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3rd Quarter Results

3rd Nov 2023 07:05

RNS Number : 2593S
Commercial Intnl Bank (Egypt) SAE
03 November 2023
 

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

Separate Financial Statements

 

September 30, 2023

 

 

 

Condensed Separate Interim Statement of Financial Position as at September 30, 2023

 

Notes

Sep. 30, 2023

 

Dec. 31, 2022

EGP Thousands

 

EGP Thousands

 

 

Assets

 

 

 

Cash and balances at the central bank

8

59,818,535

 

47,384,574

Due from banks

9

276,244,051

 

133,766,196

Loans and advances to banks, net

11

-

 

2,978,197

Loans and advances to customers, net

12

222,326,692

 

192,621,288

Derivative financial instruments

1,647,485

 

1,939,961

Financial investments

 

 

 

- Financial Assets at Fair Value through OCI

13

188,243,712

 

202,916,225

- Financial Assets at Amortized cost

13

38,686,046

 

34,178,753

- Investments in associates and subsidiaries

14

694,633

 

1,074,250

Non current assets held for sale

27

159,828

 

-

Other assets

15

17,327,838

 

14,454,868

Deferred tax assets

1,137,342

 

24,240

Property and equipment

16

2,456,340

 

2,304,513

Total assets

 

808,742,502

 

633,643,065

Liabilities and equity

 

 

 

Liabilities

 

 

 

Due to banks

17

19,030,415

 

3,475,848

Due to customers

18

665,894,926

 

530,124,905

Derivative financial instruments

99,911

 

219,752

Current income tax liabilities

6,993,454

 

3,051,583

Other liabilities

19

15,475,422

 

11,549,472

Issued debt instruments

20

3,071,834

 

2,456,607

Other loans

10,387,714

 

7,978,975

Other provisions

21

10,510,696

 

7,065,292

Total liabilities

 

731,464,372

 

565,922,434

Equity

 

 

 

Issued and paid up capital

30,195,010

 

29,825,134

Reserves

23,549,307

 

19,502,716

Reserve for employee stock ownership plan (ESOP)

1,339,443

 

1,895,435

Retained earnings *

22,194,370

 

16,497,346

Total equity and net profit for the period / year

 

77,278,130

 

67,720,631

Total liabilities and equity

 

808,742,502

 

633,643,065

The accompanying notes are an integral part of these financial statements.

 

(Limited review report attached)

 

*

Including net profit for the current period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate 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

72,741,395

 

38,761,627

Interest and similar expense

(35,154,201)

 

(17,050,977)

Net interest income

 

37,587,194

 

21,710,650

 

 

Fee and commission income

6,540,630

 

3,900,488

Fee and commission expense

(2,590,207)

 

(1,730,066)

Net fee and commission income

 

3,950,423

 

2,170,422

 

 

Dividend income

100,244

 

64,372

Net trading income

5

3,146,544

 

1,431,729

Profits (Losses) on financial investments 

13.1

(1,256,233)

 

1,096,850

Administrative expenses

(6,304,022)

 

(5,024,897)

Other operating (expenses) income

6

(5,293,795)

 

(3,399,057)

Impairment release (charges) for credit losses

(1,248,897)

 

(262,606)

Profit before income tax

 

30,681,458

 

17,787,463

 

 

Income tax expense

25

(9,540,541)

 

(4,984,283)

Deferred tax assets (Liabilities)

25

591,159

 

(597,258)

Net profit for the period

 

21,732,076

 

12,205,922

 

 

Earnings per share

7

 

 

Basic

6.41

 

3.62

Diluted

6.34

 

3.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate 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

21,732,076

 

12,205,922

 

 

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax

(9,611,703)

 

(13,128,801)

Transferred to RE from financial assets at fair value through comprehensive income

(95,308)

 

(4,128)

Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income

197,888

 

233,717

Total comprehensive income for the period

 

12,222,953

 

(693,290)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate 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

30,681,458

 

17,787,463

Adjustments to reconcile profits to net cash provided by operating activities

 

 

 

Fixed assets depreciation

16

636,285

654,220

Impairment (Released) charge for credit losses (Loans and advances to customers and banks)

1,088,174

(16,255)

Other provisions charged ( Released )

21

2,350,347

1,803,863

Impairment (Released) charge for credit losses (due from banks)

(49,019)

849

Impairment (Released) charge for credit losses (financial investments)

209,742

278,012

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)

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)

-

Shares based payments

608,250

579,653

Impairment (Released) charges of investments in associates and subsidiaries

13.1

1,412,711

-

Operating profits before changes in operating assets and liabilities

 

32,481,088

 

16,297,417

 

 

Net decrease / increase in assets and liabilities

 

 

 

Due from banks

5,142,259

845,633

Financial assets at fair value through P&L

-

240,987

Derivative financial instruments

172,635

(947,116)

Loans and advances to banks and customers

11 - 12

(27,805,660)

(33,520,003)

Other assets

(2,507,984)

1,242,254

Due to banks

17

15,554,567

841,125

Due to customers

18

135,770,021

91,483,674

Current income tax obligations paid

(2,547,087)

(2,305,911)

Other liabilities

874,366

(310,752)

Net cash generated from (used in) operating activities

 

157,134,205

 

73,867,308

 

 

Cash flow from investing activities

 

 

 

Proceeds from investments in associates.

2,119

-

Payments for investment in subsidiaries

(1,216,022)

(59,900)

Payment for purchases of property, equipment and branches construction

(1,162,819)

(542,743)

Proceeds from selling property and equipment

194

2,192

Proceeds from redemption of financial assets at amortized cost

5,278,030

6,569,803

Payment for purchases of financial assets at amortized cost

(9,178,811)

(18,239,332)

Payment for purchases of financial assets at fair value through OCI

(65,109,765)

(114,918,927)

Proceeds from selling financial assets at fair value through OCI

76,347,190

73,463,225

Net cash generated from (used in) investing activities

 

4,960,116

 

(53,725,682)

 

 

 

 

 

 

 

 

 

Condensed Separate 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

(3,738,888)

(4,410,322)

Issued debt instruments

615,227

382,977

Capital increase

369,876

122,716

Net cash generated from (used in) financing activities

 

(345,046)

 

(2,788,285)

 

 

 

 

Net (decrease) increase in cash and cash equivalent during the period

161,749,275

17,353,341

Beginning balance of cash and cash equivalent

92,895,143

60,891,899

Cash and cash equivalent at the end of the period

 

254,644,418

 

78,245,240

 

 

Cash and cash equivalent comprise:

 

 

 

Cash and balances at the central bank

59,818,535

43,776,754

Due from banks

276,244,266

90,419,482

Treasury bills

10

71,507,826

 

87,119,766

Obligatory reserve balance with CBE

(52,853,882)

 

(38,022,832)

Due from banks with maturity more than three months

(29,659,932)

(22,949,758)

Treasury bills with maturity more than three months

(70,412,395)

(82,098,172)

Total cash and cash equivalent

 

254,644,418

 

78,245,240

 

 

 

 

 

 

 

 

 

 

Condensed Separate Interim statement of changes in shareholders' equity

 

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

 

Beginning Balance at 1 Januray 2022

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 for the period

-

-

-

-

-

-

-

12,205,922

-

12,205,922

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

-

-

-

-

-

(13,128,801)

-

-

-

(13,128,801)

Transferred (from) to bank 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

 Balance at 30 September 2022

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

 

 

 

 

 

 

 

 

 

Sep. 30, 2023

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

 

 

 

 

 

Beginning Balance at 1 Januray 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 banking 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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END
 
 
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