1st Quarter Results - Separate Statements

RNS Number : 0690O

Commercial Intnl Bank (Egypt) SAE

12 May 2024

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

Separate Financial Statements

March 31, 2024

Condensed Separate Interim Statement of Financial Position as at March 31, 2024
		Notes	Mar. 31, 2024	Dec. 31, 2023

	Assets
	Cash and balances at the central bank	9	36,542,863	71,747,343
	Due from banks	10	291,979,960	230,709,419
	Loans and advances to banks, net	12	1,140,170	822,448
	Loans and advances to customers, net	13	268,482,525	233,824,745
	Derivative financial instruments		1,677,011	1,101,896
	Financial investments
	- Financial Assets at Fair Value through P&L	14	974,297	-
	- Financial Assets at Fair Value through OCI	14	248,351,476	232,290,598
	- Financial Assets at Amortized cost	14	92,820,896	37,847,114
	- Investments in subsidiaries and associates	15	671,525	671,525
	Non current assets held for sale	28	159,828	159,828
	Other assets	16	24,919,564	18,929,067
	Deferred tax assets		1,936,004	1,685,223
	Property and equipment	17	2,703,062	2,737,936
	Total assets		972,359,181	832,527,142
	Liabilities and equity
	Liabilities
	Due to banks	18	5,572,065	12,427,384
	Due to customers	19	792,409,197	675,310,076
	Derivative financial instruments		602,480	140,934
	Current income tax liabilities		5,445,769	9,395,534
	Other liabilities	20	29,842,663	18,307,580
	Issued debt instruments	21	4,699,516	3,073,349
	Other loans		19,184,788	12,483,907
	Other provisions	22	14,699,408	11,088,372
	Total liabilities		872,455,886	742,227,136
	Equity
	Issued and paid up capital		30,195,010	30,195,010
	Reserves		55,513,384	29,388,626
	Reserve for employee stock ownership plan (ESOP)		1,786,010	1,486,010
	Retained earnings *		12,408,891	29,230,360
	Total equity and net profit for the period / year		99,903,295	90,300,006
	Total liabilities and equity		972,359,181	832,527,142


	The accompanying notes are an integral part of these financial statements.
	( Limited Review report attached )
*	Including net profit for the period




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

Condensed Separate Interim Income Statement for the period ended March 31, 2024

	Notes	Mar. 31, 2024		Mar. 31, 2023


Interest and similar income		36,544,341		19,729,848
Interest and similar expense		(17,784,185)		(8,897,778)
Net interest income		18,760,156		10,832,070

Fee and commission income		2,684,283		2,004,350
Fee and commission expense		(1,118,950)		(792,102)
Net fee and commission income		1,565,333		1,212,248

Dividend income		610		32,362
Net trading income	6	16,202,679		1,845,604
Profits (Losses) on financial investments	14.1	224,271		70,920
Administrative expenses		(2,840,462)		(2,004,617)
Other operating income (expenses)	7	(14,923,188)		(1,969,625)
Impairment release (charges) for credit losses		(1,482,187)		(947,656)
Profit before income tax		17,507,212		9,071,306

Income tax expense	26	(5,722,492)		(2,264,671)
Deferred tax assets (Liabilities)	26	161,877		(722,182)
Net profit for the period		11,946,597		6,084,453

Earnings per share	8
Basic		3.50		1.78
Diluted		3.46		1.76








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

Condensed Separate Interim Statement of Comprehensive Income for the period ended March 31, 2024

	Mar. 31, 2024	Mar. 31, 2023


Net profit for the period	11,946,597	6,084,453

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax	1,977,715	(8,507,038)
Transferred to RE from financial assets at fair value through comprehensive income	-	(1,895)
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income	745,406	208,250
Total comprehensive income for the period	14,669,718	(2,216,230)

Condensed Separate Interim Cash Flows for the period ended March 31, 2024

		Notes	Mar. 31, 2024	Mar. 31, 2023

	Cash flow from operating activities
	Profit before income tax		17,507,212	9,071,306
	Adjustments to reconcile profits to net cash provided by operating activities
	Fixed assets depreciation	17	261,427	206,400
	Impairment Release/charge for credit losses (Loans and advances to customers and banks)		1,772,387	714,714
	Other provisions Release/charge	22	40,759	464,368
	Impairment Release/charge for credit losses (due from banks)		(53)	(1,549)
	Impairment Release/charge for credit losses (financial investments)		(290,147)	234,491
	Impairment Release/charge for other assets		(4,782)	-
	Exchange revaluation differences for financial assets at fair value through OCI and AC		(17,328,576)	(6,033,831)
	Revaluation differences Impairment charge for Financial Assets at Fair value through OCI		1,130,412	-
	Revaluation differences Impairment charge for Financial Assets at Amortized cost		95,225	-
	Revaluation differences Impairment charge for due from banks		101	-
	Utilization of other provisions	22	(297)	(345)
	Other provisions no longer used	22	(4,220)	-
	Exchange revaluation differences of other provisions	22	3,574,794	1,169,894
	Profits/losses from selling property and equipment		-	(118)
	Profits/losses from selling financial investments at fair value through OCI	14.1	(224,271)	(70,920)
	Share based payments		300,000	190,974
	Operating profits before changes in operating assets and liabilities		6,829,971	5,945,384

	Net decrease / increase in assets and liabilities
	Due from banks		42,289,034	12,102,385
	Financial assets at fair value through P&L		(974,297)	-
	Derivative financial instruments		154,638	(358,715)
	Loans and advances to banks and customers	12-13	(36,747,889)	(17,757,613)
	Other assets		(5,850,432)	(75,936)
	Due to banks	18	(6,855,319)	4,811,010
	Due to customers	19	117,099,122	43,988,897
	Current income tax obligations paid		(276,723)	(272,736)
	Other liabilities		1,851,912	(362,831)
	Net cash generated from (used in) operating activities		117,520,017	48,019,845

	Cash flow from investing activities
	Proceeds from sale of investments in associates		4,782	-
	Payments for investment in subsidiaries		-	(1,216,022)
	Payment for purchases of property, equipment and branches construction		(366,618)	(415,435)
	Proceeds from selling property and equipment		-	118
	Proceeds from redemption of financial assets at amortized cost		285,507	196,783
	Payment for purchases of financial assets at amortized cost		(53,240,480)	(8,454,232)
	Payment for purchases of financial assets at fair value through OCI		(26,284,875)	(32,426,908)
	Proceeds from selling financial assets at fair value through OCI		26,380,625	46,782,676
	Net cash generated from (used in) investing activities		(53,221,059)	4,466,980

Condensed Separate Interim Cash Flows for the period ended March 31, 2024 (Cont.)

			Mar. 31, 2024	Mar. 31, 2023

	Cash flow from financing activities
	Other loans		6,700,881	1,607,404
	Dividends paid		(5,078,792)	(1,964,603)
	Issued debt instruments		1,626,167	612,624
	Capital increase		-	165,429
	Net cash generated from (used in) financing activities		3,248,256	420,854

	Net (decrease) increase in cash and cash equivalent during the period		67,547,214	52,907,679
	Beginning balance of cash and cash equivalent		233,912,193	92,895,143
	Cash and cash equivalent at the end of the period		301,459,407	145,802,822

	Cash and cash equivalent comprise:
	Cash and balances at the central bank	9	36,542,863	52,319,656
	Due from banks		291,980,200	169,655,814
	Treasury bills and other governmental notes	11	119,754,167	68,681,151
	Obligatory reserve balance with CBE		(19,383,018)	(45,888,981)
	Due from banks with maturity more than three months		(7,554,480)	(29,664,721)
	Treasury bills and other governmental notes with maturity more than three months		(119,880,325)	(69,300,097)
	Total cash and cash equivalent		301,459,407	145,802,822

Condensed Separate Interim statement of changes in shareholders' equity
	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
Mar. 31, 2023
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	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 for the period	-	-	-	-	-	-	-	6,084,453	-	6,084,453
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(1,895)	-	1,895	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(8,507,038)	-	-	-	(8,507,038)
Transferred (from) to bank 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
Balance at 31 March 2023	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

Mar. 31, 2024
Beginning Balance at 1 Januray 2024	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(16,808,265)	15,230	29,230,360	1,486,010	90,300,006
Capital increase	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	1,438,320	21,958,960	-	1,663	-	-	(23,398,943)	-	-
Dividend paid	-	-	-	-	-	-	-	(5,366,429)	-	(5,366,429)
Net profit for the period	-	-	-	-	-	-	-	11,946,597	-	11,946,597
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	1,977,715	-	-	-	1,977,715
Transferred (from) to banking risk reserve	-	-	-	-	-	-	2,694	(2,694)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	745,406	-	-	-	745,406
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	300,000	300,000
Balance at 31 March 2024	30,195,010	6,208,674	61,799,667	1,549,445	22,818	(14,085,144)	17,924	12,408,891	1,786,010	99,903,295

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QRFUUABRSNUVAAR

Date	13 May 2024
Time	07:00:05
Category	Results
ID	0690O

Date	13 May 2024
Time	07:00:05
Category	Results
ID	0690O

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1st Quarter Results - Separate Statements