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CIB FY 2021 Consolidated Financial Results

RNS Number : 3514C

Commercial Intnl Bank (Egypt) SAE

22 February 2022

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

Consolidated Financial Statements

December 31, 2021

Consolidated Balance Sheet as at December 31, 2021
		Notes	Dec. 31, 2021			Dec. 31, 2020
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	15	43,492,248			33,768,549
	Due from banks	16	80,141,769			87,426,301
	Loans and advances to banks, net	18	312,216			776,980
	Loans and advances to customers, net	19	145,575,243			119,570,005
	Derivative financial instruments	20	225,376			248,759
	Investments
	- Financial Assets at Fair Value through P&L	21	240,987			359,959
	- Financial Assets at Fair Value through OCI	21	193,198,894			148,118,372
	- Financial assets at Amortized cost	21	20,547,465			25,285,225
	- Investments in associates	22	205,315			139,871
	Other assets	23	11,207,128			9,175,525
	Goodwill	43	137,525			178,782
	Intangible assets	44	34,554			44,920
	Deferred tax assets (Liabilities)	32	456,002			437,772
	Property and equipment	24	2,461,116			2,311,147
	Total assets		498,235,838			427,842,167
	Liabilities and equity
	Liabilities
	Due to banks	25	866,056			8,817,535
	Due to customers	26	407,241,538			341,169,450
	Derivative financial instruments	20	265,470			331,073
	Current tax liabilities		2,234,985			859,582
	Other liabilities	29	8,085,545			5,735,269
	Issued debt instruments	27	1,557,263			-
	Other loans	28	5,140,782			7,746,946
	Other provisions	30	3,541,462			3,223,501
	Total liabilities		428,933,101			367,883,356
	Equity
	Issued and paid up capital	31	19,702,418			14,776,813
	Reserves	34	33,774,990			33,094,580
	Reserve for employee stock ownership plan (ESOP)	34	1,674,392			1,064,648
	Retained earnings *	34	13,696,402			10,539,715
	Total equity and net profit for the year		68,848,202			59,475,756
	Minority interest			454,535			483,055
	Total minority interest, equity and net profit for the year		69,302,737			59,958,811
	Total liabilities and equity		498,235,838			427,842,167

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




	Hussein Abaza			Sherif Samy
	CEO & Managing Director				Chairman

Consolidated Income Statement for the Year Ended December 31, 2021

Notes

Dec. 31, 2021

Dec. 31, 2020

EGP Thousands

Interest and similar income

45,078,169

42,196,235

Interest and similar expense

(20,112,378)

(17,023,815)

Net interest income

24,965,791

25,172,420

Fee and commission income

4,045,573

3,059,264

Fee and commission expense

(1,655,096)

(983,450)

Net fee and commission income

2,390,477

2,075,814

Dividend income

59,725

50,175

Net trading income

708,297

406,631

Profits (Losses) on financial investments

594,863

922,832

Administrative expenses

(6,182,730)

(5,625,883)

Other operating (expenses) income

(1,986,692)

(2,742,996)

Goodwill amortization

(41,257)

(27,505)

Intangible assets amortization

(10,366)

(6,911)

Impairment release (charges) for credit losses

(1,679,747)

(5,018,781)

Profits from subsidiaries acquisition

8,086

Bank's share in the profits of associates

14,996

22,426

Profit before income tax

18,833,357

15,236,308

Income tax expense

(5,679,734)

(5,087,418)

Deferred tax assets (Liabilities)

114,135

87,433

Net profit for the year

13,267,758

10,236,323

Minority interest

(4,451)

(1,834)

Bank shareholders

13,272,209

10,238,157

Earning per share

Basic

6.10

4.67

Diluted

6.06

4.63

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Consolidated Statement of Other Comprehensive Income for the Year Ended December 31, 2021

Dec. 31, 2021

Dec. 31, 2020

EGP Thousands

Net profit for the period

13,267,758

10,236,323

Other comprehensive income items that will not be reclassified to the Profit or Loss:

Change in fair value of equity instruments measured at fair value through other comprehensive income after tax impact related to OCI that will not be reclassified to the profit or loss

(149,323)

(13,966)

Other comprehensive income items that is or may be reclassified to the profit or loss:

Change in fair value of debt instruments measured at fair value through other comprehensive income after tax impact related to OCI that will be reclassified to the profit or loss

(2,210,989)

767,703

Change in fair value from selling FVOCI financial instruments

(702,776)

(1,018,469)

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

(177,488)

(76,717)

Cumulative foreign currencies translation differences

(4,218)

(3,684)

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

(93,566)

205,182

Total other comprehensive income for the year

9,929,398

10,096,372

As follows:

Bank's shareholders

9,933,849

10,098,206

Minority interest

(4,451)

(1,834)

Total comprehensive income for the year

9,929,398

10,096,372

Consolidated Cash Flow for the Year Ended December 31, 2021

	Notes	Dec. 31, 2021	Dec. 31, 2020
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		18,833,357	15,236,308
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	885,060	733,032
Impairment charge for credit losses (Loans and advances to customers and banks)	12	1,756,505	4,806,518
Other provisions charges	30	381,138	1,234,980
Impairment charge for credit losses (due from banks)	12	16,808	7,081
Impairment (Released) charge for credit losses (financial investments)	12	(93,566)	205,182
Impairment (Released) charge for other assets		31,975	69,217
Exchange revaluation differences for financial assets at fair value through OCI and at amortized cost	21	17,261	249,642
Goodwill amortization	43	41,257	27,505
Intangible assets amortization	44	10,366	6,911
Impairment (Released) charge financial assets at fair value through OCI	21	-	79,126
Utilization of other provisions	30	(45,483)	(2,382)
Other provisions no longer used	30	(2,451)	(13,273)
Exchange differences of other provisions	30	(15,243)	(7,193)
Profits from selling property and equipment	11	(2,947)	(1,094)
Losses (profits) from selling financial investments	21	(702,776)	(1,018,469)
Impairment (Released) charges of investments in associates and subsidiaries	21	107,913	16,511
Shares based payments		609,744	552,438
Bank's share in the profits of associates		(14,996)	(22,426)
Operating losses (profits) before changes in operating assets and liabilities		21,813,922	22,159,614

Net decrease (increase) in assets and liabilities
Due from banks	15 - 16	(17,183,300)	(10,899,927)
Financial assets at fair value through P&L	21	118,972	58,822
Derivative financial instruments	20	(42,220)	16,109
Loans and advances to banks and customers	18 - 19	(27,280,547)	(5,020,609)
Other assets	41	(2,135,921)	568,988
Due to banks	25	(7,951,479)	(2,993,072)
Due to customers	26	66,072,088	36,720,995
Income tax obligations paid		(3,444,749)	(3,779,782)
Other liabilities	29	1,499,027	(7,645,182)
Net cash generated from operating activities		31,465,793	29,185,956

Cash flow from investing activities
Proceeds from Investments in associates.		-	750
Payment for purchases of associates		(158,360)	-
Payment for purchases of property, equipment and branches constructions		(981,186)	(1,091,829)
Proceeds from selling property and equipment	11	2,947	1,094
Proceeds from redemption of financial assets at amortized cost	21	4,741,459	82,309,481
Payment for purchases of financial assets at amortized cost	21	(3,844)	(233,765)
Payment for purchases of financial assets at fair value through OCI	21	(250,679,698)	(112,791,966)
Proceeds from selling financial assets at fair value through OCI		203,315,958	54,137,187
Proceeds from investment in subsidiaries.		-	194,722
Net cash used in (generated from) investing activities		(43,762,724)	22,525,674



Consolidated Cash Flow for the Year Ended December 31, 2021 (Cont.)

		Dec. 31, 2021	Dec. 31, 2020
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Decreased (increase) in long term loans	28	(2,606,164)	4,474,200
Dividend paid		(1,384,721)	(3,370,464)
Issued debt instruments		1,557,263	-
Capital increase		-	85,992
Net cash used in (generated from) financing activities		(2,433,622)	1,189,728


Net (decrease) increase in cash and cash equivalent during the year		(14,730,553)	52,901,358
Beginning balance of cash and cash equivalent		75,796,375	22,895,017
Cash and cash equivalent at the end of the year		61,065,822	75,796,375

Cash and cash equivalent comprise:
Cash and balances at the central bank	15	43,492,248	33,768,549
Due from banks	16	80,182,766	87,450,490
Treasury bills and other governmental notes	17	41,579,504	39,497,692
Obligatory reserve balance with CBE	15	(38,100,936)	(27,744,700)
Due from banks with maturities more than three months		(23,801,430)	(16,974,367)
Treasury bills with maturity more than three months		(42,286,330)	(40,201,289)
Total cash and cash equivalent		61,065,822	75,796,375


Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2020
Dec. 31, 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	8,291,229	-	-	1,440	-	-	(8,431,833)	(450,942)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	485,779	485,779
Net profit of the year	-	-	-	-	-	-	-	-	10,238,157	-	-	10,238,157	(1,834)	10,236,323
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	101,013	-	-	101,013	-	101,013
Change in retained earnings from acquisition of subsidiaries	-	-	-	-	-	-	-	-	45,727	-	-	45,727	-	45,727
Reserve for transactions under common control	-	-	-	-	8,183	-	-	-	-	-	-	8,183	-	8,183
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(264,732)	-	-	-	-	(264,732)	-	(264,732)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	205,182	-	-	-	-	205,182	-	205,182
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	552,438	-	552,438	-	552,438
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(6,185)	(6,185)	(890)	(7,075)
Balance at the end of the year	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

Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2021

Dec. 31, 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)	(24,069)	(1,384,721)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net profit of the year	-	-	-	-	-	-	-	-	13,272,209	-	-	13,272,209	(4,451)	13,267,758
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(177,488)	-	177,488	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(3,063,088)	-	-	-	-	(3,063,088)	-	(3,063,088)
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	-	-	-	-	-	-	(93,566)	-	-	-	-	(93,566)	-	(93,566)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	609,744	-	609,744	-	609,744
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(534)	(534)	-	(534)
Balance at the end of the year	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

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Date	22 Feb 2022
Time	07:00:09
Category	Results
ID	3514C

Date	22 Feb 2022
Time	07:00:09
Category	Results
ID	3514C

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CIB FY 2021 Consolidated Financial Results