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CIB FY 2021 IFRS Annual Financial Report

RNS Number : 9007J

Commercial Intnl Bank (Egypt) SAE

29 April 2022

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

Consolidated Financial Statements

December 31, 2021

Consolidated Income Statement for the Year Ended December 31, 2021

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

Interest and similar income		45,078,169	42,196,235
Interest and similar expense		(20,204,272)	(17,107,598)
Net interest income	3	24,873,897	25,088,637

Fee and commission income		4,045,573	3,059,264
Fee and commission expense		(1,655,096)	(983,450)
Net fee and commission income	4	2,390,477	2,075,814

Dividend income	5	59,725	50,175
Net trading income	6	774,992	483,006
Profits (Losses) on financial investments	20	594,863	1,001,958
Administrative expenses	7	(7,787,584)	(6,877,303)
Other operating expenses	8	(1,673,546)	(2,500,823)
Impairment charges for credit losses	9	(1,679,747)	(5,018,781)
Profits from subsidiaries acquisition		-	8,086
Bank's share in the profits of associates	12	14,996	22,426
Profit before income tax from continuing operations		17,568,073	14,333,195

Income taxes	10	(5,565,599)	(4,999,985)
Net profit for the year		12,002,474	9,333,210

Attributable to:
Equity holders of the parent		12,006,925	9,335,044
Non-controlling interest		(4,451)	(1,834)
Net Profit for the year		12,002,474	9,333,210



Earning per share	11
Basic attributable to equity holders of the parent		6.09	4.74
Diluted attributable to equity holders of the parent		6.05	4.70


The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.






Hussein Abaza		Sherif Samy
CEO & Managing director		Chairman
28-Apr-22		28-Apr-22

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

						Dec. 31, 2021				Dec. 31, 2020
						EGP Thousands				EGP Thousands
Profit for the year						12,002,474				9,333,210

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						(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						(2,181,779)				827,630
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 deferred tax on Investment FVOCI						(95,905)				(215,428)
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						8,597,419				9,037,758

As follows:
Bank's shareholders						8,601,870				9,039,592
Non-controlling interest						(4,451)				(1,834)
Total other comprehensive income for the year						8,597,419				9,037,758
Consolidated Statement of Financial Position as at December 31, 2021
				Notes			Dec. 31, 2021		Dec. 31, 2020
							EGP Thousands		EGP Thousands
	Assets
	Cash and balances at the central bank			13			43,492,248		33,768,549
	Due from banks			14			80,141,769		87,426,301
	Loans and advances to banks, net			15			312,216		776,980
	Loans and advances to customers, net			16			145,575,243		119,570,005
	Financial Assets at fair value through profit or loss			19			443,859		552,288
	Derivative financial instruments			17			225,376		248,759
	Financial Assets at fair value through OCI			19			197,238,721		156,157,553
	Financial Assets at amortized cost			19			20,547,465		25,285,225
	Right of use assets			23			1,084,585		814,587
	Investments in associates			21			205,315		139,871
	Other assets			22			11,207,128		9,175,525
	Intangible assets			38			51,831		51,831
	Goodwill			38			206,287		206,287
	Deferred tax assets			10.2			456,002		437,772
	Property and equipment			23			2,461,116		2,311,147
	Total assets						503,649,161		436,922,680
	Liabilities and equity
	Liabilities
	Due to banks			24			866,056		8,817,535
	Due to customers			25			407,241,538		341,169,450
	Lease liabilities			23			1,087,820		905,861
	Derivative financial instruments			17			265,470		331,073
	Issued debt instruments			18			1,557,263		-
	Other liabilities			27			13,710,791		15,070,029
	Current Tax liability						2,234,985		859,582
	Other loans			26			5,140,782		7,746,946
	Provisions			28			3,541,462		3,224,180
	Total liabilities						435,646,167		378,124,656
	Equity
	Issued and paid in capital			29			19,702,418		14,776,813
	Reserves			30			33,552,794		32,939,079
	Reserve for employee stock ownership plan (ESOP)			30			1,674,392		1,064,648
	Retained earnings			30			12,618,855		9,534,429
	Total equity attributable to equity holders of the parent						67,548,459		58,314,969
	Non-controlling interest			39			454,535		483,055
	Total equity						68,002,994		58,798,024
	Total liabilities and equity						503,649,161		436,922,680


	The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.




	Hussein Abaza						Sherif Samy
	CEO & Managing director						Chairman
	28-Apr-22						28-Apr-22
Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2020		Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)		Retained earnings			Reserves	Total		Non-controlling interest	Total equity

Beginning balance at 1st of Jan 2020		14,690,821	963,152		11,690,446			23,180,850	50,525,269		-	50,525,269
Total comprehensive income		-	-		9,335,044			-	9,335,044		(1,834)	9,333,210
Capital increase		85,992	-		-			-	85,992		-	85,992
Reserve for employee stock ownership plan (ESOP)		-	552,438		-			-	552,438		-	552,438
Dividend		-	-		(2,013,318)			-	(2,013,318)		-	(2,013,318)
Transferred to reserves		-	(450,942)		(9,477,743)			9,758,229	(170,456)		(890)	(171,346)
Non-controlling interest		-	-		-			-	-		485,779	485,779
Balance at 31 December 2020		14,776,813	1,064,648		9,534,429			32,939,079	58,314,969		483,055	58,798,024
Beginning balance at 1st of Jan 2021		14,776,813	1,064,648		9,534,429			32,939,079	58,314,969		483,055	58,798,024
Total comprehensive income		-	-		12,006,925			-	12,006,925		(4,451)	12,002,474
Capital increase		4,925,605	-		-			(4,925,605)	-		-	-
Transferred to reserves		-	-		-			-	-		-	-
Reserve for employee stock ownership plan (ESOP)		-	609,744		-			-	609,744		-	609,744
Dividend		-	-		(156,389)			-	(156,389)		(24,069)	(180,458)
Transferred to reserves		-	-		(8,766,110)			5,539,320	(3,226,790)		-	(3,226,790)
Balance at 31 December 2021		19,702,418	1,674,392		12,618,855			33,552,794	67,548,459		454,535	68,002,994

Consolidated Statement of Cash Flow for the Year Ended December 31, 2021

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

Cash flow from operating activities
Profit before income tax from continued operations		17,568,073	14,333,195
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation		885,060	924,667
Impairment charge for credit losses (Loans and advances to customers)		1,756,505	4,806,518
Other provisions charges		380,459	1,235,659
Impairment charge for other assets		31,975	69,217
Impairment charge for credit losses (due from banks)		16,808	7,081
Exchange revaluation differences for financial assets at fair value through OCI and at amortized cost		17,261	249,642
Impairment (Reversal of impairment) charge for credit losses (financial investments)		(93,566)	205,182
Utilization of other provisions		(45,483)	(2,382)
Other provisions no longer used		(2,451)	(13,273)
Impairment of intangible assets		206,287	-
Exchange differences of other provisions		(15,243)	(7,193)
Impairment (Reversal of impairment) charges of investments in associates and subsidiaries		107,913	16,511
Profits from selling property, plant and equipment		(2,947)	(1,094)
Losses from selling financial investments		(702,776)	(1,018,469)
Shares based payments		609,744	552,438
Bank's share in the profits of associates		(14,996)	(22,426)
Operating profits before changes in working capital		20,702,623	21,335,273

Net decrease (increase) in working capital
Due from banks		(17,183,300)	(10,899,927)
Financial assets at fair value through profit or loss		118,972	58,822
Derivative financial instruments		(42,220)	16,109
Loans and advances to banks and customers		(27,280,547)	(5,020,609)
Other assets		(2,135,921)	568,988
Due to banks		(7,951,479)	(2,993,072)
Due to customers		66,072,088	36,720,995
Income tax obligations paid		(3,444,749)	(3,779,782)
Other liabilities		(1,359,238)	2,146,103
Net cash generated from operating activities		27,496,229	38,152,900

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		2,947	1,094
Proceeds from redemption of financial assets at amortized cost		4,741,459	82,309,481
Payment for purchases of financial assets at amortized cost		(3,844)	(233,765)
Payment for purchases of financial assets at fair value through OCI		(250,679,698)	(117,787,925)
Proceeds from selling financial assets at fair value through OCI		206,611,955	54,137,187
Proceeds from selling property and equipment		-	194,722
Net cash used in (generated from) investing activities		(40,466,727)	17,529,715


Consolidated Statement of 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		(2,606,164)	4,474,200
Dividend paid		(156,389)	(2,013,318)
Issued debt instruments		-	85,992
Cash payments for lease (principle and interest)		(242,292)	(242,173)
Net cash generated from (used in) financing activities		(3,004,845)	2,304,701


Net (decrease) increase in cash and cash equivalent during the year		(15,975,343)	57,987,316
Beginning balance of cash and cash equivalent		66,350,285	8,362,969
Cash and cash equivalent at the end of the year		50,374,942	66,350,285

Cash and cash equivalent comprise:
Cash and balances at the central bank	13	43,492,248	33,768,549
Due from banks with maturities of 3 months or less	14	44,983,081	60,271,448
Treasury bills with maturities of three months or less	19	549	54,988
Obligatory reserve balance with CBE	13	(38,100,936)	(27,744,700)
Total cash and cash equivalent	31	50,374,942	66,350,285

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Date	29 Apr 2022
Time	12:17:47
Category	Results
ID	9007J

Date	29 Apr 2022
Time	12:17:47
Category	Results
ID	9007J

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CIB FY 2021 IFRS Annual Financial Report