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CIB's FY22 IFRS 9 Financial Statements

20th Mar 2023 18:26

RNS Number : 5862T

Commercial Intnl Bank (Egypt) SAE

20 March 2023

http://www.rns-pdf.londonstockexchange.com/rns/5862T_1-2023-3-20.pdf

Consolidated Income Statement for the Year Ended December 31, 2022

Notes	Dec. 31, 2022	Dec. 31, 2021
	EGP Thousands	EGP Thousands
Interest and similar income	55,723,701	45,078,169
Interest and similar expense	(24,828,731)	(20,204,272)
Net interest income 3	30,894,970	24,873,897
Fee and commission income	5,555,082	4,045,573
Fee and commission expense	(2,476,945)	(1,655,096)
Net fee and commission income 4	3,078,137	2,390,477
Dividend income 5	52,411	59,725
Net trading income 6	2,827,922	774,992
Profits on financial investments 20	1,162,195	594,863
Administrative expenses 7	(9,460,461)	(7,787,584)
Other operating expenses 8	(4,562,700)	(1,673,546)
Impairment charges for credit losses 9	(1,584,942)	(1,679,747)
Bank's share in the (loss)/profit of associates 12	(19,253)	14,996
Profit before income tax from continuing operations	22,388,279	17,568,073
Income taxes 10	(7,769,136)	(5,565,599)
Net profit for the year	14,619,143	12,002,474
Attributable to:
Equity holders of the parent	14,561,381	12,006,925
Non-controlling interest	57,762	(4,451)
Net Profit for the year	14,619,143	12,002,474

Earning per share 11
Basic attributable to equity holders of the parent	4.88	4.03
Diluted attributable to equity holders of the parent	4.84	3.99

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

Sherif Samy

CEO & Managing director Chairman

20- March -2023 20- March -2023

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2022

	Dec. 31, 2022	Dec. 31, 2021
	EGP Thousands	EGP Thousands
Profit for the year	14,619,143	12,002,474
Comprehensive income items that will not be reclassified to the Profit or Loss:
Change in fair value of equity instruments measured at fair value through comprehensive income	233,046	(149,323)
Tax impact for investments that will not be reclassified to Income Statement	(61,753)	13,489
Transferred to RE from financial assets at fair value through comprehensive income	(3,436)	(177,488)
Comprehensive income items that is or may be reclassified to the profit or loss:
Change in fair value of debt instruments measured at fair value through comprehensive income	(14,691,866)	(2,181,779)
Change in fair value from selling FVOCI financial instruments	(1,116,776)	(702,776)
Cumulative foreign currencies translation differences	181,324	(4,218)
Tax impact for OCI investment that will be reclassified to Income Statement	1,215,530	(109,394)
Effect of ECL in fair value of debt instruments measured at fair value through OCI	455,047	(93,566)
Total comprehensive income for the year	830,259	8,597,419
As follows:
Bank's shareholders	772,497	8,601,870
Non-controlling interest	57,762	(4,451)
Total comprehensive income for the year	830,259	8,597,419

Consolidated Statement of Financial Position as at December 31, 2022

Notes

Dec. 31, 2021

EGP Thousands

Assets
Cash and balances at the central bank	13	47,492,549	43,492,248
Due from banks	14	133,856,720	80,141,769
Loans and advances to banks, net	15	2,978,197	312,216
Loans and advances to customers, net	16	193,599,872	145,575,243
Financial Assets at fair value through profit or loss	19	247,324	443,859
Derivative financial instruments	17	1,939,961	225,376
Financial Assets at fair value through OCI	19	208,144,247	197,238,721
Financial Assets at amortized cost	19	34,524,760	20,547,465
Right of use assets	23	1,726,082	1,084,585
Investments in associates	21	186,062	205,315
Other assets	22	14,521,427	11,207,128
Intangible assets	38	51,831	51,831
Goodwill	38	206,287	206,287
Deferred tax assets	10.2	185,745	456,002
Property and equipment	23	2,405,434	2,461,116
Total assets		642,066,498	503,649,161
Liabilities and equity
Liabilities
Due to banks	24	3,496,698	866,056
Due to customers	25	531,616,550	407,241,538
Lease liabilities	23	1,690,099	1,087,820
Derivative financial instruments	17	219,752	265,470
Issued debt instruments	18	2,456,607	1,557,263
Other liabilities	27	17,700,479	13,710,791
Current Tax liability		3,051,583	2,234,985
Other loans	26	7,978,975	5,140,782
Provisions	28	7,067,599	3,541,462
Total liabilities		575,278,342	435,646,167
Equity
Issued and paid in capital	29	29,825,134	19,702,418
Reserves	30	19,342,866	33,552,794
Reserve for employee stock ownership plan (ESOP)	30	1,895,435	1,674,392
Retained earnings	30	15,144,290	12,618,855
Total equity attributable to equity holders of the parent		66,207,725	67,548,459
Non-controlling interest	39	580,431	454,535
Total equity		66,788,156	68,002,994
Total liabilities and equity		642,066,498	503,649,161

The accompying notes from 1 to 42 form an integral part of these consolidated financial statements.

Hussein Abaza

CEO & Managing director

20- March -2023

Sherif SamyChairman

20- March -2023

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2021 Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings Reserves Total Non-controlling

interest

Total equity

19,702,418	1,674,392	12,618,855	33,552,794	67,548,459	454,535	68,002,994
-	-	14,561,381	-	14,561,381	57,762	14,619,143
10,122,716	-	-	(10,000,000)	122,716	-	122,716
-	723,965	-	-	723,965	-	723,965
-	-	(3,019,442)	-	(3,019,442)	(10,247)	(3,029,689)
-	(502,922)	(9,016,504)	(4,209,928)	(13,729,354)	78,381	(13,650,973)
29,825,134	1,895,435	15,144,290	19,342,866	66,207,725	580,431	66,788,156

Beginning balance at 1st of Jan 2021 14,776,813 1,064,648 9,534,429 32,939,079 58,314,969 483,055 58,798,024

Total comprehensive income - - 12,006,925 - 12,006,925 (4,451) 12,002,474

Capital increase	4,925,605	-		-		(4,925,605)		-		-		-
Reserve for employee stock ownership plan (ESOP)	-		609,744		-		-		609,744		-		609,744
Dividend	-		-		(156,389)		-		(156,389)		(24,069)		(180,458)
Transferred to reserves	-		-		(8,766,110)		5,539,320		(3,226,790)		-		(3,226,790)
Balance at 31 December 2021	19,702,418		1,674,392		12,618,855		33,552,794		67,548,459		454,535		68,002,994

Beginning balance at 1st of Jan 2022
Total comprehensive income
Capital increase
Reserve for employee stock ownership plan (ESOP)
Dividend
Transferred to reserves
Balance at 31 December 2022

Notes Cash flow from operating activities	Dec. 31, 2022 EGP Thousands	Dec. 31, 2021 EGP Thousands
Profit before income tax from continued operations	22,388,279	17,568,073
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation	885,801	885,060
Impairment charge for credit losses (Loans and advances to customers)	1,043,776	1,756,505
Other provisions charges	2,134,462	380,459
Impairment charge for other assets	(277,766)	31,975
Impairment charge for credit losses (due from banks)	8,395	16,808
Exchange revaluation differences for financial assets at fair value through OCI and AC	(7,477,865)	17,261
Impairment (Reversal of impairment) charge for credit losses (financial investments)	524,838	(93,566)
Utilization of other provisions	(3,126)	(45,483)
Other provisions no longer used	(172)	(2,451)
Impairment of intangible assets	206,287	206,287
Exchange differences of other provisions	1,394,973	(15,243)
Impairment (Reversal of impairment) charges of investments in associates	-	107,913
Profits from selling property, plant and equipment	(2,208)	(2,947)
Losses from selling financial investments	(1,162,195)	(702,776)
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 working capital	20,405,124	20,702,623
Net decrease (increase) in working capital
Due from banks	(25,811,654)	(17,183,300)
Financial assets at fair value through profit or loss	240,987	118,972
Derivative financial instruments	(1,760,303)	(42,220)
Loans and advances to banks and customers	(51,705,061)	(27,280,547)
Other assets	(2,862,478)	(2,135,921)
Due to banks	2,630,642	(7,951,479)
Due to customers	124,375,012	66,072,088
Current income tax obligations paid	(3,293,520)	(3,444,749)
Other liabilities	3,989,688	(1,359,238
Net cash generated from operating activities	66,208,437	27,496,229
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	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	(19,908,223)	(3,844)
Payment for purchases of financial assets at fair value through OCI	(45,665,232)	(250,679,698)
Proceeds from selling financial assets at fair value through OCI	26,046,482	206,611,955
Net cash generated from (used in) investing activities	(33,819,327)	(40,466,727)

Consolidated Statement of Cash Flow for the Year Ended December 31, 2022

)

		Dec. 31, 2022	Dec. 31, 2021
		EGP Thousands	EGP Thousands
Cash flow from financing activities
Other loans		2,838,193	(2,606,164)
Other loans - new loans obtained in the year		102,613	24,334
Other loans - loans repaid in the year		(554,539)	(2,625,878)
Other loans - movement in foreign exchange rate		3,290,119	(4,620)
Dividends paid		(3,019,442)	(156,389)
Issued debt instruments ( the effect of changes in foregin exchange rate )		899,344	-
Cash payments for lease (principle and interest)		(498,794)	(242,292)
Capital increase		122,716	-
Net cash generated from (used in) financing activities		342,017	(3,004,845)
Net (decrease) increase in cash and cash equivalent during the year		32,731,127	(15,975,343)
Beginning balance of cash and cash equivalent		50,374,942	66,350,285
Cash and cash equivalent at the end of the year		83,106,069	50,374,942
Cash and cash equivalent comprise:
Cash and balances at the central bank	13	47,492,549	43,492,248
Due from banks with maturities of 3 months or less	14	76,096,552	44,983,081
Treasury bills with maturities of three months or less	19	10,575	549
Obligatory reserve balance with CBE	13	(40,493,607)	(38,100,936
Total cash and cash equivalent	31	83,106,069	50,374,942
Interest received in cash
		Dec.31, 2022	Dec.31, 2021
		EGP Thousands	EGP Thousands
From operating activities:
Loans and advances		24,170,943	18,206,717
Due to customers		23,237,484	18,950,534
		Dec.31, 2022	Dec.31, 2021
		EGP Thousands	EGP Thousands
From investing activities:
Financial assets at FVOCI		26,107,850	20,516,144
Financial assets at AC		3,136,458	3,653,803
		Dec.31, 2022	Dec.31, 2021
		EGP Thousands	EGP Thousands
From Financing activities:
Other loans		455,183	322,522

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

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