CIB 3Q21 Condensed Consolidated Financial Results

RNS Number : 1594S

Commercial Intnl Bank (Egypt) SAE

12 November 2021



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2021

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Condensed Consolidated Interim Balance Sheet as at September 30, 2021
		Notes	Sep. 30, 2021			Dec. 31, 2020
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	7	33,326,348			33,768,549
	Due from banks	8	72,234,555			87,426,301
	Loans and advances to banks, net	10	-			776,980
	Loans and advances to customers, net	11	139,923,206			119,570,005
	Derivative financial instruments		267,016			248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	206,699			359,959
	- Financial Assets at Fair Value through OCI	12	212,487,239			148,118,372
	- Amortized cost	12	20,533,947			25,285,225
	- Investments in associates	13	331,602			139,871
	Other assets		10,582,643			9,175,525
	Goodwill	23	147,839			178,782
	Intangible assets	24	37,146			44,920
	Deferred tax assets (Liabilities)		445,594			437,772
	Property and equipment	14	2,508,417			2,311,147
	Total assets		493,032,251			427,842,167
	Liabilities and equity
	Liabilities
	Due to banks	15	1,546,050			8,817,535
	Due to customers	16	404,203,107			341,169,450
	Derivative financial instruments		324,863			331,073
	Current tax liabilities		1,962,488			859,582
	Other liabilities		8,002,075			5,735,269
	Issued debt instruments	17	1,556,032			-
	Other loans		5,633,101			7,746,946
	Provisions	18	3,343,071			3,223,501
	Total liabilities		426,570,787			367,883,356
	Equity
	Issued and paid up capital		19,702,418			14,776,813
	Reserves		34,459,488			33,094,580
	Reserve for employee stock ownership plan (ESOP)		1,542,292			1,064,648
	Retained earnings *		10,301,362			10,539,715
	Total equity and net profit for the period / year		66,005,560			59,475,756
	Minority interest			455,904			483,055
	Total minority interest, equity and net profit for the period / year		66,461,464			59,958,811
	Total liabilities and equity		493,032,251			427,842,167

	The accompanying notes are an integral part of these financial statements .
	(Review report attached)
*	Including net profit for the current period




	Hussein Abaza			Sherif Samy
	CEO & Managing Director				Chairman

Condensed Consolidated Interim Income Statement for the period ended September 30, 2021

Notes

Last 3 Months

Sep. 30, 2021

Last 9 Months

Sep. 30, 2021

Last 3 Months

Sep. 30, 2020

Last 9 Months

Sep. 30, 2020

EGP Thousands

Interest and similar income

11,637,222

32,654,016

10,598,726

31,521,368

Interest and similar expense

(5,179,478)

(14,499,387)

(4,235,829)

(12,681,144)

Net interest income

6,457,744

18,154,629

6,362,897

18,840,224

Fee and commission income

1,099,130

2,900,853

663,330

2,142,547

Fee and commission expense

(442,713)

(1,129,949)

(310,289)

(803,346)

Net fee and commission income

656,417

1,770,904

353,041

1,339,201

Dividend income

18,854

57,451

14,431

40,393

Net trading income

212,228

490,787

51,001

228,232

Profits (Losses) on financial investments

56,596

658,483

53,913

885,918

Administrative expenses

(1,492,421)

(4,438,232)

(1,352,498)

(4,200,518)

Other operating (expenses) income

(255,488)

(1,370,707)

(187,946)

(2,035,158)

Goodwill amortization

(10,314)

(30,943)

(11,921)

(20,302)

Intangible assets amortization

(2,591)

(7,774)

Impairment release (charges) for credit losses

(303,307)

(1,323,521)

(1,603,212)

(3,862,866)

Bank's share in the profits of associates

6,560

18,354

17,333

24,327

Profit before income tax

5,344,278

13,979,431

3,697,039

11,239,451

Income tax expense

(1,525,115)

(4,115,929)

(1,306,332)

(3,958,540)

Deferred tax assets (Liabilities)

(6,983)

11,861

(44,220)

63,381

Net profit for the period

3,812,180

9,875,363

2,346,487

7,344,292

Minority interest

(220)

(1,932)

(2,100)

Bank shareholders

3,812,400

9,877,295

2,348,587

7,346,392

Earning per share

Basic

1.71

4.44

1.08

3.34

Diluted

1.70

4.42

1.07

3.32

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2021

Last 3 Months

Sep. 30, 2021

Last 9 Months

Sep. 30, 2021

Last 3 Months

Sep. 30, 2020

Last 9 Months

Sep. 30, 2020

EGP Thousands

Net profit for the period

3,812,180

9,875,363

2,346,487

7,344,292

Change in fair value of debt instruments measured at fair value through other comprehensive income

(700,186)

(2,375,618)

(807,000)

(2,292,039)

Transferred from reserve on disposal of financial assets at fair value through OCI

(72,956)

(177,362)

(21,575)

(76,717)

Cumulative foreign currencies translation differences

(3,490)

(2,636)

460

1,314

Effect of ECL in fair value of debt instruments measured at fair value through OCI

(83,602)

(98,246)

(2,320)

88,192

Total comprehensive income for the period

2,951,946

7,221,501

1,516,052

5,065,042

As follows:

Bank's shareholders

2,952,166

7,223,433

1,518,152

5,067,142

Minority interest

(220)

(1,932)

(2,100)

Total comprehensive income for the period

2,951,946

7,221,501

1,516,052

5,065,042

Condensed Consolidated Interim Cash flows for the period ended September 30, 2021

	Notes	Sep. 30, 2021	Sep. 30, 2020
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		13,979,431	11,239,451
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	636,413	558,536
Impairment charge for credit losses (Loans and advances to customers and banks)		1,383,887	3,761,456
Other provisions charges	18	190,525	974,522
Impairment charge for credit losses (due from banks)		37,880	13,218
Impairment (Released) charge for credit losses (financial investments)		(98,246)	88,192
Impairment (Released) charge for other assets		31,975	56,245
Exchange revaluation differences for financial assets at fair value through OCI		40,050	238,906
Goodwill amortization	23	58,448	20,302
Intangible assets amortization	24	14,685	-
Impairment (Released) charge financial assets at fair value through OCI		-	79,126
Utilization of other provisions	18	(44,978)	(1,479)
Other provisions no longer used	18	(12,255)	(6,022)
Exchange differences of other provisions	18	(13,722)	(17,670)
Profits from selling property and equipment		(2,124)	(872)
Losses (profits) from selling financial investments	12	(643,467)	(979,144)
Impairment (Released) charges of investments in associates and subsidiaries		(15,016)	14,100
Shares based payments		477,644	447,694
Bank's share in the profits of associates		(18,354)	(24,327)
Operating losses (profits) before changes in operating assets and liabilities		16,002,776	16,462,234

Net decrease (increase) in assets and liabilities
Due from banks		(272,238)	(5,972,551)
Financial assets at fair value through P&L	12	153,260	74,562
Derivative financial instruments		(24,448)	(3,735)
Loans and advances to banks and customers	10 - 11	(20,943,748)	(2,977,814)
Other assets		(1,611,672)	592,680
Due to banks	15	(7,271,485)	(2,990,512)
Due to customers	16	63,033,657	27,878,364
Income tax obligations paid		(2,153,441)	(4,389,254)
Other liabilities		1,706,495	(4,589,999)
Net cash used in (generated from) operating activities		48,619,156	24,083,975

Cash flow from investing activities
Proceeds from Investments in associates.		-	750
Proceeds (payments) for investment in associates.		(158,360)	-
Payment for purchases of property, equipment and branches constructions		(677,464)	(921,312)
Proceeds from selling property and equipment		2,124	872
Proceeds from redemption of financial assets at amortized cost		4,753,398	37,493,345
Payment for purchases of financial assets at amortized cost		(2,617)	-
Payment for purchases of financial assets at fair value through OCI		(208,509,917)	(55,823,590)
Proceeds from selling financial assets at fair value through OCI		147,101,717	24,041,845
Proceeds from investment in subsidiaries.		-	194,722
Net cash generated from (used in) investing activities		(57,491,119)	4,986,632



Condensed Consolidated Interim Cash flows for the period ended September 30, 2021 (Cont.)

		Sep. 30, 2021	Sep. 30, 2020
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Received (Repaid) in long term loans		(2,113,845)	4,492,249
Dividend paid		(1,360,652)	(3,370,464)
Issued debt instruments		1,556,032	-
Capital increase		-	85,992
Net cash generated from (used in) financing activities		(1,918,465)	1,207,777


Net (decrease) increase in cash and cash equivalent during the period		(10,790,428)	30,278,384
Beginning balance of cash and cash equivalent		75,796,375	22,895,017
Cash and cash equivalent at the end of the period		65,005,947	53,173,401

Cash and cash equivalent comprise:
Cash and balances at the central bank		33,326,348	35,786,423
Due from banks		72,296,624	56,934,238
Treasury bills and other governmental notes	9	65,656,846	32,133,958
Obligatory reserve balance with CBE		(27,265,818)	(30,004,955)
Due from banks with maturities more than three months		(16,980,376)	(8,958,909)
Treasury bills with maturity more than three months		(62,027,677)	(32,717,354)
Total cash and cash equivalent		65,005,947	53,173,401


Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2020
Sep. 30, 2020	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	Minority Interest	Total
														EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	-	13,466	4,111,781	5,164	11,881,657	963,152	2,501	51,880,445	-	51,880,445
Capital increase	85,992	-	-	-	-	-	-	-	-	-	-	85,992	-	85,992
Transferred to reserves	-	590,106	7,840,287	-	-	1,440	-	-	(8,431,833)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	343,954	343,954
Net profit of the period	-	-	-	-	-	-	-	-	7,346,392	-	-	7,346,392	(2,100)	7,344,292
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,292,039)	-	-	-	-	(2,292,039)	-	(2,292,039)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	88,192	-	-	-	-	88,192	-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	447,694	-	447,694	-	447,694
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(1,187)	(1,187)	-	(1,187)
Balance at the end of the period	14,776,813	2,778,135	24,314,716	1,549,445	-	14,906	1,831,217	6,423	7,501,210	1,410,846	1,314	54,185,025	341,854	54,526,879

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2021
Sep. 30, 2021	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	Minority Interest	Total
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	1,461	-	1,094	-	-	(8,937,973)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	-	(25,219)	(25,219)
Net profit of the period	-	-	-	-	-	-	-	-	9,877,295	-	-	9,877,295	(1,932)	9,875,363
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(177,362)	-	177,362	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,375,618)	-	-	-	-	(2,375,618)	-	(2,375,618)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	(98,246)	-	-	-	-	(98,246)	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	477,644	-	477,644	-	477,644
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	1,048	1,048	-	1,048
Balance at the end of the period	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	1,324,288	9,141	10,301,362	1,542,292	(2,636)	66,005,560	455,904	66,461,464

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Date	12 Nov 2021
Time	07:00:02
Category	Results
ID	1594S

Date	12 Nov 2021
Time	07:00:02
Category	Results
ID	1594S

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CIB 3Q21 Condensed Consolidated Financial Results