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3rd Quarter Results - Consolidated

3rd Nov 2023 07:05

RNS Number : 2563S

Commercial Intnl Bank (Egypt) SAE

03 November 2023

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

Consolidated Financial Statements

September 30, 2023

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2023
		Notes	Sep. 30, 2023		Dec. 31, 2022
		Notes	EGP Thousands		EGP Thousands
	Assets
	Cash and balances at the central bank	8	59,950,223		47,492,549
	Due from banks	9	276,842,860		133,856,720
	Loans and advances to banks, net	11	-		2,978,197
	Loans and advances to customers, net	12	223,085,568		193,599,872
	Derivative financial instruments		1,647,485		1,939,961
	Financial investments
	- Financial Assets at Fair Value through OCI	13	189,098,612		204,020,733
	- Financial Assets at Amortized cost	13	39,177,670		34,524,760
	- Investments in associates	14	132,476		186,062
	Non current assets held for sale	29	214		-
	Other assets	15	17,375,013		14,521,427
	Goodwill	26	65,325		96,268
	Intangible assets	27	-		24,188
	Deferred tax assets		1,137,342		185,746
	Property and equipment	16	2,556,198		2,405,434
	Total assets		811,068,986		635,831,917
	Liabilities and equity
	Liabilities
	Due to banks	17	19,022,706		3,496,698
	Due to customers	18	667,669,213		531,616,550
	Non current liabilities held for sale	30	933		-
	Derivative financial instruments		99,911		219,752
	Current income tax liabilities		6,993,454		3,051,583
	Other liabilities	19	15,875,568		11,606,912
	Issued debt instruments	20	3,071,834		2,456,607
	Other loans		10,387,714		7,978,975
	Other provisions	21	10,511,982		7,066,672
	Total liabilities		733,633,315		567,493,749
	Equity
	Issued and paid up capital		30,195,010		29,825,134
	Reserves		23,007,690		19,643,327
	Reserve for employee stock ownership plan (ESOP)		1,339,443		1,895,435
	Retained earnings *		22,764,552		16,393,841
	Total equity and net profit for the period / year		77,306,695			67,757,737
	Non Controlling Interest		128,976		580,431
	Total minority interest, equity and net profit for the period / year		77,435,671		68,338,168
	Total liabilities and equity		811,068,986		635,831,917

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




	Hussein Abaza		Hisham Ezz Al-Arab
	CEO & Managing Director			Chairman

Condensed Consolidated Interim Income Statement for the period ended September 30, 2023

		Last 9 Months	Last 9 Months
	Notes	Sep. 30, 2023	Sep. 30, 2022
		EGP Thousands	EGP Thousands

Interest and similar income		73,006,422	38,938,124
Interest and similar expense		(35,275,583)	(17,120,373)
Net interest income		37,730,839	21,817,751

Fee and commission income		6,543,585	3,908,463
Fee and commission expense		(2,589,680)	(1,730,281)
Net fee and commission income		3,953,905	2,178,182

Dividend income		83,653	54,557
Net trading income	5	3,165,144	1,434,169
Profits (Losses) on financial investments	13.1	165,478	1,096,850
Administrative expenses		(6,501,663)	(5,142,060)
Other operating (expenses) income	6	(5,679,447)	(3,404,237)
Goodwill amortization	26	(30,943)	(30,943)
Intangible assets amortization	27	(24,188)	(7,774)
Impairment release (charges) for credit losses		(1,216,770)	(298,078)
Bank's share in the profits / losses of associates		(39,486)	(16,343)
Profit before income tax		31,606,522	17,682,074

Income tax expense	28	(9,540,412)	(4,885,951)
Deferred tax assets (Liabilities)	28	392,680	(597,241)
Net profit from continued operations		22,458,790	12,198,882

Discontinued Operations
Net profit (loss) from discontinued operations	31	(49,699)	-
Net profit for the period		22,409,091	12,198,882

Non Controlling Interest		3,328	25,625
Bank's shareholders		22,405,763	12,173,257

Earnings per share	7
Basic		6.41	3.62
Diluted		6.34	3.58

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2023

	Last 9 Months	Last 9 Months
	Sep. 30, 2023	Sep. 30, 2022
	EGP Thousands	EGP Thousands

Net profit for the period	22,409,091	12,198,882

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax	(9,629,911)	(13,184,005)
Transferred to RE from financial assets at fair value through comprehensive income	(95,308)	(4,128)
Cumulative foreign currencies translation differences	193,162	96,867
Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income	201,185	233,717
Total comprehensive income for the period	13,078,219	(658,667)

As follows:
Bank's shareholders	13,074,891	(684,292)
Non-Controlling Interest	3,328	25,625
Total comprehensive income for the period	13,078,219	(658,667)

Condensed Consolidated Interim Cash flows for the period ended September 30 2023

	Notes	Sep. 30, 2023	Sep. 30, 2022
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		31,606,522	17,682,074
Profit (loss) from discontinued operations		(49,699)	-
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation	16	655,051	644,401
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		1,050,980	12,998
Other provisions charges	21	2,350,253	1,803,568
Impairment (Released) charge for credit losses (due from banks)		(47,249)	534
Impairment (Released) charge for credit losses (financial investments)		213,039	284,546
Impairment (Released) charge for other assets		14,347	(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(5,409,592)	(3,745,045)
Goodwill amortization	26	30,943	30,943
Intangible assets amortization	27	24,188	7,774
Utilization of other provisions	21	(1,608)	(1,857)
Other provisions no longer used	21	-	(101)
Exchange Revaluation differences of other provisions	21	1,096,665	333,425
profits from selling property and equipment		(194)	(2,192)
profits from selling financial investments at fair value through OCI	13.1	(149,012)	(1,096,850)
Losses (Profits) from selling investments in associates	13.1	(7,466)	-
Impairment (Released) charges of investments in associates	13.1	(9,000)	-
Shares based payments		608,250	579,653
Bank's share in the profits / losses of associates		39,486	16,343
Operating profits before changes in operating assets and liabilities		32,015,904	16,272,446

Net decrease / increase in assets and liabilities
Due from banks		9,859,636	870,167
Financial assets at fair value through P&L		-	240,987
Derivative financial instruments		172,635	(947,321)
Loans and advances to banks and customers	11 - 12	(27,548,758)	(33,780,208)
Other assets		(2,506,019)	1,245,185
Non current assets held for sale		(214)	-
Due to banks	17	15,526,008	881,371
Due to customers	18	136,052,663	91,778,069
Current income tax obligations paid		(2,546,958)	(2,207,579)
Non current liabilities held for sale		933	-
Other liabilities		(3,890,097)	(325,379)
Net cash generated from (used in) operating activities		157,135,733	74,027,738

Cash flow from investing activities
Proceeds from Investments in associates.		2,119	-
Payment for purchases of property, equipment and branches construction		(1,177,450)	(556,512)
Proceeds from selling property and equipment		194	2,192
Proceeds from redemption of financial assets at amortized cost		5,278,030	6,520,697
Payment for purchases of financial assets at amortized cost		(9,334,085)	(18,268,602)
Payment for purchases of financial assets at fair value through OCI		(64,860,157)	(115,077,815)
Proceeds from selling financial assets at fair value through OCI		75,128,566	73,424,845
Payment for investment in subsidiaries.		(1,008,761)	-
Net cash generated from (used in) investing activities		4,028,456	(53,955,195)

Condensed Consolidated Interim Cash flows for the period ended September 30, 2023 (Cont.)

		Sep. 30, 2023	Sep. 30, 2022
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Other loans		2,408,739	1,116,344
Dividends paid		(3,594,747)	(4,410,322)
Issued debt instruments		615,227	382,977
Capital increase		369,876	122,716
Net cash generated from (used in) financing activities		(200,905)	(2,788,285)


Net (decrease) increase in cash and cash equivalent during the period		160,963,284	17,284,258
Beginning balance of cash and cash equivalent		92,969,526	61,065,822
Cash and cash equivalent at the end of the period		253,932,810	78,350,080

Cash and cash equivalent comprise:
Cash and balances at the central bank		59,950,223	43,857,708
Due from banks		276,845,003	90,499,843
Treasury bills	10	71,507,826	87,122,900
Obligatory reserve balance with CBE		(52,963,236)	(38,082,441)
Due from banks with maturity more than three months		(30,994,611)	(22,949,758)
Treasury bills with maturity more than three months		(70,412,395)	(82,098,172)
Total cash and cash equivalent		253,932,810	78,350,080


Condensed Consolidated Interim statement of changes in shareholders' equity
Sep. 30, 2022	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
														EGP Thousands
Beginning Balance at 1 January 2022	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit for the period	-	-	-	-	-	-	-	-	12,173,257	-	-	12,173,257	25,625	12,198,882
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,128)	-	4,128	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(13,184,005)	-	-	-	-	(13,184,005)	-	(13,184,005)
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	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	579,653	-	579,653	-	579,653
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	101,085	101,085	65,507	166,592
Balance at 30 September 2022	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(12,313,044)	11,981	12,453,402	1,751,123	96,867	64,464,303	545,667	65,009,970


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
														EGP Thousands
Beginning Balance at 1 January 2023	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
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
Net profit for the period	-	-	-	-	-	-	-	-	22,405,763	-	-	22,405,763	3,328	22,409,091
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Net unrealised 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
Balance at 30 September 2023	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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