CIB-Consolidated Financial Statements 3Q.2024

Notes

Sep. 30, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

9

94,568,773

71,887,821

Due from banks

10

305,235,726

231,085,244

Loans and advances to banks, net

12

3,323,215

822,448

Loans and advances to customers, net

13

304,043,669

234,985,936

Derivative financial instruments

1,769,619

1,105,148

Financial investments

- Financial Assets at Fair Value through P&L

14

2,066,889

-

- Financial Assets at Fair Value through OCI

14

223,821,557

233,125,234

- Financial Assets at Amortized cost

14

145,437,207

38,341,019

- Investments in associates

15

107,446

115,979

Non current assets held for sale

30.1

-

161

Other assets

16

34,331,134

18,972,786

Deferred tax assets

2,135,720

1,685,231

Property and equipment

17

3,117,062

2,739,092

Total assets

1,119,958,017

834,866,099

Liabilities and equity

Liabilities

Due to banks

18

3,799,980

12,458,003

Due to customers

19

900,966,962

677,237,479

Non current liabilities held for sale

30.2

1,327

873

Derivative financial instruments

138,896

140,934

Current income tax liabilities

14,269,506

9,395,534

Other liabilities

20

21,760,126

18,339,465

Issued debt instruments

21

4,811,742

3,073,349

Other loans

20,324,693

12,483,907

Other provisions

22

15,478,489

11,095,089

Total liabilities

981,551,721

744,224,633

Equity

Issued and paid up capital

30,431,580

30,195,010

Reserves

62,260,417

28,807,042

Reserve for employee stock ownership plan (ESOP)

1,667,230

1,486,010

Retained earnings *

43,924,408

29,993,331

Total equity and net profit for the period / year

138,283,635

90,481,393

Non Controlling Interest

122,661

160,073

Total minority interest, equity and net profit for the period / year

138,406,296

90,641,466

Total liabilities and equity

1,119,958,017

834,866,099

Condensed Consolidated Interim Income Statement for the period ended September 30, 2024

Last 9 Months

Last 9 Months

Notes

Sep. 30, 2024

Sep. 30, 2023

Interest and similar income

130,999,623

73,006,422

Interest and similar expense

(65,316,717)

(35,275,583)

Net interest income

65,682,906

37,730,839

Fee and commission income

9,274,284

6,543,585

Fee and commission expense

(4,049,111)

(2,589,680)

Net fee and commission income

5,225,173

3,953,905

Dividend income

70,934

83,653

Net trading income

6

18,194,491

3,165,144

Profits (Losses) on financial investments 

14.1

377,992

165,478

Administrative expenses

(9,180,646)

(6,501,663)

Other operating income (expenses)

7

(17,995,808)

(5,679,447)

Goodwill amortization

-

(30,943)

Intangible assets amortization

-

(24,188)

Impairment release (charges) for credit losses

(3,745,003)

(1,216,770)

Bank's share in the profits / losses of associates

(8,533)

(39,486)

Profit before income tax

58,621,506

31,606,522

Income tax expense

29

(17,207,903)

(9,540,412)

Deferred tax assets (Liabilities)

29

934,295

392,680

Net profit from continued operations

42,347,898

22,458,790

Discontinued Operations

Net profit (loss) from discontinued operations

30.3

-

(49,699)

Net profit for the period

42,347,898

22,409,091

Non Controlling Interest

(45)

3,328

Bank's shareholders

42,347,943

22,405,763

Earnings per share

8

Basic

12.42

6.41

Diluted

12.26

6.33

Islam Zekry

Hisham Ezz Al-Arab

Group CFO

Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2024

Last 9 Months

Last 9 Months

Sep. 30, 2024

Sep. 30, 2023

Net profit for the period

42,347,898

22,409,091

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

(370,224)

(95,308)

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

8,272,930

(9,629,911)

Cumulative foreign currencies translation differences

883,684

193,162

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

623,199

201,185

Total comprehensive income for the period

51,757,487

13,078,219

As follows:

Bank's shareholders

51,757,532

13,074,891

Non Controlling Interest

(45)

3,328

Total comprehensive income for the period

51,757,487

13,078,219

Condensed Consolidated Interim Cash flows for the period ended September 30, 2024

Notes

Sep. 30, 2024

Sep. 30, 2023

Cash flow from operating activities

Profit before income tax from continued operations

58,621,506

31,606,522

Profit (loss) from discontinued operations

-

(49,699)

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

763,079

655,051

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

4,224,251

1,050,980

Other provisions Release/charge

22

430,005

2,350,253

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

829

(47,249)

Impairment Release/charge for credit losses (financial investments)

(480,077)

213,039

Impairment Release/charge for other assets

(11,956)

14,347

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

(18,536,183)

(5,409,592)

Goodwill amortization

-

30,943

Intangible assets amortization

-

24,188

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

1,193,810

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

107,207

-

Revaluation differences Impairment charge for due from banks

1,308

-

Utilization of other provisions

22

(9,196)

(1,608)

Exchange Revaluation differences of other provisions

22

3,962,591

1,096,665

Profits/losses from selling property and equipment

7

(2,254)

(194)

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

14.1

(377,992)

(149,012)

Losses (Profits) from selling investments in associates

-

(7,466)

Impairment (Released) charges of investments in associates

-

(9,000)

Share based payments

804,345

608,250

Bank's share in the profits / losses of associates

8,533

39,486

Operating profits before changes in operating assets and liabilities

50,699,806

32,015,904

Net decrease / increase in assets and liabilities

Due from banks

(14,547,420)

9,859,636

Financial assets at fair value through P&L

(2,066,889)

-

Derivative financial instruments

(225,875)

172,635

Loans and advances to banks and customers

12 - 13

(75,774,541)

(27,548,758)

Other assets

(14,094,581)

(2,506,019)

Non current assets held for sale

-

(214)

Due to banks

18

(8,658,023)

15,526,008

Due to customers

19

223,729,483

136,052,663

Current income tax obligations paid

(2,938,397)

(2,546,958)

Non current liabilities held for sale

1,327

933

Other liabilities

(5,488,554)

(3,890,097)

Net cash generated from (used in) operating activities

150,636,336

157,135,733

Cash flow from investing activities

Proceeds from sale of investments in associates

11,956

2,119

Payments for purchases of property, equipment and branches construction

(2,401,070)

(1,177,450)

Proceeds from selling property and equipment

2,254

194

Proceeds from redemption of financial assets at amortized cost

1,226,638

5,278,030

Payments for purchases of financial assets at amortized cost

(106,105,142)

(9,334,085)

Payments for purchases of financial assets at fair value through OCI

(22,138,419)

(64,860,157)

Proceeds from selling financial assets at fair value through OCI

55,475,567

75,128,566

Payment for investment in subsidiaries

-

(1,008,761)

Net cash generated from (used in) investing activities

(73,928,216)

4,028,456

Condensed Consolidated Interim Cash flows for the period ended September 30, 2024 (Cont.)

Sep. 30, 2024

Sep. 30, 2023

Cash flow from financing activities

Other loans

7,840,786

2,408,739

Dividends paid

(5,116,159)

(3,594,747)

Issued debt instruments

1,738,393

615,227

Capital increase

236,570

369,876

Net cash generated from (used in) financing activities

4,699,590

(200,905)

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

81,407,710

160,963,284

Beginning balance of cash and cash equivalent

234,317,913

92,969,526

Cash and cash equivalent at the end of the period

315,725,623

253,932,810

Cash and cash equivalent comprise:

Cash and balances at the central bank

9

94,568,773

59,950,223

Due from banks

305,240,021

276,845,003

Treasury bills and other governmental notes

11

82,174,775

71,507,826

Obligatory reserve balance with CBE

(76,360,420)

(52,963,236)

Due from banks with maturity more than three months

(19,125,420)

(30,994,611)

Treasury bills and other governmental notes with maturity more than three months

(70,772,106)

(70,412,395)

Total cash and cash equivalent

315,725,623

253,932,810

Condensed Consolidated Interim statement of changes in shareholders' equity

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

Beginning balance

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

Reserve for transactions under common control

-

-

-

-

(679,155)

-

-

-

-

-

-

(679,155)

-

(679,155)

Transferred to reserves

-

806,408

12,743,849

-

-

2,208

-

-

(12,388,223)

(1,164,242)

-

-

-

-

Net profit for the period

-

-

-

-

-

-

-

-

22,405,763

-

-

22,405,763

3,328

22,409,091

Dividends paid

-

-

-

-

-

-

-

-

(3,738,888)

-

-

(3,738,888)

(17,108)

(3,755,996)

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

(536,867)

(536,867)

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(95,308)

-

95,308

-

-

-

-

-

Net unrealized 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

 Ending balance

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

Sep. 30, 2024

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

Beginning balance

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(16,868,691)

15,230

29,993,331

1,486,010

148,353

90,481,393

160,073

90,641,466

Capital increase

236,570

-

-

-

-

-

-

-

-

-

-

236,570

-

236,570

Transferred to reserves

-

1,438,320

22,582,085

-

-

1,663

-

-

(23,398,943)

(623,125)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(5,366,429)

-

-

(5,366,429)

(37,367)

(5,403,796)

Net profit for the period

-

-

-

-

-

-

-

-

42,347,943

-

-

42,347,943

(45)

42,347,898

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(370,224)

-

370,224

-

-

-

-

-

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transferred from RE to banking risk reserve

-

-

-

-

-

-

-

19,024

(19,024)

-

-

-

-

-

Net unrealised gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

8,272,930

-

-

-

-

8,272,930

-

8,272,930

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,694

(2,694)

-

-

-

-

-

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

-

-

-

-

-

-

623,199

-

-

-

-

623,199

-

623,199

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

804,345

-

804,345

-

804,345

 Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

883,684

883,684

-

883,684

 Ending balance

30,431,580

6,208,674

62,422,792

1,550,906

(670,972)

22,818

(8,342,786)

36,948

43,924,408

1,667,230

1,032,037

138,283,635

122,661

138,406,296