|
| ||||||||
| Condensed Separate Interim Statement of Financial Position as at June 30, 2024 | ||||||||
|
|
| Notes | Jun. 30, 2024 |
| Dec. 31, 2023 | |||
| | | |
|
| | |||
| | Assets |
|
|
| | |||
| | Cash and balances at the central bank | 9 | 43,371,479 |
| 71,747,343 | |||
| | Due from banks | 10 | 305,020,735 |
| 230,709,419 | |||
| | Loans and advances to banks, net | 12 | 1,483,003 |
| 822,448 | |||
| | Loans and advances to customers, net | 13 | 283,989,456 |
| 233,824,745 | |||
| | Derivative financial instruments | | 1,323,696 |
| 1,101,896 | |||
| | Financial investments |
|
|
| | |||
| | - Financial Assets at Fair Value through P&L | 14 | 172,728 |
| - | |||
| | - Financial Assets at Fair Value through OCI | 14 | 263,902,312 |
| 232,290,598 | |||
| | - Financial Assets at Amortized cost | 14 | 108,637,486 |
| 37,847,114 | |||
| | - Investments in subsidiaries and associates | 15 | 871,525 |
| 671,525 | |||
| | Non current assets held for sale | 28 | 159,828 |
| 159,828 | |||
| | Other assets | 16 | 38,391,247 |
| 18,929,067 | |||
| | Deferred tax assets | | 1,844,280 |
| 1,685,223 | |||
| | Property and equipment | 17 | 2,808,451 |
| 2,737,936 | |||
| | Total assets |
| 1,051,976,226 |
| 832,527,142 | |||
| | Liabilities and equity |
|
|
| | |||
| | Liabilities |
|
|
| | |||
| | Due to banks | 18 | 3,997,426 |
| 12,427,384 | |||
| | Due to customers | 19 | 857,741,216 |
| 675,310,076 | |||
| | Derivative financial instruments | | 261,033 |
| 140,934 | |||
| | Current income tax liabilities | | 10,328,671 |
| 9,395,534 | |||
| | Other liabilities | 20 | 22,115,219 |
| 18,307,580 | |||
| | Issued debt instruments | 21 | 4,783,017 |
| 3,073,349 | |||
| | Other loans | | 19,558,427 |
| 12,483,907 | |||
| | Other provisions | 22 | 14,979,232 |
| 11,088,372 | |||
| | Total liabilities |
| 933,764,241 |
| 742,227,136 | |||
| | Equity |
|
|
| | |||
| | Issued and paid up capital | | 30,431,580 |
| 30,195,010 | |||
| | Reserves | | 58,238,829 |
| 29,388,626 | |||
| | Reserve for employee stock ownership plan (ESOP) | | 1,396,104 |
| 1,486,010 | |||
| | Retained earnings * | | 28,145,472 |
| 29,230,360 | |||
| | Total equity and net profit for the period / year |
| 118,211,985 |
| 90,300,006 | |||
| | Total liabilities and equity |
| 1,051,976,226 |
| 832,527,142 | |||
| | | |
|
|
| |||
|
| The accompanying notes are an integral part of these financial statements. |
| | | | |||
| | ( Limited Review report attached ) |
| | | | |||
| * | Including net profit for the period |
| | | | |||
| | | | | | | |||
| | | | | | | |||
| | | | | |
| Condensed Separate Interim Income Statement for the period ended June 30, 2024 | ||||
|
| | Last 6 Months |
| Last 6 Months |
| | Notes | Jun. 30, 2024 |
| Jun. 30, 2023 |
| | |
|
| |
| | |
|
| |
| Interest and similar income | | 81,420,481 |
| 44,928,893 |
| Interest and similar expense | | (39,980,202) |
| (21,138,609) |
| Net interest income |
| 41,440,279 |
| 23,790,284 |
| | |
|
| |
| Fee and commission income | | 5,905,503 |
| 4,126,585 |
| Fee and commission expense | | (2,505,646) |
| (1,575,432) |
| Net fee and commission income |
| 3,399,857 |
| 2,551,153 |
| | |
|
| |
| Dividend income | | 76,025 |
| 93,844 |
| Net trading income | 6 | 17,385,406 |
| 2,320,059 |
| Profits (Losses) on financial investments | 14.1 | 297,208 |
| 92,572 |
| Administrative expenses | | (5,568,213) |
| (4,170,553) |
| Other operating income (expenses) | 7 | (16,410,949) |
| (3,336,832) |
| Impairment release (charges) for credit losses | | (2,059,775) |
| (1,212,831) |
| Profit before income tax |
| 38,559,838 |
| 20,127,696 |
| | |
|
| |
| Income tax expense | 26 | (11,255,055) |
| (5,769,912) |
| Deferred tax assets (Liabilities) | 26 | 378,395 |
| (214,213) |
| Net profit for the period |
| 27,683,178 |
| 14,143,571 |
| | |
|
| |
| Earnings per share | 8 |
|
| |
| Basic | | 8.08 |
| 4.16 |
| Diluted | | 7.98 |
| 4.11 |
| | |
|
| |
| Hussein Abaza |
| | Hisham Ezz Al-Arab | |
| CEO & Managing Director |
| | Chairman | |
|
| | | | |
| | | | | | |
| Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30, 2024 | |||||
|
| | Last 6 Months |
| | Last 6 Months |
| | | Jun. 30, 2024 |
| | Jun. 30, 2023 |
| | |
|
| | |
| | |
|
| | |
| Net profit for the period |
| 27,683,178 |
| | 14,143,571 |
| | |
|
| | |
| Change in fair value of Financial invesments measured at fair value through comprehensive income after tax | | 4,073,707 |
| | (9,947,459) |
| Transferred to RE from financial assets at fair value through comprehensive income | | - |
| | (95,308) |
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income | | 751,734 |
| | 204,804 |
| Total comprehensive income for the period |
| 32,508,619 |
| | 4,305,608 |
| | | | | | |
| Condensed Separate Interim Cash Flows for the period ended June 30, 2024 | |||||
|
| | | | | |
| | | Notes | Jun. 30, 2024 |
| Jun. 30, 2023 |
| | | |
|
| |
| | Cash flow from operating activities |
|
|
| |
| | Profit before income tax | | 38,559,838 |
| 20,127,696 |
| | Adjustments to reconcile profits to net cash provided by operating activities |
|
|
| |
| | Fixed assets depreciation | 17 | 521,764 |
| 416,248 |
| | Impairment Release/charge for credit losses (Loans and advances to customers and banks) | | 2,387,134 |
| 983,641 |
| | Other provisions Release/charge | 22 | 196,961 |
| 1,146,440 |
| | Impairment Release/charge for credit losses (due from banks) | | (35) |
| 2,890 |
| | Impairment Release/charge for credit losses (financial investments) | | (327,324) |
| 226,300 |
| | Impairment Release/charge for other assets | | (7,173) |
| - |
| | Exchange revaluation differences for financial assets at fair value through OCI and AC | | (18,461,627) |
| (5,858,602) |
| | Revaluation differences Impairment charge for Financial Assets at Fair value through OCI | | 1,182,360 |
| - |
| | Revaluation differences Impairment charge for Financial Assets at Amortized cost | | 100,975 |
| - |
| | Revaluation differences Impairment charge for due from banks | | 105 |
| - |
| | Utilization of other provisions | 22 | (8,970) |
| (1,031) |
| | Other provisions no longer used | 22 | (4,220) |
| - |
| | Exchange revaluation differences of other provisions | 22 | 3,707,089 |
| 1,178,333 |
| | Profits/losses from selling property and equipment | | (2,184) |
| (130) |
| | Profits/losses from selling financial investments at fair value through OCI | 14.1 | (297,208) |
| (92,572) |
| | Share based payments | | 533,219 |
| 402,192 |
| | Operating profits before changes in operating assets and liabilities |
| 28,080,704 |
| 18,531,405 |
| | | |
|
| |
| | Net decrease / increase in assets and liabilities |
|
|
| |
| | Due from banks | | 36,256,280 |
| 32,434,410 |
| | Financial assets at fair value through P&L | | (172,728) |
| - |
| | Derivative financial instruments | | 164,384 |
| (212,709) |
| | Loans and advances to banks and customers | 12-13 | (53,204,190) |
| (25,329,650) |
| | Other assets | | (18,799,962) |
| (4,448,765) |
| | Due to banks | 18 | (8,429,958) |
| 20,464,950 |
| | Due to customers | 19 | 182,431,141 |
| 126,298,231 |
| | Current income tax obligations paid | | (926,384) |
| (817,428) |
| | Other liabilities | | (5,875,532) |
| 2,117,243 |
| | Net cash generated from (used in) operating activities |
| 159,523,755 |
| 169,037,687 |
| | | |
|
| |
| | Cash flow from investing activities |
|
|
| |
| | Proceeds from sale of investments in associates | | 7,173 |
| - |
| | Payments for investment in subsidiaries | | (200,000) |
| (1,216,022) |
| | Payment for purchases of property, equipment and branches construction | | (1,262,707) |
| (700,038) |
| | Proceeds from selling property and equipment | | 2,184 |
| 130 |
| | Proceeds from redemption of financial assets at amortized cost | | 1,240,196 |
| 196,783 |
| | Payment for purchases of financial assets at amortized cost | | (69,609,595) |
| (9,045,180) |
| | Payment for purchases of financial assets at fair value through OCI | | (58,448,832) |
| (51,454,096) |
| | Proceeds from selling financial assets at fair value through OCI | | 47,255,555 |
| 59,328,407 |
| | Net cash generated from (used in) investing activities |
| (81,016,026) |
| (2,890,016) |
| | |||||
| Condensed Separate Interim Cash Flows for the period ended June 30, 2024 (Cont.) | |||||
|
| | | | | |
| | | | Jun. 30, 2024 |
| Jun. 30, 2023 |
| | | |
|
| |
| | Cash flow from financing activities |
|
|
| |
| | Other loans | | 7,074,520 |
| 3,179,561 |
| | Dividends paid | | (5,078,792) |
| (3,577,639) |
| | Issued debt instruments | | 1,709,668 |
| 614,030 |
| | Capital increase | | 236,570 |
| 369,876 |
| | Net cash generated from (used in) financing activities |
| 3,941,966 |
| 585,828 |
| | | |
|
| |
| | Net (decrease) increase in cash and cash equivalent during the period | | 82,449,695 |
| 166,733,499 |
| | Beginning balance of cash and cash equivalent | | 233,912,193 |
| 92,895,143 |
| | Cash and cash equivalent at the end of the period |
| 316,361,888 |
| 259,628,642 |
| | | |
|
| |
| | Cash and cash equivalent comprise: |
|
|
| |
| | Cash and balances at the central bank | 9 | 43,371,479 |
| 33,404,357 |
| | Due from banks | | 305,020,997 |
| 281,505,636 |
| | Treasury bills and other governmental notes | 11 | 118,676,181 |
| 71,798,021 |
| | Obligatory reserve balance with CBE | | (25,285,404) |
| (25,558,292) |
| | Due from banks with maturity more than three months | | (7,684,847) |
| (29,663,385) |
| | Treasury bills and other governmental notes with maturity more than three months | | (117,736,518) |
| (71,857,695) |
| | Total cash and cash equivalent |
| 316,361,888 |
| 259,628,642 |
| | | | | | | | | | | | | |
| Condensed Separate Interim statement of changes in shareholders' equity | ||||||||||||
|
| Issued and paid up capital | Legal reserve | General reserve | General risk reserve | Special reserve | Capital reserve | Reserve for financial assets at fair value through OCI | Banking risks reserve | IFRS 9 risk reserve | Retained earnings | Reserve for employee stock ownership plan | Total |
| Jun. 30, 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 | 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 | - | - | - | - | - | - | - | - | - | 14,143,571 | - | 14,143,571 |
| 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 | - | - | - | - | - | - | (9,947,459) | - | - | - | - | (9,947,459) |
| 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 | - | - | - | - | - | - | 204,804 | - | - | - | - | 204,804 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | - | 402,192 | 402,192 |
| Balance at 30 June 2023 | 30,195,010 | 4,770,354 | 39,840,707 | 1,549,445 | - | 21,155 | (22,976,424) | 15,230 | - | 14,605,865 | 1,133,385 | 69,154,727 |
| | | | | | | | | | | | | |
| Jun. 30, 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 | 236,570 | - | - | - | - | - | - | - | - | - | - | 236,570 |
| Transferred to reserves | - | 1,438,320 | 22,582,085 | - | - | 1,663 | - | - | - | (23,398,943) | (623,125) | - |
| Dividend paid | - | - | - | - | - | - | - | - | - | (5,366,429) | - | (5,366,429) |
| Net profit for the period | - | - | - | - | - | - | - | - | - | 27,683,178 | - | 27,683,178 |
| 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 | - | - | - | - | - | - | 4,073,707 | - | - | - | - | 4,073,707 |
| 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 | - | - | - | - | - | - | 751,734 | - | - | - | - | 751,734 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | - | 533,219 | 533,219 |
| Balance at 30 June 2024 | 30,431,580 | 6,208,674 | 62,422,792 | 1,549,445 | - | 22,818 | (11,982,824) | 17,924 | - | 28,145,472 | 1,396,104 | 118,211,985 |
|
| | | | | | | | | | | | |
| | | | | ||
| | | | | ||
| | Hussein Abaza | Hisham Ezz Al-Arab | |||
|
| CEO & Managing Director | Chairman | |||
|
| | | | | |
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