CIB-Separate Financial Statements 3Q.2024

Condensed Separate Interim Statement of Financial Position as at September 30, 2024

Notes

Sep. 30, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

9

94,285,689

71,747,343

Due from banks

10

304,041,116

230,709,419

Loans and advances to banks, net

12

3,323,215

822,448

Loans and advances to customers, net

13

301,909,242

233,824,745

Derivative financial instruments

1,769,619

1,101,896

Financial investments

- Financial Assets at Fair Value through P&L

14

2,066,889

-

- Financial Assets at Fair Value through OCI

14

222,440,208

232,290,598

- Financial Assets at Amortized cost

14

144,700,921

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

34,217,526

18,929,067

Deferred tax assets

1,870,814

1,685,223

Property and equipment

17

2,999,072

2,737,936

Total assets

1,114,655,664

832,527,142

Liabilities and equity

Liabilities

Due to banks

18

3,820,953

12,427,384

Due to customers

19

896,692,273

675,310,076

Derivative financial instruments

138,896

140,934

Current income tax liabilities

14,269,506

9,395,534

Other liabilities

20

21,685,718

18,307,580

Issued debt instruments

21

4,811,742

3,073,349

Other loans

20,324,693

12,483,907

Other provisions

22

15,471,381

11,088,372

Total liabilities

977,215,162

742,227,136

Equity

Issued and paid up capital

30,431,580

30,195,010

Reserves

61,951,798

29,388,626

Reserve for employee stock ownership plan (ESOP)

1,667,230

1,486,010

Retained earnings *

43,389,894

29,230,360

Total equity and net profit for the period / year

137,440,502

90,300,006

Total liabilities and equity

1,114,655,664

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 September 30, 2024

Last 9 Months

Last 9 Months

Notes

Sep. 30, 2024

Sep. 30, 2023

Interest and similar income

130,537,149

72,741,395

Interest and similar expense

(65,010,779)

(35,154,201)

Net interest income

65,526,370

37,587,194

Fee and commission income

9,257,495

6,540,630

Fee and commission expense

(4,048,928)

(2,590,207)

Net fee and commission income

5,208,567

3,950,423

Dividend income

100,858

100,244

Net trading income

6

18,177,630

3,146,544

Profits (Losses) on financial investments 

14.1

377,992

(1,256,233)

Administrative expenses

(8,795,429)

(6,304,022)

Other operating income (expenses)

7

(17,980,232)

(5,293,795)

Impairment release (charges) for credit losses

(3,741,208)

(1,248,897)

Profit before income tax

58,874,548

30,681,458

Income tax expense

26

(16,964,163)

(9,540,541)

Deferred tax assets (Liabilities)

26

646,991

591,159

Net profit for the period

42,557,376

21,732,076

Earnings per share

8

Basic

12.42

6.41

Diluted

12.26

6.33

Islam Zekry

Hisham Ezz Al-Arab

Group CFO

Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2024

Last 9 Months

Last 9 Months

Sep. 30, 2024

Sep. 30, 2023

Net profit for the period

42,557,376

21,732,076

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

8,284,110

(9,611,703)

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

(370,224)

(95,308)

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

624,524

197,888

Total comprehensive income for the period

51,095,786

12,222,953

Condensed Separate Interim Cash Flows for the period ended September 30, 2024

Notes

Sep. 30, 2024

Sep. 30, 2023

Cash flow from operating activities

Profit before income tax

58,874,548

30,681,458

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

763,079

636,285

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

4,226,051

1,088,174

Other provisions Release/charge

22

429,182

2,350,347

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

(5)

(49,019)

Impairment Release/charge for credit losses (financial investments)

(484,838)

209,742

Impairment Release/charge for other assets

(11,956)

14,347

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

(18,536,183)

(5,409,592)

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

1,199,896

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

107,207

-

Revaluation differences Impairment charge for due from banks

107

-

Utilization of other provisions

22

(9,196)

(1,608)

Exchange revaluation differences of other provisions

22

3,963,023

1,096,665

Profits/losses from selling property and equipment

(2,254)

(194)

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

14.1

(377,992)

(149,012)

Losses (Profits) from selling investments in associates

14.1

-

(7,466)

Share based payments

804,345

608,250

Impairment Release/charges of investments in associates and subsidiaries

14.1

-

1,412,711

Operating profits before changes in operating assets and liabilities

50,945,014

32,481,088

Net decrease / increase in assets and liabilities

Due from banks

(24,748,544)

5,142,259

Financial assets at fair value through P&L

(2,066,889)

-

Derivative financial instruments

(229,127)

172,635

Loans and advances to banks and customers

12-13

(74,803,105)

(27,805,660)

Other assets

(14,036,648)

(2,507,984)

Due to banks

18

(8,606,431)

15,554,567

Due to customers

19

221,382,197

135,770,021

Current income tax obligations paid

(2,694,657)

(2,547,087)

Other liabilities

(6,305,033)

874,366

Net cash generated from (used in) operating activities

138,836,777

157,134,205

Cash flow from investing activities

Proceeds from sale of investments in associates

11,956

2,119

Payments for investment in subsidiaries

(200,000)

(1,216,022)

Payments for purchases of property, equipment and branches construction

(2,284,236)

(1,162,819)

Proceeds from selling property and equipment

2,254

194

Proceeds from redemption of financial assets at amortized cost

1,093,724

5,278,030

Payments for purchases of financial assets at amortized cost

(105,723,312)

(9,178,811)

Payments for purchases of financial assets at fair value through OCI

(21,646,713)

(65,109,765)

Proceeds from selling financial assets at fair value through OCI

67,015,091

76,347,190

Net cash generated from (used in) investing activities

(61,731,236)

4,960,116

Condensed Separate Interim Cash Flows for the period ended September 30, 2024 (Cont.)

Sep. 30, 2024

Sep. 30, 2023

Cash flow from financing activities

Other loans

7,840,786

2,408,739

Dividends paid

(5,078,792)

(3,738,888)

Issued debt instruments

1,738,393

615,227

Capital increase

236,570

369,876

Net cash generated from (used in) financing activities

4,736,957

(345,046)

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

81,842,498

161,749,275

Beginning balance of cash and cash equivalent

233,912,193

92,895,143

Cash and cash equivalent at the end of the period

315,754,691

254,644,418

Cash and cash equivalent comprise:

Cash and balances at the central bank

9

94,285,689

59,818,535

Due from banks

304,041,410

276,244,266

Treasury bills and other governmental notes

11

82,174,775

71,507,826

Obligatory reserve balance with CBE

(76,128,521)

(52,853,882)

Due from banks with maturity more than three months

(17,846,556)

(29,659,932)

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

(70,772,106)

(70,412,395)

Total cash and cash equivalent

315,754,691

254,644,418

Condensed Separate Interim statement of changes in shareholders' equity

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

Sep. 30, 2023

Beginning Balance at 1 January 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

-

-

-

-

-

-

-

21,732,076

-

21,732,076

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

-

-

-

-

-

(9,611,703)

-

-

-

(9,611,703)

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

-

-

-

-

-

197,888

-

-

-

197,888

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

608,250

608,250

Balance at 30 September 2023

30,195,010

4,770,354

39,840,707

1,549,445

21,155

(22,647,584)

15,230

22,194,370

1,339,443

77,278,130

Sep. 30, 2024

Beginning Balance at 1 January 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

-

-

-

-

-

-

-

42,557,376

-

42,557,376

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

(370,224)

-

370,224

-

-

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

-

-

-

-

-

8,284,110

-

-

-

8,284,110

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

-

-

-

-

-

624,524

-

-

-

624,524

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

804,345

804,345

 Balance at 30 September 2024

30,431,580

6,208,674

62,422,792

1,549,445

22,818

(8,269,855)

17,924

43,389,894

1,667,230

137,440,502