|
Condensed Consolidated Interim Statement of Financial Position as at September 30, 2024
| ||||||||
|
| | Notes | Sep. 30, 2024 |
| Dec. 31, 2023 | |||
| | |
|
| | ||||
| | Assets |
|
|
| | |||
| | Cash and balances at the central bank | 9 | 94,568,773 |
| 71,887,821 | |||
| | Due from banks | 10 | 305,235,726 |
| 231,085,244 | |||
| | Loans and advances to banks, net | 12 | 3,323,215 |
| 822,448 | |||
| | Loans and advances to customers, net | 13 | 304,043,669 |
| 234,985,936 | |||
| | Derivative financial instruments | | 1,769,619 |
| 1,105,148 | |||
| | Financial investments |
|
|
| | |||
| | - Financial Assets at Fair Value through P&L | 14 | 2,066,889 |
| - | |||
| | - Financial Assets at Fair Value through OCI | 14 | 223,821,557 |
| 233,125,234 | |||
| | - Financial Assets at Amortized cost | 14 | 145,437,207 |
| 38,341,019 | |||
| | - Investments in associates | 15 | 107,446 |
| 115,979 | |||
| | Non current assets held for sale | 30.1 | - |
| 161 | |||
| | Other assets | 16 | 34,331,134 |
| 18,972,786 | |||
| | Deferred tax assets | | 2,135,720 |
| 1,685,231 | |||
| | Property and equipment | 17 | 3,117,062 |
| 2,739,092 | |||
| | Total assets |
| 1,119,958,017 |
| 834,866,099 | |||
| | Liabilities and equity |
|
|
| | |||
| | Liabilities |
|
|
| | |||
| | Due to banks | 18 | 3,799,980 |
| 12,458,003 | |||
| | Due to customers | 19 | 900,966,962 |
| 677,237,479 | |||
| | Non current liabilities held for sale | 30.2 | 1,327 |
| 873 | |||
| | Derivative financial instruments | | 138,896 |
| 140,934 | |||
| | Current income tax liabilities | | 14,269,506 |
| 9,395,534 | |||
| | Other liabilities | 20 | 21,760,126 |
| 18,339,465 | |||
| | Issued debt instruments | 21 | 4,811,742 |
| 3,073,349 | |||
| | Other loans | | 20,324,693 |
| 12,483,907 | |||
| | Other provisions | 22 | 15,478,489 |
| 11,095,089 | |||
| | Total liabilities |
| 981,551,721 |
| 744,224,633 | |||
| | Equity |
|
|
| | |||
| | Issued and paid up capital | | 30,431,580 |
| 30,195,010 | |||
| | Reserves | | 62,260,417 |
| 28,807,042 | |||
| | Reserve for employee stock ownership plan (ESOP) | | 1,667,230 |
| 1,486,010 | |||
| | Retained earnings * | | 43,924,408 |
| 29,993,331 | |||
| | Total equity and net profit for the period / year |
| 138,283,635 |
| 90,481,393 | |||
| | Non Controlling Interest | | 122,661 |
| 160,073 | |||
| | Total minority interest, equity and net profit for the period / year | 138,406,296 |
| 90,641,466 | ||||
| | Total liabilities and equity |
| 1,119,958,017 |
| 834,866,099 | |||
| Condensed Consolidated Interim Income Statement for the period ended September 30, 2024 | ||||||
|
| | | Last 9 Months |
| | Last 9 Months |
| | Notes |
| Sep. 30, 2024 |
| | Sep. 30, 2023 |
| | | |
|
| | |
| Interest and similar income | | | 130,999,623 |
| | 73,006,422 |
| Interest and similar expense | | | (65,316,717) |
| | (35,275,583) |
| Net interest income |
|
| 65,682,906 |
| | 37,730,839 |
| | | |
|
| | |
| Fee and commission income | | | 9,274,284 |
| | 6,543,585 |
| Fee and commission expense | | | (4,049,111) |
| | (2,589,680) |
| Net fee and commission income |
|
| 5,225,173 |
| | 3,953,905 |
| | | |
|
| | |
| Dividend income | | | 70,934 |
| | 83,653 |
| Net trading income | 6 | | 18,194,491 |
| | 3,165,144 |
| Profits (Losses) on financial investments | 14.1 | | 377,992 |
| | 165,478 |
| Administrative expenses | | | (9,180,646) |
| | (6,501,663) |
| Other operating income (expenses) | 7 | | (17,995,808) |
| | (5,679,447) |
| Goodwill amortization | | | - |
| | (30,943) |
| Intangible assets amortization | | | - |
| | (24,188) |
| Impairment release (charges) for credit losses | |
| (3,745,003) |
| | (1,216,770) |
| Bank's share in the profits / losses of associates | | | (8,533) |
| | (39,486) |
| Profit before income tax |
| | 58,621,506 |
| | 31,606,522 |
| | | |
|
| | |
| Income tax expense | 29 | | (17,207,903) |
| | (9,540,412) |
| Deferred tax assets (Liabilities) | 29 |
| 934,295 |
| | 392,680 |
| Net profit from continued operations |
|
| 42,347,898 |
| | 22,458,790 |
| | |
|
|
| | |
| Discontinued Operations |
|
|
|
| | |
| Net profit (loss) from discontinued operations | 30.3 | | - |
| | (49,699) |
| Net profit for the period |
|
| 42,347,898 |
| | 22,409,091 |
| | |
|
|
| | |
| Non Controlling Interest | |
| (45) |
| | 3,328 |
| Bank's shareholders |
|
| 42,347,943 |
| | 22,405,763 |
| | |
|
|
| | |
| Earnings per share | 8 |
|
|
| | |
| Basic | |
| 12.42 |
| | 6.41 |
| Diluted | |
| 12.26 |
| | 6.33 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | |||
| Islam Zekry |
| | | Hisham Ezz Al-Arab | ||
| Group CFO |
| | | Chairman | ||
| | | | | |
| Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2024 | ||||
|
| | Last 9 Months | | Last 9 Months |
| |
| Sep. 30, 2024 |
| Sep. 30, 2023 |
| |
|
|
| |
| Net profit for the period |
| 42,347,898 |
| 22,409,091 |
| |
|
|
| |
| Transferred to RE from financial assets at fair value through comprehensive income |
| (370,224) |
| (95,308) |
| Change in fair value of Financial investments measured at fair value through comprehensive income after tax |
| 8,272,930 |
| (9,629,911) |
| Cumulative foreign currencies translation differences |
| 883,684 |
| 193,162 |
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income |
| 623,199 |
| 201,185 |
| Total comprehensive income for the period |
| 51,757,487 |
| 13,078,219 |
| | | | | |
| | | | | |
| As follows: |
| | | |
| Bank's shareholders |
| 51,757,532 |
| 13,074,891 |
| Non Controlling Interest |
| (45) |
| 3,328 |
| Total comprehensive income for the period |
| 51,757,487 |
| 13,078,219 |
| | | | | |
| Condensed Consolidated Interim Cash flows for the period ended September 30, 2024 | ||||
|
| | | | |
| | Notes | Sep. 30, 2024 |
| Sep. 30, 2023 |
| | |
|
| |
| Cash flow from operating activities |
|
|
| |
| Profit before income tax from continued operations | | 58,621,506 |
| 31,606,522 |
| Profit (loss) from discontinued operations | | - |
| (49,699) |
| Adjustments to reconcile profits to net cash provided by operating activities |
|
|
| |
| Fixed assets depreciation | 17 | 763,079 |
| 655,051 |
| Impairment Release/charge for credit losses (Loans and advances to customers and banks) | | 4,224,251 |
| 1,050,980 |
| Other provisions Release/charge | 22 | 430,005 |
| 2,350,253 |
| Impairment Release/charge for credit losses (due from banks) | | 829 |
| (47,249) |
| Impairment Release/charge for credit losses (financial investments) | | (480,077) |
| 213,039 |
| Impairment Release/charge for other assets | | (11,956) |
| 14,347 |
| Exchange revaluation differences for financial assets at fair value through OCI and AC | | (18,536,183) |
| (5,409,592) |
| Goodwill amortization | | - |
| 30,943 |
| Intangible assets amortization | | - |
| 24,188 |
| Revaluation differences Impairment charge for Financial Assets at Fair value through OCI | | 1,193,810 |
| - |
| Revaluation differences Impairment charge for Financial Assets at Amortized cost | | 107,207 |
| - |
| Revaluation differences Impairment charge for due from banks | | 1,308 |
| - |
| Utilization of other provisions | 22 | (9,196) |
| (1,608) |
| Exchange Revaluation differences of other provisions | 22 | 3,962,591 |
| 1,096,665 |
| Profits/losses from selling property and equipment | 7 | (2,254) |
| (194) |
| Profits/losses from selling financial investments at fair value through OCI | 14.1 | (377,992) |
| (149,012) |
| Losses (Profits) from selling investments in associates | | - |
| (7,466) |
| Impairment (Released) charges of investments in associates | | - |
| (9,000) |
| Share based payments | | 804,345 |
| 608,250 |
| Bank's share in the profits / losses of associates | | 8,533 |
| 39,486 |
| Operating profits before changes in operating assets and liabilities |
| 50,699,806 |
| 32,015,904 |
| | |
|
| |
| Net decrease / increase in assets and liabilities |
|
|
| |
| Due from banks | | (14,547,420) |
| 9,859,636 |
| Financial assets at fair value through P&L | | (2,066,889) |
| - |
| Derivative financial instruments | | (225,875) |
| 172,635 |
| Loans and advances to banks and customers | 12 - 13 | (75,774,541) |
| (27,548,758) |
| Other assets | | (14,094,581) |
| (2,506,019) |
| Non current assets held for sale | | - |
| (214) |
| Due to banks | 18 | (8,658,023) |
| 15,526,008 |
| Due to customers | 19 | 223,729,483 |
| 136,052,663 |
| Current income tax obligations paid | | (2,938,397) |
| (2,546,958) |
| Non current liabilities held for sale | | 1,327 |
| 933 |
| Other liabilities | | (5,488,554) |
| (3,890,097) |
| Net cash generated from (used in) operating activities |
| 150,636,336 |
| 157,135,733 |
| | |
|
| |
| Cash flow from investing activities |
|
|
| |
| Proceeds from sale of investments in associates | | 11,956 |
| 2,119 |
| Payments for purchases of property, equipment and branches construction | | (2,401,070) |
| (1,177,450) |
| Proceeds from selling property and equipment | | 2,254 |
| 194 |
| Proceeds from redemption of financial assets at amortized cost | | 1,226,638 |
| 5,278,030 |
| Payments for purchases of financial assets at amortized cost | | (106,105,142) |
| (9,334,085) |
| Payments for purchases of financial assets at fair value through OCI | | (22,138,419) |
| (64,860,157) |
| Proceeds from selling financial assets at fair value through OCI | | 55,475,567 |
| 75,128,566 |
| Payment for investment in subsidiaries | | - |
| (1,008,761) |
| Net cash generated from (used in) investing activities |
| (73,928,216) |
| 4,028,456 |
| | ||||
| Condensed Consolidated Interim Cash flows for the period ended September 30, 2024 (Cont.) | ||||
|
| | | | |
| | | Sep. 30, 2024 |
| Sep. 30, 2023 |
| | |
|
| |
| Cash flow from financing activities |
|
|
| |
| Other loans | | 7,840,786 |
| 2,408,739 |
| Dividends paid | | (5,116,159) |
| (3,594,747) |
| Issued debt instruments | | 1,738,393 |
| 615,227 |
| Capital increase | | 236,570 |
| 369,876 |
| Net cash generated from (used in) financing activities |
| 4,699,590 |
| (200,905) |
| | |
|
| |
| Net (decrease) increase in cash and cash equivalent during the period | | 81,407,710 |
| 160,963,284 |
| Beginning balance of cash and cash equivalent | | 234,317,913 |
| 92,969,526 |
| Cash and cash equivalent at the end of the period |
| 315,725,623 |
| 253,932,810 |
| | |
|
| |
| Cash and cash equivalent comprise: |
|
|
| |
| Cash and balances at the central bank | 9 | 94,568,773 |
| 59,950,223 |
| Due from banks | | 305,240,021 |
| 276,845,003 |
| Treasury bills and other governmental notes | 11 | 82,174,775 |
| 71,507,826 |
| Obligatory reserve balance with CBE | | (76,360,420) |
| (52,963,236) |
| Due from banks with maturity more than three months | | (19,125,420) |
| (30,994,611) |
| Treasury bills and other governmental notes with maturity more than three months | | (70,772,106) |
| (70,412,395) |
| Total cash and cash equivalent |
| 315,725,623 |
| 253,932,810 |
| Condensed Consolidated Interim statement of changes in shareholders' equity |
| |||||||||||||
| 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 |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Beginning balance | 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 |
| Reserve for transactions under common control | - | - | - | - | (679,155) | - | - | - | - | - | - | (679,155) | - | (679,155) |
| Transferred to reserves | - | 806,408 | 12,743,849 | - | - | 2,208 | - | - | (12,388,223) | (1,164,242) | - | - | - | - |
| Net profit for the period | - | - | - | - | - | - | - | - | 22,405,763 | - | - | 22,405,763 | 3,328 | 22,409,091 |
| Dividends paid | - | - | - | - | - | - | - | - | (3,738,888) | - | - | (3,738,888) | (17,108) | (3,755,996) |
| Change in non controlling interest from acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | (536,867) | (536,867) |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | - | (95,308) | - | 95,308 | - | - | - | - | - |
| Net unrealized 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 |
| Ending balance | 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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| Sep. 30, 2024 | 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 |
| Beginning balance | 30,195,010 | 4,770,354 | 39,840,707 | 1,550,906 | (670,972) | 21,155 | (16,868,691) | 15,230 | 29,993,331 | 1,486,010 | 148,353 | 90,481,393 | 160,073 | 90,641,466 |
| Capital increase | 236,570 | - | - | - | - | - | - | - | - | - | - | 236,570 | - | 236,570 |
| Transferred to reserves | - | 1,438,320 | 22,582,085 | - | - | 1,663 | - | - | (23,398,943) | (623,125) | - | - | - | - |
| Dividends paid | - | - | - | - | - | - | - | - | (5,366,429) | - | - | (5,366,429) | (37,367) | (5,403,796) |
| Net profit for the period | - | - | - | - | - | - | - | - | 42,347,943 | - | - | 42,347,943 | (45) | 42,347,898 |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | - | (370,224) | - | 370,224 | - | - | - | - | - |
| Change in non controlling interest from acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Transferred from RE to banking risk reserve | - | - | - | - | - | - | - | 19,024 | (19,024) | - | - | - | - | - |
| Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | - | 8,272,930 | - | - | - | - | 8,272,930 | - | 8,272,930 |
| 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 | - | - | - | - | - | - | 623,199 | - | - | - | - | 623,199 | - | 623,199 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 804,345 | - | 804,345 | - | 804,345 |
| Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | 883,684 | 883,684 | - | 883,684 |
| Ending balance | 30,431,580 | 6,208,674 | 62,422,792 | 1,550,906 | (670,972) | 22,818 | (8,342,786) | 36,948 | 43,924,408 | 1,667,230 | 1,032,037 | 138,283,635 | 122,661 | 138,406,296 |
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