CIB Annual Financial Report

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

Consolidated Financial Statements - IFRS

December 31, 2024

Consolidated Income Statement for the Year Ended December 31, 2024

Notes

Dec. 31, 2024

Dec. 31, 2023

Interest and similar income

182,735,474

104,028,379

Interest and similar expense

(91,751,450)

(51,142,688)

Net interest income

3

90,984,024

52,885,691

Fee and commission income

12,813,876

9,049,924

Fee and commission expense

(5,728,656)

(3,611,699)

Net fee and commission income

4

7,085,220

5,438,225

Dividend income

5

195,047

234,010

Net trading income

6

20,470,230

4,006,880

Gain on investments

20

459,337

221,810

Intangible assets

-

(51,831)

Goodwill

-

(206,287)

Administrative expenses

7

(19,952,958)

(13,299,910)

Other operating expenses

8

(23,201,267)

(6,341,869)

Impairment charges for credit losses

9

(4,523,819)

(4,270,081)

Bank's share in the loss of associates

12

(17,786)

(55,983)

Profit before income tax from continuing operations

71,498,028

38,560,655

Taxes

10

(21,878,946)

(11,942,406)

Net profit from continued operations

49,619,082

26,618,249

Discontinued Operations

Net (loss) from discontinued operations

44

-

(42,102)

Net profit for the Year

49,619,082

26,576,147

Attributable to:

Equity holders of the parent

49,558,744

26,541,824

Non-controlling interest

60,338

34,323

Net Profit for the year

49,619,082

26,576,147

Earnings per share

11

Basic attributable to equity holders of the parent

16.34

8.75

Diluted attributable to equity holders of the parent

16.14

8.64

The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2024

Dec. 31, 2024

Dec. 31, 2023

Profit for the year

49,619,082

26,618,249

Comprehensive income items that will not be reclassified to the profit or loss:

Change in fair value of equity instruments measured at fair value through comprehensive income

51,159

259,291

Deferred Tax impact for investments that will not be reclassified to P&L

(157,217)

(131,008)

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

(370,224)

(95,308)

Comprehensive income items that is or may be reclassified to the profit or loss:

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

8,634,672

(7,070,544)

Change in fair value from selling FVOCI financial instruments

(459,337)

(205,344)

Cumulative foreign currencies translation differences

989,367

(32,971)

Deferred Tax impact for investments that may be reclassified to P&L

887,145

1,530,823

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

936,949

1,888,326

Total comprehensive income for the year

60,131,596

22,761,514

As follows:

Equity holders of the parent

60,071,258

22,727,191

Non-controlling interest

60,338

34,323

Total comprehensive income for the year

60,131,596

22,761,514

Consolidated Statement of Financial Position as at December 31, 2024

Notes

Dec. 31, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

13

136,531,020

71,887,821

Due from banks

14

270,829,834

231,085,244

Loans and advances to banks, net

15

9,555,410

822,448

Loans and advances to customers, net

16

343,542,674

234,985,936

Financial Assets at fair value through profit or loss

19

380,769

306,375

Derivative financial instruments

17

819,711

1,105,148

Financial Assets at fair value through OCI

19

234,694,966

233,430,236

Financial Assets at amortized cost

19

168,118,219

38,341,019

Right of use assets

23

1,301,850

729,823

Investments in associates

21

98,193

115,979

Non current assets held for sale

42

-

161

Other assets

22

44,282,773

18,801,444

Deferred tax assets

10.2

2,685,330

1,685,230

Property and equipment

23

3,997,929

2,739,092

Total assets

1,216,838,678

836,035,956

Liabilities and equity

Liabilities

Due to banks

24

2,034,885

12,458,003

Due to customers

25

972,595,958

677,237,479

Lease liabilities

23

1,425,604

674,417

Derivative financial instruments

17

100,571

140,934

Non current liabilities held for sale

43

1,397

873

Issued debt instruments

18

5,067,781

3,073,349

Other liabilities

27

27,725,569

21,937,452

Current Tax liability

18,327,968

9,395,534

Other loans

26

23,962,389

12,483,907

Provisions

28

18,623,634

11,095,996

Total liabilities

1,069,865,756

748,497,944

Equity

Issued and paid in capital

29

30,431,580

30,195,010

Reserves

30

62,899,966

28,362,690

Reserve for employee stock ownership plan (ESOP)

30

1,868,235

1,486,010

Retained earnings

30

51,590,097

27,334,229

Total equity attributable to equity holders of the parent

146,789,878

87,377,939

Non-controlling interest

38

183,044

160,073

Total equity

146,972,922

87,538,012

Total liabilities and equity

1,216,838,678

836,035,956

The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Shareholders' Equity 

Dec. 31, 2023

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

Total

Non-controlling interest

Total equity

Beginning balance

29,825,134

1,895,435

15,144,290

19,342,866

66,207,725

580,431

66,788,156

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

(536,867)

(536,867)

Net Profit for the year

-

-

26,541,824

-

26,541,824

34,323

26,576,147

Capital increase

369,876

-

-

-

369,876

-

369,876

Reserve for employee stock ownership plan (ESOP)

-

754,817

-

-

754,817

-

754,817

Dividend

-

-

(2,016,159)

-

(2,016,159)

(17,108)

(2,033,267)

Transferred to reserves

-

(1,164,242)

(12,335,726)

9,019,824

(4,480,144)

99,294

(4,380,850)

Balance at 31 December 2023

30,195,010

1,486,010

27,334,229

28,362,690

87,377,939

160,073

87,538,012

Dec. 31, 2024

Beginning balance

30,195,010

1,486,010

27,334,229

28,362,690

87,377,939

160,073

87,538,012

Net Profit for the year

-

-

49,558,744

-

49,558,744

60,338

49,619,082

Capital increase

236,570

-

-

-

236,570

-

236,570

Reserve for employee stock ownership plan (ESOP)

-

1,005,350

-

-

1,005,350

-

1,005,350

Dividend

-

-

(2,379,819)

-

(2,379,819)

(37,367)

(2,417,186)

Transferred to reserves

-

(623,125)

(22,923,057)

34,537,276

10,991,094

-

10,991,094

Balance at 31 December 2024

30,431,580

1,868,235

51,590,097

62,899,966

146,789,878

183,044

146,972,922

Consolidated Statement of Cash Flow for the Year Ended December 31, 2024

Notes

Dec. 31, 2024

Dec. 31, 2023

Cash flow from operating activities

Profit before income tax from continued operations

71,498,028

38,560,655

(Loss) from discontinued operations

-

(42,102)

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

1,414,920

788,209

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

4,768,107

2,311,867

Other provisions release/charge

3,363,525

2,821,141

Impairment release/charge for credit losses (due from banks)

(341)

(47,234)

Impairment release/charge for credit losses (financial investments)

(243,947)

2,005,448

Impairment release/charge for other assets

37,939

17,620

Exchange revaluation differences for financial assets at fair value through OCI and AC

(21,026,044)

(5,442,433)

Utilization of other provisions

(9,586)

(5,850)

Revaluation differences impairment charge for due from banks

2,008

-

Impairment of goodwill and intangible assets

-

258,118

Exchange revaluation differences of other provisions

4,173,699

1,213,126

Revaluation differences impairment charge for Financial Assets at Amortized cost

119,504

607

Impairment (Reversal of impairment) charges of investments in associates

-

(9,000)

Profits from selling property, plant and equipment

(2,246)

(1,663)

Profits/losses from selling financial investments at fair value through OCI

(459,337)

(205,344)

Revaluation differences impairment charge for Financial Assets at Fair value through OCI

1,329,905

1,903

Shares based payments

1,005,350

754,817

Losses (Profits) from selling investments in associates

-

(7,466)

Bank's share in the profits / losses of associates

17,786

55,983

Operating profits before changes in working capital

65,989,270

43,028,402

Net decrease (increase) in working capital

Due from banks

(111,192,809)

18,441,280

Financial assets at fair value through profit or loss

(74,394)

-

Derivative financial instruments

490,593

755,995

Loans and advances to banks and customers

(122,049,597)

(41,467,103)

Other assets

(22,078,200)

(3,968,123)

Non current assets held for sale

-

(161)

Non current liabilities held for sale

524

873

Due to banks

(10,423,118)

8,961,305

Due to customers

295,358,479

145,620,929

Current income tax obligations paid

(5,220,965)

(3,704,414)

Other liabilities

5,788,117

4,236,973

Net cash generated from operating activities

96,587,900

171,905,956

Net cash generated from (used in) operating activities

Cash flow from investing activities

Proceeds from sale of investments in associates

11,956

4,510

Payments for purchases of property, equipment and branches construction

(6,707,018)

(1,685,846)

Proceeds from selling property and equipment

2,246

1,663

Proceeds from redemption of financial assets at amortized cost

2,028,180

6,125,452

Payments for purchases of financial assets at amortized cost

(129,153,136)

(9,290,232)

Payments for purchases of financial assets at fair value through OCI

(113,445,585)

(129,073,519)

Proceeds from selling financial assets at fair value through OCI

140,381,225

102,763,650

Payment for investment in subsidiaries

-

(1,142,840)

Net cash generated from (used in) investing activities

(106,882,132)

(32,297,162)

Cash flow from financing activities

Other loans

11,478,482

4,504,932

Other loans - new loans obtained in the year

3,835,016

9,604,139

Other loans - loans repaid in the year

(243,015)

(5,334,093)

Other loans - movement in foreign exchange rate

7,886,481

234,886

Dividends paid

(2,379,819)

(2,016,159)

Issued debt instruments

1,994,432

616,742

Cash payments for lease (principle and interest)

(501,724)

(248,871)

Capital increase

236,570

369,876

Net cash generated from (used in) financing activities

10,827,941

3,226,520

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

533,709

142,835,314

Beginning balance of cash and cash equivalent

225,941,383

83,106,069

Cash and cash equivalent at the end of the year

226,475,092

225,941,383

Cash and cash equivalent at the end of the year

Cash and balances at the central bank

13

136,531,020

71,887,821

 Due from banks with maturities of 3 months or less

14

203,103,430

217,156,599

Treasury bills and other governmental notes with maturities of three months or less

19

1,618,665

1,293,148

Obligatory reserve balance with CBE

13

(114,778,023)

(64,396,185)

Total cash and cash equivalent

31

226,475,092

225,941,383