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CIB 1H2022 Condensed Separate Financial Results

RNS Number : 5292T

Commercial Intnl Bank (Egypt) SAE

25 July 2022

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

Condensed Separate Financial Statements

June 30, 2022

Condensed Separate 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	41,845,093			43,385,222
	Due from banks	9	56,970,904			79,991,287
	Loans and advances to banks, net	11	1,308,243			312,216
	Loans and advances to customers, net	12	169,610,784			144,765,808
	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	215,842,642			192,390,931
	- Financial Assets at Amortized cost	13	19,723,117			20,318,767
	- Investments in associates and subsidiaries	14	1,064,250			1,014,350
	Other assets	15	11,626,924			11,141,917
	Deferred tax assets (Liabilities)		354,638			460,026
	Property and equipment	16	2,391,033			2,404,237
	Total assets		521,616,413			496,651,124
	Liabilities and equity
	Liabilities
	Due to banks	17	2,969,822			862,759
	Due to customers	18	427,556,083			406,100,916
	Derivative financial instruments		34,934			265,265
	Current income tax liabilities		2,330,166			2,234,985
	Other liabilities	19	9,972,432			8,021,310
	Issued debt instruments	20	1,864,924			1,557,263
	Other loans		5,987,651			5,140,782
	Other Provisions	21	5,355,635			3,539,676
	Total liabilities		456,071,647			427,722,956
	Equity
	Issued and paid up capital		19,825,134			19,702,418
	Reserves		36,022,139			33,767,423
	Reserve for employee stock ownership plan (ESOP)		1,555,725			1,674,392
	Retained earnings *		8,141,768			13,783,935
	Total equity and net profit for the period / year		65,544,766			68,928,168
	Total liabilities and equity		521,616,413			496,651,124





	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 June 30, 2022

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

Interest and similar income				24,258,160	20,975,491
Interest and similar expense				(10,562,668)	(9,302,462)
Net interest income				13,695,492	11,673,029

Fee and commission income				2,408,556	1,798,447
Fee and commission expense				(1,072,802)	(687,129)
Net fee and commission income				1,335,754	1,111,318

Dividend income				62,799	63,572
Net trading income		5		1,013,504	274,657
Profits (Losses) on financial investments		13		1,065,443	577,519
Administrative expenses				(3,233,444)	(2,918,943)
Other operating (expenses) income		6		(2,509,857)	(1,113,292)
Impairment release (charges) for credit losses				(14,449)	(1,019,076)
Profit before income tax				11,415,242	8,648,784

Income tax expense		25		(3,110,536)	(2,590,270)
Deferred tax assets (Liabilities)		25		(530,715)	18,828
Net profit for the period				7,773,991	6,077,342

Earning per share		7
Basic				3.48	2.75
Diluted				3.44	2.71











			Hussein Abaza
			CEO & Managing Director			Sherif Samy
						Chairman

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

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

Net profit for the period	7,773,991	6,077,342

Change in fair value of debt instruments measured at fair value through other comprehensive income after income tax	(7,358,230)	(1,624,416)
Transferred from reserve on disposal of financial assets at fair value through OCI	(4,227)	(104,406)
Effect of ECL in fair value of debt instruments measured at fair value through OCI	104,188	(54,113)
Total comprehensive income for the period	515,722	4,294,407

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

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

Cash flow from operating activities
Profit before income tax				11,415,242		8,648,784
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation			16	427,873		411,612
Impairment charge for credit losses (Loans and advances to customers and banks)				(94,868)		1,060,008
Other provisions charges			21	1,513,984		350,323
Impairment charge for credit losses (due from banks)				5,357		13,181
Impairment (Released) charge for credit losses (financial investments)				103,960		(54,113)
Impairment (Released) charge for other assets				(277,768)		25,524
Exchange revaluation differences for financial assets at fair value through OCI and AC				(2,840,747)		50,039
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)
Losses (profits) from selling property and equipment				(1,142)		(1,250)
Losses (profits) from selling financial investments			13	(1,065,443)		(514,837)
Shares based payments				384,255		316,514
Impairment (Released) charges of investments in associates and subsidiaries				-		10,275
Operating losses (profits) before changes in operating assets and liabilities				9,872,678		10,180,589

Net decrease (increase) in assets and liabilities
Due from banks				13,240,715		(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	(25,746,135)		(12,680,083)
Other assets				(291,414)		(1,944,779)
Due to banks			17	2,107,063		(7,502,230)
Due to customers			18	21,455,167		44,869,003
Current income tax obligations paid				(780,370)		(973,779)
Other liabilities				(283,863)		794,030
Net cash used in (generated from) operating activities				18,931,088		24,231,948

Cash flow from investing activities
Proceeds (payments) for investment in associates.				(49,900)		(158,360)
Payment for purchases of property, equipment and branches constructions				(312,818)		(522,975)
Proceeds from selling property and equipment				1,142		1,250
Proceeds from redemption of financial assets at amortized cost				659,761		2,654,583
Payment for purchases of financial assets at amortized cost				(41,770)		(3,844)
Payment for purchases of financial assets at fair value through OCI				(67,627,930)		(111,506,191)
Proceeds from selling financial assets at fair value through OCI				45,512,886		71,451,202
Net cash generated from (used in) investing activities				(21,858,629)		(38,084,335)








	Condensed Separate 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 period			(6,060,617)		(17,333,193)
Beginning balance of cash and cash equivalent			60,891,899		75,965,247
Cash and cash equivalent at the end of the period			54,831,282		58,632,054

Cash and cash equivalent comprise:
Cash and balances at the central bank			41,845,093		31,792,597
Due from banks			57,016,700		79,116,502
Treasury bills and other governmental notes		10	76,375,291		58,677,132
Obligatory reserve balance with CBE			(36,065,936)		(26,239,755)
Due from banks with maturities more than three months			(12,494,125)		(26,293,821)
Treasury bills with maturity more than three months			(71,845,741)		(58,420,601)
Total cash and cash equivalent			54,831,282		58,632,054


Condensed Separate 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	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	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit of the year	-	-	-	-	-	-	-	6,077,342	-	6,077,342
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
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(1,624,416)	-	-	-	(1,624,416)
Transferred (from) to bank 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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	316,514	316,514
Ending balance	14,776,813	3,293,074	33,186,137	1,549,445	16,000	2,188,052	9,141	6,367,810	1,381,162	62,767,634





Condensed Separate 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	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	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
Capital increase	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)
Net profit of the year	-	-	-	-	-	-	-	7,773,991	-	7,773,991
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(4,227)	-	4,227	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(7,358,230)	-	-	-	(7,358,230)
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
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	384,255	384,255
Ending balance	19,825,134	3,963,946	37,096,858	1,549,445	18,947	(6,619,038)	11,981	8,141,768	1,555,725	65,544,766

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CIB 1H2022 Condensed Separate Financial Results - Commercial International Bank (egypt) S.A.E. (GDR) | RNS | Ticker