CIB Q4.23 Consolidated Financial Statements - IFRS

RNS Number : 7294C

Commercial Intnl Bank (Egypt) SAE

11 February 2024

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

Consolidated Financial Statements - IFRS

December 31, 2023

Consolidated Statement of Financial Position as at December 31, 2023




	Notes	Dec. 31, 2023	Dec. 31, 2022
		EGP Thousands	EGP Thousands
Assets
Cash and balances at the central bank	13	71,887,821	47,492,549
Due from banks	14	231,085,244	133,856,720
Loans and advances to banks, net	15	822,448	2,978,197
Loans and advances to customers, net	16	234,985,936	193,599,872
Financial Assets at fair value through profit or loss	19	306,375	247,324
Derivative financial instruments	17	1,105,148	1,939,961
Financial Assets at fair value through OCI	19	233,430,236	208,144,247
Financial Assets at amortized cost	19	38,341,019	34,524,760
Right of use assets	23	729,823	1,726,082
Investments in associates	21	115,979	186,062
Non current assets held for sale	43	161	-
Other assets	22	18,801,444	14,521,427
Intangible assets	38	-	51,831
Goodwill	38	-	206,287
Deferred tax assets	10.2	1,685,230	185,745
Property and equipment	23	2,739,092	2,405,434
Total assets		836,035,956	642,066,498
Liabilities and equity
Liabilities
Due to banks	24	12,458,003	3,496,698
Due to customers	25	677,237,479	531,616,550
Lease liabilities	23	674,417	1,690,099
Derivative financial instruments	17	140,934	219,752
Non current liabilities held for sale	44	873	-
Issued debt instruments	18	3,073,349	2,456,607
Other liabilities	27	21,937,452	17,700,479
Current Tax liability		9,395,534	3,051,583
Other loans	26	12,483,907	7,978,975
Provisions	28	11,095,996	7,067,599
Total liabilities		748,497,944	575,278,342
Equity
Issued and paid in capital	29	30,195,010	29,825,134
Reserves	30	28,362,690	19,342,866
Reserve for employee stock ownership plan (ESOP)	30	1,486,010	1,895,435
Retained earnings	30	27,334,229	15,144,290
Total equity attributable to equity holders of the parent		87,377,939	66,207,725
Non-controlling interest	39	160,073	580,431
Total equity		87,538,012	66,788,156
Total liabilities and equity		836,035,956	642,066,498


The accompanying notes from 1 to 46 form an integral part of these consolidated financial statements.




Hussein Abaza		Hisham Ezz Al-Arab
CEO & Managing director		Chairman
11-Feb-2024		11-Feb-2024

Consolidated Income Statement for the Year Ended December 31, 2023

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

Interest and similar income		104,028,379	55,723,701
Interest and similar expense		(51,142,688)	(24,828,159)
Net interest income	3	52,885,691	30,895,542

Fee and commission income		9,049,924	5,549,343
Fee and commission expense		(3,611,699)	(2,476,945)
Net fee and commission income	4	5,438,225	3,072,398

Dividend income	5	234,010	52,411
Net trading income	6	4,006,880	2,829,976
Gain on investments	20	221,810	1,162,195
Intangible assets	38	(51,831)	-
Goodwill	38	(206,287)	-
Administrative expenses	7	(13,299,910)	(9,452,863)
Other operating expenses	8	(6,341,869)	(4,562,828)
Impairment charges for credit losses	9	(4,270,081)	(1,584,944)
Bank's share in the (loss)/profit of associates	12	(55,983)	(19,253)
Profit before income tax from continuing operations		38,560,655	22,392,634

Taxes	10	(11,942,406)	(7,769,064)

Net profit for the year		26,618,249	14,623,570

Discontinued Operations
Net profit (loss) from discontinued operations	45	(42,102)	(4,427)
Net profit for the year		26,576,147	14,619,143
Attributable to:
Equity holders of the parent		26,541,824	14,561,381
Non-controlling interest		34,323	57,762
Net Profit for the year		26,576,147	14,619,143



Earnings per share	11
Basic attributable to equity holders of the parent		8.84	4.85
Diluted attributable to equity holders of the parent		8.74	4.79


The accompanying notes from 1 to 46 form an integral part of these consolidated financial statements.






Hussein Abaza		Hisham Ezz Al-Arab
CEO & Managing director		Chairman
11-Feb-2024		11-Feb-2024

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2023

Dec. 31, 2023

Dec. 31, 2022

EGP Thousands

Profit for the year

26,618,249

14,619,143

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

259,291

233,046

Tax impact for investments that will not be reclassified to Income Statement

(131,008)

(61,753)

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

(95,308)

(3,436)

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

(7,070,544)

(14,691,866)

Change in fair value from selling FVOCI financial instruments

(205,344)

(1,116,776)

Cumulative foreign currencies translation differences

(32,971)

181,324

Tax impact for OCI investment that will be reclassified to Income Statement

1,530,823

1,215,530

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

1,888,326

455,047

Total comprehensive income for the year

22,761,514

830,259

As follows:

Bank's shareholders

22,727,191

772,497

Non-controlling interest

34,323

57,762

Total comprehensive income for the year

22,761,514

830,259

Consolidated Statement of Cash Flow for the Year Ended December 31, 2023

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

Cash flow from operating activities
Profit before income tax from continued operations		38,560,655	22,392,634
Profit (loss) from discontinued operations		(42,102)	(4,427)
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation		788,209	885,801
Impairment charge for credit losses (Loans and advances to customers)		2,311,867	1,043,776
Other provisions charges		2,821,141	2,134,462
Impairment (Released) charge for credit losses (due from banks)		(47,234)	8,395
Impairment (Released) charge for credit losses (financial investments)		2,005,448	524,838
Impairment (Released) charge for other assets		17,620	(277,766)
Exchange revaluation differences for financial assets at fair value through OCI and AC		(5,442,433)	(7,477,865)
Utilization of other provisions		(5,850)	(3,126)
Other provisions no longer used		-	(172)
Impairment of goodwill and intangible assets		258,118	206,287
Exchange Revaluation differences of other provisions		1,213,126	1,394,973
Revaluation differences Impairment charge for Financial Assets at Amortized cost		607	-
Impairment (Reversal of impairment) charges of investments in associates		(9,000)	-
Profits from selling property, plant and equipment		(1,663)	(2,208)
profits from selling financial investments at fair value through OCI		(205,344)	(1,162,195)
Revaluation differences Impairment charge for Financial Assets at Fair value through OCI		1,903	-
Shares based payments		754,817	723,965
Losses (Profits) from selling investments in associates		(7,466)	-
Bank's share in the profits / losses of associates		55,983	17,680
Operating profits before changes in working capital		43,028,402	20,405,052

Net decrease (increase) in working capital
Due from banks		18,441,280	(25,811,654)
Financial assets at fair value through profit or loss		-	240,987
Derivative financial instruments		755,995	(1,760,303)
Loans and advances to banks and customers		(41,467,103)	(51,705,061)
Other assets		(3,968,123)	(2,862,478)
Non current assets held for sale		(161)	-
Non current liabilities held for sale		873	-
Due to banks		8,961,305	2,630,642
Due to customers		145,620,929	124,375,012
Current income tax obligations paid		(3,704,414)	(3,293,520)
Other liabilities		4,236,973	3,989,688
Net cash generated from operating activities		171,905,956	66,208,365

Net cash generated from (used in) operating activities

Cash flow from investing activities
Proceeds from sale of investments in associates		4,510	-
Payment for purchases of property, equipment and branches construction		(1,685,846)	(1,033,499)
Proceeds from selling property and equipment		1,663	2,208
Proceeds from redemption of financial assets at amortized cost		6,125,452	6,738,937
Payment for purchases of financial assets at amortized cost		(9,290,232)	(19,908,223)
Payment for purchases of financial assets at fair value through OCI		(129,073,519)	(45,665,232)
Proceeds from selling financial assets at fair value through OCI		102,763,650	26,046,482
Payment for investment in subsidiaries.		(1,142,840)	-
Net cash generated from (used in) investing activities		(32,297,162)	(33,819,327)


Consolidated Statement of Cash Flow for the Year Ended December 31, 2023 (Cont.)

		Dec. 31, 2023	Dec. 31, 2022
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Other loans		4,504,932	2,838,193
Other loans - new loans obtained in the year		9,604,139	102,613
Other loans - loans repaid in the year		(5,334,093)	(554,539)
Other loans - movement in foreign exchange rate		234,886	3,290,119
Dividends paid		(2,016,159)	(3,019,442)
Issued debt instruments		616,742	899,344
Cash payments for lease (principle and interest)		(248,871)	(498,794)
Capital increase		369,876	122,716
Net cash generated from (used in) financing activities		3,226,520	342,017


Net (decrease) increase in cash and cash equivalent during the year		142,835,314	32,731,127
Beginning balance of cash and cash equivalent		83,106,069	50,374,942
Cash and cash equivalent at the end of the year		225,941,383	83,106,069

Cash and cash equivalent at the end of the year
Cash and balances at the central bank	13	71,887,821	47,492,549
Due from banks with maturities of 3 months or less	14	217,156,599	76,096,552
Treasury bills and other governmental notes with maturities of three months or less	19	1,293,148	10,575
Obligatory reserve balance with CBE	13	(64,396,185)	(40,493,607)
Total cash and cash equivalent	31	225,941,383	83,106,069

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2022

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

Total

Non-controlling interest

Total equity

Beginning balance at 1st of Jan 2022

19,702,418

1,674,392

12,618,855

33,552,794

67,548,459

454,535

68,002,994

Total comprehensive income

14,561,381

57,762

14,619,143

Capital increase

10,122,716

(10,000,000)

122,716

Reserve for employee stock ownership plan (ESOP)

723,965

Dividend

(3,019,442)

(10,247)

(3,029,689)

Transferred to reserves

(502,922)

(9,016,504)

(4,209,928)

(13,729,354)

78,381

(13,650,973)

Balance at 31 December 2022

29,825,134

1,895,435

15,144,290

19,342,866

66,207,725

580,431

66,788,156

Beginning balance at 1st of Jan 2023

29,825,134

1,895,435

15,144,290

19,342,866

66,207,725

580,431

66,788,156

Total comprehensive income

26,541,824

34,323

26,576,147

Capital increase

369,876

Change in non controlling interest from acquisition of subsidiaries

(536,867)

Reserve for employee stock ownership plan (ESOP)

754,817

Dividend

(2,016,159)

(17,108)

(2,033,267)

Transferred to reserves

(1,164,242)

(12,335,726)

9,019,824

(4,480,144)

99,294

(4,380,850)

Balance at 31 December 2023

30,195,010

1,486,010

27,334,229

28,362,690

87,377,939

160,073

87,538,012

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ACSEAPAFFDKLEFA

Date	12 Feb 2024
Time	07:00:04
Category	Results
ID	7294C

Date	12 Feb 2024
Time	07:00:04
Category	Results
ID	7294C

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CIB Q4.23 Consolidated Financial Statements - IFRS