CIB Q1-2023 Separate Financial Statements

RNS Number : 3364Z

Commercial Intnl Bank (Egypt) SAE

14 May 2023

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

Condensed Separate Interim Financial Statements

March 31, 2023

Condensed Separate Interim Statement of Financial Position as at March 31, 2023

Notes

Mar. 31, 2023

Dec. 31, 2022

EGP Thousands

Assets

Cash and balances at the central bank

52,319,656

47,384,574

Due from banks

169,608,129

133,766,196

Loans and advances to banks, net

616,088

2,978,197

Loans and advances to customers, net

212,026,712

192,621,288

Derivative financial instruments

2,087,218

1,939,961

Investments

- Financial Assets at Fair Value through OCI

184,988,891

202,916,225

- Financial Assets at Amortized cost

43,228,737

34,178,753

- Investments in associates and subsidiaries

2,116,344

1,074,250

Noncurrent assets held for sale

159,828

Other assets

14,686,237

14,454,868

Deferred tax assets

24,240

Property and equipment

2,357,699

2,304,513

Total assets

684,195,539

633,643,065

Liabilities and equity

Liabilities

Due to banks

8,286,858

3,475,848

Due to customers

574,113,802

530,124,905

Derivative financial instruments

8,294

219,752

Deferred tax liabilities

303,511

Current income tax liabilities

1,991,935

3,051,583

Other liabilities

16,012,509

11,549,472

Issued debt instruments

3,069,231

2,456,607

Other loans

9,586,379

7,978,975

Other provisions

8,699,209

7,065,292

Total liabilities

622,071,728

565,922,434

Equity

Issued and paid up capital

29,990,563

29,825,134

Reserves

24,012,537

19,502,716

Reserve for employee stock ownership plan (ESOP)

1,667,377

1,895,435

Retained earnings *

6,453,334

16,497,346

Total equity and net profit for the period / year

62,123,811

67,720,631

Total liabilities and equity

684,195,539

633,643,065

The accompanying notes are an integral part of these financial statements.

(Limited review report attached)

Including net profit for the current period

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

Condensed Separate Interim Income Statement for the period ended March 31, 2023



	Notes		Mar. 31, 2023	Mar. 31, 2022
			EGP Thousands	EGP Thousands

Interest and similar income			19,729,848	11,812,196
Interest and similar expense			(8,897,778)	(5,209,537)
Net interest income			10,832,070	6,602,659

Fee and commission income			2,004,350	1,191,476
Fee and commission expense			(792,102)	(514,635)
Net fee and commission income			1,212,248	676,841

Dividend income			32,362	37,800
Net trading income	5		1,845,604	716,066
Profits (Losses) on financial investments	13		70,920	1,021,334
Administrative expenses			(2,004,617)	(1,545,348)
Other operating (expenses) income	6		(1,969,625)	(1,425,498)
Impairment release (charges) for credit losses			(947,656)	40,525
Profit before income tax			9,071,306	6,124,379

Income tax expense	25		(2,264,671)	(1,375,213)
Deferred tax assets (Liabilities)	25		(722,182)	(509,574)
Net profit for the period			6,084,453	4,239,592

Earning per share	7
Basic			1.81	1.26
Diluted			1.79	1.24











		Hussein Abaza
		CEO & Managing Director			Hisham Ezz El-Arab
					Chairman

Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2023



	Mar. 31, 2023	Mar. 31, 2022
	EGP Thousands	EGP Thousands

Net profit for the period	6,084,453	4,239,592
Change in fair value of Financial investments measured at fair value through comprehensive income after tax	(8,507,038)	(3,958,945)
Transferred to RE from financial assets at fair value through comprehensive income	(1,895)	(4,201)
Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income	208,250	101,561
Total comprehensive income for the period	(2,216,230)	378,007

Condensed Separate Cash flows for the period ended March 31 2023


		Notes	Mar. 31, 2023		Mar. 31, 2022
			EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax			9,071,306		6,124,379
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation		16	206,400		210,105
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)			714,714		(147,259)
Other provisions charges		21	464,368		1,036,307
Impairment (Released) charge for credit losses (due from banks)			(1,549)		4,977
Impairment (Released) charge for credit losses (financial investments)			234,491		101,757
Impairment (Released) charge for other assets			-		(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC			(6,033,831)		63
Utilization of other provisions		21	(345)		(156)
Other provisions no longer used		21	-		(385)
Exchange differences of other provisions		21	1,169,894		278,463
profits from selling property and equipment			(118)		(50)
profits from selling financial investments at fair value through OCI		13	(70,920)		(1,021,334)
Shares based payments			190,974		175,235
Operating profits before changes in operating assets and liabilities			5,945,384		6,484,334

Net decrease (increase) in assets and liabilities
Due from banks			12,102,385		25,542,432
Financial assets at fair value through P&L			-		239,339
Derivative financial instruments			(358,715)		(680,290)
Loans and advances to banks and customers		11 - 12	(17,757,613)		(12,715,125)
Other assets			(75,936)		1,851,768
Due to banks		17	4,811,010		2,833,129
Due to customers		18	43,988,897		21,553,142
Current income tax obligations paid			(272,736)		(261,790)
Other liabilities			(362,831)		1,876,780
Net cash generated from (used in) operating activities			48,019,845		46,723,719

Cash flow from investing activities
Payments for investment in subsidiaries			(1,216,022)		-
Payment for purchases of property, equipment and branches constructions			(415,435)		(76,753)
Proceeds from selling property and equipment			118		50
Proceeds from redemption of financial assets at amortized cost			196,783		2,609,283
Payment for purchases of financial assets at amortized cost			(8,454,232)		(2,430,124)
Payment for purchases of financial assets at fair value through OCI			(32,426,908)		(68,194,467)
Proceeds from selling financial assets at fair value through OCI			46,782,676		78,071,439
Net cash generated from (used in) investing activities			4,466,980		9,979,428











Condensed Separate Interim Cash flows for the period ended March 31, 2023 (Cont.)

		Mar. 31, 2023		Mar. 31, 2022
		EGP Thousands		EGP Thousands

Cash flow from financing activities
Other loans		1,607,404		1,035,994
Dividends paid		(1,964,603)		(4,410,322)
Issued debt instruments		612,624		253,338
Capital increase		165,429		122,716
Net cash generated from (used in) financing activities		420,854		(2,998,274)


Net (decrease) increase in cash and cash equivalent during the period		52,907,679		53,704,873
Beginning balance of cash and cash equivalent		92,895,143		60,891,899
Cash and cash equivalent at the end of the period		145,802,822		114,596,772

Cash and cash equivalent comprise:
Cash and balances at the central bank		52,319,656		30,471,454
Due from banks		169,655,814		120,943,837
Treasury bills and other governmental notes	10	68,681,151		40,371,415
Obligatory reserve balance with CBE		(45,888,981)		(26,030,335)
Due from banks with maturities more than three months		(29,664,721)		(10,245,456)
Treasury bills with maturity more than three months		(69,300,097)		(40,914,143)
Total cash and cash equivalent		145,802,822		114,596,772


Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2022
Mar. 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	122,716	-	502,922	-	-	-	-	-	(502,922)	122,716
Transferred to reserves	-	670,872	8,333,404	-	2,947	-	-	(9,007,223)	-	-
Dividend paid	-	-	-	-	-	-	-	(4,410,322)	-	(4,410,322)
Net profit of the period	-	-	-	-	-	-	-	4,239,592	-	4,239,592
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,201)	-	4,201	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(3,958,945)	-	-	-	(3,958,945)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	2,840	(2,840)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	101,561	-	-	-	101,561
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	175,235	175,235
Ending balance	19,825,134	3,963,946	37,096,858	1,549,445	18,947	(3,222,354)	11,981	4,607,343	1,346,705	65,198,005






Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2023

Mar. 31, 2023	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	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
Capital increase	165,429	-	-	-	-	-	-	-	-	165,429
Transferred to reserves	-	806,408	11,998,639	-	2,208	-	-	(12,388,223)	(419,032)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit of the period	-	-	-	-	-	-	-	6,084,453	-	6,084,453
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(1,895)	-	1,895	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(8,507,038)	-	-	-	(8,507,038)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	3,249	(3,249)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	208,250	-	-	-	208,250
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	190,974	190,974
Ending balance of the period	29,990,563	4,770,354	39,095,497	1,549,445	21,155	(21,439,144)	15,230	6,453,334	1,667,377	62,123,811

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END

QRFAIMFTMTIBBFJ

Date	15 May 2023
Time	07:00:02
Category	Results
ID	3364Z

Date	15 May 2023
Time	07:00:02
Category	Results
ID	3364Z

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CIB Q1-2023 Separate Financial Statements