CIB H1-2024 Consolidated Financial Statements

Condensed Consolidated Interim Statement of Financial Position as at June 30, 2024

Notes

Jun. 30, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

9

43,581,935

71,887,821

Due from banks

10

306,025,890

231,085,244

Loans and advances to banks, net

12

1,483,003

822,448

Loans and advances to customers, net

13

286,164,729

234,985,936

Derivative financial instruments

1,323,696

1,105,148

Financial investments

- Financial Assets at Fair Value through P&L

14

172,728

-

- Financial Assets at Fair Value through OCI

14

265,421,400

233,125,234

- Financial Assets at Amortized cost

14

109,391,193

38,341,019

- Investments in associates

15

112,517

115,979

Non current assets held for sale

30.1

248

161

Other assets

16

38,499,607

18,972,786

Deferred tax assets

2,085,201

1,685,231

Property and equipment

17

2,905,780

2,739,092

Total assets

1,057,167,927

834,866,099

Liabilities and equity

Liabilities

Due to banks

18

3,971,737

12,458,003

Due to customers

19

861,719,735

677,237,479

Non current liabilities held for sale

30.2

1,320

873

Derivative financial instruments

261,033

140,934

Current income tax liabilities

10,328,671

9,395,534

Other liabilities

20

22,179,161

18,339,465

Issued debt instruments

21

4,783,017

3,073,349

Other loans

19,558,427

12,483,907

Other provisions

22

14,986,345

11,095,089

Total liabilities

937,789,446

744,224,633

Equity

Issued and paid up capital

30,431,580

30,195,010

Reserves

58,674,548

28,807,042

Reserve for employee stock ownership plan (ESOP)

1,396,104

1,486,010

Retained earnings *

28,753,211

29,993,331

Total equity and net profit for the period / year

119,255,443

90,481,393

Non Controlling Interest

123,038

160,073

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

119,378,481

90,641,466

Total liabilities and equity

1,057,167,927

834,866,099

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

( Limited Review report attached )

*

Including net profit for the period

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

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

Last 6 Months

Last 6 Months

Notes

Jun. 30, 2024

Jun. 30, 2023

Interest and similar income

81,692,664

45,115,105

Interest and similar expense

(40,155,413)

(21,221,785)

Net interest income

41,537,251

23,893,320

Fee and commission income

5,914,748

4,128,821

Fee and commission expense

(2,505,646)

(1,575,094)

Net fee and commission income

3,409,102

2,553,727

Dividend income

46,101

77,253

Net trading income

6

17,390,608

2,335,117

Profits (Losses) on financial investments 

14.1

297,208

92,572

Administrative expenses

(5,799,128)

(4,296,917)

Other operating income (expenses)

7

(16,423,342)

(3,423,286)

Goodwill amortization

-

(20,629)

Intangible assets amortization

-

(5,183)

Impairment release (charges) for credit losses

(2,052,147)

(1,182,487)

Bank's share in the profits / losses of associates

(3,462)

(26,630)

Profit before income tax

38,402,191

19,996,857

Income tax expense

29

(11,498,510)

(5,748,429)

Deferred tax assets (Liabilities)

29

643,621

(142,753)

Net profit from continued operations

27,547,302

14,105,675

Discontinued Operations

Net profit (loss) from discontinued operations

30.3

-

(49,612)

Net profit for the period

27,547,302

14,056,063

Non Controlling Interest

332

3,474

Bank's shareholders

27,546,970

14,052,589

Earnings per share

8

Basic

8.08

4.16

Diluted

7.98

4.11

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

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

Last 6 Months

Last 6 Months

Jun. 30, 2024

Jun. 30, 2023

Net profit for the period

27,547,302

14,056,063

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

-

(95,308)

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

4,194,501

(9,949,190)

Cumulative foreign currencies translation differences

877,881

184,795

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

751,338

205,751

Total comprehensive income for the period

33,371,022

4,402,111

As follows:

Bank's shareholders

33,370,690

4,398,637

Non Controlling Interest

332

3,474

Total comprehensive income for the period

33,371,022

4,402,111

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

Notes

Jun. 30, 2024

Jun. 30, 2023

Cash flow from operating activities

Profit before income tax from continued operations

38,402,191

19,996,857

Profit (loss) from discontinued operations

-

(49,612)

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

521,764

435,552

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

2,383,373

950,009

Other provisions Release/charge

22

197,789

1,146,383

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

(431)

5,231

Impairment Release/charge for credit losses (financial investments)

(330,795)

227,247

Impairment Release/charge for other assets

(7,173)

-

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

(18,461,627)

(5,858,602)

Goodwill amortization

-

20,629

Intangible assets amortization

-

5,183

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

1,185,435

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

100,975

-

Revaluation differences Impairment charge for due from banks

1,785

-

Utilization of other provisions

22

(8,970)

(1,031)

Other provisions no longer used

22

(4,220)

-

Exchange Revaluation differences of other provisions

22

3,706,657

1,178,333

Profits/losses from selling property and equipment

7

(2,184)

(130)

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

14.1

(297,208)

(92,572)

Share based payments

533,219

402,192

Bank's share in the profits / losses of associates

3,462

26,630

Operating profits before changes in operating assets and liabilities

27,924,042

18,392,299

Net decrease / increase in assets and liabilities

Due from banks

35,579,404

31,684,362

Financial assets at fair value through P&L

(172,728)

-

Derivative financial instruments

167,636

(213,992)

Loans and advances to banks and customers

12 - 13

(54,214,511)

(25,279,763)

Other assets

(18,857,430)

(4,443,895)

Non current assets held for sale

(248)

(214)

Due to banks

18

(8,486,266)

20,441,352

Due to customers

19

184,482,256

126,914,539

Current income tax obligations paid

(1,169,839)

(795,945)

Non current liabilities held for sale

1,320

933

Other liabilities

(5,907,589)

2,149,496

Net cash generated from (used in) operating activities

159,346,047

168,849,172

Cash flow from investing activities

Proceeds from sale of investments in associates

7,173

-

Payment for purchases of property, equipment and branches construction

(1,358,880)

(727,599)

Proceeds from selling property and equipment

2,184

130

Proceeds from redemption of financial assets at amortized cost

1,440,627

196,783

Payment for purchases of financial assets at amortized cost

(70,069,828)

(9,121,279)

Payment for purchases of financial assets at fair value through OCI

(58,957,315)

(51,268,261)

Proceeds from selling financial assets at fair value through OCI

46,444,442

59,321,328

Payment for investment in subsidiaries

-

(1,008,761)

Net cash generated from (used in) investing activities

(82,491,597)

(2,607,659)

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

Jun. 30, 2024

Jun. 30, 2023

Cash flow from financing activities

Other loans

7,074,520

3,179,561

Dividends paid

(5,116,159)

(3,594,747)

Issued debt instruments

1,709,668

614,030

Capital increase

236,570

369,876

Net cash generated from (used in) financing activities

3,904,599

568,720

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

80,759,049

166,810,233

Beginning balance of cash and cash equivalent

234,317,913

92,969,526

Cash and cash equivalent at the end of the period

315,076,962

259,779,759

Cash and cash equivalent comprise:

Cash and balances at the central bank

9

43,581,935

33,569,139

Due from banks

306,029,402

282,285,952

Treasury bills and other governmental notes

11

118,676,181

71,798,021

Obligatory reserve balance with CBE

(25,444,215)

(25,697,561)

Due from banks with maturity more than three months

(10,029,823)

(30,318,097)

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

(117,736,518)

(71,857,695)

Total cash and cash equivalent

315,076,962

259,779,759

Condensed Consolidated Interim statement of changes in shareholders' equity

Jun. 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)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

14,052,589

-

-

14,052,589

3,474

14,056,063

Net profit for the period

-

-

-

-

-

-

-

-

(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

-

-

-

-

-

-

(9,949,190)

-

-

-

-

(9,949,190)

-

(9,949,190)

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

-

-

-

-

-

-

205,751

-

-

-

-

205,751

-

205,751

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

402,192

-

402,192

-

402,192

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

85,603

85,603

99,192

184,795

 Ending balance

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(23,027,565)

15,230

14,411,378

1,133,385

266,927

68,506,515

129,122

68,635,637

Jun. 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

-

-

-

-

-

-

-

-

27,546,970

-

-

27,546,970

332

27,547,302

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

4,194,501

-

-

-

-

4,194,501

-

4,194,501

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

-

-

-

-

-

-

751,338

-

-

-

-

751,338

-

751,338

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

533,219

-

533,219

-

533,219

 Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

877,881

877,881

-

877,881

 Ending balance

30,431,580

6,208,674

62,422,792

1,550,906

(670,972)

22,818

(11,922,852)

36,948

28,753,211

1,396,104

1,026,234

119,255,443

123,038

119,378,481