CIB Q4-2022 Separate Financial Statements

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

Separate Financial Statements

December 31, 2022

Separate Income Statement for the year ended December 31, 2022

Separate 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

24,062,380

18,980,885

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

24

868,611

858,609

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

12

978,374

1,753,908

Other provisions charges

30

2,133,941

381,601

Impairment charge for credit losses (due from banks)

12

8,795

17,108

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

12

524,838

(93,566)

Impairment (Released) charge for other assets

23

(277,766)

31,975

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

21

(7,477,865)

17,261

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

(1,116,776)

(702,776)

Shares based payments

723,965

609,744

Impairment (Released) charges of investments in associates

21

-

18,359

Operating profits before changes in operating assets and liabilities

21,817,964

21,806,984

Net decrease (increase) in assets and liabilities

Due from banks

16

(25,816,942)

(17,927,084)

Financial assets at fair value through P&L

21

240,987

118,972

Derivative financial instruments

20

(1,760,098)

(42,425)

Loans and advances to banks and customers

18 - 19

(51,470,510)

(27,183,640)

Other assets

41

(2,859,380)

(2,155,845)

Due to banks

25

2,613,089

(7,952,802)

Due to customers

26

124,023,989

66,014,392

Current income tax obligations paid

(3,221,401)

(3,443,674)

Other liabilities

29

1,223,704

1,490,795

Net cash used in (generated from) operating activities

64,791,402

30,725,673

Cash flow from investing activities

Payments for investment in subsidiaries and associates.

(59,900)

(158,360)

Payment for purchases of property, equipment and branches constructions

(974,017)

(942,173)

Proceeds from selling property and equipment

11

2,208

2,947

Proceeds from redemption of financial assets at amortized cost

6,738,937

4,705,849

Payment for purchases of financial assets at amortized cost

(19,860,705)

(3,844)

Payment for purchases of financial assets at fair value through OCI

(45,171,763)

(250,190,493)

Proceeds from selling financial assets at fair value through OCI

27,087,151

203,196,606

Net cash generated from (used in) investing activities

(32,238,089)

(43,389,468)

Separate 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

(4,410,322)

(1,360,652)

Issued debt instruments

899,344

1,557,263

Capital increase

122,716

-

Net cash generated from (used in) financing activities

(550,069)

(2,409,553)

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

32,003,244

(15,073,348)

Beginning balance of cash and cash equivalent

60,891,899

75,965,247

Cash and cash equivalent at the end of the year

92,895,143

60,891,899

Cash and cash equivalent comprise:

Cash and balances at the central bank

15

47,384,574

43,385,222

Due from banks

16

133,815,430

80,031,726

Treasury bills and other governmental notes

17

59,146,824

41,579,504

Obligatory reserve balance with CBE

15

(40,414,752)

(38,016,793)

Due from banks with maturities more than three months

(47,241,335)

(23,801,430)

Treasury bills with maturity more than three months

(59,795,598)

(42,286,330)

Total cash and cash equivalent

92,895,143

60,891,899

Separate 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

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Total

EGP Thousands

Beginning balance

14,776,813

2,778,135

24,765,658

1,549,445

14,906

3,970,987

6,423

10,477,611

1,064,648

59,404,626

Capital increase

4,925,605

-

(4,925,605)

-

-

-

-

-

-

-

Transferred to reserves

-

514,939

8,420,479

-

1,094

-

-

(8,936,512)

-

-

Dividend paid

-

-

-

-

-

-

-

(1,360,652)

-

(1,360,652)

Net profit of the year

-

-

-

-

-

-

-

13,420,385

-

13,420,385

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

-

-

-

-

-

(177,488)

-

177,488

-

-

Transferred from previous years' outstanding balances

-

-

-

-

-

-

-

8,333

-

8,333

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

-

-

-

-

-

(3,060,702)

-

-

-

(3,060,702)

Transferred (from) to bank 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)

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

609,744

609,744

Ending balance

19,702,418

3,293,074

28,260,532

1,549,445

16,000

639,231

9,141

13,783,935

1,674,392

68,928,168

Separate 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

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Total

EGP Thousands

Beginning balance

19,702,418

3,293,074

28,260,532

1,549,445

16,000

639,231

9,141

13,783,935

1,674,392

68,928,168

Capital increase

10,122,716

-

(10,000,000)

-

-

-

-

-

-

122,716

Transferred to reserves

-

670,872

8,836,326

-

2,947

-

-

(9,007,223)

(502,922)

-

Dividend paid

-

-

-

-

-

-

-

(4,410,322)

-

(4,410,322)

Net profit of the year

-

-

-

-

-

-

-

16,130,360

-

16,130,360

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

-

-

-

-

-

(14,229,303)

-

-

-

(14,229,303)

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

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

723,965

723,965

Ending balance

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

Proposed appropriation account for the year ended December 31, 2022

Dec. 31, 2022

Dec. 31, 2021

EGP Thousands

EGP Thousands

Net profit after tax

16,130,360

13,420,385

Deduct:

Profits selling property, plant and equipment transferred to capital reserve according to the law

(2,208)

(2,947)

Bank risk reserve

(3,249)

(2,840)

Available net profit for distributing

16,124,903

13,414,598

Added

Retained Earnings beginning balance

363,550

177,729

Transferred to retained earnings

3,436

185,821

Total

16,491,889

13,778,148

To be distributed as follows:

Legal reserve

806,408

670,872

General reserve

11,579,607

8,333,404

Dividends to shareholders

1,613,036

2,684,077

Staff profit sharing

1,612,490

1,341,460

Board members bonus

110,239

49,420

CIB's foundation

241,874

201,219

Support and development of banking sector fund

161,249

134,146

Retained Earnings closing balance

366,986

363,550

Total

16,491,889

13,778,148