CIB 1H2023 Separate Condensed Financial Statements

RNS Number : 8758G

Commercial Intnl Bank (Egypt) SAE

24 July 2023

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

Condensed Separate Interim Financial Statements

June 30, 2023

Condensed Separate Interim Statement of Financial Position as at June 30, 2023

Notes

Jun. 30, 2023

Dec. 31, 2022

EGP Thousands

Assets

Cash and balances at the central bank

33,404,357

47,384,574

Due from banks

281,453,512

133,766,196

Loans and advances to banks, net

265,506

2,978,197

Loans and advances to customers, net

219,683,799

192,621,288

Derivative financial instruments

2,072,177

1,939,961

Financial investments :

- Financial Assets at Fair Value through OCI

190,099,506

202,916,225

- Financial Assets at Amortized cost

43,649,201

34,178,753

- Investments in associates and subsidiaries

2,116,344

1,074,250

Non current assets held for sale

159,828

Other assets

19,089,982

14,454,868

Deferred tax assets

285,247

24,240

Property and equipment

2,398,143

2,304,513

Total assets

794,677,602

633,643,065

Liabilities and equity

Liabilities

Due to banks

23,940,798

3,475,848

Due to customers

656,423,136

530,124,905

Derivative financial instruments

139,259

219,752

Current income tax liabilities

4,952,484

3,051,583

Other liabilities

16,448,991

11,549,472

Issued debt instruments

3,070,637

2,456,607

Other loans

11,158,536

7,978,975

Other provisions

9,389,034

7,065,292

Total liabilities

725,522,875

565,922,434

Equity

Issued and paid up capital

30,195,010

29,825,134

Reserves

23,220,467

19,502,716

Reserve for employee stock ownership plan (ESOP)

1,133,385

1,895,435

Retained earnings *

14,605,865

16,497,346

Total equity and net profit for the period / year

69,154,727

67,720,631

Total liabilities and equity

794,677,602

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 June 30, 2023



	Notes		Last 6 Months	Last 6 Months
			Jun. 30, 2023	Jun. 30, 2022
			EGP Thousands	EGP Thousands
Interest and similar income			44,928,893	24,258,160
Interest and similar expense			(21,138,609)	(10,562,668)
Net interest income			23,790,284	13,695,492

Fee and commission income			4,126,585	2,408,556
Fee and commission expense			(1,575,432)	(1,072,802)
Net fee and commission income			2,551,153	1,335,754

Dividend income			93,844	62,799
Net trading income	5		2,320,059	1,013,504
Profits (Losses) on financial investments	13		92,572	1,065,443
Administrative expenses			(4,170,553)	(3,233,444)
Other operating (expenses) income	6		(3,336,832)	(2,509,857)
Impairment release (charges) for credit losses			(1,212,831)	(14,449)
Profit before income tax			20,127,696	11,415,242

Income tax expense	25		(5,769,912)	(3,110,536)
Deferred tax assets (Liabilities)	25		(214,213)	(530,715)
Net profit for the period			14,143,571	7,773,991

Earning per share	7
Basic			4.17	2.29
Diluted			4.12	2.27











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

Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30,2023

Last 6 Months

Jun. 30, 2023

Last 6 Months

Jun. 30, 2022

EGP Thousands

Net profit for the period

14,143,571

7,773,991

Change in fair value of Financial investments measured at fair value through comprehensive income after tax

(9,947,459)

Transferred to RE from financial assets at fair value through comprehensive income

(95,308)

(7,358,230)

Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income

204,804

(4,227)

Total comprehensive income for the period

4,305,608

104,188

515,722

Condensed Separate Interim Cash Flows for the period ended June 30, 2023



			Notes	Jun. 30, 2023		Jun. 30, 2022
				EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax				20,127,696		11,415,242
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation			16	416,248		427,873
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)				983,641		(94,868)
Other provisions charges			21	1,146,440		1,513,984
Impairment (Released) charge for credit losses (due from banks)				2,890		5,357
Impairment (Released) charge for credit losses (financial investments)				226,300		103,960
Impairment (Released) charge for other assets				-		(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC				(5,858,602)		(2,840,747)
Utilization of other provisions			21	(1,031)		(1,707)
Other provisions no longer used			21	-		(267)
Exchange differences of other provisions			21	1,178,333		303,949
profits from selling property and equipment				(130)		(1,142)
profits from selling financial investments at fair value through OCI			13	(92,572)		(1,065,443)
Shares based payments				402,192		384,255
Operating profits before changes in operating assets and liabilities				18,531,405		9,872,678

Net decrease (increase) in assets and liabilities
Due from banks				32,434,410		13,240,715
Financial assets at fair value through P&L				-		239,339
Derivative financial instruments				(212,709)		(882,092)
Loans and advances to banks and customers			11 - 12	(25,329,650)		(25,746,135)
Other assets				(4,448,765)		(291,414)
Due to banks			17	20,464,950		2,107,063
Due to customers			18	126,298,231		21,455,167
Current income tax obligations paid				(817,428)		(780,370)
Other liabilities				2,117,243		(283,863)
Net cash generated from (used in) operating activities				169,037,687		18,931,088

Cash flow from investing activities
Payments for investment in subsidiaries				(1,216,022)		(49,900)
Payment for purchases of property, equipment and branches constructions				(700,038)		(312,818)
Proceeds from selling property and equipment				130		1,142
Proceeds from redemption of financial assets at amortized cost				196,783		659,761
Payment for purchases of financial assets at amortized cost				(9,045,180)		(41,770)
Payment for purchases of financial assets at fair value through OCI				(51,454,096)		(67,627,930)
Proceeds from selling financial assets at fair value through OCI				59,328,407		45,512,886
Net cash generated from (used in) investing activities				(2,890,016)		(21,858,629)









	Condensed Separate Interim Cash Flows for the period ended June 30, 2023 (Cont.)

			Jun. 30, 2023		Jun. 30, 2022
			EGP Thousands		EGP Thousands

Cash flow from financing activities
Other loans			3,179,561		846,869
Dividends paid			(3,577,639)		(4,410,322)
Issued debt instruments			614,030		307,661
Capital increase			369,876		122,716
Net cash generated from (used in) financing activities			585,828		(3,133,076)


Net (decrease) increase in cash and cash equivalent during the period			166,733,499		(6,060,617)
Beginning balance of cash and cash equivalent			92,895,143		60,891,899
Cash and cash equivalent at the end of the period			259,628,642		54,831,282

Cash and cash equivalent comprise:
Cash and balances at the central bank			33,404,357		41,845,093
Due from banks			281,505,636		57,016,700
Treasury bills		10	71,798,021		76,375,291
Obligatory reserve balance with CBE			(25,558,292)		(36,065,936)
Due from banks with maturities more than three months			(29,663,385)		(12,494,125)
Treasury bills with maturity more than three months			(71,857,695)		(71,845,741)
Total cash and cash equivalent			259,628,642		54,831,282


Condensed Separate Interim statement of changes in shareholders' equity
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 at 1 January 2022	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 period	-	-	-	-	-	-	-	7,773,991	-	7,773,991
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,227)	-	4,227	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(7,358,230)	-	-	-	(7,358,230)
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	-	-	-	-	-	104,188	-	-	-	104,188
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	384,255	384,255
Balance at 30 June 2022	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







Jun. 30, 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 at 1 January 2023	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	369,876	-	-	-	-	-	-	-	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	2,208	-	-	(12,388,223)	(1,164,242)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit of the period	-	-	-	-	-	-	-	14,143,571	-	14,143,571
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(95,308)	-	95,308	-	-
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(9,947,459)	-	-	-	(9,947,459)
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	-	-	-	-	-	204,804	-	-	-	204,804
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	402,192	402,192
Balance at 30 June 2023	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(22,976,424)	15,230	14,605,865	1,133,385	69,154,727

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END

IR EALXDADADEFA

Date	24 Jul 2023
Time	08:00:01
Category	Results
ID	8758G

Date	24 Jul 2023
Time	08:00:01
Category	Results
ID	8758G

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CIB 1H2023 Separate Condensed Financial Statements