CIB Q4-2022 Consolidated Financial Statements

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

Consolidated Financial Statements

December 31, 2022

Consolidated Cash Flow for the Year Ended December 31, 2022

Notes

Dec. 31, 2022

Dec. 31, 2021

EGP Thousands

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

23,941,286

18,833,357

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

24

885,801

885,060

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

12

1,043,776

1,756,505

Other provisions charges

30

2,133,535

381,138

Impairment charge for credit losses (due from banks)

12

8,395

16,808

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

12

524,838

(93,566)

Impairment (Released) charge for other assets

(277,766)

31,975

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

21

(7,477,865)

17,261

Goodwill amortization

43

41,257

41,257

Intangible assets amortization

44

10,366

10,366

Utilization of other provisions

30

(3,126)

(45,483)

Other provisions no longer used

30

(172)

(2,451)

Exchange differences of other provisions

30

1,394,973

(15,243)

Losses (profits) from selling property and equipment

11

(2,208)

(2,947)

Losses (profits) from selling financial investments at fair value through OCI

21

(1,162,195)

(702,776)

Impairment (Released) charges of investments in associates

21

-

107,913

Shares based payments

723,965

609,744

Bank's share in the profits / losses of associates

17,680

(14,996)

Operating profits before changes in operating assets and liabilities

21,802,540

21,813,922

Net decrease (increase) in assets and liabilities

Due from banks

16

(25,811,654)

(17,183,300)

Financial assets at fair value through P&L

21

240,987

118,972

Derivative financial instruments

20

(1,760,303)

(42,220)

Loans and advances to banks and customers

18 - 19

(51,705,061)

(27,280,547)

Other assets

41

(2,862,478)

(2,135,921)

Due to banks

25

2,630,642

(7,951,479)

Due to customers

26

124,375,012

66,072,088

Current income tax obligations paid

(3,293,520)

(3,444,749)

Other liabilities

29

1,286,382

1,499,027

Net cash used in (generated from) operating activities

64,902,547

31,465,793

Cash flow from investing activities

Payment for purchases of associates

-

(158,360)

Payment for purchases of property, equipment and branches constructions

(1,033,499)

(981,186)

Proceeds from selling property and equipment

11

2,208

2,947

Proceeds from redemption of financial assets at amortized cost

6,738,937

4,741,459

Payment for purchases of financial assets at amortized cost

(19,978,014)

(3,844)

Payment for purchases of financial assets at fair value through OCI

(45,646,889)

(250,679,698)

Proceeds from selling financial assets at fair value through OCI

27,478,730

203,315,958

Net cash generated from (used in) investing activities

(32,438,527)

(43,762,724)

Consolidated Cash Flow for the Year Ended December 31, 2022 (Cont.)

Dec. 31, 2022

Dec. 31, 2021

EGP Thousands

EGP Thousands

Cash flow from financing activities

Other loans

28

2,838,193

(2,606,164)

Dividends paid

(4,420,569)

(1,384,721)

Issued debt instruments

899,344

1,557,263

Capital increase

122,716

-

Net cash generated from (used in) financing activities

(560,316)

(2,433,622)

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

31,903,704

(14,730,553)

Beginning balance of cash and cash equivalent

61,065,822

75,796,375

Cash and cash equivalent at the end of the year

92,969,526

61,065,822

Cash and cash equivalent comprise:

Cash and balances at the central bank

15

47,492,549

43,492,248

Due from banks

16

133,906,112

80,182,766

Treasury bills and other governmental notes

17

59,146,824

41,579,504

Obligatory reserve balance with CBE

15

(40,493,607)

(38,100,936)

Due from banks with maturities more than three months

(47,286,754)

(23,801,430)

Treasury bills with maturity more than three months

(59,795,598)

(42,286,330)

Total cash and cash equivalent

92,969,526

61,065,822

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

Non Controlling 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)

-

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(1,360,652)

-

-

(1,360,652)

(24,069)

(1,384,721)

Net profit of the year

-

-

-

-

-

-

-

-

13,272,209

-

-

13,272,209

(4,451)

13,267,758

Transferred from reserve 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 after tax

-

-

-

-

-

-

(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

Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2022

Dec. 31, 2022

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

EGP Thousands

Beginning balance

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

Capital increase

10,122,716

-

(10,000,000)

-

-

-

-

-

-

-

-

122,716

-

122,716

Transferred to reserves

-

670,872

8,836,326

-

-

2,947

-

-

(9,007,223)

(502,922)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(4,410,322)

-

-

(4,410,322)

(10,247)

(4,420,569)

Net profit of the year

-

-

-

-

-

-

-

-

16,114,388

-

-

16,114,388

57,762

16,172,150

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

-

-

-

-

-

-

(3,436)

-

3,436

-

-

-

-

-

Transferred from previous years' outstanding balances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

(14,281,801)

-

-

-

-

(14,281,801)

-

(14,281,801)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,840

(2,840)

-

-

-

-

-

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

-

-

-

-

-

-

455,047

-

-

-

-

455,047

-

455,047

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

723,965

-

723,965

-

723,965

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

185,542

185,542

78,381

263,923

Balance at the end of the year

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