CIB 3Q21 Separate Condensed Financial Results

RNS Number : 1601S

Commercial Intnl Bank (Egypt) SAE

12 November 2021

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1601S_1-2021-11-11.pdf

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

Separate Financial Statements

September 30, 2021

Condensed Separate Interim Balance Sheet as at September 30, 2021
		Notes	Sep. 30, 2021	Dec. 31, 2020
		Notes	EGP Thousands	EGP Thousands

	Assets
	Cash and balances at the central bank	7	33,207,606	33,572,597
	Due from banks	8	71,953,894	86,997,034
	Loans and advances to banks, net	10	-	776,980
	Loans and advances to customers, net	11	139,110,172	118,854,880
	Derivative financial instruments		266,997	248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	206,699	359,959
	- Financial Assets at Fair Value through OCI	12	211,854,018	147,646,432
	- Amortized cost	12	20,299,222	25,020,917
	- Investments in associates and subsidiaries	13	1,023,350	874,348
	Other assets		10,515,647	9,095,212
	Deferred tax assets (Liabilities)		449,617	437,772
	Property and equipment	14	2,456,076	2,259,940
	Total assets		491,343,298	426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	15	1,542,750	8,815,561
	Due to customers	16	403,085,553	340,086,524
	Derivative financial instruments		324,863	331,073
	Current tax liabilities		1,962,488	859,582
	Other liabilities		7,945,461	5,679,266
	Issued debt instruments	17	1,556,032	-
	Other loans		5,633,101	7,746,946
	Provisions	18	3,341,155	3,221,252
	Total liabilities		425,391,403	366,740,204
	Equity
	Issued and paid up capital		19,702,418	14,776,813
	Reserves		34,449,076	33,085,554
	Reserve for employee stock ownership plan (ESOP)		1,542,292	1,064,648
	Retained earnings *		10,258,109	10,477,611
	Total equity and net profit for the period / year		65,951,895	59,404,626
	Total liabilities and equity		491,343,298	426,144,830



	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 Separate Interim Income Statement for the period ended September 30, 2021

		Notes	Last 3 Months	Last 9 Months	Last 3 Months	Last 9 Months
			Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2020
			EGP Thousands	EGP Thousands	EGP Thousands	EGP Thousands
Interest and similar income			11,593,432	32,568,923	10,576,974	31,499,616
Interest and similar expense			(5,160,860)	(14,463,322)	(4,220,982)	(12,666,727)
Net interest income			6,432,572	18,105,601	6,355,992	18,832,889

Fee and commission income			1,096,988	2,895,435	660,822	2,140,039
Fee and commission expense			(442,737)	(1,129,866)	(310,289)	(803,346)
Net fee and commission income			654,251	1,765,569	350,533	1,336,693

Dividend income			18,854	82,426	62,431	88,393
Net trading income		5	210,117	484,774	49,736	226,967
Profits (Losses) on financial investments		12	56,589	634,108	53,913	885,918
Administrative expenses			(1,463,520)	(4,382,463)	(1,339,447)	(4,184,345)
Other operating (expenses) income			(252,886)	(1,366,178)	(186,143)	(2,033,630)
Impairment release (charges) for credit losses			(306,694)	(1,325,770)	(1,602,505)	(3,862,159)
Profit before income tax			5,349,283	13,998,067	3,744,510	11,290,726

Income tax expense			(1,524,957)	(4,115,227)	(1,306,332)	(3,958,540)
Deferred tax assets (Liabilities)			(6,983)	11,845	(44,220)	63,381
Net profit for the period			3,817,343	9,894,685	2,393,958	7,395,567

Earning per share		6
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 Separate Interim statement of Comprehensive Income for the period ended September 30, 2021

	Last 3 Months	Last 9 Months	Last 3 Months		Last 9 Months
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2020
	EGP Thousands	EGP Thousands	EGP Thousands		EGP Thousands
Net profit for the period	3,817,343	9,894,685	2,393,958	7,395,567

Change in fair value of debt instruments measured at fair value through other comprehensive income	(700,186)	(2,374,495)	(807,000)	(2,290,581)
Transferred from reserve on disposal of financial assets at fair value through OCI	(72,956)	(177,362)	(21,575)	(76,717)
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	2,960,599	7,244,582	1,563,063	5,116,461



Condensed Separate 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		13,998,067	11,290,726
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	636,413	503,005
Impairment charge for credit losses (Loans and advances to customers and banks)		1,385,835	3,761,572
Other provisions charges	18	190,858	972,522
Impairment charge for credit losses (due from banks)		38,181	12,395
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
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)
Losses (profits) from selling property, plant and equipment		(2,124)	(872)
Losses (profits) from selling financial investments	12	(643,467)	(979,144)
Shares based payments		477,644	447,694
Impairment (Released) charges of investments in associates and subsidiaries		9,359	14,100
Operating losses (profits) before changes in operating assets and liabilities		15,993,590	16,459,296

Net decrease (increase) in assets and liabilities
Due from banks		(272,238)	(5,824,055)
Financial assets at fair value through P&L	12	153,260	74,562
Derivative financial instruments		(24,448)	(4,144)
Loans and advances to banks and customers	10 - 11	(20,847,787)	(2,311,001)
Other assets		(1,631,518)	653,639
Due to banks	15	(7,272,811)	(2,999,346)
Due to customers	16	62,999,029	26,727,228
Income tax obligations paid		(2,152,739)	(4,389,254)
Other liabilities		1,414,946	(4,645,456)
Net cash used in (generated from) operating activities		48,359,284	23,741,469

Cash flow from investing activities
Proceeds from investments in associates.		-	750
Proceeds (payments) for investment in associates.		(158,360)	(680,836)
Payment for purchases of property, plant, equipment and branches constructions		(669,801)	(809,475)
Proceeds from selling property, plant and equipment		2,124	872
Proceeds from redemption of financial assets at amortized cost		4,725,376	37,493,345
Payment for purchases of financial assets at amortized cost		(3,844)	-
Payment for purchases of financial assets at fair value through OCI		(207,918,546)	(55,656,650)
Proceeds from selling financial assets at fair value through OCI		146,303,855	24,096,252
Net cash generated from (used in) investing activities		(57,719,196)	4,444,258



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		(11,278,377)	29,393,504
Beginning balance of cash and cash equivalent		75,965,247	22,895,017
Cash and cash equivalent at the end of the period		64,686,870	52,288,521

Cash and cash equivalent comprise:
Cash and balances at the central bank		33,207,606	35,579,884
Due from banks		72,015,406	56,274,241
Treasury bills and other governmental notes	9	65,654,913	31,967,018
Obligatory reserve balance with CBE		(27,183,002)	(29,856,359)
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		64,686,870	52,288,521

Condensed Separate 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	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	13,466	4,111,781	5,164	11,803,555	963,152	51,799,842
Capital increase	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)
Net profit for the period	-	-	-	-	-	-	-	7,395,567	-	7,395,567
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	-	-	-	-	-	(2,290,581)	-	-	-	(2,290,581)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	88,192	-	-	-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	447,694	447,694
Ending balance	14,776,813	2,778,135	24,314,716	1,549,445	14,906	1,832,675	6,423	7,472,283	1,410,846	54,156,242

Condensed Separate 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	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit for the period	-	-	-	-	-	-	-	9,894,685	-	9,894,685
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
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(2,374,495)	-	-	-	(2,374,495)
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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	477,644	477,644
Ending balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	1,320,884	9,141	10,258,109	1,542,292	65,951,895

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

QRTFFFVILTLLLIL

Date	12 Nov 2021
Time	07:00:02
Category	Results
ID	1601S

Date	12 Nov 2021
Time	07:00:02
Category	Results
ID	1601S

t

Company Information

AI Summary

RNS Metadata

Company Information

AI Summary

RNS Metadata

CIB 3Q21 Separate Condensed Financial Results