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3rd Quarter 2022 Results (Separate)

4th Nov 2022 07:00

RNS Number : 2910F

Commercial Intnl Bank (Egypt) SAE

04 November 2022

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

Condensed Separate Financial Statements

September 30, 2022

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http://www.rns-pdf.londonstockexchange.com/rns/2910F_1-2022-11-3.pdf

Condensed Separate Interim Statement of Financial Position as at September 30, 2022
		Notes	Sep. 30, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands

	Assets
	Cash and balances at the central bank	8	43,776,754			43,385,222
	Due from banks	9	90,378,194			79,991,287
	Loans and advances to banks, net	11	1,944,633			312,216
	Loans and advances to customers, net	12	176,669,649			144,765,808
	Derivative financial instruments		951,214			225,376
	Investments
	- Financial Assets at Fair Value through P&L	13	-			240,987
	- Financial Assets at Fair Value through OCI	13	230,060,807			192,390,931
	- Financial Assets at Amortized cost	13	32,306,835			20,318,767
	- Investments in associates and subsidiaries	14	1,074,250			1,014,350
	Other assets	15	10,167,659			11,141,917
	Deferred tax assets (Liabilities)		727,276			460,026
	Property and equipment	16	2,302,530			2,404,237
	Total assets		590,359,801			496,651,124
	Liabilities and equity
	Liabilities
	Due to banks	17	1,703,884			862,759
	Due to customers	18	497,584,590			406,100,916
	Derivative financial instruments		43,987			265,265
	Current income tax liabilities		2,678,372			2,234,985
	Other liabilities	19	9,945,543			8,021,310
	Issued debt instruments	20	1,940,240			1,557,263
	Other loans		6,257,126			5,140,782
	Other Provisions	21	5,675,006			3,539,676
	Total liabilities		525,828,748			427,722,956
	Equity
	Issued and paid up capital	26	29,825,134			19,702,418
	Reserves		20,381,196			33,767,423
	Reserve for employee stock ownership plan (ESOP)		1,751,123			1,674,392
	Retained earnings *		12,573,600			13,783,935
	Total equity and net profit for the period / year		64,531,053			68,928,168
	Total liabilities and equity		590,359,801			496,651,124





	The accompanying notes are an integral part of these financial statements.
	(Review report attached)
	*Including net profit for the current period




	Hussein Abaza			Sherif Samy
	CEO & Managing Director				Chairman

Condensed Separate Interim Income Statement for the period ended September 30, 2022


		Last 9 Months		Last 9 Months
	Notes		Sep. 30, 2022	Sep. 30, 2021
			EGP Thousands	EGP Thousands

Interest and similar income			38,761,627	32,568,923
Interest and similar expense			(17,050,977)	(14,463,322)
Net interest income			21,710,650	18,105,601

Fee and commission income			3,900,488	2,895,435
Fee and commission expense			(1,730,066)	(1,129,866)
Net fee and commission income			2,170,422	1,765,569

Dividends income			64,372	82,426
Net trading income	5		1,431,729	484,774
Profits (Losses) on financial investments	13		1,096,850	634,108
Administrative expenses			(5,024,897)	(4,382,463)
Other operating (expenses) income	6		(3,399,057)	(1,366,178)
Impairment release (charges) for credit losses			(262,606)	(1,325,770)
Profit before income tax			17,787,463	13,998,067

Income tax expense	25		(4,984,283)	(4,115,227)
Deferred tax assets (Liabilities)	25		(597,258)	11,845
Net profit for the period			12,205,922	9,894,685

Earning per share	7
Basic			3.62	2.97
Diluted			3.60	2.95











		Hussein Abaza
		CEO & Managing Director			Sherif Samy
					Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2022

	Last 9 Months	Last 9 Months
	Sep. 30, 2022	Sep. 30, 2021
	EGP Thousands	EGP Thousands

Net profit for the period	12,205,922	9,894,685

Change in fair value of financial instruments measured at fair value through other comprehensive income after income tax	(13,128,801)	(2,374,495)
Transferred to RE from financial assets at fair value through OCI	(4,128)	(177,362)
Effect of ECL in fair value of debt instruments measured at fair value through OCI	233,717	(98,246)
Total comprehensive income for the period	(693,290)	7,244,582

Condensed Separate Interim Cash Flows for the period ended September 30, 2022



			Notes	Sep. 30, 2022		Sep. 30, 2021
				EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax				17,787,463		13,998,067
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation			16	654,220		636,413
Impairment charge for credit losses (Loans and advances to customers and banks)				(16,255)		1,385,835
Other provisions charges			21	1,803,863		190,858
Impairment charge for credit losses (due from banks)				849		38,181
Impairment (Released) charge for credit losses (financial investments)				278,012		(98,246)
Impairment (Released) charge for other assets				(277,768)		31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC				(3,745,045)		40,050
Utilization of other provisions			21	(1,857)		(44,978)
Other provisions no longer used			21	(101)		(12,255)
Exchange differences of other provisions			21	333,425		(13,722)
Losses (profits) from selling property and equipment				(2,192)		(2,124)
Losses (profits) from selling financial investments at fair value through OCI			13	(1,096,850)		(643,467)
Shares based payments				579,653		477,644
Impairment (Released) charges of investments in associates				-		9,359
Operating profits before changes in operating assets and liabilities				16,297,417		15,993,590

Net decrease (increase) in assets and liabilities
Due from banks				845,633		(272,238)
Financial assets at fair value through P&L			13	240,987		153,260
Derivative financial instruments				(947,116)		(24,448)
Loans and advances to banks and customers			11 - 12	(33,520,003)		(20,847,787)
Other assets				1,242,254		(1,631,518)
Due to banks			17	841,125		(7,272,811)
Due to customers			18	91,483,674		62,999,029
Current income tax obligations paid				(2,305,911)		(2,152,739)
Other liabilities				(310,752)		1,414,946
Net cash used in (generated from) operating activities				73,867,308		48,359,284

Cash flow from investing activities
Payments for investment in subsidiaries and associates.				(59,900)		(158,360)
Payment for purchases of property, equipment and branches constructions				(542,743)		(669,801)
Proceeds from selling property and equipment				2,192		2,124
Proceeds from redemption of financial assets at amortized cost				6,569,803		4,725,376
Payment for purchases of financial assets at amortized cost				(18,239,332)		(3,844)
Payment for purchases of financial assets at fair value through OCI				(114,918,927)		(207,918,546)
Proceeds from selling financial assets at fair value through OCI				73,463,225		146,303,855
Net cash generated from (used in) investing activities				(53,725,682)		(57,719,196)









	Condensed Separate Interim Cash Flows for the period ended September 30, 2022 (Cont.)

			Sep. 30, 2022		Sep. 30, 2021
			EGP Thousands		EGP Thousands

Cash flow from financing activities
Other loans			1,116,344		(2,113,845)
Dividends paid			(4,410,322)		(1,360,652)
Issued debt instruments			382,977		1,556,032
Capital increase			122,716		-
Net cash generated from (used in) financing activities			(2,788,285)		(1,918,465)


Net (decrease) increase in cash and cash equivalent during the period			17,353,341		(11,278,377)
Beginning balance of cash and cash equivalent			60,891,899		75,965,247
Cash and cash equivalent at the end of the period			78,245,240		64,686,870

Cash and cash equivalent comprise:
Cash and balances at the central bank			43,776,754		33,207,606
Due from banks			90,419,482		72,015,406
Treasury bills and other governmental notes		10	87,119,766		65,654,913
Obligatory reserve balance with CBE			(38,022,832)		(27,183,002)
Due from banks with maturities more than three months			(22,949,758)		(16,980,376)
Treasury bills with maturity more than three months			(82,098,172)		(62,027,677)
Total cash and cash equivalent			78,245,240		64,686,870


Condensed Separate Interim statement of changes in shareholders' equity for the period ended September 30, 2021
Sep. 30, 2021	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
										EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	9,894,685	-	9,894,685
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	(177,362)	-	177,362	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(2,374,495)	-	-	-	(2,374,495)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	2,718	(2,718)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	(98,246)	-	-	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	477,644	477,644
Ending balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	1,320,884	9,141	10,258,109	1,542,292	65,951,895





Condensed Separate Interim statement of changes in shareholders' equity for the period ended September 30, 2022

Sep. 30, 2022	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
										EGP Thousands
Beginning balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	639,231	9,141	13,783,935	1,674,392	68,928,168
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	2,947	-	-	(9,007,223)	(502,922)	-
Dividend paid	-	-	-	-	-	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	12,205,922	-	12,205,922
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,128)	-	4,128	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(13,128,801)	-	-	-	(13,128,801)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	2,840	(2,840)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	233,717	-	-	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	579,653	579,653
Ending balance	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(12,259,981)	11,981	12,573,600	1,751,123	64,531,053

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