Commercial Intnl Bank (Egypt) SAE

Interim / Quarterly Report • Nov 3, 2023

National Storage Mechanism | Additional information

RNS Number : 2563S

Commercial Intnl Bank (Egypt) SAE

03 November 2023

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

Consolidated Financial Statements

September 30, 2023

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2023
		Notes	Sep. 30, 2023			Dec. 31, 2022
		EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	8	59,950,223			47,492,549
	Due from banks	9	276,842,860			133,856,720
	Loans and advances to banks, net	11	-			2,978,197
	Loans and advances to customers, net	12	223,085,568			193,599,872
	Derivative financial instruments		1,647,485			1,939,961
	Financial investments
	- Financial Assets at Fair Value through OCI	13	189,098,612			204,020,733
	- Financial Assets at Amortized cost	13	39,177,670			34,524,760
	- Investments in associates	14	132,476			186,062
	Non current assets held for sale	29	214			-
	Other assets	15	17,375,013			14,521,427
	Goodwill	26	65,325			96,268
	Intangible assets	27	-			24,188
	Deferred tax assets		1,137,342			185,746
	Property and equipment	16	2,556,198			2,405,434
	Total assets		811,068,986			635,831,917
	Liabilities and equity
	Liabilities
	Due to banks	17	19,022,706			3,496,698
	Due to customers	18	667,669,213			531,616,550
	Non current liabilities held for sale	30	933			-
	Derivative financial instruments		99,911			219,752
	Current income tax liabilities		6,993,454			3,051,583
	Other liabilities	19	15,875,568			11,606,912
	Issued debt instruments	20	3,071,834			2,456,607
	Other loans		10,387,714			7,978,975
	Other provisions	21	10,511,982			7,066,672
	Total liabilities		733,633,315			567,493,749
	Equity
	Issued and paid up capital		30,195,010			29,825,134
	Reserves		23,007,690			19,643,327
	Reserve for employee stock ownership plan (ESOP)		1,339,443			1,895,435
	Retained earnings *		22,764,552			16,393,841
	Total equity and net profit for the period / year		77,306,695				67,757,737
	Non Controlling Interest		128,976			580,431
	Total minority interest, equity and net profit for the period / year		77,435,671			68,338,168
	Total liabilities and equity		811,068,986			635,831,917
	The accompanying notes are an integral part of these financial statements .
	(Limited review report attached) * Including net profit for the current period
	Hussein Abaza		Hisham Ezz Al-Arab
	CEO & Managing Director				Chairman

Condensed Consolidated Interim Income Statement for the period ended September 30, 2023

		Last 9 Months			Last 9 Months
	Notes	Sep. 30, 2023			Sep. 30, 2022
		EGP Thousands			EGP Thousands
Interest and similar income		73,006,422			38,938,124
Interest and similar expense		(35,275,583)			(17,120,373)
Net interest income		37,730,839			21,817,751
Fee and commission income		6,543,585			3,908,463
Fee and commission expense		(2,589,680)			(1,730,281)
Net fee and commission income		3,953,905			2,178,182
Dividend income		83,653			54,557
Net trading income	5	3,165,144			1,434,169
Profits (Losses) on financial investments	13.1	165,478			1,096,850
Administrative expenses		(6,501,663)			(5,142,060)
Other operating (expenses) income	6	(5,679,447)			(3,404,237)
Goodwill amortization	26	(30,943)			(30,943)
Intangible assets amortization	27	(24,188)			(7,774)
Impairment release (charges) for credit losses		(1,216,770)			(298,078)
Bank's share in the profits / losses of associates		(39,486)			(16,343)
Profit before income tax		31,606,522			17,682,074
Income tax expense	28	(9,540,412)			(4,885,951)
Deferred tax assets (Liabilities)	28	392,680			(597,241)
Net profit from continued operations		22,458,790			12,198,882
Discontinued Operations
Net profit (loss) from discontinued operations	31	(49,699)			-
Net profit for the period		22,409,091			12,198,882
Non Controlling Interest		3,328			25,625
Bank's shareholders		22,405,763			12,173,257
Earnings per share	7
Basic		6.41			3.62
Diluted		6.34			3.58

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2023

		Last 9 Months			Last 9 Months
		Sep. 30, 2023			Sep. 30, 2022
		EGP Thousands			EGP Thousands
Net profit for the period		22,409,091			12,198,882
Change in fair value of Financial invesments measured at fair value through comprehensive income after tax		(9,629,911)			(13,184,005)
Transferred to RE from financial assets at fair value through comprehensive income		(95,308)			(4,128)
Cumulative foreign currencies translation differences		193,162			96,867
Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income		201,185			233,717
Total comprehensive income for the period		13,078,219			(658,667)

As follows:
Bank's shareholders		13,074,891			(684,292)
Non-Controlling Interest		3,328			25,625
Total comprehensive income for the period		13,078,219			(658,667)

Condensed Consolidated Interim Cash flows for the period ended September 30 2023

	Notes	Sep. 30, 2023		Sep. 30, 2022
		EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations		31,606,522		17,682,074
Profit (loss) from discontinued operations		(49,699)		-
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation	16	655,051		644,401
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		1,050,980		12,998
Other provisions charges	21	2,350,253		1,803,568
Impairment (Released) charge for credit losses (due from banks)		(47,249)		534
Impairment (Released) charge for credit losses (financial investments)		213,039		284,546
Impairment (Released) charge for other assets		14,347		(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(5,409,592)		(3,745,045)
Goodwill amortization	26	30,943		30,943
Intangible assets amortization	27	24,188		7,774
Utilization of other provisions	21	(1,608)		(1,857)
Other provisions no longer used	21	-		(101)
Exchange Revaluation differences of  other provisions	21	1,096,665		333,425
profits from selling property and equipment		(194)		(2,192)
profits from selling financial investments at fair value through OCI	13.1	(149,012)		(1,096,850)
Losses (Profits) from selling investments in associates	13.1	(7,466)		-
Impairment (Released) charges of investments in associates	13.1	(9,000)		-
Shares based payments		608,250		579,653
Bank's share in the profits / losses of associates		39,486		16,343
Operating profits before changes in operating assets and liabilities		32,015,904		16,272,446
Net decrease / increase in assets and  liabilities
Due from banks		9,859,636		870,167
Financial assets at fair value through P&L		-		240,987
Derivative financial instruments		172,635		(947,321)
Loans and advances to banks and customers	11 - 12	(27,548,758)		(33,780,208)
Other assets		(2,506,019)		1,245,185
Non current assets held for sale		(214)		-
Due to banks	17	15,526,008		881,371
Due to customers	18	136,052,663		91,778,069
Current income tax obligations paid		(2,546,958)		(2,207,579)
Non current liabilities held for sale		933		-
Other liabilities		(3,890,097)		(325,379)
Net cash generated from (used in) operating activities		157,135,733		74,027,738
Cash flow from investing activities
Proceeds from Investments in associates.		2,119		-
Payment for purchases of property, equipment and branches construction		(1,177,450)		(556,512)
Proceeds from selling property and equipment		194		2,192
Proceeds from redemption of financial assets at amortized cost		5,278,030		6,520,697
Payment for purchases of financial assets at amortized cost		(9,334,085)		(18,268,602)
Payment for purchases of financial assets at fair value through OCI		(64,860,157)		(115,077,815)
Proceeds from selling financial assets at fair value through OCI		75,128,566		73,424,845
Payment for investment in subsidiaries.		(1,008,761)		-
Net cash generated from (used in) investing activities		4,028,456		(53,955,195)

Condensed Consolidated Interim Cash flows for the period ended September 30, 2023 (Cont.)

		Sep. 30, 2023		Sep. 30, 2022
		EGP Thousands		EGP Thousands
Cash flow from financing activities
Other loans		2,408,739		1,116,344
Dividends paid		(3,594,747)		(4,410,322)
Issued debt instruments		615,227		382,977
Capital increase		369,876		122,716
Net cash generated from (used in) financing activities		(200,905)		(2,788,285)
Net (decrease) increase in cash and cash equivalent during the period		160,963,284		17,284,258
Beginning balance of cash and cash equivalent		92,969,526		61,065,822
Cash and cash equivalent at the end of the period		253,932,810		78,350,080
Cash and cash equivalent comprise:
Cash and balances at the central bank		59,950,223		43,857,708
Due from banks		276,845,003		90,499,843
Treasury bills	10	71,507,826		87,122,900
Obligatory reserve balance with CBE		(52,963,236)		(38,082,441)
Due from banks with maturity more than three months		(30,994,611)		(22,949,758)
Treasury bills with maturity more than three months		(70,412,395)		(82,098,172)
Total cash and cash equivalent		253,932,810		78,350,080

Condensed Consolidated Interim statement of changes in shareholders' equity
Sep. 30, 2022	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Non Controlling Interest	Total
														EGP Thousands
Beginning Balance at 1 January 2022	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit for the period	-	-	-	-	-	-	-	-	12,173,257	-	-	12,173,257	25,625	12,198,882
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,128)	-	4,128	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(13,184,005)	-	-	-	-	(13,184,005)	-	(13,184,005)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,840	(2,840)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	233,717	-	-	-	-	233,717	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	579,653	-	579,653	-	579,653
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	101,085	101,085	65,507	166,592
Balance at 30 September 2022	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(12,313,044)	11,981	12,453,402	1,751,123	96,867	64,464,303	545,667	65,009,970
Sep. 30, 2023	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Non Controlling Interest	Total
														EGP Thousands
Beginning Balance at 1 January 2023	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(13,188,818)	11,981	16,393,841	1,895,435	181,324	67,757,737	580,431	68,338,168
Capital increase	369,876	-	-	-	-	-	-	-	-	-	-	369,876	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	-	2,208	-	-	(12,388,223)	(1,164,242)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(3,738,888)	-	-	(3,738,888)	(17,108)	(3,755,996)
Net profit for the period	-	-	-	-	-	-	-	-	22,405,763	-	-	22,405,763	3,328	22,409,091
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(95,308)	-	95,308	-	-	-	-	-
Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	(536,867)	(536,867)
Reserve for transactions under common control	-	-	-	-	(679,155)	-	-	-	-	-	-	(679,155)	-	(679,155)
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(9,629,911)	-	-	-	-	(9,629,911)	-	(9,629,911)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	3,249	(3,249)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	201,185	-	-	-	-	201,185	-	201,185
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	608,250	-	608,250	-	608,250
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	11,838	11,838	99,192	111,030
Balance at 30 September 2023	30,195,010	4,770,354	39,840,707	1,550,906	(670,972)	21,155	(22,712,852)	15,230	22,764,552	1,339,443	193,162	77,306,695	128,976	77,435,671

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