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CIB Annual Financial Report

Published: 19/02/2025, 07:00

RNS Number : 5950X

Commercial Intnl Bank (Egypt) SAE

19 February 2025

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Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements - IFRS

December 31, 2024

Consolidated Income Statement for the Year Ended December 31, 2024

	Notes	Dec. 31, 2024	Dec. 31, 2023


Interest and similar income		182,735,474	104,028,379
Interest and similar expense		(91,751,450)	(51,142,688)
Net interest income	3	90,984,024	52,885,691

Fee and commission income		12,813,876	9,049,924
Fee and commission expense		(5,728,656)	(3,611,699)
Net fee and commission income	4	7,085,220	5,438,225

Dividend income	5	195,047	234,010
Net trading income	6	20,470,230	4,006,880
Gain on investments	20	459,337	221,810
Intangible assets		-	(51,831)
Goodwill		-	(206,287)
Administrative expenses	7	(19,952,958)	(13,299,910)
Other operating expenses	8	(23,201,267)	(6,341,869)
Impairment charges for credit losses	9	(4,523,819)	(4,270,081)
Bank's share in the loss of associates	12	(17,786)	(55,983)
Profit before income tax from continuing operations		71,498,028	38,560,655

Taxes	10	(21,878,946)	(11,942,406)

Net profit from continued operations		49,619,082	26,618,249

Discontinued Operations
Net (loss) from discontinued operations	44	-	(42,102)
Net profit for the Year		49,619,082	26,576,147
Attributable to:
Equity holders of the parent		49,558,744	26,541,824
Non-controlling interest		60,338	34,323
Net Profit for the year		49,619,082	26,576,147



Earnings per share	11
Basic attributable to equity holders of the parent		16.34	8.75
Diluted attributable to equity holders of the parent		16.14	8.64


The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2024

	Dec. 31, 2024	Dec. 31, 2023

Profit for the year	49,619,082	26,618,249

Comprehensive income items that will not be reclassified to the profit or loss:
Change in fair value of equity instruments measured at fair value through comprehensive income	51,159	259,291
Deferred Tax impact for investments that will not be reclassified to P&L	(157,217)	(131,008)
Transferred to RE from financial assets at fair value through comprehensive income	(370,224)	(95,308)
Comprehensive income items that is or may be reclassified to the profit or loss:
Change in fair value of Financial invesments measured at fair value through comprehensive income	8,634,672	(7,070,544)
Change in fair value from selling FVOCI financial instruments	(459,337)	(205,344)
Cumulative foreign currencies translation differences	989,367	(32,971)
Deferred Tax impact for investments that may be reclassified to P&L	887,145	1,530,823
Effect of ECL in fair value of debt instruments measured at fair value through OCI	936,949	1,888,326
Total comprehensive income for the year	60,131,596	22,761,514

As follows:
Equity holders of the parent	60,071,258	22,727,191
Non-controlling interest	60,338	34,323
Total comprehensive income for the year	60,131,596	22,761,514


Consolidated Statement of Financial Position as at December 31, 2024
		Notes	Dec. 31, 2024	Dec. 31, 2023
		Notes
	Assets
	Cash and balances at the central bank	13	136,531,020	71,887,821
	Due from banks	14	270,829,834	231,085,244
	Loans and advances to banks, net	15	9,555,410	822,448
	Loans and advances to customers, net	16	343,542,674	234,985,936
	Financial Assets at fair value through profit or loss	19	380,769	306,375
	Derivative financial instruments	17	819,711	1,105,148
	Financial Assets at fair value through OCI	19	234,694,966	233,430,236
	Financial Assets at amortized cost	19	168,118,219	38,341,019
	Right of use assets	23	1,301,850	729,823
	Investments in associates	21	98,193	115,979
	Non current assets held for sale	42	-	161
	Other assets	22	44,282,773	18,801,444
	Deferred tax assets	10.2	2,685,330	1,685,230
	Property and equipment	23	3,997,929	2,739,092
	Total assets		1,216,838,678	836,035,956
	Liabilities and equity
	Liabilities
	Due to banks	24	2,034,885	12,458,003
	Due to customers	25	972,595,958	677,237,479
	Lease liabilities	23	1,425,604	674,417
	Derivative financial instruments	17	100,571	140,934
	Non current liabilities held for sale	43	1,397	873
	Issued debt instruments	18	5,067,781	3,073,349
	Other liabilities	27	27,725,569	21,937,452
	Current Tax liability		18,327,968	9,395,534
	Other loans	26	23,962,389	12,483,907
	Provisions	28	18,623,634	11,095,996
	Total liabilities		1,069,865,756	748,497,944
	Equity
	Issued and paid in capital	29	30,431,580	30,195,010
	Reserves	30	62,899,966	28,362,690
	Reserve for employee stock ownership plan (ESOP)	30	1,868,235	1,486,010
	Retained earnings	30	51,590,097	27,334,229
	Total equity attributable to equity holders of the parent		146,789,878	87,377,939
	Non-controlling interest	38	183,044	160,073
	Total equity		146,972,922	87,538,012
	Total liabilities and equity		1,216,838,678	836,035,956


	The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2023	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)	Retained earnings	Reserves	Total	Non-controlling interest	Total equity

Beginning balance	29,825,134	1,895,435	15,144,290	19,342,866	66,207,725	580,431	66,788,156
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	(536,867)	(536,867)
Net Profit for the year	-	-	26,541,824	-	26,541,824	34,323	26,576,147
Capital increase	369,876	-	-	-	369,876	-	369,876
Reserve for employee stock ownership plan (ESOP)	-	754,817	-	-	754,817	-	754,817
Dividend	-	-	(2,016,159)	-	(2,016,159)	(17,108)	(2,033,267)
Transferred to reserves	-	(1,164,242)	(12,335,726)	9,019,824	(4,480,144)	99,294	(4,380,850)
Balance at 31 December 2023	30,195,010	1,486,010	27,334,229	28,362,690	87,377,939	160,073	87,538,012
Dec. 31, 2024
Beginning balance	30,195,010	1,486,010	27,334,229	28,362,690	87,377,939	160,073	87,538,012
Net Profit for the year	-	-	49,558,744	-	49,558,744	60,338	49,619,082
Capital increase	236,570	-	-	-	236,570	-	236,570
Reserve for employee stock ownership plan (ESOP)	-	1,005,350	-	-	1,005,350	-	1,005,350
Dividend	-	-	(2,379,819)	-	(2,379,819)	(37,367)	(2,417,186)
Transferred to reserves	-	(623,125)	(22,923,057)	34,537,276	10,991,094	-	10,991,094
Balance at 31 December 2024	30,431,580	1,868,235	51,590,097	62,899,966	146,789,878	183,044	146,972,922

Consolidated Statement of Cash Flow for the Year Ended December 31, 2024

	Notes	Dec. 31, 2024	Dec. 31, 2023
	Notes

Cash flow from operating activities
Profit before income tax from continued operations		71,498,028	38,560,655
(Loss) from discontinued operations		-	(42,102)
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation		1,414,920	788,209
Impairment charge for credit losses (Loans and advances to customers)		4,768,107	2,311,867
Other provisions release/charge		3,363,525	2,821,141
Impairment release/charge for credit losses (due from banks)		(341)	(47,234)
Impairment release/charge for credit losses (financial investments)		(243,947)	2,005,448
Impairment release/charge for other assets		37,939	17,620
Exchange revaluation differences for financial assets at fair value through OCI and AC		(21,026,044)	(5,442,433)
Utilization of other provisions		(9,586)	(5,850)
Revaluation differences impairment charge for due from banks		2,008	-
Impairment of goodwill and intangible assets		-	258,118
Exchange revaluation differences of other provisions		4,173,699	1,213,126
Revaluation differences impairment charge for Financial Assets at Amortized cost		119,504	607
Impairment (Reversal of impairment) charges of investments in associates		-	(9,000)
Profits from selling property, plant and equipment		(2,246)	(1,663)
Profits/losses from selling financial investments at fair value through OCI		(459,337)	(205,344)
Revaluation differences impairment charge for Financial Assets at Fair value through OCI		1,329,905	1,903
Shares based payments		1,005,350	754,817
Losses (Profits) from selling investments in associates		-	(7,466)
Bank's share in the profits / losses of associates		17,786	55,983
Operating profits before changes in working capital		65,989,270	43,028,402

Net decrease (increase) in working capital
Due from banks		(111,192,809)	18,441,280
Financial assets at fair value through profit or loss		(74,394)	-
Derivative financial instruments		490,593	755,995
Loans and advances to banks and customers		(122,049,597)	(41,467,103)
Other assets		(22,078,200)	(3,968,123)
Non current assets held for sale		-	(161)
Non current liabilities held for sale		524	873
Due to banks		(10,423,118)	8,961,305
Due to customers		295,358,479	145,620,929
Current income tax obligations paid		(5,220,965)	(3,704,414)
Other liabilities		5,788,117	4,236,973
Net cash generated from operating activities		96,587,900	171,905,956

Net cash generated from (used in) operating activities

Cash flow from investing activities
Proceeds from sale of investments in associates		11,956	4,510
Payments for purchases of property, equipment and branches construction		(6,707,018)	(1,685,846)
Proceeds from selling property and equipment		2,246	1,663
Proceeds from redemption of financial assets at amortized cost		2,028,180	6,125,452
Payments for purchases of financial assets at amortized cost		(129,153,136)	(9,290,232)
Payments for purchases of financial assets at fair value through OCI		(113,445,585)	(129,073,519)
Proceeds from selling financial assets at fair value through OCI		140,381,225	102,763,650
Payment for investment in subsidiaries		-	(1,142,840)
Net cash generated from (used in) investing activities		(106,882,132)	(32,297,162)




Cash flow from financing activities
Other loans		11,478,482	4,504,932
Other loans - new loans obtained in the year		3,835,016	9,604,139
Other loans - loans repaid in the year		(243,015)	(5,334,093)
Other loans - movement in foreign exchange rate		7,886,481	234,886
Dividends paid		(2,379,819)	(2,016,159)
Issued debt instruments		1,994,432	616,742
Cash payments for lease (principle and interest)		(501,724)	(248,871)
Capital increase		236,570	369,876
Net cash generated from (used in) financing activities		10,827,941	3,226,520


Net (decrease) increase in cash and cash equivalent during the year		533,709	142,835,314
Beginning balance of cash and cash equivalent		225,941,383	83,106,069
Cash and cash equivalent at the end of the year		226,475,092	225,941,383

Cash and cash equivalent at the end of the year
Cash and balances at the central bank	13	136,531,020	71,887,821
Due from banks with maturities of 3 months or less	14	203,103,430	217,156,599
Treasury bills and other governmental notes with maturities of three months or less	19	1,618,665	1,293,148
Obligatory reserve balance with CBE	13	(114,778,023)	(64,396,185)
Total cash and cash equivalent	31	226,475,092	225,941,383

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CIB Annual Financial Report