CIB H1-2024 Separate Financial Statements - E

Condensed Separate 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

43,371,479

71,747,343

Due from banks

10

305,020,735

230,709,419

Loans and advances to banks, net

12

1,483,003

822,448

Loans and advances to customers, net

13

283,989,456

233,824,745

Derivative financial instruments

1,323,696

1,101,896

Financial investments

- Financial Assets at Fair Value through P&L

14

172,728

-

- Financial Assets at Fair Value through OCI

14

263,902,312

232,290,598

- Financial Assets at Amortized cost

14

108,637,486

37,847,114

- Investments in subsidiaries and associates

15

871,525

671,525

Non current assets held for sale

28

159,828

159,828

Other assets

16

38,391,247

18,929,067

Deferred tax assets

1,844,280

1,685,223

Property and equipment

17

2,808,451

2,737,936

Total assets

1,051,976,226

832,527,142

Liabilities and equity

Liabilities

Due to banks

18

3,997,426

12,427,384

Due to customers

19

857,741,216

675,310,076

Derivative financial instruments

261,033

140,934

Current income tax liabilities

10,328,671

9,395,534

Other liabilities

20

22,115,219

18,307,580

Issued debt instruments

21

4,783,017

3,073,349

Other loans

19,558,427

12,483,907

Other provisions

22

14,979,232

11,088,372

Total liabilities

933,764,241

742,227,136

Equity

Issued and paid up capital

30,431,580

30,195,010

Reserves

58,238,829

29,388,626

Reserve for employee stock ownership plan (ESOP)

1,396,104

1,486,010

Retained earnings *

28,145,472

29,230,360

Total equity and net profit for the period / year

118,211,985

90,300,006

Total liabilities and equity

1,051,976,226

832,527,142

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

( Limited Review report attached )

*

Including net profit for the period

Condensed Separate 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

81,420,481

44,928,893

Interest and similar expense

(39,980,202)

(21,138,609)

Net interest income

41,440,279

23,790,284

Fee and commission income

5,905,503

4,126,585

Fee and commission expense

(2,505,646)

(1,575,432)

Net fee and commission income

3,399,857

2,551,153

Dividend income

76,025

93,844

Net trading income

6

17,385,406

2,320,059

Profits (Losses) on financial investments 

14.1

297,208

92,572

Administrative expenses

(5,568,213)

(4,170,553)

Other operating income (expenses)

7

(16,410,949)

(3,336,832)

Impairment release (charges) for credit losses

(2,059,775)

(1,212,831)

Profit before income tax

38,559,838

20,127,696

Income tax expense

26

(11,255,055)

(5,769,912)

Deferred tax assets (Liabilities)

26

378,395

(214,213)

Net profit for the period

27,683,178

14,143,571

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 Separate 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

27,683,178

14,143,571

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

4,073,707

(9,947,459)

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

-

(95,308)

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

751,734

204,804

Total comprehensive income for the period

32,508,619

4,305,608

Condensed Separate 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

38,559,838

20,127,696

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

521,764

416,248

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

2,387,134

983,641

Other provisions Release/charge

22

196,961

1,146,440

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

(35)

2,890

Impairment Release/charge for credit losses (financial investments)

(327,324)

226,300

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)

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

1,182,360

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

100,975

-

Revaluation differences Impairment charge for due from banks

105

-

Utilization of other provisions

22

(8,970)

(1,031)

Other provisions no longer used

22

(4,220)

-

Exchange revaluation differences of other provisions

22

3,707,089

1,178,333

Profits/losses from selling property and equipment

(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

Operating profits before changes in operating assets and liabilities

28,080,704

18,531,405

Net decrease / increase in assets and liabilities

Due from banks

36,256,280

32,434,410

Financial assets at fair value through P&L

(172,728)

-

Derivative financial instruments

164,384

(212,709)

Loans and advances to banks and customers

12-13

(53,204,190)

(25,329,650)

Other assets

(18,799,962)

(4,448,765)

Due to banks

18

(8,429,958)

20,464,950

Due to customers

19

182,431,141

126,298,231

Current income tax obligations paid

(926,384)

(817,428)

Other liabilities

(5,875,532)

2,117,243

Net cash generated from (used in) operating activities

159,523,755

169,037,687

Cash flow from investing activities

Proceeds from sale of investments in associates

7,173

-

Payments for investment in subsidiaries

(200,000)

(1,216,022)

Payment for purchases of property, equipment and branches construction

(1,262,707)

(700,038)

Proceeds from selling property and equipment

2,184

130

Proceeds from redemption of financial assets at amortized cost

1,240,196

196,783

Payment for purchases of financial assets at amortized cost

(69,609,595)

(9,045,180)

Payment for purchases of financial assets at fair value through OCI

(58,448,832)

(51,454,096)

Proceeds from selling financial assets at fair value through OCI

47,255,555

59,328,407

Net cash generated from (used in) investing activities

(81,016,026)

(2,890,016)

Condensed Separate 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

(5,078,792)

(3,577,639)

Issued debt instruments

1,709,668

614,030

Capital increase

236,570

369,876

Net cash generated from (used in) financing activities

3,941,966

585,828

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

82,449,695

166,733,499

Beginning balance of cash and cash equivalent

233,912,193

92,895,143

Cash and cash equivalent at the end of the period

316,361,888

259,628,642

Cash and cash equivalent comprise:

Cash and balances at the central bank

9

43,371,479

33,404,357

Due from banks

305,020,997

281,505,636

Treasury bills and other governmental notes

11

118,676,181

71,798,021

Obligatory reserve balance with CBE

(25,285,404)

(25,558,292)

Due from banks with maturity more than three months

(7,684,847)

(29,663,385)

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

(117,736,518)

(71,857,695)

Total cash and cash equivalent

316,361,888

259,628,642

Condensed Separate Interim statement of changes in shareholders' equity

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

IFRS 9 risk reserve

Retained earnings

Reserve for employee stock ownership plan

Total

Jun. 30, 2023

Beginning Balance at 1 Januray 2023

29,825,134

3,963,946

27,096,858

1,549,445

-

18,947

(13,138,461)

11,981

-

16,497,346

1,895,435

67,720,631

Capital increase

369,876

-

-

-

-

-

-

-

-

-

-

369,876

Transferred to reserves

-

806,408

12,743,849

-

-

2,208

-

-

-

(12,388,223)

(1,164,242)

-

Dividend paid

-

-

-

-

-

-

-

-

-

(3,738,888)

-

(3,738,888)

Net profit for the period

-

-

-

-

-

-

-

-

-

14,143,571

-

14,143,571

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(95,308)

-

-

95,308

-

-

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

-

-

-

-

-

-

(9,947,459)

-

-

-

-

(9,947,459)

Transferred (from) to bank risk reserve

-

-

-

-

-

-

-

3,249

-

(3,249)

-

-

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

-

-

-

-

-

-

204,804

-

-

-

-

204,804

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

402,192

402,192

 Balance at 30 June 2023

30,195,010

4,770,354

39,840,707

1,549,445

-

21,155

(22,976,424)

15,230

-

14,605,865

1,133,385

69,154,727

Jun. 30, 2024

Beginning Balance at 1 Januray 2024

30,195,010

4,770,354

39,840,707

1,549,445

-

21,155

(16,808,265)

15,230

-

29,230,360

1,486,010

90,300,006

Capital increase

236,570

-

-

-

-

-

-

-

-

-

-

236,570

Transferred to reserves

-

1,438,320

22,582,085

-

-

1,663

-

-

-

(23,398,943)

(623,125)

-

Dividend paid

-

-

-

-

-

-

-

-

-

(5,366,429)

-

(5,366,429)

Net profit for the period

-

-

-

-

-

-

-

-

-

27,683,178

-

27,683,178

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

4,073,707

-

-

-

-

4,073,707

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

-

-

-

-

-

-

751,734

-

-

-

-

751,734

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

533,219

533,219

 Balance at 30 June 2024

30,431,580

6,208,674

62,422,792

1,549,445

-

22,818

(11,982,824)

17,924

-

28,145,472

1,396,104

118,211,985

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman