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CIB Year End 2019 IFRS Consolidated Results

28th Apr 2020 07:00

RNS Number : 9987K
Commercial Intnl Bank (Egypt) SAE
28 April 2020
 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

 

 

 

http://www.rns-pdf.londonstockexchange.com/rns/9987K_1-2020-4-27.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Consolidated IFRS Financial Statements

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of profit or loss for the year ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Dec. 31, 2019

 

 

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Interest and similar income

 

 

 

 42,600,957

 

 

 

37,403,709

Interest and similar expense

 

 

 

 (21,054,078)

 

 

 

(19,260,190)

Net interest income

3

 

 

 21,546,879

 

 

 

18,143,519

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

 

 3,451,688

 

 

 

3,402,616

Fee and commission expense

 

 

 

 (1,170,893)

 

 

 

(991,957)

Net fee and commission income

4

 

 

 2,280,795

 

 

 

2,410,659

 

 

 

 

 

 

 

 

 

Dividend income

5

 

 

 53,423

 

 

 

25,958

Net trading income

6

 

 

 688,059

 

 

 

1,041,810

Profits (Losses) on financial investments

20

 

 

 450,697

 

 

 

402,068

Administrative expenses

7

 

 

 (6,468,560)

 

 

 

(5,322,654)

Other operating expenses

8

 

 

 (1,698,547)

 

 

 

(1,589,675)

Impairment charge for credit losses

9

 

 

 (1,435,460)

 

 

 

(2,487,066)

Intangible Assets Impairment

38

 

 

 (651,041)

 

 

 

-

Bank's share in the profits of associates

12

 

 

 1,135

 

 

 

27,419

Profit before income tax from continuing operations

 

 

 

 14,767,380

 

 

 

12,652,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

 

 

 (4,639,364)

 

 

 

(3,625,579)

Deferred income tax

10.2

 

 

 (94,522)

 

 

 

36,008

Net profit from continuing operations

 

 

 

 10,033,494

 

 

 

9,062,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit for the year

 

 

 

10,033,494

 

 

 

9,062,467

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

10,033,494

 

 

 

9,062,467

Non-controlling interest

 

 

 

-

 

 

 

-

Net Profit for the year

 

 

 

10,033,494

 

 

 

9,062,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

11

 

 

 

 

 

 

 

Basic attributable to equity holders of the parent

 

 

 

7.04

 

 

 

7.79

Diluted attributable to equity holders of the parent

 

 

 

6.99

 

 

 

7.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of other comprehensive income for the year ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

Note

Dec. 31, 2019

 

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

Profit for the year

 

 

10,033,494

 

 

9,062,467

 

Other comprehensive income

 

 

 

 

 

 

 

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

 

 

 

 

 

 

 

Net (Loss)/gain on FVOCI

 

 

5,975,133

 

 

(1,928,674)

 

Total other comprehensive income for the year

 

 

 

16,008,627

 

 

7,133,793

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the parent

 

 

16,008,627

 

 

7,133,793

 

Non-controlling interest

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of financial position as at December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Dec. 31, 2019

 

Dec. 31, 2018

 

EGP Thousands

 

EGP Thousands

Assets

 

 

 

 

Cash and balances with central bank

13

 28,273,962

 

20,058,974

Due from banks

14

 28,353,366

 

46,511,579

Loans and advances to banks, net

15

 625,264

 

68,385

Loans and advances to customers, net

16

 119,321,103

 

107,828,597

Financial Assets at Fair value through P&L

19

 418,781

 

10,303,319

Derivative financial instruments

17

 216,383

 

52,289

Financial Assets at Fair value through OCI

19

 89,897,257

 

73,266,653

Financial Assets at Amortized cost

19

 107,225,613

 

73,598,251

Right of use

23

 339,501

 

-

Investments in associates

21

 107,693

 

106,558

Other assets

22

 9,748,143

 

9,570,533

Intangible assets

38

 -

 

651,041

Deferred tax assets

10.2

 350,339

 

308,370

Property and equipment

23

 2,204,464

 

1,653,102

Total assets

 

 387,081,869

 

343,977,651

 

 

 

 

 

Liabilities and equity

 

 

 

 

Liabilities

 

 

 

 

Due to banks

24

 11,810,607

 

7,259,819

Due to customers

25

 304,448,455

 

285,296,869

Lease Liability

 

 337,531

 

-

Derivative financial instruments

17

 282,588

 

132,858

Other liabilities

27

 9,753,940

 

7,600,248

Current Tax Liability

 

 4,639,364

 

3,625,579

Other loans

26

 3,272,746

 

3,721,529

Provisions

28

 2,011,369

 

1,694,607

Total liabilities

 

 336,556,600

 

309,331,509

 

 

 

 

 

Equity

 

 

 

 

Issued and paid in capital

29

 14,690,821

 

11,668,326

Reserves

 

 23,180,850

 

12,635,473

Reserve for employee stock ownership plan (ESOP)

31

 963,152

 

897,680

Retained earnings

 

 11,690,446

 

9,444,663

Total equity attributable to equity holders of the parent

 

 50,525,269

 

34,646,142

Non-controlling interest

 

 -

 

-

Total equity

 

 50,525,269

 

 34,646,142

Total liabilities , equity and non-controlling interest

 

 387,081,869

 

 343,977,651

 

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec.31, 2018

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

Total

Non-controlling interest

Total equity

Beginning balance

 11,618,011

 489,334

 6,876,988

 8,867,806

 27,852,139

 -

 27,852,139

 

 

 

 

 

 

 

 

Profit for the period

 -

 -

 9,062,467

 -

 9,062,467

 -

 9,062,467

Other comprehensive income:

-

-

-

-

-

-

-

IFRS9 impact

-

-

455,274

156,187

611,461

-

611,461

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

Total comprehensive income

-

-

9,517,741

156,187

9,673,928

-

9,673,928

Capital increase

50,315

-

-

-

50,315

-

50,315

Reserve for employee stock ownership plan (ESOP)

-

408,346

-

-

408,346

-

408,346

Dividend

-

-

(2,143,177)

-

(2,143,177)

-

(2,143,177)

Transferred to reserves

-

-

(2,927,869)

2,854,791

(73,078)

-

(73,078)

Distribution of profits

-

-

(1,879,020)

-

(1,879,020)

-

(1,879,020)

Changes to Equity

-

-

-

756,689

756,689

-

756,689

Balance at 31 December 2018

11,668,326

897,680

9,444,663

12,635,473

34,646,142

-

34,646,142

Beginning balance at 1 Jan 2019

11,668,326

897,680

9,444,663

12,635,473

34,646,142

-

34,646,142

Profit for the period

-

-

10,033,494

-

10,033,494

-

10,033,494

Total comprehensive income:

-

-

10,033,494

-

10,033,494

-

10,033,494

Capital increase

3,022,495

-

 

-

3,022,495

-

3,022,495

Reserve for employee stock ownership plan (ESOP)

-

464,539

-

-

464,539

-

464,539

Dividend

-

-

(2,700,544)

-

(2,700,544)

-

(2,700,544)

Transferred to reserves

-

(399,067)

(5,087,167)

10,545,377

5,059,143

-

5,059,143

Balance at 31 December 2019

14,690,821

963,152

11,690,446

23,180,850

50,525,269

-

50,525,269

           

 

 

 

 

 

 

 

 

Consolidated cash flow statement for the year ended December 31, 2019

 

 

 

 

 

 

 

 

Note

Dec. 31, 2019

 

Dec. 31, 2018

 

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

 

 

Profit before income tax from continued operations

 

14,767,380

 

12,652,038

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net profit to net cash provided by operating activities

 

 

 

 

 

 

Fixed assets depreciation

 

 587,662

 

 390,830

 

 

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

 

 1,610,878

 

 3,076,023

 

 

Other provisions charges

 

 461,869

 

 101,501

 

 

Impairment charge for other assets

 

 (93,313)

 

 316,763

 

 

Impairment charge for credit losses (due from banks)

 

 9,503

 

 -

 

 

Exchange revaluation differences for financial assets at fair value through OCI

 

 1,593,030

 

 (102,991)

 

 

Impairment charge for credit losses (financial investments)

 

 (184,921)

 

 39,561

 

 

Utilization of other provisions

 

 (28,135)

 

 (2,114)

 

 

Other provisions no longer used

 

 (6,910)

 

 (17,670)

 

 

Impairment of intangible assets

 

 651,041

 

 -

 

 

Exchange differences of other provisions

 

 (110,062)

 

 (2,269)

 

 

Profits from selling property, plant and equipment

 

 (1,439)

 

 (1,045)

 

 

(Profits) losses from selling financial investments

 

 (497,894)

 

 (441,628)

 

 

Shares based payments

 

 464,539

 

 408,346

 

 

Bank's share in the profits of associates

 

 (1,135)

 

 (27,419)

 

 

Operating profits before changes in operating assets and liabilities

 

 19,222,093

 

 16,389,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease (increase) in assets and liabilities

 

 

 

 

 

 

Due from banks

 

 (8,870,547)

 

 (13,661,577)

 

 

Treasury bills and other governmental notes

 

 -

 

 4,640,524

 

 

Financial assets at fair value through P&L

 

 2,318,924

 

 4,557,492

 

 

Derivative financial instruments

 

 (2,910)

 

 (66,141)

 

 

Loans and advances to banks and customers

 

 (14,533,328)

 

 (21,255,952)

 

 

Other assets

 

 163,933

 

 (2,263,465)

 

 

Due to banks

 

 4,550,788

 

 5,381,901

 

 

Due to customers

 

 19,151,586

 

 34,573,817

 

 

Income tax obligations paid

 

 (3,625,579)

 

 (2,778,973)

 

 

Other liabilities

 

 1,895,241

 

 1,025,022

 

 

Net cash provided from operating activities

 

 20,270,201

 

 26,542,574

 

 

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment for purchases of associates

 

 -

 

 (10,575)

 

 

Payment for purchases of property, plant, equipment and branches constructions

 

 (1,303,181)

 

 (874,708)

 

 

Proceeds from selling property, plant and equipment

 

 1,439

 

 1,045

 

 

Proceeds from redemption of financial assets at amortized cost

 

 43,937,957

 

 -

 

 

Payment for purchases of financial assets at amortized cost

 

 (76,516,842)

 

 (33,995,313)

 

 

Payment for purchases of financial assets at fair value through OCI

 

 (50,954,311)

 

 (12,670,761)

 

 

Proceeds from selling financial assets at fair value through OCI

 

 54,855,966

 

 2,314,616

 

 

Proceeds from selling non current assets held for sale

 

 -

 

 2,059,341

 

 

Net cash used in investing activities

 

 (29,978,972)

 

 (43,176,355)

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated cash flow statement for the year ended December 31, 2019

(Cont.)

 

 

 

 

 

 

 

 

Dec. 31, 2019

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

Increase (decrease) in long term loans

 

 (448,783)

 

 46,793

 

 

Dividend paid

 

 (2,700,544)

 

 (2,143,177)

 

 

Capital increase

 

 105,413

 

 50,315

 

 

Net cash used in financing activities

 

 (3,043,914)

 

 (2,046,069)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 (12,752,685)

 

 (18,679,850)

 

 

Beginning balance of cash and cash equivalent

 

 21,115,654

 

 39,795,504

 

 

Cash and cash equivalent at the end of the year

 

 8,362,969

 

 21,115,654

 

 

 

 

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

 

 

Cash and balances with central bank

13

 28,273,962

 

 20,058,974

 

 

Due from banks

14

 28,370,183

 

 46,511,579

 

 

Treasury bills and other governmental notes

19

 27,634,062

 

 41,999,252

 

 

Obligatory reserve balance with CBE

13

 (22,397,310)

 

 (13,526,763)

 

 

Due from banks with maturities more than three months

 

 (25,125,951)

 

 (23,914,064)

 

 

Treasury bills with maturity more than three months

 

 (28,391,977)

 

 (50,013,324)

 

 

Obligatory reserve balance with CBE

 

 8,362,969

 

 21,115,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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