⌘K

3rd Quarter Results

RNS Number : 2593S

Commercial Intnl Bank (Egypt) SAE

03 November 2023

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

Separate Financial Statements

September 30, 2023

Condensed Separate Interim Statement of Financial Position as at September 30, 2023
		Notes	Sep. 30, 2023	Dec. 31, 2022
		Notes	EGP Thousands	EGP Thousands

	Assets
	Cash and balances at the central bank	8	59,818,535	47,384,574
	Due from banks	9	276,244,051	133,766,196
	Loans and advances to banks, net	11	-	2,978,197
	Loans and advances to customers, net	12	222,326,692	192,621,288
	Derivative financial instruments		1,647,485	1,939,961
	Financial investments
	- Financial Assets at Fair Value through OCI	13	188,243,712	202,916,225
	- Financial Assets at Amortized cost	13	38,686,046	34,178,753
	- Investments in associates and subsidiaries	14	694,633	1,074,250
	Non current assets held for sale	27	159,828	-
	Other assets	15	17,327,838	14,454,868
	Deferred tax assets		1,137,342	24,240
	Property and equipment	16	2,456,340	2,304,513
	Total assets		808,742,502	633,643,065
	Liabilities and equity
	Liabilities
	Due to banks	17	19,030,415	3,475,848
	Due to customers	18	665,894,926	530,124,905
	Derivative financial instruments		99,911	219,752
	Current income tax liabilities		6,993,454	3,051,583
	Other liabilities	19	15,475,422	11,549,472
	Issued debt instruments	20	3,071,834	2,456,607
	Other loans		10,387,714	7,978,975
	Other provisions	21	10,510,696	7,065,292
	Total liabilities		731,464,372	565,922,434
	Equity
	Issued and paid up capital		30,195,010	29,825,134
	Reserves		23,549,307	19,502,716
	Reserve for employee stock ownership plan (ESOP)		1,339,443	1,895,435
	Retained earnings *		22,194,370	16,497,346
	Total equity and net profit for the period / year		77,278,130	67,720,631
	Total liabilities and equity		808,742,502	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

Condensed Separate Interim Income Statement for the period ended September 30, 2023

		Last 9 Months	Last 9 Months
	Notes	Sep. 30, 2023	Sep. 30, 2022
		EGP Thousands	EGP Thousands

Interest and similar income		72,741,395	38,761,627
Interest and similar expense		(35,154,201)	(17,050,977)
Net interest income		37,587,194	21,710,650

Fee and commission income		6,540,630	3,900,488
Fee and commission expense		(2,590,207)	(1,730,066)
Net fee and commission income		3,950,423	2,170,422

Dividend income		100,244	64,372
Net trading income	5	3,146,544	1,431,729
Profits (Losses) on financial investments	13.1	(1,256,233)	1,096,850
Administrative expenses		(6,304,022)	(5,024,897)
Other operating (expenses) income	6	(5,293,795)	(3,399,057)
Impairment release (charges) for credit losses		(1,248,897)	(262,606)
Profit before income tax		30,681,458	17,787,463

Income tax expense	25	(9,540,541)	(4,984,283)
Deferred tax assets (Liabilities)	25	591,159	(597,258)
Net profit for the period		21,732,076	12,205,922

Earnings per share	7
Basic		6.41	3.62
Diluted		6.34	3.58

Condensed Separate Interim statement of Comprehensive Income for the period ended September 30, 2023

	Last 9 Months	Last 9 Months
	Sep. 30, 2023	Sep. 30, 2022
	EGP Thousands	EGP Thousands

Net profit for the period	21,732,076	12,205,922

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax	(9,611,703)	(13,128,801)
Transferred to RE from financial assets at fair value through comprehensive income	(95,308)	(4,128)
Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income	197,888	233,717
Total comprehensive income for the period	12,222,953	(693,290)

Condensed Separate Interim Cash flows for the period ended September 30 2023

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

Cash flow from operating activities
Profit before income tax		30,681,458	17,787,463
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation	16	636,285	654,220
Impairment (Released) charge for credit losses (Loans and advances to customers and banks)		1,088,174	(16,255)
Other provisions charged ( Released )	21	2,350,347	1,803,863
Impairment (Released) charge for credit losses (due from banks)		(49,019)	849
Impairment (Released) charge for credit losses (financial investments)		209,742	278,012
Impairment (Released) charge for other assets		14,347	(277,768)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(5,409,592)	(3,745,045)
Utilization of other provisions	21	(1,608)	(1,857)
Other provisions no longer used	21	-	(101)
Exchange revaluation differences of other provisions	21	1,096,665	333,425
profits from selling property and equipment		(194)	(2,192)
profits from selling financial investments at fair value through OCI	13.1	(149,012)	(1,096,850)
Losses (Profits) from selling investments in associates	13.1	(7,466)	-
Shares based payments		608,250	579,653
Impairment (Released) charges of investments in associates and subsidiaries	13.1	1,412,711	-
Operating profits before changes in operating assets and liabilities		32,481,088	16,297,417

Net decrease / increase in assets and liabilities
Due from banks		5,142,259	845,633
Financial assets at fair value through P&L		-	240,987
Derivative financial instruments		172,635	(947,116)
Loans and advances to banks and customers	11 - 12	(27,805,660)	(33,520,003)
Other assets		(2,507,984)	1,242,254
Due to banks	17	15,554,567	841,125
Due to customers	18	135,770,021	91,483,674
Current income tax obligations paid		(2,547,087)	(2,305,911)
Other liabilities		874,366	(310,752)
Net cash generated from (used in) operating activities		157,134,205	73,867,308

Cash flow from investing activities
Proceeds from investments in associates.		2,119	-
Payments for investment in subsidiaries		(1,216,022)	(59,900)
Payment for purchases of property, equipment and branches construction		(1,162,819)	(542,743)
Proceeds from selling property and equipment		194	2,192
Proceeds from redemption of financial assets at amortized cost		5,278,030	6,569,803
Payment for purchases of financial assets at amortized cost		(9,178,811)	(18,239,332)
Payment for purchases of financial assets at fair value through OCI		(65,109,765)	(114,918,927)
Proceeds from selling financial assets at fair value through OCI		76,347,190	73,463,225
Net cash generated from (used in) investing activities		4,960,116	(53,725,682)

Condensed Separate Interim Cash flows for the period ended September 30, 2023 (Cont.)

		Sep. 30, 2023	Sep. 30, 2022
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Other loans		2,408,739	1,116,344
Dividends paid		(3,738,888)	(4,410,322)
Issued debt instruments		615,227	382,977
Capital increase		369,876	122,716
Net cash generated from (used in) financing activities		(345,046)	(2,788,285)


Net (decrease) increase in cash and cash equivalent during the period		161,749,275	17,353,341
Beginning balance of cash and cash equivalent		92,895,143	60,891,899
Cash and cash equivalent at the end of the period		254,644,418	78,245,240

Cash and cash equivalent comprise:
Cash and balances at the central bank		59,818,535	43,776,754
Due from banks		276,244,266	90,419,482
Treasury bills	10	71,507,826	87,119,766
Obligatory reserve balance with CBE		(52,853,882)	(38,022,832)
Due from banks with maturity more than three months		(29,659,932)	(22,949,758)
Treasury bills with maturity more than three months		(70,412,395)	(82,098,172)
Total cash and cash equivalent		254,644,418	78,245,240


Condensed Separate Interim statement of changes in shareholders' equity
Sep. 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

Beginning Balance at 1 Januray 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	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 for the period	-	-	-	-	-	-	-	12,205,922	-	12,205,922
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(4,128)	-	4,128	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(13,128,801)	-	-	-	(13,128,801)
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	-	-	-	-	-	233,717	-	-	-	233,717
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	579,653	579,653
Balance at 30 September 2022	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(12,259,981)	11,981	12,573,600	1,751,123	64,531,053



Sep. 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

Beginning Balance at 1 Januray 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 for the period	-	-	-	-	-	-	-	21,732,076	-	21,732,076
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(95,308)	-	95,308	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(9,611,703)	-	-	-	(9,611,703)
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	-	-	-	-	-	197,888	-	-	-	197,888
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	608,250	608,250
Balance at 30 September 2023	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(22,647,584)	15,230	22,194,370	1,339,443	77,278,130

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3rd Quarter Results - Commercial International Bank (egypt) S.A.E. (GDR) | RNS | Ticker