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CIB 1Q2022 Condensed Separate Results

19th Apr 2022 07:00

RNS Number : 4911I

Commercial Intnl Bank (Egypt) SAE

15 April 2022

Click on, or paste the following link into your web browser, to view the associated PDF document

http://www.rns-pdf.londonstockexchange.com/rns/4911I_1-2022-4-15.pdf

Condensed Separate Interim Balance Sheet as at March 31, 2022
		Notes	Mar. 31, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	8	30,471,454			43,385,222
	Due from banks	9	120,898,421			79,991,287
	Loans and advances to banks, net	11	364,470			312,216
	Loans and advances to customers, net	12	157,575,938			144,765,808
	Derivative financial instruments		884,030			225,376
	Investments
	- Financial Assets at Fair Value through P&L	13	1,648			240,987
	- Financial Assets at Fair Value through OCI	13	179,382,229			192,390,931
	- Amortized cost	13	20,139,599			20,318,767
	- Investments in associates and subsidiaries	14	1,014,350			1,014,350
	Other assets	15	9,554,515			11,141,917
	Deferred tax assets (Liabilities)		308,421			460,026
	Property and equipment	16	2,284,285			2,404,237
	Total assets		522,879,360			496,651,124
	Liabilities and equity
	Liabilities
	Due to banks	17	3,695,888			862,759
	Due to customers	18	427,654,058			406,100,916
	Derivative financial instruments		243,629			265,265
	Current tax liabilities		1,113,423			2,234,985
	Other liabilities	19	12,133,075			8,021,310
	Issued debt instruments	20	1,810,601			1,557,263
	Other loans		6,176,776			5,140,782
	Other Provisions	21	4,853,905			3,539,676
	Total liabilities		457,681,355			427,722,956
	Equity
	Issued and paid up capital		19,825,134			19,702,418
	Reserves		39,418,823			33,767,423
	Reserve for employee stock ownership plan (ESOP)		1,346,705			1,674,392
	Retained earnings *		4,607,343			13,783,935
	Total equity and net profit for the period / year		65,198,005			68,928,168
	Total liabilities and equity		522,879,360			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 March 31, 2022

Notes

Mar. 31, 2022

Mar. 31, 2021

EGP Thousands

Interest and similar income

11,812,196

10,120,581

Interest and similar expense

(5,209,537)

(4,444,196)

Net interest income

6,602,659

5,676,385

Fee and commission income

1,191,476

844,128

Fee and commission expense

(514,635)

(333,561)

Net fee and commission income

676,841

510,567

Dividend income

37,800

Net trading income

716,066

112,718

Profits (Losses) on financial investments

1,021,334

493,655

Administrative expenses

(1,545,348)

(1,472,944)

Other operating (expenses) income

(1,425,498)

(526,604)

Impairment release (charges) for credit losses

40,525

(702,082)

Profit before income tax

6,124,379

4,091,786

Income tax expense

(1,375,213)

(1,209,247)

Deferred tax assets (Liabilities)

(509,574)

(6,239)

Net profit for the period

4,239,592

2,876,300

Earning per share

Basic

1.90

1.29

Diluted

1.87

1.27

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended March 31, 2022

Mar. 31, 2022

Mar. 31, 2021

EGP Thousands

Net profit for the period

4,239,592

2,876,300

Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax

(3,958,945)

(1,674,309)

Transferred from reserve on disposal of financial assets at fair value through OCI

(4,201)

(104,406)

Effect of ECL in fair value of debt instruments measured at fair value through OCI

101,561

(14,644)

Total comprehensive income for the period

378,007

1,082,941

Condensed Separate Interim Cash flows for the period ended March 31, 2022

	Notes	Mar. 31, 2022	Mar. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax		6,124,379	4,091,786
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	16	210,105	194,609
Impairment charge for credit losses (Loans and advances to customers and banks)		(147,259)	720,756
Other provisions charges	21	1,036,307	114,144
Impairment charge for credit losses (due from banks)		4,977	(4,030)
Impairment (Released) charge for credit losses (financial investments)		101,757	(14,644)
Impairment (Released) charge for other assets		(277,768)	12,676
Exchange revaluation differences for financial assets at fair value through OCI		63	23,042
Impairment (Released) charge financial assets at fair value through OCI		-	(72,957)
Utilization of other provisions	21	(156)	(43,518)
Other provisions no longer used	21	(385)	(5,872)
Exchange differences of other provisions	21	278,463	(15,271)
Losses (profits) from selling property and equipment		(50)	(1,250)
Losses (profits) from selling financial investments	13	(1,021,334)	(420,698)
Shares based payments		175,235	162,451
Operating losses (profits) before changes in operating assets and liabilities		6,484,334	4,741,224

Net decrease (increase) in assets and liabilities
Due from banks		25,542,432	(12,278,859)
Financial assets at fair value through P&L	13	239,339	18,839
Derivative financial instruments		(680,290)	(66,183)
Loans and advances to banks and customers	11 - 12	(12,715,125)	(2,173,587)
Other assets		1,851,768	(284,984)
Due to banks	17	2,833,129	(6,304,086)
Due to customers	18	21,553,142	25,076,047
Income tax obligations paid		(261,790)	(29,046)
Other liabilities		1,876,780	(236,449)
Net cash used in (generated from) operating activities		46,723,719	8,462,916

Cash flow from investing activities
Proceeds (payments) for investment in associates.		-	(158,360)
Payment for purchases of property, equipment and branches constructions		(76,753)	(347,656)
Proceeds from selling property and equipment		50	1,250
Proceeds from redemption of financial assets at amortized cost		2,609,283	346,898
Payment for purchases of financial assets at amortized cost		(2,430,124)	(3,844)
Payment for purchases of financial assets at fair value through OCI		(68,194,467)	(55,216,492)
Proceeds from selling financial assets at fair value through OCI		78,071,439	34,497,956
Net cash generated from (used in) investing activities		9,979,428	(20,880,248)






Condensed Separate Interim Cash flows for the period ended March 31, 2022 (Cont.)

		Mar. 31, 2022	Mar. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Received (Repaid) in long term loans		1,035,994	(14,410)
Dividend paid		(4,410,322)	(1,360,652)
Issued debt instruments		253,338	-
Capital increase		122,716	-
Net cash generated from (used in) financing activities		(2,998,274)	(1,375,062)


Net (decrease) increase in cash and cash equivalent during the period		53,704,873	(13,792,394)
Beginning balance of cash and cash equivalent		60,891,899	75,965,247
Cash and cash equivalent at the end of the period		114,596,772	62,172,853

Cash and cash equivalent comprise:
Cash and balances at the central bank		30,471,454	21,580,813
Due from banks		120,943,837	97,088,303
Treasury bills and other governmental notes	10	40,371,415	52,339,135
Obligatory reserve balance with CBE		(26,030,335)	(15,671,568)
Due from banks with maturities more than three months		(10,245,456)	(40,498,431)
Treasury bills with maturity more than three months		(40,914,143)	(52,665,399)
Total cash and cash equivalent		114,596,772	62,172,853


Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2021
Mar. 31, 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	-	-	-	-	-	-	-	-	-	-
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 year	-	-	-	-	-	-	-	2,876,300	-	2,876,300
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	(104,406)	-	104,406	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(1,674,309)	-	-	-	(1,674,309)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	2,718	(2,718)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(14,644)	-	-	-	(14,644)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	162,451	162,451
Ending balance	14,776,813	3,293,074	33,186,137	1,549,445	16,000	2,177,628	9,141	3,166,768	1,227,099	59,402,105





Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2022

Mar. 31, 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	122,716	-	502,922	-	-	-	-	-	(502,922)	122,716
Transferred to reserves	-	670,872	8,333,404	-	2,947	-	-	(9,007,223)	-	-
Dividend paid	-	-	-	-	-	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	4,239,592	-	4,239,592
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(4,201)	-	4,201	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(3,958,945)	-	-	-	(3,958,945)
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	-	-	-	-	-	101,561	-	-	-	101,561
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	175,235	175,235
Ending balance	19,825,134	3,963,946	37,096,858	1,549,445	18,947	(3,222,354)	11,981	4,607,343	1,346,705	65,198,005

Condensed Consolidated Interim Balance Sheet as at March 31, 2022
		Notes	Mar. 31, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	8	30,581,505			43,492,248
	Due from banks	9	121,082,311			80,141,769
	Loans and advances to banks, net	11	364,470			312,216
	Loans and advances to customers, net	12	158,490,232			145,575,243
	Derivative financial instruments		884,030			225,376
	Investments
	- Financial Assets at Fair Value through P&L	13	1,648			240,987
	- Financial Assets at Fair Value through OCI	13	180,352,612			193,198,894
	- Amortized cost	13	20,412,726			20,547,465
	- Investments in associates	14	208,156			205,315
	Other assets	15	9,618,567			11,207,128
	Goodwill	26	127,211			137,525
	Intangible assets	27	31,963			34,554
	Deferred tax assets (Liabilities)		308,421			456,002
	Property and equipment	16	2,352,247			2,461,116
	Total assets		524,816,099			498,235,838
	Liabilities and equity
	Liabilities
	Due to banks	17	3,725,995			866,056
	Due to customers	18	429,022,053			407,241,538
	Derivative financial instruments		243,629			265,470
	Current tax liabilities		1,113,423			2,234,985
	Other liabilities	19	12,181,434			8,085,545
	Issued debt instruments	20	1,810,601			1,557,263
	Other loans		6,176,776			5,140,782
	Other Provisions	21	4,855,636			3,541,462
	Total liabilities		459,129,547			428,933,101
	Equity
	Issued and paid up capital		19,825,134			19,702,418
	Reserves		39,481,063			33,774,990
	Reserve for employee stock ownership plan (ESOP)		1,346,705			1,674,392
	Retained earnings *		4,524,449			13,696,402
	Total equity and net profit for the period / year		65,177,351			68,848,202
	Minority interest			509,201			454,535
	Total minority interest, equity and net profit for the period / year		65,686,552			69,302,737
	Total liabilities and equity		524,816,099			498,235,838

	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 Consolidated Interim Income Statement for the period ended March 31, 2022

Notes

Mar. 31, 2022

Mar. 31, 2021

EGP Thousands

Interest and similar income

12,006,043

10,121,709

Interest and similar expense

(5,288,771)

(4,444,196)

Net interest income

6,717,272

5,677,513

Fee and commission income

1,203,252

844,263

Fee and commission expense

(515,125)

(333,668)

Net fee and commission income

688,127

510,595

Dividend income

37,800

Net trading income

732,821

112,718

Profits (Losses) on financial investments

1,040,297

493,655

Administrative expenses

(1,670,887)

(1,475,077)

Other operating (expenses) income

(1,431,967)

(526,620)

Goodwill amortization

(10,314)

Intangible assets amortization

(2,591)

Impairment release (charges) for credit losses

38,692

(702,082)

Bank's share in the profits of associates

2,841

11,061

Profit before income tax

6,142,091

4,088,949

Income tax expense

(1,372,939)

(1,209,247)

Deferred tax assets (Liabilities)

(509,534)

(6,239)

Net profit for the period

4,259,618

2,873,463

Minority interest

15,387

419

Bank shareholders

4,244,231

2,873,044

Earning per share

Basic

1.90

1.29

Diluted

1.87

1.27

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31 2022

Mar. 31, 2022

Mar. 31, 2021

EGP Thousands

Net profit for the period

4,259,618

2,873,463

Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax

(3,961,167)

(1,674,309)

Transferred from reserve on disposal of financial assets at fair value through OCI

(4,201)

(104,406)

Cumulative foreign currencies translation differences

52,636

(3,320)

Effect of ECL in fair value of debt instruments measured at fair value through OCI

101,602

(14,644)

Total other comprehensive income

448,488

1,076,784

As follows:

Bank's shareholders

433,101

1,076,365

Minority interest

15,387

419

Total comprehensive income for the period

448,488

1,076,784

Condensed Consolidated Interim Cash flows for the period ended March 31 2022

	Notes	Mar. 31, 2022	Mar. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		6,142,091	4,088,949
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	16	223,781	194,609
Impairment charge for credit losses (Loans and advances to customers and banks)		(145,266)	720,756
Other provisions charges	21	1,036,252	114,109
Impairment charge for credit losses (due from banks)		4,776	(4,030)
Impairment (Released) charge for credit losses (financial investments)		101,798	(14,644)
Impairment (Released) charge for other assets		(277,768)	12,676
Exchange revaluation differences for financial assets at fair value through OCI		63	23,042
Goodwill amortization	26	10,314	37,819
Intangible assets amortization	27	2,591	9,502
Impairment (Released) charge financial assets at fair value through OCI		-	(72,957)
Utilization of other provisions	21	(156)	(43,518)
Other provisions no longer used	21	(385)	(5,872)
Exchange differences of other provisions	21	278,463	(15,271)
Profits from selling property and equipment		(50)	(1,250)
Losses (profits) from selling financial investments	13	(1,040,297)	(420,698)
Shares based payments		175,235	162,451
Bank's share in the profits of associates		(2,841)	(11,061)
Operating losses (profits) before changes in operating assets and liabilities		6,508,601	4,774,612

Net decrease (increase) in assets and liabilities
Due from banks		25,468,271	(12,278,859)
Financial assets at fair value through P&L	13	239,339	18,839
Derivative financial instruments		(680,085)	(66,183)
Loans and advances to banks and customers	11 - 12	(12,821,977)	(2,178,284)
Other assets		1,844,416	(371,049)
Due to banks	17	2,859,939	(6,304,086)
Due to customers	18	21,780,515	25,079,066
Income tax obligations paid		(259,516)	(29,046)
Other liabilities		1,860,904	(25,774)
Net cash used in (generated from) operating activities		46,800,407	8,619,236

Cash flow from investing activities
Proceeds (payments) for investment in associates.		-	(158,360)
Payment for purchases of property, equipment and branches constructions		(92,999)	(348,974)
Proceeds from selling property and equipment		50	1,250
Proceeds from redemption of financial assets at amortized cost		2,609,283	452,910
Payment for purchases of financial assets at amortized cost		(2,474,553)	(237,609)
Payment for purchases of financial assets at fair value through OCI		(68,625,535)	(55,600,830)
Proceeds from selling financial assets at fair value through OCI		78,456,150	33,585,657
Net cash generated from (used in) investing activities		9,872,396	(22,305,956)






Condensed Consolidated Interim Cash flows for the period ended March 31, 2022 (Cont.)

		Mar. 31, 2022	Mar. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Received (Repaid) in long term loans		1,035,994	(14,410)
Dividend paid		(4,410,322)	(1,360,652)
Issued debt instruments		253,338	-
Capital increase		122,716	-
Net cash generated from (used in) financing activities		(2,998,274)	(1,375,062)


Net (decrease) increase in cash and cash equivalent during the priod		53,674,529	(15,061,782)
Beginning balance of cash and cash equivalent		61,065,822	75,796,375
Cash and cash equivalent at the end of the period		114,740,351	60,734,593

Cash and cash equivalent comprise:
Cash and balances at the central bank		30,581,505	21,800,293
Due from banks		121,128,084	97,518,428
Treasury bills and other governmental notes	10	40,379,000	52,371,207
Obligatory reserve balance with CBE		(26,188,639)	(15,805,888)
Due from banks with maturities more than three months		(10,245,456)	(42,484,048)
Treasury bills with maturity more than three months		(40,914,143)	(52,665,399)
Total cash and cash equivalent		114,740,351	60,734,593


Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2021
Mar. 31, 2021	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	Minority Interest	Total
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Transferred to reserves	-	514,939	8,420,479	-	-	1,094	-	-	(8,936,512)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the year	-	-	-	-	-	-	-	-	2,873,044	-	-	2,873,044	419	2,873,463
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(104,406)	-	104,406	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(1,674,309)	-	-	-	-	(1,674,309)	-	(1,674,309)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	(14,644)	-	-	-	-	(14,644)	-	(14,644)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	162,451	-	162,451	-	162,451
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	364	364	-	364
Balance at the end of the period	14,776,813	3,293,074	33,186,137	1,549,445	8,183	16,000	2,182,155	9,141	3,225,616	1,227,099	(3,320)	59,470,343	483,474	59,953,817





Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2022

Mar. 31, 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	Minority Interest	Total
														EGP Thousands
Beginning balance	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	122,716	-	502,922	-	-	-	-	-	-	(502,922)	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,333,404	-	-	2,947	-	-	(9,007,223)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	-	4,244,231	-	-	4,244,231	15,387	4,259,618
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(4,201)	-	4,201	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(3,961,167)	-	-	-	-	(3,961,167)	-	(3,961,167)
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	-	-	-	-	-	-	101,602	-	-	-	-	101,602	-	101,602
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	175,235	-	175,235	-	175,235
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	56,854	56,854	39,279	96,133
Balance at the end of the period	19,825,134	3,963,946	37,096,858	1,550,906	8,183	18,947	(3,222,394)	11,981	4,524,449	1,346,705	52,636	65,177,351	509,201	65,686,552

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