RNS Number : 2563S
Commercial Intnl Bank (Egypt) SAE
03 November 2023
 






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

                 Consolidated Financial Statements

 

                               September 30, 2023

 
















 









 





Condensed Consolidated Interim Statement of Financial Position as at September 30, 2023

 


Notes

Sep. 30, 2023

 

Dec. 31, 2022

 



EGP Thousands

 

EGP Thousands

 


Assets


 

 


 


Cash and balances at the central bank

8

59,950,223

 

47,492,549

 


Due from banks

9

276,842,860

 

133,856,720

 


Loans and advances to banks, net

11

-

 

2,978,197

 


Loans and advances to customers, net

12

223,085,568

 

193,599,872

 


Derivative financial instruments

 

1,647,485

 

1,939,961

 


Financial investments


 

 


 


- Financial Assets at Fair Value through OCI

13

189,098,612

 

204,020,733

 


- Financial Assets at Amortized cost

13

39,177,670

 

34,524,760

 


- Investments in associates

14

132,476

 

186,062

 


Non current assets held for sale

29

214

 

-

 


Other assets

15

17,375,013

 

14,521,427

 


Goodwill

26

65,325

 

96,268

 


Intangible assets

27

-

 

24,188

 


Deferred tax assets

 

1,137,342

 

185,746

 


Property and equipment

16

2,556,198

 

2,405,434

 


Total assets

 

811,068,986

 

635,831,917

 


Liabilities and equity


 

 


 


Liabilities


 

 


 


Due to banks

17

19,022,706

 

3,496,698

 


Due to customers

18

667,669,213

 

531,616,550

 


Non current liabilities held for sale

30

933

 

-

 


Derivative financial instruments

 

99,911

 

219,752

 


Current income tax liabilities


6,993,454

 

3,051,583

 


Other liabilities

19

15,875,568

 

11,606,912

 


Issued debt instruments

20

3,071,834

 

2,456,607

 


Other loans

 

10,387,714

 

7,978,975

 


Other provisions

21

10,511,982

 

7,066,672

 


Total liabilities

 

733,633,315

 

567,493,749

 


Equity

 

 

 


 


Issued and paid up capital

 

30,195,010

 

29,825,134

 


Reserves

 

23,007,690

 

19,643,327

 


Reserve for employee stock ownership plan (ESOP)

 

1,339,443

 

1,895,435

 


Retained earnings *


22,764,552

 

16,393,841

 


Total equity and net profit for the period / year

77,306,695


67,757,737


Non Controlling Interest

 

128,976

 

580,431

 

Total minority interest, equity and net profit for the period / year


77,435,671


68,338,168

 


Total liabilities and equity


811,068,986


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 September 30, 2023

 

 

 



 

 



 



Last 9 Months

 


Last 9 Months


Notes

Sep. 30, 2023

 


Sep. 30, 2022



EGP Thousands

 


EGP Thousands



 

 



Interest and similar income


73,006,422

 


38,938,124

Interest and similar expense


(35,275,583)

 


(17,120,373)

Net interest income

 

37,730,839

 


21,817,751



 

 



Fee and commission income


6,543,585

 


3,908,463

Fee and commission expense


(2,589,680)

 


(1,730,281)

Net fee and commission income

 

3,953,905

 


2,178,182



 

 



Dividend income


83,653

 


54,557

Net trading income

5

3,165,144

 


1,434,169

Profits (Losses) on financial investments

13.1

165,478

 


1,096,850

Administrative expenses


(6,501,663)

 


(5,142,060)

Other operating (expenses) income

6

(5,679,447)

 


(3,404,237)

Goodwill amortization

26

(30,943)

 


(30,943)

Intangible assets amortization

27

(24,188)

 


(7,774)

Impairment release (charges) for credit losses


(1,216,770)

 


(298,078)

Bank's share in the profits / losses of associates


(39,486)

 


(16,343)

Profit before income tax

 

31,606,522

 


17,682,074



 

 



Income tax expense

28

(9,540,412)

 


(4,885,951)

Deferred tax assets (Liabilities)

28

392,680

 


(597,241)

Net profit from continued operations

 

22,458,790

 


12,198,882



 

 



Discontinued Operations

 

 

 



Net profit (loss) from discontinued operations

31

(49,699)

 


-

Net profit for the period

 

22,409,091

 


12,198,882



 

 



Non Controlling Interest


3,328

 


25,625

Bank's shareholders

 

22,405,763

 


12,173,257



 

 



Earnings per share

7

 

 



Basic


6.41

 


3.62

Diluted


6.34

 


3.58


 

 

 

 


 

 

 




 

 


 

 

 


 


 


 


 






 






 

 






 

 


 

 




 

 

 









 














 





 

 


 








 







Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2023

 



Last 9 Months

 


Last 9 Months



Sep. 30, 2023

 


Sep. 30, 2022



EGP Thousands

 


EGP Thousands



 

 



Net profit for the period


22,409,091

 


12,198,882



 

 



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


(9,629,911)

 


(13,184,005)

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


(95,308)

 


(4,128)

Cumulative foreign currencies translation differences


193,162

 


96,867

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


201,185

 


233,717

Total comprehensive income for the period

 

13,078,219

 


(658,667)




 

 


 

 




 

 


 





 

 


 


As follows:






Bank's shareholders


13,074,891

 


(684,292)

Non-Controlling Interest


3,328

 


25,625

Total comprehensive income for the period

 

13,078,219

 


(658,667)


 


 

 






 




 



 




 

 


 


 


 







 



 

 




 



 

 




 

 

 


 

 























 








 



 





 








Condensed Consolidated Interim Cash flows for the period ended September 30 2023

 

 






Notes

Sep. 30, 2023

 

Sep. 30, 2022



EGP Thousands

 

EGP Thousands



 

 


Cash flow from operating activities

 

 

 


Profit before income tax from continued operations


31,606,522

 

17,682,074

Profit (loss) from discontinued operations


(49,699)

 

-

Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 


Fixed assets depreciation

16

655,051

 

644,401

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


1,050,980

 

12,998

Other provisions charges

21

2,350,253

 

1,803,568

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


(47,249)

 

534

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


213,039

 

284,546

Impairment (Released) charge for other assets


14,347

 

(277,768)

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


(5,409,592)

 

(3,745,045)

Goodwill amortization

26

30,943

 

30,943

Intangible assets amortization

27

24,188

 

7,774

Utilization of other provisions

21

(1,608)

 

(1,857)

Other provisions no longer used

21

-

 

(101)

Exchange Revaluation differences of  other provisions

21

1,096,665

 

333,425

profits from selling property and equipment


(194)

 

(2,192)

profits from selling financial investments at fair value through OCI

13.1

(149,012)

 

(1,096,850)

Losses (Profits) from selling investments in associates

13.1

(7,466)

 

-

Impairment (Released) charges of investments in associates

13.1

(9,000)

 

-

Shares based payments


608,250

 

579,653

Bank's share in the profits / losses of associates


39,486

 

16,343

Operating profits before changes in operating assets and liabilities

 

32,015,904

 

16,272,446



 

 


Net decrease / increase in assets and  liabilities

 

 

 


Due from banks


9,859,636

 

870,167

Financial assets at fair value through P&L


-

 

240,987

Derivative financial instruments


172,635

 

(947,321)

Loans and advances to banks and customers

11 - 12

(27,548,758)

 

(33,780,208)

Other assets


(2,506,019)

 

1,245,185

Non current assets held for sale


(214)

 

-

Due to banks

17

15,526,008

 

881,371

Due to customers

18

136,052,663

 

91,778,069

Current income tax obligations paid


(2,546,958)

 

(2,207,579)

Non current liabilities held for sale


933

 

-

Other liabilities


(3,890,097)

 

(325,379)

Net cash generated from (used in) operating activities

 

157,135,733

 

74,027,738



 

 


Cash flow from investing activities

 

 

 


Proceeds from Investments in associates.


2,119

 

-

Payment for purchases of property, equipment and branches construction


(1,177,450)

 

(556,512)

Proceeds from selling property and equipment


194

 

2,192

Proceeds from redemption of financial assets at amortized cost


5,278,030

 

6,520,697

Payment for purchases of financial assets at amortized cost


(9,334,085)

 

(18,268,602)

Payment for purchases of financial assets at fair value through OCI


(64,860,157)

 

(115,077,815)

Proceeds from selling financial assets at fair value through OCI


75,128,566

 

73,424,845

Payment for investment in subsidiaries.


(1,008,761)

 

-

Net cash generated from (used in) investing activities

 

4,028,456

 

(53,955,195)


 

 

 




 

 



 

 


 





 







Condensed Consolidated Interim Cash flows for the period ended September 30, 2023 (Cont.)

 

 







Sep. 30, 2023

 

Sep. 30, 2022



EGP Thousands

 

EGP Thousands



 

 


Cash flow from financing activities

 

 

 


Other loans


2,408,739

 

1,116,344

Dividends paid


(3,594,747)

 

(4,410,322)

Issued debt instruments


615,227

 

382,977

Capital increase


369,876

 

122,716

Net cash generated from (used in) financing activities

 

(200,905)

 

(2,788,285)

 


 

 




 

 


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


160,963,284

 

17,284,258

Beginning balance of cash and cash equivalent


92,969,526

 

61,065,822

Cash and cash equivalent at the end of the period

 

253,932,810

 

78,350,080

 


 

 


Cash and cash equivalent comprise:

 

 

 


Cash and balances at the central bank


59,950,223

 

43,857,708

Due from banks


276,845,003

 

90,499,843

Treasury bills

10

71,507,826

 

87,122,900

Obligatory reserve balance with CBE


(52,963,236)

 

(38,082,441)

Due from banks with maturity more than three months


(30,994,611)

 

(22,949,758)

Treasury bills with maturity more than three months


(70,412,395)

 

(82,098,172)

Total cash and cash equivalent

 

253,932,810

 

78,350,080



 

 




 

 











 

 

 

 

 
















 

Condensed Consolidated Interim statement of changes in shareholders' equity

 




Sep. 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 Balance 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

10,122,716

-

(10,000,000)

-

-

-

-

-

-

-

-

122,716

-

122,716


Transferred to reserves

-

670,872

8,836,326

-

-

-

-

(9,007,223)

(502,922)

-

-

-

-


Dividends paid

-

-

-

-

-

-

-

-

(4,410,322)

-

-

(4,410,322)

-

(4,410,322)


Net profit for the period

-

-

-

-

-

-

-

-

12,173,257

-

-

12,173,257

25,625

12,198,882


Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(4,128)

-

4,128

-

-

-

-

-


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

-

-

-

-

-

-

(13,184,005)

-

-

-

-

(13,184,005)

-

(13,184,005)


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

-

-

-

-

-

-

233,717

-

-

-

-

233,717

-

233,717


Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

579,653

-

579,653

-

579,653


Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

101,085

101,085

65,507

166,592


Balance at 30 September 2022

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(12,313,044)

11,981

12,453,402

1,751,123

96,867

64,464,303

545,667

65,009,970


 

 




 

 




Sep. 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 Balance at 1 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 for the period

-

-

-

-

-

-

-

-

22,405,763

-

-

22,405,763

3,328

22,409,091


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

-

-

-

-

-

-

(9,629,911)

-

-

-

-

(9,629,911)

-

(9,629,911)


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

-

-

-

-

-

-

201,185

-

-

-

-

201,185

-

201,185


Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

608,250

-

608,250

-

608,250


Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

11,838

11,838

99,192

111,030


 Balance at 30 September 2023

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(22,712,852)

15,230

22,764,552

1,339,443

193,162

77,306,695

128,976

77,435,671


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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