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CIB Q4-2022 Separate Financial Statements

RNS Number : 6493P

Commercial Intnl Bank (Egypt) SAE

13 February 2023

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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2022

Separate Statement of Financial Position as at December 31, 2022
		Notes	Dec. 31, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands

	Assets
	Cash and balances at the central bank	15	47,384,574			43,385,222
	Due from banks	16	133,766,196			79,991,287
	Loans and advances to banks, net	18	2,978,197			312,216
	Loans and advances to customers, net	19	192,621,288			144,765,808
	Derivative financial instruments	20	1,939,961			225,376
	Investments
	- Financial Assets at Fair Value through P&L	21	-			240,987
	- Financial Assets at Fair Value through OCI	21	202,916,225			192,390,931
	- Financial Assets at Amortized cost	21	34,178,753			20,318,767
	- Investments in associates and subsidiaries	22	1,074,250			1,014,350
	Other assets	23	14,454,868			11,141,917
	Deferred tax assets (Liabilities)	32	24,240			460,026
	Property and equipment	24	2,304,513			2,404,237
	Total assets		633,643,065			496,651,124
	Liabilities and equity
	Liabilities
	Due to banks	25	3,475,848			862,759
	Due to customers	26	530,124,905			406,100,916
	Derivative financial instruments	20	219,752			265,265
	Current income tax liabilities		3,051,583			2,234,985
	Other liabilities	29	11,549,472			8,021,310
	Issued debt instruments	27	2,456,607			1,557,263
	Other loans	28	7,978,975			5,140,782
	Other Provisions	30	7,065,292			3,539,676
	Total liabilities		565,922,434			427,722,956
	Equity
	Issued and paid up capital	31	29,825,134			19,702,418
	Reserves	34	19,502,716			33,767,423
	Reserve for employee stock ownership plan (ESOP)	34	1,895,435			1,674,392
	Retained earnings *	34	16,497,346			13,783,935
	Total equity and net profit for the year		67,720,631			68,928,168
	Total liabilities and equity		633,643,065			496,651,124





	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, 2022



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

Interest and similar income			55,442,268	44,945,445
Interest and similar expense			(24,606,441)	(20,057,935)
Net interest income	6		30,835,827	24,887,510

Fee and commission income			5,542,843	4,036,955
Fee and commission expense			(2,477,342)	(1,654,671)
Net fee and commission income	7		3,065,501	2,382,284

Dividends income	8		62,226	84,700
Net trading income	9		2,741,854	696,738
Profits (Losses) on financial investments	21		1,116,776	684,417
Administrative expenses	10		(7,177,250)	(6,096,221)
Other operating (expenses) income	11		(5,070,547)	(1,981,093)
Impairment release (charges) for credit losses	12		(1,512,007)	(1,677,450)
Profit before income tax			24,062,380	18,980,885

Income tax expense	13		(6,342,457)	(5,678,659)
Deferred tax assets (Liabilities)	32 - 13		(1,589,563)	118,159
Net profit for the year			16,130,360	13,420,385

Earning per share	14
Basic			4.83	4.03
Diluted			4.78	3.99











		Hussein Abaza
		CEO & Managing Director			Sherif Samy
					Chairman

Separate Statement of Comprehensive Income for the year ended December 31, 2022


	Dec. 31, 2022	Dec. 31, 2021
	EGP Thousands	EGP Thousands

Net profit for the period	16,130,360	13,420,385
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 comprehensive income	171,293	(162,812)
Tax impact for investments that will not be reclassified to P&L	61,753	13,489
Transferred to RE from financial assets at fair value through comprehensive income	(3,436)	(177,488)
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 comprehensive income	(12,225,948)	(2,291,019)
Selling FVOCI financial instruments	(1,116,776)	(702,776)
Tax impact for investments that will be reclassified to P&L	(1,119,625)	82,416
Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income	455,047	(93,566)
Total comprehensive income for the year	2,352,668	10,088,629

Separate Cash Flow for the year ended December 31, 2022



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

Cash flow from operating activities
Profit before income tax				24,062,380		18,980,885
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation			24	868,611		858,609
Impairment charge for credit losses (Loans and advances to customers and banks)			12	978,374		1,753,908
Other provisions charges			30	2,133,941		381,601
Impairment charge for credit losses (due from banks)			12	8,795		17,108
Impairment (Released) charge for credit losses (financial investments)			12	524,838		(93,566)
Impairment (Released) charge for other assets			23	(277,766)		31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC			21	(7,477,865)		17,261
Utilization of other provisions			30	(3,126)		(45,483)
Other provisions no longer used			30	(172)		(2,451)
Exchange differences of other provisions			30	1,394,973		(15,243)
Losses (profits) from selling property and equipment			11	(2,208)		(2,947)
Losses (profits) from selling financial investments at fair value through OCI			21	(1,116,776)		(702,776)
Shares based payments				723,965		609,744
Impairment (Released) charges of investments in associates			21	-		18,359
Operating profits before changes in operating assets and liabilities				21,817,964		21,806,984

Net decrease (increase) in assets and liabilities
Due from banks			16	(25,816,942)		(17,927,084)
Financial assets at fair value through P&L			21	240,987		118,972
Derivative financial instruments			20	(1,760,098)		(42,425)
Loans and advances to banks and customers			18 - 19	(51,470,510)		(27,183,640)
Other assets			41	(2,859,380)		(2,155,845)
Due to banks			25	2,613,089		(7,952,802)
Due to customers			26	124,023,989		66,014,392
Current income tax obligations paid				(3,221,401)		(3,443,674)
Other liabilities			29	1,223,704		1,490,795
Net cash used in (generated from) operating activities				64,791,402		30,725,673

Cash flow from investing activities
Payments for investment in subsidiaries and associates.				(59,900)		(158,360)
Payment for purchases of property, equipment and branches constructions				(974,017)		(942,173)
Proceeds from selling property and equipment			11	2,208		2,947
Proceeds from redemption of financial assets at amortized cost				6,738,937		4,705,849
Payment for purchases of financial assets at amortized cost				(19,860,705)		(3,844)
Payment for purchases of financial assets at fair value through OCI				(45,171,763)		(250,190,493)
Proceeds from selling financial assets at fair value through OCI				27,087,151		203,196,606
Net cash generated from (used in) investing activities				(32,238,089)		(43,389,468)









	Separate Cash Flow for the Year ended December 31, 2022 (Cont.)

			Dec. 31, 2022		Dec. 31, 2021
			EGP Thousands		EGP Thousands

Cash flow from financing activities
Other loans		28	2,838,193		(2,606,164)
Dividends paid			(4,410,322)		(1,360,652)
Issued debt instruments			899,344		1,557,263
Capital increase			122,716		-
Net cash generated from (used in) financing activities			(550,069)		(2,409,553)


Net (decrease) increase in cash and cash equivalent during the year			32,003,244		(15,073,348)
Beginning balance of cash and cash equivalent			60,891,899		75,965,247
Cash and cash equivalent at the end of the year			92,895,143		60,891,899

Cash and cash equivalent comprise:
Cash and balances at the central bank		15	47,384,574		43,385,222
Due from banks		16	133,815,430		80,031,726
Treasury bills and other governmental notes		17	59,146,824		41,579,504
Obligatory reserve balance with CBE		15	(40,414,752)		(38,016,793)
Due from banks with maturities more than three months			(47,241,335)		(23,801,430)
Treasury bills with maturity more than three months			(59,795,598)		(42,286,330)
Total cash and cash equivalent			92,895,143		60,891,899


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 of the year	-	-	-	-	-	-	-	13,420,385	-	13,420,385
Transferred to RE from financial assets at fair value through comprehensive income	-	-	-	-	-	(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 after tax	-	-	-	-	-	(3,060,702)	-	-	-	(3,060,702)
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	-	-	-	-	-	(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





Separate statement of changes in shareholders' equity for the year ended December 31, 2022

Dec. 31, 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	10,122,716	-	(10,000,000)	-	-	-	-	-	-	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	-	-	-	-	-	-	-	16,130,360	-	16,130,360
Transferred to RE from financial assets at fair value through comprehensive income	-	-	-	-	-	(3,436)	-	3,436	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(14,229,303)	-	-	-	(14,229,303)
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	-	-	-		-	455,047	-	-	-	455,047
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	723,965	723,965
Ending balance	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(13,138,461)	11,981	16,497,346	1,895,435	67,720,631

Proposed appropriation account for the year ended December 31, 2022


	Dec. 31, 2022	Dec. 31, 2021
	EGP Thousands	EGP Thousands

Net profit after tax	16,130,360	13,420,385
Deduct:
Profits selling property, plant and equipment transferred to capital reserve according to the law	(2,208)	(2,947)
Bank risk reserve	(3,249)	(2,840)
Available net profit for distributing	16,124,903	13,414,598
Added
Retained Earnings beginning balance	363,550	177,729
Transferred to retained earnings	3,436	185,821
Total	16,491,889	13,778,148

To be distributed as follows:
Legal reserve	806,408	670,872
General reserve	11,579,607	8,333,404
Dividends to shareholders	1,613,036	2,684,077
Staff profit sharing	1,612,490	1,341,460
Board members bonus	110,239	49,420
CIB's foundation	241,874	201,219
Support and development of banking sector fund	161,249	134,146
Retained Earnings closing balance	366,986	363,550
Total	16,491,889	13,778,148

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CIB Q4-2022 Separate Financial Statements - Commercial International Bank (egypt) S.A.E. (GDR) | RNS | Ticker