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Condensed Consolidated Interim Statement of Financial Position as at March 31, 2025
| | Notes | Mar. 31, 2025 |
| Dec. 31, 2024 |
|
|
|
| | |
| Assets |
|
|
| |
| Cash and balances at the central bank | 9 | 68,810,514 |
| 136,531,020 |
| Due from banks | 10 | 314,305,928 |
| 270,829,834 |
| Loans and advances to banks, net | 12 | 16,109,873 |
| 9,555,410 |
| Loans and advances to customers, net | 13 | 364,274,475 |
| 343,542,674 |
| Derivative financial instruments | | 930,893 |
| 819,711 |
| Financial investments |
|
|
| |
| - Financial Assets at Fair Value through OCI | 14 | 261,161,290 |
| 234,512,167 |
| - Financial Assets at Amortized cost | 14 | 189,243,425 |
| 168,118,219 |
| Investments in associates | 15 | 35,384 |
| 98,193 |
| Other assets | 16 | 40,510,451 |
| 44,282,773 |
| Deferred tax assets | | 2,804,720 |
| 2,685,331 |
| Property and equipment | 17 | 4,698,499 | | 3,997,929 |
| Total assets |
| 1,262,885,452 |
| 1,214,973,261 |
| Liabilities and equity |
|
|
| |
| Liabilities |
|
|
| |
| Due to banks | 18 | 4,321,002 |
| 2,034,885 |
| Due to customers | 19 | 1,000,617,577 |
| 972,595,958 |
| Non-current liabilities held for sale | 30.2 | 1,397 |
| 1,397 |
| Derivative financial instruments | | 78,314 |
| 100,571 |
| Current income tax liabilities | | 5,565,862 |
| 18,327,968 |
| Other liabilities | 20 | 46,045,132 |
| 21,441,169 |
| Issued debt instruments | 21 | 5,044,951 |
| 5,067,781 |
| Other loans | | 23,948,624 |
| 23,962,389 |
| Other provisions | 22 | 19,045,051 | | 18,621,822 |
| Total liabilities |
| 1,104,667,910 | | 1,062,153,940 |
| Equity |
|
|
| |
| Issued and paid capital | | 30,431,580 |
| 30,431,580 |
| Reserves | | 88,394,260 |
| 63,544,579 |
| Reserve for employee stock ownership plan (ESOP) | | 2,184,420 |
| 1,868,235 |
| Retained earnings* |
| 36,940,838 | | 56,791,883 |
| Total equity and net profit for the period / year |
| 157,951,098 | | 152,636,277 |
| Non-Controlling Interest |
| 266,444 | | 183,044 |
| Total NCI, equity and net profit for the period / year | | 158,217,542 | | 152,819,321 |
| Total liabilities and equity | | 1,262,885,452 | | 1,214,973,261 |
|
| |
| | |
| | | | | |
| The accompanying notes are an integral part of these financial statements. |
| | | |
| (Review report attached) |
| | | |
| *Including net profit for the period |
| | | |
| Islam Zekry | Hisham Ezz Al-Arab | |||
| Group CFO & Executive Board Member | CEO & Executive Board Member | |||
|
| | | | |
Condensed Consolidated Interim Income Statement for the period ended March 31, 2025
| | Notes |
| Mar. 31, 2025 |
| | Mar. 31, 2024 |
|
| | |
|
| | |
| Interest and similar income | | | 52,535,156 |
| | 36,652,802 |
| Interest and similar expense |
| | (27,139,272) | | | (17,852,691) |
| Net interest income |
|
| 25,395,884 | | | 18,800,111 |
|
| | |
|
| | |
| Fee and commission income | | | 3,522,513 |
| | 2,685,963 |
| Fee and commission expense |
| | (1,587,691) | | | (1,118,912) |
| Net fee and commission income |
|
| 1,934,822 | | | 1,567,051 |
|
| | |
|
| | |
| Dividend income | | | 12,751 |
| | 610 |
| Net trading income | 6 | | 644,549 |
| | 16,202,148 |
| Profits (Losses) on financial investments | 14.1 | | 472,532 |
| | 224,271 |
| Administrative expenses | | | (3,932,425) |
| | (2,928,640) |
| Other operating income (expenses) | 7 | | (1,742,230) |
| | (14,975,056) |
| Impairment release (charges) for credit losses | |
| (84,032) |
| | (1,421,114) |
| Bank's share in the profits / losses of associates |
| | (297) | | | 4,931 |
| Profit before income tax |
| | 22,701,554 | | | 17,474,312 |
|
| | |
|
| | |
| Income tax expense | 27 | | (6,479,828) |
| | (5,926,187) |
| Deferred tax assets (Liabilities) | 27 |
| 411,443 | | | 376,765 |
| Net profit for the period |
|
| 16,633,169 | | | 11,924,890 |
|
| |
|
|
| | |
| Non-Controlling Interest |
|
| 1,394 | | | 456 |
| Bank's shareholders |
|
| 16,631,775 | | | 11,924,434 |
|
| |
|
|
| | |
| Earnings per share | 8 |
|
|
| | |
| Basic | |
| 4.83 |
| | 3.47 |
| Diluted | |
| 4.79 |
| | 3.45 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | |||
| Islam Zekry |
| Hisham Ezz Al-Arab | ||||
| Group CFO & Executive Board Member |
| CEO & Executive Board Member | ||||
| Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2025 | ||||
|
| | Last 9 Months | | Last 9 Months |
| |
| Mar. 31, 2025 |
| Mar. 31, 2024 |
|
|
|
|
| |
| Net profit for the period |
| 16,633,169 | | 11,924,890 |
| |
|
|
| |
| Net change on financial assets at fair value through comprehensive income after tax |
| 2,491,322 |
| 1,915,786 |
| Cumulative foreign currencies translation differences |
| (169,708) |
| 831,452 |
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income |
| 841,687 | | 744,813 |
| Total comprehensive income for the period |
| 19,796,470 | | 15,416,941 |
|
| | | | |
| | | | | |
| As follows: |
| | | |
| Bank's shareholders |
| 19,713,070 |
| 15,416,485 |
| Non-Controlling Interest |
| 83,400 | | 456 |
| Total comprehensive income for the period |
| 19,796,470 | | 15,416,941 |
| Condensed Consolidated Interim Cash flows for the period ended March 31, 2025 | ||||
|
| | | | |
| | Notes | Mar. 31, 2025 |
| Mar. 31, 2024 |
|
| |
|
| |
| Cash flow from operating activities |
|
| | |
| Profit before income tax |
| 22,701,554 |
| 17,474,312 |
| Adjustments to reconcile profits to net cash provided by operating activities |
|
|
| |
| Fixed assets depreciation | 17 | 773,002 |
| 261,427 |
| Impairment release/charge for credit losses (Loans and advances to customers and banks) | | (1,080,606) |
| 1,712,500 |
| Other provisions release/charge | 22 | 320,589 |
| 41,587 |
| Impairment release/charge for credit losses (due from banks) | | 141,071 |
| (646) |
| Impairment release/charge for credit losses (financial investments) | | 1,023,567 |
| (290,740) |
| Impairment release/charge for other assets | | - |
| (4,782) |
| Exchange revaluation differences for financial assets at fair value through OCI and AC | | 212,785 |
| (17,328,576) |
| Revaluation differences impairment charge for Financial Assets at Fair value through OCI | | (13,267) |
| 1,130,412 |
| Revaluation differences impairment charge for Financial Assets at Amortized cost | | 1,240 |
| 95,225 |
| Revaluation differences impairment charge for due from banks | | (18) |
| 1,393 |
| Net utilized / recovered of other provisions | 22 | (520) |
| (4,517) |
| Exchange revaluation differences of other provisions | 22 | 103,160 |
| 3,574,589 |
| Profits/losses from selling property and equipment | 7 | (6,006) |
| - |
| Profits/losses from selling financial investments at fair value through OCI | 14.1 | (195,124) |
| (224,271) |
| Profits/losses from selling investments in associates | | (277,408) |
| - |
| Share based payments | | 316,185 |
| 300,000 |
| Bank's share in the profits / losses of associates |
| 297 | | (4,931) |
| Operating profits before changes in operating assets and liabilities |
| 24,020,501 | | 6,732,982 |
|
| |
|
| |
| Net decrease / increase in assets and liabilities |
|
|
| |
| Due from banks | | 123,055,498 |
| 41,887,372 |
| Financial assets at fair value through P&L | | - |
| (974,297) |
| Derivative financial instruments | | (142,036) |
| 157,890 |
| Loans and advances to banks and customers | | (26,205,658) |
| (37,541,091) |
| Other assets | | 6,009,359 |
| (5,893,831) |
| Non-current assets held for sale | | - |
| (244) |
| Due to banks | 18 | 2,286,117 |
| (6,928,939) |
| Due to customers | 19 | 28,021,619 |
| 118,843,058 |
| Current income tax obligations paid | | (913,966) |
| (480,418) |
| Non-current liabilities held for sale | | - |
| 1,297 |
| Other liabilities |
| 5,721,712 | | 1,820,664 |
| Net cash generated from (used in) operating activities |
| 161,853,146 |
| 117,624,443 |
|
| |
|
| |
| Cash flow from investing activities |
|
|
| |
| Proceeds from sale of investments in associates | | 226,698 |
| 4,782 |
| Payments for purchases of property, equipment and branches construction | | (3,597,387) |
| (437,370) |
| Proceeds from selling property and equipment | | 6,006 |
| - |
| Proceeds from redemption of financial assets at amortized cost | | 2,579,713 |
| 285,507 |
| Payments for purchases of financial assets at amortized cost | | (23,883,457) |
| (53,615,996) |
| Payments for purchases of financial assets at fair value through OCI | | (29,279,247) |
| (26,592,698) |
| Proceeds from selling financial assets at fair value through OCI | | 6,310,466 |
| 26,222,450 |
| Net cash generated from (used in) investing activities |
| (47,637,208) | | (54,133,325) |
|
| ||||
| Condensed Consolidated Interim Cash flows for the period ended March 31, 2025 (Cont.) | ||||
|
| | | | |
| | | Mar. 31, 2025 |
| Mar. 31, 2024 |
|
| |
|
| |
| Cash flow from financing activities |
|
|
| |
| Other loans | | (13,765) |
| 6,700,881 |
| Dividends paid | | (14,160,152) |
| (5,078,792) |
| Issued debt instruments | | (22,830) |
| 1,626,167 |
| Net cash generated from (used in) financing activities |
| (14,196,747) |
| 3,248,256 |
|
| |
|
| |
| Net (decrease) increase in cash and cash equivalent during the period | | 100,019,191 |
| 66,739,374 |
| Beginning balance of cash and cash equivalent | | 226,610,721 | | 234,317,913 |
| Cash and cash equivalent at the end of the period |
| 326,629,912 |
| 301,057,287 |
|
| |
|
| |
| Cash and cash equivalent comprise: |
|
|
| |
| Cash and balances at the central bank | 9 | 68,810,514 |
| 36,731,091 |
| Due from banks | | 314,450,806 |
| 292,723,938 |
| Treasury bills and other governmental notes | 11 | 116,419,815 |
| 119,754,167 |
| Obligatory reserve balance with central bank | | (43,885,546) |
| (19,531,282) |
| Due from banks with maturity more than three months | | (14,867,792) |
| (8,740,302) |
| Treasury bills and other governmental notes with maturity more than three months |
| (114,297,885) | | (119,880,325) |
| Total cash and cash equivalent |
| 326,629,912 |
| 301,057,287 |
| Condensed Consolidated Interim statement of changes in shareholders' equity |
| | | | | | ||||||||
| Mar. 31, 2024 | Issued and paid 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 |
| Transferred to reserves | - | 1,438,320 | 21,958,960 | - | - | 1,663 | - | - | (23,398,943) | - | - | - | - | - |
| Net profit for the period | - | - | - | - | - | - | - | - | 11,924,434 | - | - | 11,924,434 | 456 | 11,924,890 |
| Dividends paid | - | - | - | - | - | - | - | - | (5,366,429) | - | - | (5,366,429) | - | (5,366,429) |
| Net change on financial assets at fair value through OCI after tax | - | - | - | - | - | - | 1,915,786 | - | - | - | - | 1,915,786 | - | 1,915,786 |
| Transferred (from) to banking risk reserve | - | - | - | - | - | - | - | 21,718 | (21,718) | - | - | - | - | - |
| Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | - | 744,813 | - | - | - | - | 744,813 | - | 744,813 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 300,000 | - | 300,000 | - | 300,000 |
| Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | 831,452 | 831,452 | (321) | 831,131 |
| Ending balance | 30,195,010 | 6,208,674 | 61,799,667 | 1,550,906 | (670,972) | 22,818 | (14,208,092) | 36,948 | 13,130,675 | 1,786,010 | 979,805 | 100,831,449 | 160,208 | 100,991,657 |
|
| | | | | | | | | | | | | | |
| Mar. 31, 2025 | Issued and paid 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 | 30,431,580 | 6,208,674 | 62,422,792 | 1,550,906 | (670,972) | 22,818 | (7,145,283) | 17,924 | 56,791,883 | 1,868,235 | 1,137,720 | 152,636,277 | 183,044 | 152,819,321 |
| Transferred to reserves | - | 2,771,284 | 18,971,298 | - | - | 2,246 | - | - | (21,744,828) | - | - | - | - | - |
| Dividends paid | - | - | - | - | - | - | - | - | (14,714,434) | - | - | (14,714,434) | - | (14,714,434) |
| Net profit for the period | - | - | - | - | - | - | - | - | 16,631,775 | - | - | 16,631,775 | 1,394 | 16,633,169 |
| Transferred to general risk reserve | - | - | - | 26,186 | - | - | - | - | (26,186) | - | - | - | - | - |
| Net change on financial assets at fair value through OCI after tax | - | - | - | - | - | - | 2,409,316 | - | - | - | - | 2,409,316 | 82,006 | 2,491,322 |
| Transferred (from) to banking risk reserve | - | - | - | - | - | - | - | (2,628) | 2,628 | - | - | - | - | - |
| Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | - | 841,687 | - | - | - | - | 841,687 | - | 841,687 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 316,185 | - | 316,185 | - | 316,185 |
| Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | (169,708) | (169,708) | - | (169,708) |
| Ending balance | 30,431,580 | 8,979,958 | 81,394,090 | 1,577,092 | (670,972) | 25,064 | (3,894,280) | 15,296 | 36,940,838 | 2,184,420 | 968,012 | 157,951,098 | 266,444 | 158,217,542 |
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