3rd Quarter 2022 Results (Consolidated)

RNS Number : 2907F

Commercial Intnl Bank (Egypt) SAE

04 November 2022




Commercial International Bank (Egypt) S.A.E.
Condensed Consolidated Financial Statements
September 30, 2022 Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/2907F_1-2022-11-3.pdf

Condensed Consolidated Interim Balance Sheet as at September 30, 2022
		Notes	Sep. 30, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	8	43,857,708			43,492,248
	Due from banks	9	90,458,312			80,141,769
	Loans and advances to banks, net	11	1,944,633			312,216
	Loans and advances to customers, net	12	177,710,036			145,575,243
	Derivative financial instruments		951,214			225,376
	Investments
	- Financial Assets at Fair Value through P&L	13	-			240,987
	- Financial Assets at Fair Value through OCI	13	231,064,431			193,198,894
	- Financial Assets at Amortized cost	13	32,613,909			20,547,465
	- Investments in associates	14	187,399			205,315
	Other assets	15	10,221,640			11,207,128
	Goodwill	26	106,582			137,525
	Intangible assets	27	26,780			34,554
	Deferred tax assets (Liabilities)		834,437			456,002
	Property and equipment	16	2,391,296			2,461,116
	Total assets		592,368,377			498,235,838
	Liabilities and equity
	Liabilities
	Due to banks	17	1,747,427			866,056
	Due to customers	18	499,019,607			407,241,538
	Derivative financial instruments		43,987			265,470
	Current tax liabilities		2,678,372			2,234,985
	Other liabilities	19	9,995,151			8,085,545
	Issued debt instruments	20	1,940,240			1,557,263
	Other loans		6,257,126			5,140,782
	Other Provisions	21	5,676,497			3,541,462
	Total liabilities		527,358,407			428,933,101
	Equity
	Issued and paid up capital	25	29,825,134			19,702,418
	Reserves		20,434,644			33,774,990
	Reserve for employee stock ownership plan (ESOP)		1,751,123			1,674,392
	Retained earnings *		12,453,402			13,696,402
	Total equity and net profit for the period / year		64,464,303			68,848,202
	Non Controlling Interest			545,667			454,535
	Total minority interest, equity and net profit for the period / year		65,009,970			69,302,737
	Total liabilities and equity		592,368,377			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 September 30, 2022

Notes

Sep. 30, 2022

Sep. 30, 2021

EGP Thousands

Interest and similar income

38,938,124

32,654,016

Interest and similar expense

(17,120,373)

(14,499,387)

Net interest income

21,817,751

18,154,629

Fee and commission income

3,908,463

2,900,853

Fee and commission expense

(1,730,281)

(1,129,949)

Net fee and commission income

2,178,182

1,770,904

Dividend income

54,557

57,451

Net trading income

1,434,169

490,787

Profits (Losses) on financial investments

1,096,850

658,483

Administrative expenses

(5,142,060)

(4,438,232)

Other operating (expenses) income

(3,404,237)

(1,370,707)

Goodwill amortization

(30,943)

Intangible assets amortization

(7,774)

Impairment release (charges) for credit losses

(298,078)

(1,323,521)

Bank's share in the profits/losses of associates

(16,343)

18,354

Profit before income tax

17,682,074

13,979,431

Income tax expense

(4,885,951)

(4,115,929)

Deferred tax assets (Liabilities)

(597,241)

11,861

Net profit for the period

12,198,882

9,875,363

Minority interest

25,625

(1,932)

Bank shareholders

12,173,257

9,877,295

Earning per share

Basic

3.62

2.97

Diluted

3.60

2.95

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

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

Sep. 30, 2022

Sep. 30, 2021

EGP Thousands

Net profit for the period

12,198,882

9,875,363

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

(13,184,005)

(2,375,618)

Transferred to RE from financial assets at fair value through OCI

(4,128)

(177,362)

Cumulative foreign currencies translation differences

96,867

(2,636)

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

233,717

(98,246)

Total other comprehensive income

(658,667)

7,221,501

As follows:

Bank's shareholders

(684,292)

7,223,433

Non-Controlling Interest

25,625

(1,932)

Total comprehensive income for the period

(658,667)

7,221,501

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

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

Cash flow from operating activities
Profit before income tax from continued operations		17,682,074	13,979,431
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	16	644,401	636,413
Impairment charge for credit losses (Loans and advances to customers and banks)		12,998	1,383,887
Other provisions charges	21	1,803,568	190,525
Impairment charge for credit losses (due from banks)		534	37,880
Impairment (Released) charge for credit losses (financial investments)		284,546	(98,246)
Impairment (Released) charge for other assets		(277,768)	31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC		(3,745,045)	40,050
Goodwill amortization	26	30,943	58,448
Intangible assets amortization	27	7,774	14,685
Utilization of other provisions	21	(1,857)	(44,978)
Other provisions no longer used	21	(101)	(12,255)
Exchange differences of other provisions	21	333,425	(13,722)
Losses (Profits) from selling property and equipment		(2,192)	(2,124)
Losses (profits) from selling financial investments	13	(1,096,850)	(643,467)
Impairment (Released) charges of investments in associates		-	(15,016)
Shares based payments		579,653	477,644
Bank's share in the profits / losses of associates		16,343	(18,354)
Operating losses (profits) before changes in operating assets and liabilities		16,272,446	16,002,776

Net decrease (increase) in assets and liabilities
Due from banks		870,167	(272,238)
Financial assets at fair value through P&L	13	240,987	153,260
Derivative financial instruments		(947,321)	(24,448)
Loans and advances to banks and customers	11 - 12	(33,780,208)	(20,943,748)
Other assets		1,245,185	(1,611,672)
Due to banks	17	881,371	(7,271,485)
Due to customers	18	91,778,069	63,033,657
Current income tax obligations paid		(2,207,579)	(2,153,441)
Other liabilities		(325,379)	1,706,495
Net cash used in (generated from) operating activities		74,027,738	48,619,156

Cash flow from investing activities
Proceeds (payments) for investment in associates.		-	(158,360)
Payment for purchases of property, equipment and branches constructions		(556,512)	(677,464)
Proceeds from selling property and equipment		2,192	2,124
Proceeds from redemption of financial assets at amortized cost		6,520,697	4,753,398
Payment for purchases of financial assets at amortized cost		(18,268,602)	(2,617)
Payment for purchases of financial assets at fair value through OCI		(115,077,815)	(208,509,917)
Proceeds from selling financial assets at fair value through OCI		73,424,845	147,101,717
Net cash generated from (used in) investing activities		(53,955,195)	(57,491,119)






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

		Sep. 30, 2022	Sep. 30, 2021
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Other loans		1,116,344	(2,113,845)
Dividend paid		(4,410,322)	(1,360,652)
Issued debt instruments		382,977	1,556,032
Capital increase		122,716	-
Net cash generated from (used in) financing activities		(2,788,285)	(1,918,465)


Net (decrease) increase in cash and cash equivalent during the period		17,284,258	(10,790,428)
Beginning balance of cash and cash equivalent		61,065,822	75,796,375
Cash and cash equivalent at the end of the period		78,350,080	65,005,947

Cash and cash equivalent comprise:
Cash and balances at the central bank		43,857,708	33,326,348
Due from banks		90,499,843	72,296,624
Treasury bills and other governmental notes	10	87,122,900	65,656,846
Obligatory reserve balance with CBE		(38,082,441)	(27,265,818)
Due from banks with maturities more than three months		(22,949,758)	(16,980,376)
Treasury bills with maturity more than three months		(82,098,172)	(62,027,677)
Total cash and cash equivalent		78,350,080	65,005,947


Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2021
Sep. 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	Non Controlling 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)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	-	9,877,295	-	-	9,877,295	(1,932)	9,875,363
Minority Interest Share	-	-	-	-	-	-	-	-	-	-	-	-	(25,219)	(25,219)
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(177,362)	-	177,362	-	-	-	-	-
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	-	-	-	-	-	-	(2,375,618)	-	-	-	-	(2,375,618)	-	(2,375,618)
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	-	-	-	-	-	-	(98,246)	-	-	-	-	(98,246)	-	(98,246)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	477,644	-	477,644	-	477,644
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	1,048	1,048	-	1,048
Balance at the end of the period	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	1,324,288	9,141	10,301,362	1,542,292	(2,636)	66,005,560	455,904	66,461,464





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

Sep. 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	Non Controlling 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	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	-	12,173,257	-	-	12,173,257	25,625	12,198,882
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	(4,128)	-	4,128	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(13,184,005)	-	-	-	-	(13,184,005)	-	(13,184,005)
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	-	-	-	-	-	-	233,717	-	-	-	-	233,717	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	579,653	-	579,653	-	579,653
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	101,085	101,085	65,507	166,592
Balance at the end of the period	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(12,313,044)	11,981	12,453,402	1,751,123	96,867	64,464,303	545,667	65,009,970

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END

QRTUPGRWGUPPGBW

Date	4 Nov 2022
Time	07:00:03
Category	Results
ID	2907F

Date	4 Nov 2022
Time	07:00:03
Category	Results
ID	2907F

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3rd Quarter 2022 Results (Consolidated)