RNS Number : 2593S
Commercial Intnl Bank (Egypt) SAE
03 November 2023
 

Text Box: Public

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

Separate Financial Statements

 

September 30, 2023

 















 









 





Condensed Separate 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

              59,818,535

 

                 47,384,574


Due from banks

9

            276,244,051

 

               133,766,196


Loans and advances to banks, net

11

                             -  

 

                  2,978,197


Loans and advances to customers, net

12

            222,326,692

 

               192,621,288


Derivative financial instruments


                1,647,485

 

                  1,939,961


Financial investments

 

 

 



- Financial Assets at Fair Value through OCI

13

            188,243,712

 

               202,916,225


- Financial Assets at Amortized cost

13

              38,686,046

 

                 34,178,753


- Investments in associates and subsidiaries

14

                   694,633

 

                  1,074,250


Non current assets held for sale

27

                   159,828

 

                             -  


Other assets

15

              17,327,838

 

                 14,454,868


Deferred tax assets


                1,137,342

 

                       24,240


Property and equipment

16

                2,456,340

 

                  2,304,513


Total assets

 

            808,742,502

 

               633,643,065


Liabilities and equity

 

 

 



Liabilities

 

 

 



Due to banks

17

              19,030,415

 

                  3,475,848


Due to customers

18

            665,894,926

 

               530,124,905


Derivative financial instruments


                     99,911

 

                     219,752


Current income tax liabilities


                6,993,454

 

                  3,051,583


Other liabilities

19

              15,475,422

 

                 11,549,472


Issued debt instruments

20

                3,071,834

 

                  2,456,607


Other loans


              10,387,714

 

                  7,978,975


Other provisions

21

              10,510,696

 

                  7,065,292


Total liabilities

 

            731,464,372

 

               565,922,434


Equity

 

 

 



Issued and paid up capital


              30,195,010

 

                 29,825,134


Reserves


              23,549,307

 

                 19,502,716


Reserve for employee stock ownership plan (ESOP)


                1,339,443

 

                  1,895,435


Retained earnings *


              22,194,370

 

                 16,497,346


Total equity and net profit for the period / year

 

              77,278,130

 

                 67,720,631


Total liabilities and equity

 

            808,742,502

 

               633,643,065
















*




 



 

 

 




 

 



 

 

 

 


 




 

 




Condensed Separate 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


                 72,741,395

 


                    38,761,627

Interest and similar expense


                (35,154,201)

 


                  (17,050,977)

Net interest income

 

               37,587,194

 


               21,710,650



 

 



Fee and commission income


                   6,540,630

 


                      3,900,488

Fee and commission expense


                  (2,590,207)

 


                    (1,730,066)

Net fee and commission income

 

                 3,950,423

 


                 2,170,422



 

 



Dividend income


                      100,244

 


                          64,372

Net trading income

5

                   3,146,544

 


                      1,431,729

Profits (Losses) on financial investments 

13.1

                  (1,256,233)

 


                      1,096,850

Administrative expenses


                  (6,304,022)

 


                    (5,024,897)

Other operating (expenses) income

6

                  (5,293,795)

 


                    (3,399,057)

Impairment release (charges) for credit losses


                  (1,248,897)

 


                       (262,606)

Profit before income tax

 

               30,681,458

 


               17,787,463



 

 



Income tax expense

25

                  (9,540,541)

 


                    (4,984,283)

Deferred tax assets (Liabilities)

25

                      591,159

 


                       (597,258)

Net profit for the period

 

                 21,732,076

 


                    12,205,922



 

 



Earnings per share

7

 

 



Basic


6.41

 


3.62

Diluted


6.34

 


3.58



 

 




 

 

 





 

 









 

 





 

 



 

 

 

 





 

 





 

 





 

 



 

 

 

 


 

 

 




 

 


 

 

 


 


 


 


 






 






 

 






 

 


 

 




 

 

 









 

 



 

 


 






 





Condensed Separate 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


         21,732,076

 


           12,205,922



 

 



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


         (9,611,703)

 


          (13,128,801)

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


              (95,308)

 


                 (4,128)

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


              197,888

 


               233,717

Total comprehensive income for the period

 

         12,222,953

 


              (693,290)



 

 


 

 




 

 


 





 

 


 



 


 

 






 




 



 




 

 


 


 


 







 



 

 




 



 

 




 

 

 


 

 




 






 


 





 





Condensed Separate 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


30,681,458

 

17,787,463

Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 


Fixed assets depreciation

16

636,285


654,220

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

1,088,174


(16,255)

Other provisions charged ( Released )

21

2,350,347


1,803,863

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


(49,019)


849

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


209,742


278,012

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)

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)


-

Shares based payments


608,250


579,653

Impairment (Released) charges of investments in associates and subsidiaries

13.1

1,412,711


-

Operating profits before changes in operating assets and liabilities

 

32,481,088

 

16,297,417



 

 


Net decrease / increase in assets and  liabilities

 

 

 


Due from banks


5,142,259


845,633

Financial assets at fair value through P&L


-


240,987

Derivative financial instruments


172,635


(947,116)

Loans and advances to banks and customers

11 - 12

(27,805,660)


(33,520,003)

Other assets


(2,507,984)


1,242,254

Due to banks

17

15,554,567


841,125

Due to customers

18

135,770,021


91,483,674

Current income tax obligations paid


(2,547,087)


(2,305,911)

Other liabilities


874,366


(310,752)

Net cash generated from (used in) operating activities

 

157,134,205

 

73,867,308



 

 


Cash flow from investing activities

 

 

 


Proceeds from investments in associates.


2,119


-

Payments for investment in subsidiaries


(1,216,022)


(59,900)

Payment for purchases of property, equipment and branches construction


(1,162,819)


(542,743)

Proceeds from selling property and equipment


194


2,192

Proceeds from redemption of financial assets at amortized cost


5,278,030


6,569,803

Payment for purchases of financial assets at amortized cost


(9,178,811)


(18,239,332)

Payment for purchases of financial assets at fair value through OCI


(65,109,765)


(114,918,927)

Proceeds from selling financial assets at fair value through OCI


76,347,190


73,463,225

Net cash generated from (used in) investing activities

 

4,960,116

 

(53,725,682)

 

 

 




 

 



 


 





 







Condensed Separate 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


(3,738,888)


(4,410,322)

Issued debt instruments


615,227


382,977

Capital increase


369,876


122,716

Net cash generated from (used in) financing activities

 

(345,046)

 

(2,788,285)



 

 




 

 


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


161,749,275


17,353,341

Beginning balance of cash and cash equivalent


92,895,143


60,891,899

Cash and cash equivalent at the end of the period

 

254,644,418

 

78,245,240



 

 


Cash and cash equivalent comprise:

 

 

 


Cash and balances at the central bank


59,818,535


43,776,754

Due from banks


276,244,266


90,419,482

Treasury bills

10

71,507,826

 

87,119,766

Obligatory reserve balance with CBE


(52,853,882)

 

(38,022,832)

Due from banks with maturity more than three months


(29,659,932)


(22,949,758)

Treasury bills with maturity more than three months


(70,412,395)


(82,098,172)

Total cash and cash equivalent

 

254,644,418

 

78,245,240


 

 




 

 


 

 

 

 

 
















 

Condensed Separate Interim statement of changes in shareholders' equity

 




Sep. 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 Balance at 1 Januray 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

10,122,716

-

(10,000,000)

-

-

-

-

-

-

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 for the period

-

-

-

-

-

-

-

12,205,922

-

12,205,922






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

-

-

-

-

-

(13,128,801)

-

-

-

(13,128,801)






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

-

-

-

-

-

233,717

-

-

-

233,717






Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

579,653

579,653






 Balance at 30 September 2022

29,825,134

3,963,946

27,096,858

1,549,445

18,947

(12,259,981)

11,981

12,573,600

1,751,123

64,531,053






 











 

 

 

 


 

 




 

 




Sep. 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 Balance at 1 Januray 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 for the period

-

-

-

-

-

-

-

21,732,076

-

21,732,076






Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

(95,308)

-

95,308

-

-






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

-

-

-

-

-

(9,611,703)

-

-

-

(9,611,703)






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

-

-

-

-

-

197,888

-

-

-

197,888






Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

608,250

608,250






 Balance at 30 September 2023

30,195,010

4,770,354

39,840,707

1,549,445

21,155

(22,647,584)

15,230

22,194,370

1,339,443

77,278,130






















































 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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