|
| ||||||||
| Condensed Separate 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 | 94,285,689 |
| 71,747,343 | |||
| | Due from banks | 10 | 304,041,116 |
| 230,709,419 | |||
| | Loans and advances to banks, net | 12 | 3,323,215 |
| 822,448 | |||
| | Loans and advances to customers, net | 13 | 301,909,242 |
| 233,824,745 | |||
| | Derivative financial instruments | | 1,769,619 |
| 1,101,896 | |||
| | Financial investments |
|
|
| | |||
| | - Financial Assets at Fair Value through P&L | 14 | 2,066,889 |
| - | |||
| | - Financial Assets at Fair Value through OCI | 14 | 222,440,208 |
| 232,290,598 | |||
| | - Financial Assets at Amortized cost | 14 | 144,700,921 |
| 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 | 34,217,526 |
| 18,929,067 | |||
| | Deferred tax assets | | 1,870,814 |
| 1,685,223 | |||
| | Property and equipment | 17 | 2,999,072 |
| 2,737,936 | |||
| | Total assets |
| 1,114,655,664 |
| 832,527,142 | |||
| | Liabilities and equity |
|
|
| | |||
| | Liabilities |
|
|
| | |||
| | Due to banks | 18 | 3,820,953 |
| 12,427,384 | |||
| | Due to customers | 19 | 896,692,273 |
| 675,310,076 | |||
| | Derivative financial instruments | | 138,896 |
| 140,934 | |||
| | Current income tax liabilities | | 14,269,506 |
| 9,395,534 | |||
| | Other liabilities | 20 | 21,685,718 |
| 18,307,580 | |||
| | Issued debt instruments | 21 | 4,811,742 |
| 3,073,349 | |||
| | Other loans | | 20,324,693 |
| 12,483,907 | |||
| | Other provisions | 22 | 15,471,381 |
| 11,088,372 | |||
| | Total liabilities |
| 977,215,162 |
| 742,227,136 | |||
| | Equity |
|
|
| | |||
| | Issued and paid up capital | | 30,431,580 |
| 30,195,010 | |||
| | Reserves | | 61,951,798 |
| 29,388,626 | |||
| | Reserve for employee stock ownership plan (ESOP) | | 1,667,230 |
| 1,486,010 | |||
| | Retained earnings * | | 43,389,894 |
| 29,230,360 | |||
| | Total equity and net profit for the period / year |
| 137,440,502 |
| 90,300,006 | |||
| | Total liabilities and equity |
| 1,114,655,664 |
| 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 September 30, 2024 |
| |||||||||
|
| | Last 9 Months |
| Last 9 Months |
| |||||
| | Notes | Sep. 30, 2024 |
| Sep. 30, 2023 |
| |||||
| | |
|
| |
| |||||
| | |
|
| |
| |||||
| Interest and similar income | | 130,537,149 |
| 72,741,395 |
| |||||
| Interest and similar expense | | (65,010,779) |
| (35,154,201) |
| |||||
| Net interest income |
| 65,526,370 |
| 37,587,194 |
| |||||
| | |
|
| |
| |||||
| Fee and commission income | | 9,257,495 |
| 6,540,630 |
| |||||
| Fee and commission expense | | (4,048,928) |
| (2,590,207) |
| |||||
| Net fee and commission income |
| 5,208,567 |
| 3,950,423 |
| |||||
| | |
|
| |
| |||||
| Dividend income | | 100,858 |
| 100,244 |
| |||||
| Net trading income | 6 | 18,177,630 |
| 3,146,544 |
| |||||
| Profits (Losses) on financial investments | 14.1 | 377,992 |
| (1,256,233) |
| |||||
| Administrative expenses | | (8,795,429) |
| (6,304,022) |
| |||||
| Other operating income (expenses) | 7 | (17,980,232) |
| (5,293,795) |
| |||||
| Impairment release (charges) for credit losses | | (3,741,208) |
| (1,248,897) |
| |||||
| Profit before income tax |
| 58,874,548 |
| 30,681,458 |
| |||||
| | |
|
| |
| |||||
| Income tax expense | 26 | (16,964,163) |
| (9,540,541) |
| |||||
| Deferred tax assets (Liabilities) | 26 | 646,991 |
| 591,159 |
| |||||
| Net profit for the period |
| 42,557,376 |
| 21,732,076 |
| |||||
| | |
|
| |
| |||||
| Earnings per share | 8 |
|
| |
| |||||
| Basic | | 12.42 |
| 6.41 |
| |||||
| Diluted | | 12.26 |
| 6.33 |
| |||||
| | |
|
| |
| |||||
| | | | | |
| |||||
| | | |
| |||||||
| Islam Zekry |
| | Hisham Ezz Al-Arab |
| ||||||
| Group CFO |
| | Chairman |
| ||||||
|
| | | | |
| |||||
| | | | | |
| |||||
| | | | | |
| |||||
| | | | | |
| |||||
| | | | | |
| |||||
| Condensed Separate 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 |
| 42,557,376 |
| | 21,732,076 | |||||
| | |
|
| | | |||||
| Change in fair value of Financial invesments measured at fair value through comprehensive income after tax | | 8,284,110 |
| | (9,611,703) | |||||
| Transferred to RE from financial assets at fair value through comprehensive income | | (370,224) |
| | (95,308) | |||||
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income | | 624,524 |
| | 197,888 | |||||
| Total comprehensive income for the period |
| 51,095,786 |
| | 12,222,953 | |||||
| | | | | | |
| Condensed Separate 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 | | 58,874,548 |
| 30,681,458 |
| | Adjustments to reconcile profits to net cash provided by operating activities |
|
|
| |
| | Fixed assets depreciation | 17 | 763,079 | | 636,285 |
| | Impairment Release/charge for credit losses (Loans and advances to customers and banks) | 4,226,051 | | 1,088,174 | |
| | Other provisions Release/charge | 22 | 429,182 | | 2,350,347 |
| | Impairment Release/charge for credit losses (due from banks) | | (5) | | (49,019) |
| | Impairment Release/charge for credit losses (financial investments) | | (484,838) | | 209,742 |
| | 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) |
| | Revaluation differences Impairment charge for Financial Assets at Fair value through OCI | 1,199,896 | | - | |
| | Revaluation differences Impairment charge for Financial Assets at Amortized cost | | 107,207 | | - |
| | Revaluation differences Impairment charge for due from banks | | 107 | | - |
| | Utilization of other provisions | 22 | (9,196) | | (1,608) |
| | Exchange revaluation differences of other provisions | 22 | 3,963,023 | | 1,096,665 |
| | Profits/losses from selling property and equipment | | (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 | 14.1 | - | | (7,466) |
| | Share based payments | | 804,345 | | 608,250 |
| | Impairment Release/charges of investments in associates and subsidiaries | 14.1 | - | | 1,412,711 |
| | Operating profits before changes in operating assets and liabilities |
| 50,945,014 |
| 32,481,088 |
| | | |
|
| |
| | Net decrease / increase in assets and liabilities |
|
|
| |
| | Due from banks | | (24,748,544) | | 5,142,259 |
| | Financial assets at fair value through P&L | | (2,066,889) | | - |
| | Derivative financial instruments | | (229,127) | | 172,635 |
| | Loans and advances to banks and customers | 12-13 | (74,803,105) | | (27,805,660) |
| | Other assets | | (14,036,648) | | (2,507,984) |
| | Due to banks | 18 | (8,606,431) | | 15,554,567 |
| | Due to customers | 19 | 221,382,197 | | 135,770,021 |
| | Current income tax obligations paid | | (2,694,657) | | (2,547,087) |
| | Other liabilities | | (6,305,033) | | 874,366 |
| | Net cash generated from (used in) operating activities |
| 138,836,777 |
| 157,134,205 |
| | | |
|
| |
| | Cash flow from investing activities |
|
|
| |
| | Proceeds from sale of investments in associates | | 11,956 | | 2,119 |
| | Payments for investment in subsidiaries | | (200,000) | | (1,216,022) |
| | Payments for purchases of property, equipment and branches construction | | (2,284,236) | | (1,162,819) |
| | Proceeds from selling property and equipment | | 2,254 | | 194 |
| | Proceeds from redemption of financial assets at amortized cost | | 1,093,724 | | 5,278,030 |
| | Payments for purchases of financial assets at amortized cost | | (105,723,312) | | (9,178,811) |
| | Payments for purchases of financial assets at fair value through OCI | | (21,646,713) | | (65,109,765) |
| | Proceeds from selling financial assets at fair value through OCI | | 67,015,091 | | 76,347,190 |
| | Net cash generated from (used in) investing activities |
| (61,731,236) | | 4,960,116 |
| | |||||
| Condensed Separate 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 | | (5,078,792) | | (3,738,888) |
| | Issued debt instruments | | 1,738,393 | | 615,227 |
| | Capital increase | | 236,570 | | 369,876 |
| | Net cash generated from (used in) financing activities |
| 4,736,957 | | (345,046) |
| | | |
|
| |
| | Net (decrease) increase in cash and cash equivalent during the period | | 81,842,498 | | 161,749,275 |
| | Beginning balance of cash and cash equivalent | | 233,912,193 |
| 92,895,143 |
| | Cash and cash equivalent at the end of the period |
| 315,754,691 |
| 254,644,418 |
| | | |
|
| |
| | Cash and cash equivalent comprise: |
|
|
| |
| | Cash and balances at the central bank | 9 | 94,285,689 |
| 59,818,535 |
| | Due from banks | | 304,041,410 |
| 276,244,266 |
| | Treasury bills and other governmental notes | 11 | 82,174,775 | | 71,507,826 |
| | Obligatory reserve balance with CBE | | (76,128,521) |
| (52,853,882) |
| | Due from banks with maturity more than three months | | (17,846,556) | | (29,659,932) |
| | Treasury bills and other governmental notes with maturity more than three months | | (70,772,106) | | (70,412,395) |
| | Total cash and cash equivalent |
| 315,754,691 |
| 254,644,418 |
| | | | | | |
| 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 |
| Sep. 30, 2023 | | | | | | | | | | |
| Beginning Balance at 1 January 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 bank 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 |
| | | | | | | | | | | |
| Sep. 30, 2024 |
|
|
|
|
|
|
|
|
|
|
| Beginning Balance at 1 January 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 | - | - | - | - | - | - | - | 42,557,376 | - | 42,557,376 |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | (370,224) | - | 370,224 | - | - |
| Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | 8,284,110 | - | - | - | 8,284,110 |
| 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 | - | - | - | - | - | 624,524 | - | - | - | 624,524 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 804,345 | 804,345 |
| Balance at 30 September 2024 | 30,431,580 | 6,208,674 | 62,422,792 | 1,549,445 | 22,818 | (8,269,855) | 17,924 | 43,389,894 | 1,667,230 | 137,440,502 |
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