CIB1H2022 Consolidated Condensed Financial Results

RNS Number : 5278T

Commercial Intnl Bank (Egypt) SAE

25 July 2022

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

Consolidated Financial Statements

June 30, 2022

Condensed Consolidated Interim Balance Sheet as at June 30, 2022
		Notes	Jun. 30, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	8	41,970,190			43,492,248
	Due from banks	9	56,928,062			80,141,769
	Loans and advances to banks, net	11	1,308,243			312,216
	Loans and advances to customers, net	12	170,618,940			145,575,243
	Derivative financial instruments		877,137			225,376
	Investments
	- Financial Assets at Fair Value through P&L	13	1,648			240,987
	- Financial Assets at Fair Value through OCI	13	216,824,006			193,198,894
	- Financial Assets at Amortized cost	13	19,989,504			20,547,465
	- Investments in associates	14	210,529			205,315
	Other assets	15	11,673,059			11,207,128
	Goodwill	26	116,896			137,525
	Intangible assets	27	29,371			34,554
	Deferred tax assets (Liabilities)		457,693			456,002
	Property and equipment	16	2,457,931			2,461,116
	Total assets		523,463,209			498,235,838
	Liabilities and equity
	Liabilities
	Due to banks	17	2,958,999			866,056
	Due to customers	18	428,866,287			407,241,538
	Derivative financial instruments		34,934			265,470
	Current tax liabilities		2,330,166			2,234,985
	Other liabilities	19	10,015,827			8,085,545
	Issued debt instruments	20	1,864,924			1,557,263
	Other loans		5,987,651			5,140,782
	Other Provisions	21	5,357,366			3,541,462
	Total liabilities		457,416,154			428,933,101
	Equity
	Issued and paid up capital		19,825,134			19,702,418
	Reserves		36,096,343			33,774,990
	Reserve for employee stock ownership plan (ESOP)		1,555,725			1,674,392
	Retained earnings *		8,045,041			13,696,402
	Total equity and net profit for the period / year		65,522,243			68,848,202
	Minority interest			524,812			454,535
	Total minority interest, equity and net profit for the period / year		66,047,055			69,302,737
	Total liabilities and equity		523,463,209			498,235,838

	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 June 30, 2022

Notes

Jun. 30, 2022

Jun. 30, 2021

EGP Thousands

Interest and similar income

24,313,000

21,016,794

Interest and similar expense

(10,584,315)

(9,319,909)

Net interest income

13,728,685

11,696,885

Fee and commission income

2,411,504

1,801,723

Fee and commission expense

(1,072,889)

(687,236)

Net fee and commission income

1,338,615

1,114,487

Dividend income

54,557

63,572

Net trading income

1,014,279

278,559

Profits (Losses) on financial investments

1,065,443

601,887

Administrative expenses

(3,270,349)

(2,945,811)

Other operating (expenses) income

(2,511,186)

(1,115,219)

Goodwill amortization

(20,629)

Intangible assets amortization

(5,183)

Impairment release (charges) for credit losses

(73,977)

(1,020,214)

Bank's share in the profits of associates

5,214

11,794

Profit before income tax

11,325,469

8,660,128

Income tax expense

(3,014,444)

(2,590,814)

Deferred tax assets (Liabilities)

(530,698)

18,844

Net profit for the period

7,780,327

6,088,158

Minority interest

15,530

(1,712)

Bank shareholders

7,764,797

6,089,870

Earning per share

Basic

3.48

2.75

Diluted

3.44

2.71

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2022

Jun. 30, 2022

Jun. 30, 2021

EGP Thousands

Net profit for the period

7,780,327

6,088,158

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

(7,377,135)

(1,625,170)

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

(4,227)

(104,406)

Cumulative foreign currencies translation differences

81,324

(4,044)

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

104,188

(54,113)

Total other comprehensive income

584,477

4,300,425

As follows:

Bank's shareholders

568,947

4,302,137

Minority interest

15,530

(1,712)

Total comprehensive income for the period

584,477

4,300,425

Condensed Consolidated Interim Cash flows for the period ended June 30, 2022

	Notes	Jun. 31, 2022	Jun. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		11,325,469	8,660,128
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	16	445,305	411,612
Impairment charge for credit losses (Loans and advances to customers and banks)		(41,818)	1,061,426
Other provisions charges	21	1,513,929	350,039
Impairment charge for credit losses (due from banks)		4,970	12,901
Impairment (Released) charge for credit losses (financial investments)		110,825	(54,113)
Impairment (Released) charge for other assets		(277,768)	25,524
Exchange revaluation differences for financial assets at fair value through OCI		(2,840,747)	50,039
Goodwill amortization	26	20,629	48,134
Intangible assets amortization	27	5,183	12,094
Impairment (Released) charge financial assets at fair value through OCI		-	(72,957)
Utilization of other provisions	21	(1,707)	(44,173)
Other provisions no longer used	21	(267)	(9,145)
Exchange differences of other provisions	21	303,949	(9,196)
Profits from selling property and equipment		(1,142)	(1,250)
Losses (profits) from selling financial investments	13	(1,065,443)	(514,837)
Impairment (Released) charges of investments in associates and subsidiaries		-	(14,093)
Shares based payments		384,255	316,514
Bank's share in the profits of associates		(5,214)	(11,794)
Operating losses (profits) before changes in operating assets and liabilities		9,880,408	10,216,853

Net decrease (increase) in assets and liabilities
Due from banks		13,218,002	(8,642,436)
Financial assets at fair value through P&L	13	239,339	151,530
Derivative financial instruments		(882,092)	(19,897)
Loans and advances to banks and customers	11 - 12	(25,997,906)	(12,747,967)
Other assets		(280,761)	(1,921,109)
Due to banks	17	2,092,943	(7,501,843)
Due to customers	18	21,624,749	44,831,706
Current income tax obligations paid		(684,278)	(974,323)
Other liabilities		2,751,421	791,514
Net cash used in (generated from) operating activities		21,961,825	24,184,028

Cash flow from investing activities
Proceeds (payments) for investment in associates.		-	(158,360)
Payment for purchases of property, equipment and branches constructions		(331,846)	(530,638)
Proceeds from selling property and equipment		1,142	1,250
Proceeds from redemption of financial assets at amortized cost		622,072	2,688,858
Payment for purchases of financial assets at amortized cost		(41,770)	(2,617)
Payment for purchases of financial assets at fair value through OCI		(67,715,983)	(111,888,471)
Proceeds from selling financial assets at fair value through OCI		44,348,943	69,864,103
Net cash generated from (used in) investing activities		(23,117,442)	(40,025,875)






Condensed Consolidated Interim Cash flows for the period ended June 30, 2022 (Cont.)

		Jun. 30, 2022	Jun. 30, 2021
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Increase (decrease) in long term loans		846,869	(2,120,154)
Dividend paid		(4,410,322)	(1,360,652)
Increase (decrease) in issued debt instruments		307,661	-
Capital increase		122,716	-
Net cash generated from (used in) financing activities		(3,133,076)	(3,480,806)


Net (decrease) increase in cash and cash equivalent during the priod		(4,288,693)	(19,322,653)
Beginning balance of cash and cash equivalent		61,065,822	75,796,375
Cash and cash equivalent at the end of the period		56,777,129	56,473,722

Cash and cash equivalent comprise:
Cash and balances at the central bank		41,970,190	31,958,480
Due from banks		56,974,029	79,415,055
Treasury bills and other governmental notes	10	76,380,971	58,679,906
Obligatory reserve balance with CBE		(36,172,792)	(26,358,215)
Due from banks with maturities more than three months		(10,529,528)	(28,800,903)
Treasury bills with maturity more than three months		(71,845,741)	(58,420,601)
Total cash and cash equivalent		56,777,129	56,473,722


Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2021
Jun. 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
Transferred to reserves	-	514,939	8,420,479	-	-	1,094	-	-	(8,936,512)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the year	-	-	-	-	-	-	-	-	6,089,870	-	-	6,089,870	(1,712)	6,088,158
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(104,406)	-	104,406	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(1,625,170)	-	-	-	-	(1,625,170)	-	(1,625,170)
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	-	-	-	-	-	-	(54,113)	-	-	-	-	(54,113)	-	(54,113)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	316,514	-	316,514	-	316,514
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(360)	(360)	-	(360)
Balance at the end of the period	14,776,813	3,293,074	33,186,137	1,549,445	8,183	16,000	2,191,825	9,141	6,442,442	1,381,162	(4,044)	62,850,178	481,343	63,331,521





Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended June 30, 2022

Jun. 30, 2022	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	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
Capital increase	122,716	-	-	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the year	-	-	-	-	-	-	-	-	7,764,797	-	-	7,764,797	15,530	7,780,327
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(4,227)	-	4,227	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(7,377,135)	-	-	-	-	(7,377,135)	-	(7,377,135)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,840	(2,840)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	104,188	-	-	-	-	104,188	-	104,188
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	384,255	-	384,255	-	384,255
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	85,542	85,542	54,747	140,289
Balance at the end of the period	19,825,134	3,963,946	37,096,858	1,550,906	8,183	18,947	(6,635,802)	11,981	8,045,041	1,555,725	81,324	65,522,243	524,812	66,047,055

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END

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Date	25 Jul 2022
Time	07:00:04
Category	Results
ID	5278T

Date	25 Jul 2022
Time	07:00:04
Category	Results
ID	5278T

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CIB1H2022 Consolidated Condensed Financial Results