBE

 

(25,558,292)

 

(36,065,936)

 

Due from banks with maturities more than three months

 

(29,663,385)

 

(12,494,125)

 

Treasury bills with maturity more than three months


(71,857,695)

 

(71,845,741)

 

Total cash and cash equivalent


259,628,642

 

54,831,282

 










'

 

 

 

 

 















 

Condensed Separate Interim statement of  changes in shareholders' equity

 




Jun. 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 at 1 January 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

122,716

-

-

-

-

-

-

-

-

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 of the period

-

-

-

-

-

-

-

7,773,991

-

7,773,991






Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

(4,227)

-

4,227

-

-






Net unrealized gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

(7,358,230)

-

-

-

(7,358,230)






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

-

-

-

-

-

104,188

-

-

-

104,188






Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

384,255

384,255






Balance at 30 June 2022

19,825,134

3,963,946

37,096,858

1,549,445

18,947

(6,619,038)

11,981

8,141,768

1,555,725

65,544,766






















































































 

 




 

 




Jun. 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 at 1 January 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 of the period

-

-

-

-

-

-

-

14,143,571

-

14,143,571

 

 

 

 


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

-

-

-

-

-

(9,947,459)

-

-

-

(9,947,459)

 

 

 

 


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

-

-

-

-

-

204,804

-

-

-

204,804

 

 

 

 


Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

402,192

402,192

 

 

 

 


Balance at 30 June 2023

30,195,010

4,770,354

39,840,707

1,549,445

21,155

(22,976,424)

15,230

14,605,865

1,133,385

69,154,727

 

 

 

 


 














 
















 

 

 

 

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