FY2021 Consolidated Financial Statements- IFRS

(In EGP)

31/12/2021

31/12/2020

01/01/2020

Note

Assets

Cash and cash equivalents

5

30,876,257,819

7,397,790,093

9,984,123,272

Funded facilities to customers

8

10,081,007,385

8,189,679,143

5,925,245,600

Banking loans and facilities (aiBank)

8.1

9,544,916,760

-

-

Accounts receivable

7

5,611,375,904

4,734,488,970

4,521,946,503

Investments at fair value through profit and loss

6

8,002,539,778

5,744,078,663

7,880,915,409

Investments at fair value through OCI

9

16,820,480,365

10,097,642,055

13,602,999,007

Investments at amortized cost

12

10,050,278,918

-

-

Assets held for sale

11

305,541,145

59,640,898

-

Equity accounted investees

10

461,315,552

103,095,770

55,000,000

Investment property

13

125,529,472

132,074,502

205,498,422

Property and equipment

14

999,401,918

651,958,068

667,411,332

Goodwill and other intangible assets

15

1,107,396,952

984,353,914

999,077,802

Deferred tax assets

22

47,607,209

24,995,255

87,035,205

Other assets

16

2,561,079,667

621,212,320

524,534,183

Total assets

96,594,728,844

38,741,009,651

44,453,786,735

Liabilities

Due to banks and financial institutions

17

17,736,580,111

9,235,466,908

10,427,808,365

Customer deposits

18

38,564,737,371

-

-

Loan and borrowings

24

5,501,069,487

4,117,731,698

3,504,291,832

Creditors and other credit balances

21

3,157,995,391

2,408,136,351

2,399,822,189

Accounts payable - customers credit balance at fair value through profit and loss

19

3,890,060,348

2,022,981,775

5,086,573,832

Accounts payable - customers credit balances

8,537,833,096

5,486,303,627

7,677,341,560

Short term bonds

20

550,000,000

500,000,000

400,000,000

Provisions

23

690,001,941

566,956,651

569,382,887

Current tax liability

363,572,503

164,219,351

189,128,550

Deferred tax liabilities

22

296,588,621

301,270,105

211,537,049

Total liabilities

79,288,438,869

24,803,066,466

30,465,886,264

Equity

Share capital

25

4,865,353,355

3,843,091,115

3,843,091,115

Legal reserve

840,272,556

833,933,867

803,102,208

Share premium

1,668,623,811

1,922,267,826

1,922,267,826

Other reserves

783,420,592

791,823,872

2,060,243,837

Retained earnings

6,390,395,096

6,235,979,897

5,002,324,179

Equity attributable to owners of the Group

14,548,065,410

13,627,096,577

13,631,029,165

Non - controlling interests

26

2,758,224,565

310,846,608

356,871,306

Total equity

17,306,289,975

13,937,943,185

13,987,900,471

Total liabilities and equity

96,594,728,844

38,741,009,651

44,453,786,735

Mona Zulficar

Chairperson

Karim Awad

Group Chief Executive Officer

The accompanying notes form an integral part of these consolidated financial statements.

(In EGP)

For the year ended

31/12/2021

31/12/2020

Note

Interest income

32

4,416,355,205

2,894,539,255

Interest expense

32

(1,831,314,272)

(1,077,889,450)

Net interest income

2,585,040,933

1,816,649,805

Fee and commission income

32

3,395,050,747

2,742,568,431

Fee and commission expense

32

(344,114,579)

(271,609,375)

Net fee and commission income

3,050,936,168

2,470,959,056  

Securities (loss) gains for investments at fair value through profit and loss

32

(7,302,092)

371,758,025

Changes in the fair value of investments at fair value through profit and loss

32

(76,153,571)

576,420,133

Dividend income

32

31,853,072

39,543,674

Other revenues

28

146,867,227

126,552,995

Net gains on dereceognition of financial assets measured at amortized cost

32

88,347,943

13,542,181

Impairment loss on financial assets - net of recoveries

29

(137,995,100)

(294,566,570)

Foreign currencies exchange differences

32

234,140,416

(15,282,497)

Gains on selling assets held for sale

32

3,864,407

-

Share of loss from equity accounted investees

32

(14,173,369)

(4,237,980)

Operating income

5,905,426,034

5,101,338,822  

General and administrative expenses

31

(3,796,051,268)

(3,251,986,101)

Financial guarantee provision

23

(5,673,313)

(10,079,751)

Impairment loss on goodwill and intangible assets

32

(16,034,698)

(5,921,804)

Impairment loss on investment property

-

(3,384,491)

Provisions

23

(96,968,478)

(32,475,067)

Depreciation and amortisation

13,14,15

(193,664,511)   

(171,143,524)

Profit before tax

1,797,033,766

1,626,348,084

Income tax expense

30

(350,786,930)

(329,046,528)

Profit for the year

1,446,246,836

1,297,301,556

Profit attributable to:

Owners of the Group

1,329,283,838

1,264,551,960

Non- controlling interests

116,962,998  

32,749,596  

1,446,246,836  

1,297,301,556

Basic earnings per share (EGP)

34

1.57

1.41

Dilluted earnings per share (EGP)

34

1.49

1.41

 (In EGP)

For the year ended

2021

2020

Profit for the year

1,446,246,836

1,297,301,556

Other comprehensive income:

Items that may be reclassified to profit or loss

Foreign operations - foreign currency translation differences

(15,450,147)

(96,787,059)

Foreign currency translation differences - reclassified to profit or loss

(167,306,760)

(32,212,643)

Net losses on investments in debt instruments at fair value through OCI - net change in fair value

(10,639,480)

(625,405,385)

Investments at fair value through OCI - net change in fair value - reclassified to profit or loss

34,043,158

(474,568,773)

Related tax

22

(930,181)

12,221,624  

Items that will not be reclassified to profit or loss

Investment at fair value through OCI - reclassified to Retained Earnings

(15,659)

(2,176,473)

Net gains (losses) on investments in equity instruments designated at fair value through OCI - net change in fair value -

10,802,502

(52,867,403)

Actuarial gain (loss) re-measurement of employees' benefits obligations

23

971,076

(2,002,429)

Other comprehensive income, net of tax

(148,525,491)

(1,273,798,541)

Total comprehensive income

1,297,721,345  

23,503,015  

Total comprehensive income attributable to:

Owners of the Group

1,172,204,692

(5,870,434)

Non - controlling interests

125,516,653  

29,373,449  

1,297,721,345

23,503,015  

(In EGP)

Share

capital

Legal

reserve

Share premium

General reserve

Translation reserve

Fair value reserve

Employee stock Ownersip plan reserve

Hedging reserve

Retained earnings

Total

Non-controlling interest

Total Equity

Balance as at 31 December 2019, as previously reported

3,843,091,115

803,102,208

1,922,267,826

158,269

2,119,175,070

665,788,125

-

(26,442,387)

4,330,582,531

13,657,722,757

362,757,134

14,020,479,891

Effect of change in accounting policies

-

-

-

-

-

(724,877,627)

-

26,442,387

671,741,648

(26,693,592)

(5,885,828)

(32,579,420)

Balance as at 1 January 2020

3,843,091,115

803,102,208

1,922,267,826

158,269

2,119,175,070

(59,089,502)

-

-

5,002,324,179

13,631,029,165

356,871,306

13,987,900,471

Profit

-

-

-

-

-

-

-

-

1,264,551,960

1,264,551,960

32,749,596

1,297,301,556

Other comprehensive income

-

-

-

-

(126,465,076)

(1,141,954,889)

-

-

174,044

(1,268,245,921)

(3,376,147)

(1,271,622,068)

Total comprehensive income

-

-

-

-

(126,465,076)

(1,141,954,889)

-

-

1,264,726,004

(3,693,961)

29,373,449

25,679,488

Transactions with owners of the Group

Contributions and distributions

Dividends

-

-

-

-

-

-

-

-

-

-

(79,164,760)

(79,164,760)

Transferred to legal reserve

-

30,831,659

-

-

-

-

-

-

(30,831,659)

-

-

-

Changes in ownership interests

Changes in ownership interests without a change in control

-

-

-

-

-

-

-

-

(238,627)

(238,627)

3,766,613

3,527,986

Balance as at 31 December 2020

3,843,091,115

833,933,867

1,922,267,826

158,269

1,992,709,994

(1,201,044,391)

-

-

6,235,979,897

13,627,096,577

310,846,608

13,937,943,185

Balance as at 31 December 2020

3,843,091,115

833,933,867

1,922,267,826

158,269

1,992,709,994

(1,201,044,391)

-

-

6,235,979,897

13,627,096,577

310,846,608

13,937,943,185

Effect of change in accounting policies on 1 January 2021

Adjustment

-

-

-

-

-

-

-

-

(4,099,065)

(4,099,065)

-

(4,099,065)

Balance as at 1 January 2021

3,843,091,115

833,933,867

1,922,267,826

158,269

1,992,709,994

(1,201,044,391)

-

-

6,231,880,832

13,622,997,512

310,846,608

13,933,844,120

(In EGP)

Share

capital

Legal

reserve

Share premium

General reserve

Translation reserve

Fair value reserve

Employee stock Ownersip plan reserve

Hedging reserve

Retained earnings

Total

Non-controlling interest

Total Equity

Total comprehensive income

Profit

-

-

-

-

-

-

-

-

1,329,283,838

1,329,283,838

116,962,998

1,446,246,836

Other comprehensive income

-

-

-

-

(182,139,923)

24,089,701

-

-

986,735

(157,063,487)

8,553,655

(148,509,832)

Total comprehensive income

-

-

-

-

(182,139,923)

24,089,701

-

-

1,330,270,573

1,172,220,351

125,516,653

1,297,737,004

Transactions with owners of the Group

Contributions and distributions

Dividends

768,618,225

-

-

-

-

-

-

-

(768,618,225)

-

-

-

Transferred to share capital

253,644,015

-

(253,644,015)

-

-

-

-

-

-

-

-

-

Transferred to legal reserve

-

6,338,689

-

-

-

-

-

-

(6,338,689)

-

-

-

Employee stock ownership plan (ESOP)

-

-

-

-

-

-

149,646,942

-

-

149,646,942

-

149,646,942

Changes in ownership interests

Changes in ownership interests without a change in control

-

-

-

-

-

-

-

-

(396,799,395)

(396,799,395)

(18,077,004)

(414,876,399)

Share of NCI in the increase/(decrease) of subsidiaries paid- in capital

-

-

-

-

-

-

-

-

-

-

2,339,938,308

2,339,938,308

Balance as at 31 December 2021

4,865,353,355

840,272,556

1,668,623,811

158,269

1,810,570,071

(1,176,954,690)

149,646,942

-

6,390,395,096

14,548,065,410

2,758,224,565

17,306,289,975

(In EGP)

For the year ended

2021

2020

Note

Cash flows from operating activities

Profit before income tax

1,797,033,766

1,626,348,084

Adjustments for:

Depreciation and amortisation

13,14

193,664,511

171,143,524

Provisions formed

23

102,641,791

42,554,818

Provisions used

23

(123,453,932)

(8,684,029)

Provisions reversed

23

(54,802,383)

(35,255,180)

Gains on sale of property and equipment

14

(14,668,983)

(836)

Gains from Securitization

(66,016,939)

-

Gains (loss) on sale of investment at fair value through OCI

9

34,043,538

(474,568,773)

Gains on sale of assets held for sale

11

(3,864,407)

-

Amortization of premium/ issue discount

(30,974,345)

-

Changes in the fair value of investments at fair value through profit and loss

32

76,153,571

(576,420,133)

Share of loss of equity-accounted investees

32

14,173,369

4,237,980

Impairment loss on assets

154,029,798

303,872,865

Share-based payment

31

149,646,948

-

Foreign currency translation differences

(17,442,997)

(27,818,033)

Foreign currencies exchange differences

(234,140,416)

15,282,496

Operating cash flows before changes in working captial

1,976,022,890

1,040,692,783

Changes in working capital:

Other assets

16

(504,813,017)

(53,187,325)

Creditors and other credit balances

21

52,887,549

94,960,732

Accounts receivable

7

(916,774,492)

(258,963,589)

Accounts payable - customers credit balances

3,047,194,580

(1,995,952,225)

Accounts payable - customers credit balance at fair value through profit and loss

19

1,867,078,573

(3,063,592,057)

Funded facilities to customers

8

(2,935,999,896)

(2,477,553,478)

Due from banks

5

(5,583,297,532)

-

Due to banks

17

(304,852,380)

-

Customers deposits

(1,242,670,248)

-

Investments at fair value through profit and loss

6

(2,302,120,418)

2,208,024,926

Income tax paid

(233,489,679)

(173,872,403)

Net cash used in from operating activities

(7,080,834,070)

(4,679,442,636)

Cash flows from investing activities

Payments to purchase property and equipment and other intangible assets

(97,448,606)

(101,158,922)

Proceeds from sale of property and equipment

14

19,391,892

152,699

Proceeds from sale of assets held for sale

11

120,045,492

-

Proceeds from sale of investment at fair value through OCI

9

24,130,051,252

17,567,402,835

Payments to purchase investment at fair value through OCI

9

(20,306,019,053)

(14,767,315,832)

Payments to purchase investment in subsidiaries

(2,965,924,996)

-

Payments to purchase equity accounted investees

10

(17,982,500)

(52,333,749)

Dividends collected

8,583,669

-

Cash from acquisition of subsidiaries

2,382,473,653  

-

Net cash used in investing activities

3,273,170,803

2,646,747,031  

(In EGP)

For the year ended

2021

2020

Note

Cash flows from financing activities

Dividends paid

-

(89,377,959)

Proceeds from securitization transactions

1,112,500,000

-

Proceeds from short term bonds

20

550,000,000

500,000,000

Payment for short term bonds

20

(500,000,000)

(400,000,000)

Proceeds from / Payment for financial institutions

3,619,102,552

(2,563,764,366)

Proceeds from loans and borrowings

24

2,178,924,870

1,538,044,191

Payment for loans and borrowings

24

(904,202,493)

(981,195,693)

Net cash generated from (used in) financing activities activities

6,056,324,929

(1,996,293,827)

Net increase/(decrease) in cash and cash equivalents

2,248,661,662

(4,028,989,432)

Cash and cash equivalents at 1 January

5

2,443,779,733

6,405,620,232

Effect of exchange rate

5

21,918,767

67,148,933

Cash and cash equivalents at 31 December

5

4,714,360,162  

2,443,779,733