Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
March 31, 2024
| Condensed Separate Interim Statement of Financial Position as at March 31, 2024 | |||||
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| | Notes | Mar. 31, 2024 |
| Dec. 31, 2023 |
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| |
| | Assets |
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|
| |
| | Cash and balances at the central bank | 9 | 36,542,863 |
| 71,747,343 |
| | Due from banks | 10 | 291,979,960 |
| 230,709,419 |
| | Loans and advances to banks, net | 12 | 1,140,170 |
| 822,448 |
| | Loans and advances to customers, net | 13 | 268,482,525 |
| 233,824,745 |
| | Derivative financial instruments | | 1,677,011 |
| 1,101,896 |
| | Financial investments |
|
|
| |
| | - Financial Assets at Fair Value through P&L | 14 | 974,297 |
| - |
| | - Financial Assets at Fair Value through OCI | 14 | 248,351,476 |
| 232,290,598 |
| | - Financial Assets at Amortized cost | 14 | 92,820,896 |
| 37,847,114 |
| | - Investments in subsidiaries and associates | 15 | 671,525 |
| 671,525 |
| | Non current assets held for sale | 28 | 159,828 |
| 159,828 |
| | Other assets | 16 | 24,919,564 |
| 18,929,067 |
| | Deferred tax assets | | 1,936,004 |
| 1,685,223 |
| | Property and equipment | 17 | 2,703,062 |
| 2,737,936 |
| | Total assets |
| 972,359,181 |
| 832,527,142 |
| | Liabilities and equity |
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|
| |
| | Liabilities |
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|
| |
| | Due to banks | 18 | 5,572,065 |
| 12,427,384 |
| | Due to customers | 19 | 792,409,197 |
| 675,310,076 |
| | Derivative financial instruments | | 602,480 |
| 140,934 |
| | Current income tax liabilities | | 5,445,769 |
| 9,395,534 |
| | Other liabilities | 20 | 29,842,663 |
| 18,307,580 |
| | Issued debt instruments | 21 | 4,699,516 |
| 3,073,349 |
| | Other loans | | 19,184,788 |
| 12,483,907 |
| | Other provisions | 22 | 14,699,408 |
| 11,088,372 |
| | Total liabilities |
| 872,455,886 |
| 742,227,136 |
| | Equity |
|
|
| |
| | Issued and paid up capital | | 30,195,010 |
| 30,195,010 |
| | Reserves | | 55,513,384 |
| 29,388,626 |
| | Reserve for employee stock ownership plan (ESOP) | | 1,786,010 |
| 1,486,010 |
| | Retained earnings * | | 12,408,891 |
| 29,230,360 |
| | Total equity and net profit for the period / year |
| 99,903,295 |
| 90,300,006 |
| | Total liabilities and equity |
| 972,359,181 |
| 832,527,142 |
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| | The accompanying notes are an integral part of these financial statements. |
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| | ( Limited Review report attached ) |
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| * | Including net profit for the period |
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| | | | | ||
| | Hussein Abaza | Hisham Ezz Al-Arab | |||
|
| CEO & Managing Director | Chairman | |||
| Condensed Separate Interim Income Statement for the period ended March 31, 2024 | ||||||||
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| | | | | | | | |
| | Notes | Mar. 31, 2024 |
| | Mar. 31, 2023 | | | |
| | |
|
| | | | | |
| | |
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| | | | | |
| Interest and similar income | | 36,544,341 |
| | 19,729,848 | | | |
| Interest and similar expense | | (17,784,185) |
| | (8,897,778) | | | |
| Net interest income |
| 18,760,156 |
| | 10,832,070 | | | |
| | |
|
| | | | | |
| Fee and commission income | | 2,684,283 |
| | 2,004,350 | | | |
| Fee and commission expense | | (1,118,950) |
| | (792,102) | | | |
| Net fee and commission income |
| 1,565,333 |
| | 1,212,248 | | | |
| | |
|
| | | | | |
| Dividend income | | 610 |
| | 32,362 | | | |
| Net trading income | 6 | 16,202,679 |
| | 1,845,604 | | | |
| Profits (Losses) on financial investments | 14.1 | 224,271 |
| | 70,920 | | | |
| Administrative expenses | | (2,840,462) |
| | (2,004,617) | | | |
| Other operating income (expenses) | 7 | (14,923,188) |
| | (1,969,625) | | | |
| Impairment release (charges) for credit losses | | (1,482,187) |
| | (947,656) | | | |
| Profit before income tax |
| 17,507,212 |
| | 9,071,306 | | | |
| | |
|
| | | | | |
| Income tax expense | 26 | (5,722,492) |
| | (2,264,671) | | | |
| Deferred tax assets (Liabilities) | 26 | 161,877 |
| | (722,182) | | | |
| Net profit for the period |
| 11,946,597 |
| | 6,084,453 | | | |
| | |
|
| | | | | |
| Earnings per share | 8 |
|
| | | | | |
| Basic | | 3.50 |
| | 1.78 | | | |
| Diluted | | 3.46 |
| | 1.76 | | | |
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| Hussein Abaza |
| | Hisham Ezz Al-Arab | | | | ||
| CEO & Managing Director |
| | Chairman | | | | ||
| Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2024 | |||||||
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| | | | | | | |
| | | | Mar. 31, 2024 |
| | | Mar. 31, 2023 |
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| Net profit for the period |
| | 11,946,597 |
| | | 6,084,453 |
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|
| | | |
| Change in fair value of Financial invesments measured at fair value through comprehensive income after tax | | | 1,977,715 |
| | | (8,507,038) |
| Transferred to RE from financial assets at fair value through comprehensive income | | | - |
| | | (1,895) |
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income | | | 745,406 |
| | | 208,250 |
| Total comprehensive income for the period |
| | 14,669,718 |
| | | (2,216,230) |
| Condensed Separate Interim Cash Flows for the period ended March 31, 2024 | |||||
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| | | | | |
| | | Notes | Mar. 31, 2024 |
| Mar. 31, 2023 |
| | | |
|
| |
| | Cash flow from operating activities |
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|
| |
| | Profit before income tax | | 17,507,212 |
| 9,071,306 |
| | Adjustments to reconcile profits to net cash provided by operating activities |
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|
| |
| | Fixed assets depreciation | 17 | 261,427 | | 206,400 |
| | Impairment Release/charge for credit losses (Loans and advances to customers and banks) | | 1,772,387 | | 714,714 |
| | Other provisions Release/charge | 22 | 40,759 | | 464,368 |
| | Impairment Release/charge for credit losses (due from banks) | | (53) | | (1,549) |
| | Impairment Release/charge for credit losses (financial investments) | | (290,147) | | 234,491 |
| | Impairment Release/charge for other assets | | (4,782) | | - |
| | Exchange revaluation differences for financial assets at fair value through OCI and AC | | (17,328,576) | | (6,033,831) |
| | Revaluation differences Impairment charge for Financial Assets at Fair value through OCI | | 1,130,412 | | - |
| | Revaluation differences Impairment charge for Financial Assets at Amortized cost | | 95,225 | | - |
| | Revaluation differences Impairment charge for due from banks | | 101 | | - |
| | Utilization of other provisions | 22 | (297) | | (345) |
| | Other provisions no longer used | 22 | (4,220) | | - |
| | Exchange revaluation differences of other provisions | 22 | 3,574,794 | | 1,169,894 |
| | Profits/losses from selling property and equipment | | - | | (118) |
| | Profits/losses from selling financial investments at fair value through OCI | 14.1 | (224,271) | | (70,920) |
| | Share based payments | | 300,000 | | 190,974 |
| | Operating profits before changes in operating assets and liabilities |
| 6,829,971 |
| 5,945,384 |
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| |
| | Net decrease / increase in assets and liabilities |
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|
| |
| | Due from banks | | 42,289,034 | | 12,102,385 |
| | Financial assets at fair value through P&L | | (974,297) | | - |
| | Derivative financial instruments | | 154,638 | | (358,715) |
| | Loans and advances to banks and customers | 12-13 | (36,747,889) | | (17,757,613) |
| | Other assets | | (5,850,432) | | (75,936) |
| | Due to banks | 18 | (6,855,319) | | 4,811,010 |
| | Due to customers | 19 | 117,099,122 | | 43,988,897 |
| | Current income tax obligations paid | | (276,723) | | (272,736) |
| | Other liabilities | | 1,851,912 | | (362,831) |
| | Net cash generated from (used in) operating activities |
| 117,520,017 |
| 48,019,845 |
| | | |
|
| |
| | Cash flow from investing activities |
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| |
| | Proceeds from sale of investments in associates | | 4,782 | | - |
| | Payments for investment in subsidiaries | | - | | (1,216,022) |
| | Payment for purchases of property, equipment and branches construction | | (366,618) | | (415,435) |
| | Proceeds from selling property and equipment | | - | | 118 |
| | Proceeds from redemption of financial assets at amortized cost | | 285,507 | | 196,783 |
| | Payment for purchases of financial assets at amortized cost | | (53,240,480) | | (8,454,232) |
| | Payment for purchases of financial assets at fair value through OCI | | (26,284,875) | | (32,426,908) |
| | Proceeds from selling financial assets at fair value through OCI | | 26,380,625 | | 46,782,676 |
| | Net cash generated from (used in) investing activities |
| (53,221,059) | | 4,466,980 |
| | |||||
| Condensed Separate Interim Cash Flows for the period ended March 31, 2024 (Cont.) | |||||
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| | | | | |
| | | | Mar. 31, 2024 |
| Mar. 31, 2023 |
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| |
| | Cash flow from financing activities |
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|
| |
| | Other loans | | 6,700,881 | | 1,607,404 |
| | Dividends paid | | (5,078,792) | | (1,964,603) |
| | Issued debt instruments | | 1,626,167 | | 612,624 |
| | Capital increase | | - | | 165,429 |
| | Net cash generated from (used in) financing activities |
| 3,248,256 | | 420,854 |
| | | |
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| |
| | Net (decrease) increase in cash and cash equivalent during the period | | 67,547,214 | | 52,907,679 |
| | Beginning balance of cash and cash equivalent | | 233,912,193 |
| 92,895,143 |
| | Cash and cash equivalent at the end of the period |
| 301,459,407 |
| 145,802,822 |
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| |
| | Cash and cash equivalent comprise: |
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|
| |
| | Cash and balances at the central bank | 9 | 36,542,863 |
| 52,319,656 |
| | Due from banks | | 291,980,200 |
| 169,655,814 |
| | Treasury bills and other governmental notes | 11 | 119,754,167 | | 68,681,151 |
| | Obligatory reserve balance with CBE | | (19,383,018) |
| (45,888,981) |
| | Due from banks with maturity more than three months | | (7,554,480) | | (29,664,721) |
| | Treasury bills and other governmental notes with maturity more than three months | | (119,880,325) | | (69,300,097) |
| | Total cash and cash equivalent |
| 301,459,407 |
| 145,802,822 |
| Condensed Separate Interim statement of changes in shareholders' equity | ||||||||||
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| 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 |
| Mar. 31, 2023 | | | | | | | | | | |
| 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 | 165,429 | - | - | - | - | - | - | - | - | 165,429 |
| Transferred to reserves | - | 806,408 | 11,998,639 | - | 2,208 | - | - | (12,388,223) | (419,032) | - |
| Dividend paid | - | - | - | - | - | - | - | (3,738,888) | - | (3,738,888) |
| Net profit for the period | - | - | - | - | - | - | - | 6,084,453 | - | 6,084,453 |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | (1,895) | - | 1,895 | - | - |
| Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | (8,507,038) | - | - | - | (8,507,038) |
| Transferred (from) to bank risk reserve | - | - | - | - | - | - | 3,249 | (3,249) | - | - |
| Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | 208,250 | - | - | - | 208,250 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 190,974 | 190,974 |
| Balance at 31 March 2023 | 29,990,563 | 4,770,354 | 39,095,497 | 1,549,445 | 21,155 | (21,439,144) | 15,230 | 6,453,334 | 1,667,377 | 62,123,811 |
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| Mar. 31, 2024 |
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| Beginning Balance at 1 Januray 2024 | 30,195,010 | 4,770,354 | 39,840,707 | 1,549,445 | 21,155 | (16,808,265) | 15,230 | 29,230,360 | 1,486,010 | 90,300,006 |
| Capital increase | - | - | - | - | - | - | - | - | - | - |
| Transferred to reserves | - | 1,438,320 | 21,958,960 | - | 1,663 | - | - | (23,398,943) | - | - |
| Dividend paid | - | - | - | - | - | - | - | (5,366,429) | - | (5,366,429) |
| Net profit for the period | - | - | - | - | - | - | - | 11,946,597 | - | 11,946,597 |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | - | - | - | - | - |
| Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | 1,977,715 | - | - | - | 1,977,715 |
| 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 | - | - | - | - | - | 745,406 | - | - | - | 745,406 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 300,000 | 300,000 |
| Balance at 31 March 2024 | 30,195,010 | 6,208,674 | 61,799,667 | 1,549,445 | 22,818 | (14,085,144) | 17,924 | 12,408,891 | 1,786,010 | 99,903,295 |
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