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CIB1H2023 Condensed Consolidated Financials

Published: 24/07/2023, 08:00

RNS Number : 8759G

Commercial Intnl Bank (Egypt) SAE

24 July 2023

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

Condensed Consolidated Financial Statements

June 30, 2023

Condensed Consolidated 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	33,569,139			47,492,549
	Due from banks	9	282,231,329			133,856,720
	Loans and advances to banks, net	11	265,506			2,978,197
	Loans and advances to customers, net	12	220,646,128			193,599,872
	Derivative financial instruments		2,072,177			1,939,961
	Financial investments :
	- Financial Assets at Fair Value through OCI	13	191,018,179			204,020,733
	- Financial Assets at Amortized cost	13	44,071,307			34,524,760
	- Investments in associates	14	145,332			186,062
	Non current assets held for sale	29	214			-
	Other assets	15	19,148,600			14,521,427
	Goodwill	26	75,639			96,268
	Intangible assets	27	19,005			24,188
	Deferred tax assets		518,213			185,746
	Property and equipment	16	2,510,392			2,405,434
	Total assets		796,291,160			635,831,917
	Liabilities and equity
	Liabilities
	Due to banks	17	23,938,050			3,496,698
	Due to customers	18	658,531,089			531,616,550
	Non-current liabilities held for sale	30	933			-
	Derivative financial instruments		139,259			219,752
	Current income tax liabilities		4,952,484			3,051,583
	Other liabilities	19	16,474,178			11,606,912
	Issued debt instruments	20	3,070,637			2,456,607
	Other loans		11,158,536			7,978,975
	Other provisions	21	9,390,357			7,066,672
	Total liabilities		727,655,523			567,493,749
	Equity
	Issued and paid up capital		30,195,010			29,825,134
	Reserves		22,766,742			19,643,327
	Reserve for employee stock ownership plan (ESOP)		1,133,385			1,895,435
	Retained earnings *		14,411,378			16,393,841
	Total equity and net profit for the period / year			68,506,515			67,757,737
	Non-Controlling Interest		129,122			580,431
	Total minority interest, equity and net profit for the period / year		68,635,637			68,338,168
	Total liabilities and equity		796,291,160			635,831,917

	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 Consolidated Interim Income Statement for the period ended June 30, 2023

Notes

Last 6 Months

Jun. 30, 2023

Last 6 Months

Jun. 30, 2022

EGP Thousands

Interest and similar income

45,115,105

24,313,000

Interest and similar expense

(21,221,785)

(10,584,315)

Net interest income

23,893,320

13,728,685

Fee and commission income

4,128,821

2,411,504

Fee and commission expense

(1,575,094)

(1,072,889)

Net fee and commission income

2,553,727

1,338,615

Dividend income

77,253

54,557

Net trading income

2,335,117

1,014,279

Profits (Losses) on financial investments

92,572

1,065,443

Administrative expenses

(4,296,917)

(3,270,349)

Other operating (expenses) income

(3,423,286)

(2,511,186)

Goodwill amortization

(20,629)

Intangible assets amortization

(5,183)

Impairment release (charges) for credit losses

(1,182,487)

(73,977)

Bank's share in the profits / losses of associates

(26,630)

5,214

Profit before income tax

19,996,857

11,325,469

Income tax expense

(5,748,429)

(3,014,444)

Deferred tax assets (Liabilities)

(142,753)

(530,698)

Net profit from continued operations

14,105,675

7,780,327

Discontinued Operations

Net profit (loss) from discontinued operations

(49,612)

Net profit for the period

14,056,063

7,780,327

Non Controlling Interest

3,474

15,530

Bank's shareholders

14,052,589

7,764,797

Earning per share

Basic

4.17

2.29

Diluted

4.12

2.27

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

Condensed Consolidated 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

Net profit for the period

14,056,063

7,780,327

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

(9,949,190)

(7,377,135)

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

(95,308)

(4,227)

Cumulative foreign currencies translation differences

266,927

81,324

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

205,751

104,188

Total comprehensive income for the period

4,484,243

584,477

As follows:

Bank's shareholders

4,480,769

568,947

Non Controlling Interest

3,474

15,530

Total comprehensive income for the period

4,484,243

584,477

Condensed Consolidated 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 from continued operations		19,996,857	11,325,469
Profit (loss) from discontinued operations		(49,612)	-
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation	16	435,552	445,305
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		950,009	(41,818)
Other provisions charges	21	1,146,383	1,513,929
Impairment (Released) charge for credit losses (due from banks)		5,231	4,970
Impairment (Released) charge for credit losses (financial investments)		227,247	110,825
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)
Goodwill amortization	26	20,629	20,629
Intangible assets amortization	27	5,183	5,183
Utilization of other provisions	21	(1,031)	(1,707)
Other provisions no longer used	21	-	(782)
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
Bank's share in the profits / losses of associates		26,630	(5,214)
Operating profits before changes in operating assets and liabilities		18,392,299	9,879,893

Net decrease (increase) in assets and liabilities
Due from banks		31,684,362	13,218,002
Financial assets at fair value through P&L		-	239,339
Derivative financial instruments		(213,992)	(882,092)
Loans and advances to banks and customers	11 - 12	(25,279,763)	(25,997,906)
Other assets		(4,443,895)	(280,761)
Non current assets held for sale		(214)	-
Due to banks	17	20,441,352	2,092,943
Due to customers	18	126,914,539	21,624,749
Current income tax obligations paid		(795,945)	(684,278)
Non current liabilities held for sale		933	-
Other liabilities		2,149,496	2,750,906
Net cash generated from (used in) operating activities		168,849,172	21,960,795

Cash flow from investing activities
Payment for purchases of property, equipment and branches constructions		(727,599)	(331,846)
Proceeds from selling property and equipment		130	1,142
Proceeds from redemption of financial assets at amortized cost		196,783	622,072
Payment for purchases of financial assets at amortized cost		(9,121,279)	(41,770)
Payment for purchases of financial assets at fair value through OCI		(51,268,261)	(67,715,983)
Proceeds from selling financial assets at fair value through OCI		59,321,328	44,348,943
Payment for investment in subsidiaries.		(1,008,761)	-
Net cash generated from (used in) investing activities		(2,607,659)	(23,117,442)






Condensed Consolidated 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		(3,594,747)	(4,410,322)
Issued debt instruments		614,030	307,661
Capital increase		369,876	122,716
Net cash generated from (used in) financing activities		568,720	(3,133,076)


Net (decrease) increase in cash and cash equivalent during the period		166,810,233	(4,289,723)
Beginning balance of cash and cash equivalent		92,969,526	61,065,822
Cash and cash equivalent at the end of the period		259,779,759	56,776,099

Cash and cash equivalent comprise:
Cash and balances at the central bank		33,569,139	41,970,190
Due from banks		282,285,952	56,974,029
Treasury bills	10	71,798,021	76,380,971
Obligatory reserve balance with CBE		(25,697,561)	(36,172,792)
Due from banks with maturities more than three months		(30,318,097)	(10,530,558)
Treasury bills with maturity more than three months		(71,857,695)	(71,845,741)
Total cash and cash equivalent		259,779,759	56,776,099


Condensed Consolidated Interim statement of changes in shareholders' equity
Jun. 30, 2022	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
														EGP Thousands
Beginning at 1 January 2022	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	122,716	-	-	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	-	7,764,797	-	-	7,764,797	15,530	7,780,327
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,227)	-	4,227	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(7,377,135)	-	-	-	-	(7,377,135)	-	(7,377,135)
Transferred (from) to banking 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	-	104,188
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	384,255	-	384,255	-	384,255
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	85,542	85,542	54,747	140,289
Balance at 30 June 2022	19,825,134	3,963,946	37,096,858	1,550,906	8,183	18,947	(6,635,802)	11,981	8,045,041	1,555,725	81,324	65,522,243	524,812	66,047,055









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
														EGP Thousands
Beginning at January 2023	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
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
Net profit of the period	-	-	-	-	-	-	-	-	14,052,589	-	-	14,052,589	3,474	14,056,063
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
Change in non-controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Net unrealised 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
Balance at the end of the period	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

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CIB1H2023 Condensed Consolidated Financials