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CIB FY 2021 Separate Financial results

RNS Number : 3516C

Commercial Intnl Bank (Egypt) SAE

22 February 2022

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

Separate Financial Statements

December 31, 2021



Separate 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	43,385,222	33,572,597
	Due from banks	16	79,991,287	86,997,034
	Loans and advances to banks, net	18	312,216	776,980
	Loans and advances to customers, net	19	144,765,808	118,854,880
	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	192,390,931	147,646,432
	- Financial assets at Amortized cost	21	20,318,767	25,020,917
	- Investments in associates and subsidiaries	22	1,014,350	874,348
	Other assets	23	11,141,917	9,095,212
	Deferred tax assets (Liabilities)	32	460,026	437,772
	Property and equipment	24	2,404,237	2,259,940
	Total assets		496,651,124	426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	25	862,759	8,815,561
	Due to customers	26	406,100,916	340,086,524
	Derivative financial instruments	20	265,265	331,073
	Current tax liabilities		2,234,985	859,582
	Other liabilities	29	8,021,310	5,679,266
	Issued debt instruments	27	1,557,263	-
	Other loans	28	5,140,782	7,746,946
	Other provisions	30	3,539,676	3,221,252
	Total liabilities		427,722,956	366,740,204
	Equity
	Issued and paid up capital	31	19,702,418	14,776,813
	Reserves	34	33,767,423	33,085,554
	Reserve for employee stock ownership plan (ESOP)	34	1,674,392	1,064,648
	Retained earnings *	34	13,783,935	10,477,611
	Total equity and net profit for the year		68,928,168	59,404,626
	Total liabilities and equity		496,651,124	426,144,830



	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

Separate Income Statement for the year ended December 31, 2021

Notes

Dec. 31, 2021

Dec. 31, 2020

EGP Thousands

Interest and similar income

44,945,445

42,070,598

Interest and similar expense

(20,057,935)

(16,980,635)

Net interest income

24,887,510

25,089,963

Fee and commission income

4,036,955

3,053,536

Fee and commission expense

(1,654,671)

(983,450)

Net fee and commission income

2,382,284

2,070,086

Dividend income

84,700

98,175

Net trading income

696,738

395,701

Profits (Losses) on financial investments

684,417

922,832

Administrative expenses

(6,096,221)

(5,552,800)

Other operating (expenses) income

(1,981,093)

(2,737,550)

Impairment release (charges) for credit losses

(1,677,450)

(4,989,288)

Profit before income tax

18,980,885

15,297,119

Income tax expense

(5,678,659)

(5,084,670)

Deferred tax assets (Liabilities)

118,159

87,433

Net profit for the year

13,420,385

10,299,882

Earnings per share

Basic

6.10

4.67

Diluted

6.06

4.63

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Separate Statement of Other Comprehensive Income for the year ended December 31, 2021

Dec. 31, 2021

Dec. 31, 2020

EGP Thousands

Net profit for the year

13,420,385

10,299,882

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

(2,208,603)

763,176

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)

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

10,088,629

10,159,088

Separate 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		18,980,885	15,297,119
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	858,609	677,501
Impairment charge for credit losses (Loans and advances to customers and banks)	12	1,753,908	4,777,592
Other provisions charges	30	381,601	1,232,731
Impairment charge for credit losses (due from banks)	12	17,108	6,514
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
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)
Losses (profits) from selling property and equipment	11	(2,947)	(1,094)
Losses (profits) from selling financial investments	21	(702,776)	(1,018,469)
Shares based payments		609,744	552,438
Impairment (Released) charges of investments in associates and subsidiaries	21	18,359	16,511
Operating losses (profits) before changes in operating assets and liabilities		21,806,984	22,121,162




Net decrease (increase) in assets and liabilities
Due from banks	15 - 16	(17,927,084)	(10,899,927)
Financial assets at fair value through P&L	21	118,972	58,822
Derivative financial instruments	20	(42,425)	16,109
Loans and advances to banks and customers	18 - 19	(27,183,640)	(4,276,558)
Other assets	41	(2,155,845)	649,301
Due to banks	25	(7,952,802)	(2,995,046)
Due to customers	26	66,014,392	35,602,869
Income tax obligations paid	29	(3,443,674)	(3,779,782)
Other liabilities		1,490,795	(7,700,878)
Net cash generated from operating activities		30,725,673	28,796,072

Cash flow from investing activities
Proceeds from investments in associates.		-	750
Payments for investment in subsidiaries and associates.		(158,360)	(721,352)
Payment for purchases of property, equipment and branches constructions		(942,173)	(987,061)
Proceeds from selling property and equipment	11	2,947	1,094
Proceeds from redemption of financial assets at amortized cost	21	4,705,849	82,203,469
Payment for purchases of financial assets at amortized cost	21	(3,844)	-
Payment for purchases of financial assets at fair value through OCI	21	(250,190,493)	(112,382,696)
Proceeds from selling financial assets at fair value through OCI		203,196,606	54,970,226
Net cash used in (generated from) investing activities		(43,389,468)	23,084,430




Separate 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		(1,360,652)	(3,370,464)
Issued debt instruments		1,557,263	-
Capital increase		-	85,992
Net cash used in (generated from) financing activities		(2,409,553)	1,189,728


Net (decrease) increase in cash and cash equivalent during the year		(15,073,348)	53,070,230
Beginning balance of cash and cash equivalent		75,965,247	22,895,017
Cash and cash equivalent at the end of the year		60,891,899	75,965,247

Cash and cash equivalent comprise:
Cash and balances at the central bank	15	43,385,222	33,572,597
Due from banks	16	80,031,726	87,020,365
Treasury bills and other governmental notes	17	41,579,504	39,464,714
Obligatory reserve balance with CBE	15	(38,016,793)	(27,610,380)
Due from banks with maturities more than three months		(23,801,430)	(16,280,760)
Treasury bills with maturity more than three months		(42,286,330)	(40,201,289)
Total cash and cash equivalent		60,891,899	75,965,247


Separate 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	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	8,291,229	-	1,440	-	-	(8,431,833)	(450,942)	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	(3,370,464)
Net profit for the year	-	-	-	-	-	-	-	10,299,882	-	10,299,882
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(76,717)	-	76,717	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	101,013	-	101,013
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(269,259)	-	-	-	(269,259)
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
Cost of employees stock ownership plan (ESOP)	-	-	-	-		-	-	-	552,438	552,438
Ending 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





Separate 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	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 year	-	-	-	-	-	-	-	13,420,385	-	13,420,385
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
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(3,060,702)	-	-	-	(3,060,702)
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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	609,744	609,744
Ending balance	19,702,418	3,293,074	28,260,532	1,549,445	16,000	639,231	9,141	13,783,935	1,674,392	68,928,168

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Date	22 Feb 2022
Time	07:00:09
Category	Results
ID	3516C

Date	22 Feb 2022
Time	07:00:09
Category	Results
ID	3516C

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CIB FY 2021 Separate Financial results