0 | Notes | Mar. 31, 2025 | | Dec. 31, 2024 |
|
| |
| | Assets | | | |
| Cash and balances at the central bank | 9 | 67,709,656 | | 136,165,920 | Due from banks | 10 | 314,144,761 | | 270,089,441 | Loans and advances to banks, net | 12 | 16,109,873 | | 9,555,410 | Loans and advances to customers, net | 13 | 361,830,507 | | 340,955,698 | Derivative financial instruments |
| 930,893 | | 819,711 | Financial investments | | | |
| - Financial Assets at Fair Value through OCI | 14 | 259,396,282 | | 233,029,903 | - Financial Assets at Amortized cost | 14 | 188,018,472 | | 167,276,956 | Investments in subsidiaries and associates | 15 | 853,165 | | 871,525 | Non-current assets held for sale | 28 | 159,828 | | 159,828 | Other assets | 16 | 40,366,933 | | 44,175,232 | Deferred tax assets |
| 2,536,325 | | 2,337,304 | Property and equipment | 17 | 4,597,989 |
| 3,881,620 | Total assets | | 1,256,654,684 | | 1,209,318,548 | Liabilities and equity | | | |
| Liabilities | | | |
| Due to banks | 18 | 4,051,736 | | 2,317,715 | Due to customers | 19 | 996,119,565 | | 967,895,387 | Derivative financial instruments |
| 78,314 | | 100,571 | Current income tax liabilities |
| 5,565,862 | | 18,327,968 | Other liabilities | 20 | 45,946,585 | | 21,347,499 | Issued debt instruments | 21 | 5,044,951 | | 5,067,781 | Other loans |
| 23,948,624 | | 23,962,389 | Other provisions | 22 | 19,032,774 |
| 18,613,060 | Total liabilities | | 1,099,788,411 |
| 1,057,632,370 | Equity | | | |
| Issued and paid capital |
| 30,431,580 | | 30,431,580 | Reserves |
| 87,850,844 | | 63,125,912 | Reserve for employee stock ownership plan (ESOP) |
| 2,184,420 | | 1,868,235 | Retained earnings* | | 36,399,429 |
| 56,260,451 | Total equity and net profit for the period / year | | 156,866,273 |
| 151,686,178 | Total liabilities and equity | | 1,256,654,684 |
| 1,209,318,548 | |
| | ## |
|
|
|
|
|
| The accompanying notes are an integral part of these financial statements. | |
|
|
| (Review report attached) | |
|
|
| *Including net profit for the period | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Islam Zekry | Hisham Ezz Al-Arab | Group CFO & Executive Board Member | CEO & Executive Board Member | |
|
|
|
|
| | | |
|
| | |
| | | |
| | | | Condensed Separate Interim Income Statement for the period ended March 31, 2025 | |
| Last 9 Months | |
| Last 9 Months |
| Notes | Mar. 31, 2025 | |
| Mar. 31, 2024 | |
| | |
|
|
|
| | |
|
| Interest and similar income |
| 52,299,641 | |
| 36,544,341 | Interest and similar expense | | (27,003,143) |
|
| (17,784,185) | Net interest income | | 25,296,498 |
|
| 18,760,156 | |
| | |
|
| Fee and commission income |
| 3,510,324 | |
| 2,684,283 | Fee and commission expense | | (1,586,144) |
|
| (1,118,950) | Net fee and commission income | | 1,924,180 |
|
| 1,565,333 | |
| | |
|
| Dividend income |
| 12,751 | |
| 610 | Net trading income | 6 | 641,395 | |
| 16,202,679 | Profits (Losses) on financial investments | 14.1 | 376,684 | |
| 224,271 | Administrative expenses |
| (3,748,977) | |
| (2,840,462) | Other operating income (expenses) | 7 | (1,735,421) | |
| (14,923,188) | Impairment release (charges) for credit losses | | (68,528) |
|
| (1,482,187) | Profit before income tax | | 22,698,582 |
|
| 17,507,212 | |
| | |
|
| Income tax expense | 26 | (6,514,216) | |
| (5,722,492) | Deferred tax assets (Liabilities) | 26 | 411,246 |
|
| 161,877 | Net profit for the period | | 16,595,612 | |
| 11,946,597 | |
| | |
|
| Earnings per share | 8 | | |
|
| Basic |
| 4.83 | |
| 3.47 | Diluted |
| 4.79 | |
| 3.45 |
|
| | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 | |
|
|
|
|
|
|
|
|
|
|
|
|
| Islam Zekry | Hisham Ezz Al-Arab | Group CFO & Executive Board Member | CEO & Executive Board Member | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| | | | Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2025 | Last 9 Months | Last 9 Months |
| Mar. 31, 2025 | | Mar. 31, 2024 | |
| | |
| | Net profit for the period | 16,595,612 |
| 11,946,597 | | | | |
| | Net change on financial assets at fair value through comprehensive income after tax | 2,141,325 | | 1,977,715 | | Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income | 841,407 |
| 745,406 | | Total comprehensive income for the period | 19,578,344 | | 14,669,718 | |
| | | |
| | | | Condensed Separate Interim Cash Flows for the period ended March 31, 2025 | | | |
| | | |
| | | | |
|
|
|
| Notes | Mar. 31, 2025 | Mar. 31, 2024 | |
| |
| Cash flow from operating activities | | |
| Profit before income tax | | 22,698,582 | 17,507,212 | Adjustments to reconcile profits to net cash provided by operating activities | | |
| Fixed assets depreciation | 17 | 353,476 | 261,427 | Impairment release/charge for credit losses (Loans and advances to customers and banks) |
| (1,099,420) | 1,772,387 | Other provisions release/charge | 22 | 317,074 | 40,759 | Impairment release/charge for credit losses (due from banks) |
| 144,661 | (53) | Impairment release/charge for credit losses (financial investments) |
| 1,023,287 | (290,147) | Impairment release/charge for other assets |
| - | (4,782) | Exchange revaluation differences for financial assets at fair value through OCI and AC |
| 212,785 | (17,328,576) | Revaluation differences impairment charge for Financial Assets at Fair value through OCI |
| (13,337) | 1,130,412 | Revaluation differences impairment charge for Financial Assets at Amortized cost |
| 1,240 | 95,225 | Revaluation differences impairment charge for due from banks |
| - | 101 | Net utilized / recovered of other provisions | 22 | (520) | (4,517) | Exchange revaluation differences of other provisions | 22 | 103,160 | 3,574,794 | Profits/losses from selling property and equipment |
| (6,006) | - | Profits/losses from selling financial investments at fair value through OCI | 14.1 | (195,124) | (224,271) | Profits/losses from selling investments in associates | 14.1 | (181,560) | - | Share based payments | | 316,185 | 300,000 | Operating profits before changes in operating assets and liabilities | | 23,674,483 | 6,829,971 | |
| |
| Net decrease / increase in assets and liabilities | | |
| Due from banks |
| 121,695,741 | 42,289,034 | Financial assets at fair value through P&L |
| - | (974,297) | Derivative financial instruments |
| (142,036) | 154,638 | Loans and advances to banks and customers |
| (26,329,852) | (36,747,889) | Other assets |
| 6,045,337 | (5,850,432) | Due to banks | 18 | 1,734,021 | (6,855,319) | Due to customers | 19 | 28,224,178 | 117,099,122 | Current income tax obligations paid |
| (948,354) | (276,723) | Other liabilities | | 5,716,835 | 1,851,912 | Net cash generated from (used in) operating activities | | 159,670,353 | 117,520,017 | |
| |
| Cash flow from investing activities | | |
| Proceeds from sale of investments in associates |
| 226,698 | 4,782 | Payments for investment in subsidiaries |
| (140,000) | - | Payments for purchases of property, equipment and branches construction |
| (3,193,660) | (366,618) | Proceeds from selling property and equipment |
| 6,006 | - | Proceeds from redemption of financial assets at amortized cost |
| 2,537,401 | 285,507 | Payments for purchases of financial assets at amortized cost |
| (23,457,385) | (53,240,480) | Payments for purchases of financial assets at fair value through OCI |
| (29,004,342) | (26,284,875) | Proceeds from selling financial assets at fair value through OCI |
| 6,057,967 | 26,380,625 | Net cash generated from (used in) investing activities | | (46,967,315) | (53,221,059) | |
|
|
|
|
| Mar. 31, 2025 | Mar. 31, 2024 | |
| |
| Cash flow from financing activities | | |
| Other loans |
| (13,765) | 6,700,881 | Dividends paid |
| (14,160,152) | (5,078,792) | Issued debt instruments |
| (22,830) | 1,626,167 | Net cash generated from (used in) financing activities |
| (14,196,747) | 3,248,256 | |
| |
| Net (decrease) increase in cash and cash equivalent during the period |
| 98,506,291 | 67,547,214 | Beginning balance of cash and cash equivalent |
| 227,028,744 | 233,912,193 | Cash and cash equivalent at the end of the period | | 325,535,035 | 301,459,407 | |
| |
| Cash and cash equivalent comprise: | | |
| Cash and balances at the central bank | 9 | 67,709,656 | 36,542,863 | Due from banks |
| 314,289,639 | 291,980,200 | Treasury bills and other governmental notes | 11 | 115,964,828 | 119,754,167 | Obligatory reserve balance with CBE |
| (43,718,398) | (19,383,018) | Due from banks with maturity more than three months |
| (14,867,792) | (7,554,480) | Treasury bills and other governmental notes with maturity more than three months | | (113,842,898) | (119,880,325) | Total cash and cash equivalent | | 325,535,035 | 301,459,407 |
|
| | |
| | | |
| | | | Condensed Separate Interim statement of changes in shareholders' equity | | Issued and paid 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 | Mar. 31, 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 | Transferred to reserves | - | 1,438,320 | 21,958,960 | - | 1,663 | - | - | (23,398,943) | - | - | Dividend paid | - | - | - | - | - | - | - | (5,366,429) | - | (5,366,429) | Net profit for the period | - | - | - | - | - | - | - | 11,946,597 | - | 11,946,597 | Net change on financial assets at fair value through OCI after tax | - | - | - | - | - | 1,977,715 | - | - | - | 1,977,715 | 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 | - | - | - | - | - | 745,406 | - | - | - | 745,406 | Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 300,000 | 300,000 | Balance at 31 March 2024 | 30,195,010 | 6,208,674 | 61,799,667 | 1,549,445 | 22,818 | (14,085,144) | 17,924 | 12,408,891 | 1,786,010 | 99,903,295 | |
|
|
|
|
|
|
|
|
|
|
| | Issued and paid 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 | Mar. 31, 2025 | | | | | | | | | | | Beginning Balance at 1 January 2025 | 30,431,580 | 6,208,674 | 62,422,792 | 1,549,445 | 22,818 | (7,095,741) | 17,924 | 56,260,451 | 1,868,235 | 151,686,178 | Transferred to reserves | - | 2,771,284 | 18,971,298 | - | 2,246 | - | - | (21,744,828) | - | - | Dividends paid | - | - | - | - | - | - | - | (14,714,434) | - | (14,714,434) | Net profit for the period | - | - | - | - | - | - | - | 16,595,612 | - | 16,595,612 | Net change on financial assets at fair value through OCI after tax | - | - | - | - | - | 2,141,325 | - | - | - | 2,141,325 | Transferred (from) to banking risk reserve | - | - | - | - | - | - | (2,628) | 2,628 | - | - | Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | 841,407 | - | - | - | 841,407 | Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | 316,185 | 316,185 | Balance at 31 March 2025 | 30,431,580 | 8,979,958 | 81,394,090 | 1,549,445 | 25,064 | (4,113,009) | 15,296 | 36,399,429 | 2,184,420 | 156,866,273 |
| | | |
| | | |
| | | |
|
| | |
| | | |
| | | |
| | | |
|
| | |
|
| | |
|
| | |
|
| | |
| | | |
| | | |
|
|
|
| |
|
|
|
| |
| |
|
| |
| |
|
| |
| |
|
| |
|
|
|
| |
|
|
|
| |
|
| |
|
| |
| | | | |
|
|
| |
|
|
|
| | | | | | | | | | | | |
| |
|
| | | |
|
|
| | |
|
| | | | |
| | | | | | | | | | | | | |
|
| |
|
|
|
|
|
