Close
Company Search
Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

CIB FY 2021 Consolidated Financial Results

22nd Feb 2022 07:00

RNS Number : 3514C
Commercial Intnl Bank (Egypt) SAE
22 February 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/3514C_1-2022-2-21.pdf

 

 

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

 

Consolidated Financial Statements

 

December 31, 2021

 

 

 

 

Consolidated Balance Sheet as at December 31, 2021

 

 

Notes

Dec. 31, 2021

 

Dec. 31, 2020

 

 

 

EGP Thousands

 

EGP Thousands

 

 

Assets

 

 

 

 

 

 

Cash and balances at the central bank

15

43,492,248

 

33,768,549

 

 

Due from banks

16

80,141,769

 

87,426,301

 

 

Loans and advances to banks, net

18

312,216

 

776,980

 

 

Loans and advances to customers, net

19

145,575,243

 

119,570,005

 

 

Derivative financial instruments

20

225,376

 

248,759

 

 

Investments

 

 

 

 

 

 

- Financial Assets at Fair Value through P&L

21

240,987

 

359,959

 

 

- Financial Assets at Fair Value through OCI

21

193,198,894

 

148,118,372

 

 

- Financial assets at Amortized cost

21

20,547,465

 

25,285,225

 

 

- Investments in associates

22

205,315

 

139,871

 

 

Other assets

23

11,207,128

 

9,175,525

 

 

Goodwill

43

137,525

 

178,782

 

 

Intangible assets

44

34,554

 

44,920

 

 

Deferred tax assets (Liabilities)

32

456,002

 

437,772

 

 

Property and equipment

24

2,461,116

 

2,311,147

 

 

Total assets

 

498,235,838

 

427,842,167

 

 

Liabilities and equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Due to banks

25

866,056

 

8,817,535

 

 

Due to customers

26

407,241,538

 

341,169,450

 

 

Derivative financial instruments

20

265,470

 

331,073

 

 

Current tax liabilities

 

2,234,985

 

859,582

 

 

Other liabilities

29

8,085,545

 

5,735,269

 

 

Issued debt instruments

27

1,557,263

 

-

 

 

Other loans

28

5,140,782

 

7,746,946

 

 

Other provisions

30

3,541,462

 

3,223,501

 

 

Total liabilities

 

428,933,101

 

367,883,356

 

 

Equity

 

 

 

 

 

 

Issued and paid up capital

31

19,702,418

 

14,776,813

 

 

Reserves

34

33,774,990

 

33,094,580

 

 

Reserve for employee stock ownership plan (ESOP)

34

1,674,392

 

1,064,648

 

 

Retained earnings *

34

13,696,402

 

10,539,715

 

 

Total equity and net profit for the year

 

68,848,202

 

59,475,756

 

 

Minority interest

454,535

 

483,055

 

Total minority interest, equity and net profit for the year

 

69,302,737

 

59,958,811

 

 

Total liabilities and equity

 

498,235,838

 

427,842,167

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

(Audit report attached)

 

 

 

 

 

*

Including net profit for the current year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

Sherif Samy

 

CEO & Managing Director

 

Chairman

 

          

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

            

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Income Statement for the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Notes

 

 

Dec. 31, 2021

 

 

 

 

Dec. 31, 2020

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Interest and similar income

 

 

45,078,169

 

 

42,196,235

 

Interest and similar expense

 

 

(20,112,378)

 

 

(17,023,815)

 

Net interest income

6

 

24,965,791

 

 

25,172,420

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

4,045,573

 

 

3,059,264

 

Fee and commission expense

 

 

(1,655,096)

 

 

(983,450)

 

Net fee and commission income

7

 

2,390,477

 

 

2,075,814

 

 

 

 

 

 

 

 

 

Dividend income

8

 

59,725

 

 

50,175

 

Net trading income

9

 

708,297

 

 

406,631

 

Profits (Losses) on financial investments

21

 

594,863

 

 

922,832

 

Administrative expenses

10

 

(6,182,730)

 

 

(5,625,883)

 

Other operating (expenses) income

11

 

(1,986,692)

 

 

(2,742,996)

 

Goodwill amortization

 

 

(41,257)

 

 

(27,505)

 

Intangible assets amortization

 

 

(10,366)

 

 

(6,911)

 

Impairment release (charges) for credit losses

12

 

(1,679,747)

 

 

(5,018,781)

 

Profits from subsidiaries acquisition

 

 

-

 

 

8,086

 

Bank's share in the profits of associates

 

 

14,996

 

 

22,426

 

Profit before income tax

 

 

18,833,357

 

 

15,236,308

 

Income tax expense

13

 

(5,679,734)

 

 

(5,087,418)

 

Deferred tax assets (Liabilities)

 

 

114,135

 

 

87,433

 

Net profit for the year

 

 

13,267,758

 

 

10,236,323

 

Minority interest

 

 

(4,451)

 

 

(1,834)

 

Bank shareholders

 

 

13,272,209

 

 

10,238,157

 

 

 

 

 

 

 

 

 

Earning per share

14

 

 

 

 

 

 

Basic

 

 

6.10

 

 

4.67

 

Diluted

 

 

6.06

 

 

4.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

 

 

 

 

Sherif Samy

 

 

CEO & Managing Director

 

 

 

 

Chairman

 

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Other Comprehensive Income for the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 2021

 

 

 

 

Dec. 31, 2020

 

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

Net profit for the period

 

 

13,267,758

 

 

10,236,323

 

 

 

Other 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 other comprehensive income after tax impact related to OCI that will not be reclassified to the profit or loss

 

 

(149,323)

 

 

 

(13,966)

 

 

 

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

 

 

 

 

 

 

 

 

Change in fair value of debt instruments measured at fair value through other comprehensive income after tax impact related to OCI that will be reclassified to the profit or loss

 

 

(2,210,989)

 

 

 

767,703

 

 

 

Change in fair value from selling FVOCI financial instruments

 

 

(702,776)

 

 

 

(1,018,469)

 

 

 

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

 

 

(177,488)

 

 

 

(76,717)

 

 

 

Cumulative foreign currencies translation differences

 

 

(4,218)

 

 

 

(3,684)

 

 

 

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

 

 

(93,566)

 

 

 

205,182

 

 

 

Total other comprehensive income for the year

 

 

 

 

9,929,398

 

 

 

10,096,372

 

 

 

As follows:

 

 

 

 

 

 

 

 

Bank's shareholders

 

 

9,933,849

 

 

10,098,206

 

 

Minority interest

 

 

(4,451)

 

 

(1,834)

 

 

Total comprehensive income for the year

 

 

9,929,398

 

 

10,096,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow for the Year Ended December 31, 2021

 

 

 

 

 

 

Notes

Dec. 31, 2021

 

Dec. 31, 2020

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax from continued operations

 

18,833,357

 

15,236,308

Adjustments to reconcile net profit to net cash provided by operating activities

 

 

 

 

Fixed assets depreciation

24

885,060

 

733,032

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

12

1,756,505

 

4,806,518

Other provisions charges

30

381,138

 

1,234,980

Impairment charge for credit losses (due from banks)

12

16,808

 

7,081

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

12

(93,566)

 

205,182

Impairment (Released) charge for other assets

 

31,975

 

69,217

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

21

17,261

 

249,642

Goodwill amortization

43

41,257

 

27,505

Intangible assets amortization

44

10,366

 

6,911

Impairment (Released) charge financial assets at fair value through OCI

21

-

 

79,126

Utilization of other provisions

30

(45,483)

 

(2,382)

Other provisions no longer used

30

(2,451)

 

(13,273)

Exchange differences of other provisions

30

(15,243)

 

(7,193)

Profits from selling property and equipment

11

(2,947)

 

(1,094)

Losses (profits) from selling financial investments

21

(702,776)

 

(1,018,469)

Impairment (Released) charges of investments in associates and subsidiaries

21

107,913

 

16,511

Shares based payments

 

609,744

 

552,438

Bank's share in the profits of associates

 

(14,996)

 

(22,426)

Operating losses (profits) before changes in operating assets and liabilities

 

21,813,922

 

22,159,614

 

 

 

 

 

Net decrease (increase) in assets and liabilities

 

 

 

 

Due from banks

15 - 16

(17,183,300)

 

(10,899,927)

Financial assets at fair value through P&L

21

118,972

 

58,822

Derivative financial instruments

20

(42,220)

 

16,109

Loans and advances to banks and customers

18 - 19

(27,280,547)

 

(5,020,609)

Other assets

41

(2,135,921)

 

568,988

Due to banks

25

(7,951,479)

 

(2,993,072)

Due to customers

26

66,072,088

 

36,720,995

Income tax obligations paid

 

(3,444,749)

 

(3,779,782)

Other liabilities

29

1,499,027

 

(7,645,182)

Net cash generated from operating activities

 

31,465,793

 

29,185,956

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Proceeds from Investments in associates.

 

-

 

750

Payment for purchases of associates

 

(158,360)

 

-

Payment for purchases of property, equipment and branches constructions

 

(981,186)

 

(1,091,829)

Proceeds from selling property and equipment

11

2,947

 

1,094

Proceeds from redemption of financial assets at amortized cost

21

4,741,459

 

82,309,481

Payment for purchases of financial assets at amortized cost

21

(3,844)

 

(233,765)

Payment for purchases of financial assets at fair value through OCI

21

(250,679,698)

 

(112,791,966)

Proceeds from selling financial assets at fair value through OCI

 

203,315,958

 

54,137,187

Proceeds from investment in subsidiaries.

 

-

 

194,722

Net cash used in (generated from) investing activities

 

(43,762,724)

 

22,525,674

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow for the Year Ended December 31, 2021 (Cont.)

 

 

 

 

 

 

 

Dec. 31, 2021

 

Dec. 31, 2020

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Decreased (increase) in long term loans

28

(2,606,164)

 

4,474,200

Dividend paid

 

(1,384,721)

 

(3,370,464)

Issued debt instruments

 

1,557,263

 

-

Capital increase

 

-

 

85,992

Net cash used in (generated from) financing activities

 

(2,433,622)

 

1,189,728

 

 

 

 

 

 

 

 

 

 

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

 

(14,730,553)

 

52,901,358

Beginning balance of cash and cash equivalent

 

75,796,375

 

22,895,017

Cash and cash equivalent at the end of the year

 

61,065,822

 

75,796,375

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

Cash and balances at the central bank

15

43,492,248

 

33,768,549

Due from banks

16

80,182,766

 

87,450,490

Treasury bills and other governmental notes

17

41,579,504

 

39,497,692

Obligatory reserve balance with CBE

15

(38,100,936)

 

(27,744,700)

Due from banks with maturities more than three months

 

(23,801,430)

 

(16,974,367)

Treasury bills with maturity more than three months

 

(42,286,330)

 

(40,201,289)

Total cash and cash equivalent

 

61,065,822

 

75,796,375

'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2020

 

 

 

 

Dec. 31, 2020

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

14,690,821

2,188,029

16,474,429

1,549,445

-

13,466

4,111,781

5,164

11,881,657

963,152

2,501

51,880,445

-

51,880,445

 

Capital increase

85,992

-

-

-

-

-

-

-

-

-

-

85,992

-

85,992

 

Transferred to reserves

-

590,106

8,291,229

-

-

1,440

-

-

(8,431,833)

(450,942)

-

-

-

-

 

Dividend paid

-

-

-

-

-

-

-

-

(3,370,464)

-

-

(3,370,464)

-

(3,370,464)

 

Minority interest

-

-

-

-

-

-

-

-

-

-

-

-

485,779

485,779

 

Net profit of the year

-

-

-

-

-

-

-

-

10,238,157

-

-

10,238,157

(1,834)

10,236,323

 

Transferred from reserve of financial assets at fair value through OCI

-

-

-

-

-

-

(76,717)

-

76,717

-

-

-

-

-

 

Transferred from previous years' outstanding balances

-

-

-

-

-

-

-

-

101,013

-

-

101,013

-

101,013

 

Change in retained earnings from acquisition of subsidiaries

-

-

-

-

-

-

-

-

45,727

-

-

45,727

-

45,727

 

Reserve for transactions under common control

-

-

-

-

8,183

-

-

-

-

-

-

8,183

-

8,183

 

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

-

-

-

-

-

-

(264,732)

-

-

-

-

(264,732)

-

(264,732)

 

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

1,259

(1,259)

-

-

-

-

-

 

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

-

-

-

-

-

-

205,182

-

-

-

-

205,182

-

205,182

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

552,438

-

552,438

-

552,438

 

 

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

(6,185)

(6,185)

(890)

(7,075)

 

 

Balance at the end of the year

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Dec. 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

 

Capital increase

4,925,605

-

(4,925,605)

-

-

-

-

-

-

-

-

-

-

-

 

Transferred to reserves

-

514,939

8,420,479

1,461

-

1,094

-

-

(8,937,973)

-

-

-

-

-

 

Dividend paid

-

-

-

-

-

-

-

-

(1,360,652)

-

-

(1,360,652)

(24,069)

(1,384,721)

 

Minority Interest share

-

-

-

-

-

-

-

-

-

-

-

-

-

-

 

Net profit of the year

-

-

-

-

-

-

-

-

13,272,209

-

-

13,272,209

(4,451)

13,267,758

 

 

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

-

-

-

-

-

-

(177,488)

-

177,488

-

-

-

-

-

 

 

Transferred from previous years' outstanding balances

-

-

-

-

-

-

-

-

8,333

-

-

8,333

-

8,333

 

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

-

-

-

-

-

-

(3,063,088)

-

-

-

-

(3,063,088)

-

(3,063,088)

 

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,718

(2,718)

-

-

-

-

-

 

 

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

-

-

-

-

-

-

(93,566)

-

-

-

-

(93,566)

-

(93,566)

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

609,744

-

609,744

-

609,744

 

 

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

(534)

(534)

-

(534)

 

 

Balance at the end of the year

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FR BKDBBBBKBKBB

Related Shares:

Com.int.bk.regs
FTSE 100 Latest
Value8,370.85
Change-103.89