RNS Number : 0690O
Commercial Intnl Bank (Egypt) SAE
12 May 2024
 


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

 


Notes

Mar. 31, 2024

 

Dec. 31, 2023




 

 



Assets

 

 

 



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

 

 

 



Liabilities

 

 

 



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














The accompanying notes are an integral part of these financial statements.

 





( Limited Review report attached )

 




*

Including net profit for the period

 

























Hussein Abaza

Hisham Ezz Al-Arab

 

CEO & Managing Director

Chairman

 

 

 

Condensed Separate Interim Income Statement for the period ended March 31, 2024

 









Notes

Mar. 31, 2024

 


Mar. 31, 2023






 

 








 

 






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






 

 


































































Hussein Abaza

 


Hisham Ezz Al-Arab




CEO & Managing Director

 


Chairman




 

 

Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2024

 










Mar. 31, 2024

 



Mar. 31, 2023




 

 







 

 




Net profit for the period

 


11,946,597

 



6,084,453




 

 




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

 








Notes

Mar. 31, 2024

 

Mar. 31, 2023




 

 



Cash flow from operating activities

 

 

 



Profit before income tax


17,507,212

 

9,071,306


Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 



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)



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




 

 



Net decrease / increase in assets and  liabilities

 

 

 



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

 

 

 



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.)

 









Mar. 31, 2024

 

Mar. 31, 2023




 

 



Cash flow from financing activities

 

 

 



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




 

 



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




 

 



Cash and cash equivalent comprise:

 

 

 



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

 

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












Mar. 31, 2024

 

 

 

 

 

 

 

 

 

 

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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