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Commercial International Bank (Egypt) SAE published its Condensed Separate Interim Financial Statements on July 21, 2024, for the period ended June 30, 2024. The bank reported total assets of 1,051,976,226 as of June 30, 2024, and a net profit of 27,683,178 for the six months ended on that date.
| Date | 22 Jul 2024 |
| Time | 07:00:03 |
| Category | Results |
| ID | 1836X |
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Condensed Separate Interim Statement of Financial Position as at June 30, 2024 |
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Notes |
Jun. 30, 2024 |
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Dec. 31, 2023 |
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Assets |
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Cash and balances at the central bank |
9 |
43,371,479 |
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71,747,343 |
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Due from banks |
10 |
305,020,735 |
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230,709,419 |
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Loans and advances to banks, net |
12 |
1,483,003 |
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822,448 |
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Loans and advances to customers, net |
13 |
283,989,456 |
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233,824,745 |
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Derivative financial instruments |
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1,323,696 |
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1,101,896 |
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Financial investments |
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- Financial Assets at Fair Value through P&L |
14 |
172,728 |
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- |
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- Financial Assets at Fair Value through OCI |
14 |
263,902,312 |
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232,290,598 |
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- Financial Assets at Amortized cost |
14 |
108,637,486 |
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37,847,114 |
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- Investments in subsidiaries and associates |
15 |
871,525 |
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671,525 |
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Non current assets held for sale |
28 |
159,828 |
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159,828 |
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Other assets |
16 |
38,391,247 |
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18,929,067 |
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Deferred tax assets |
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1,844,280 |
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1,685,223 |
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Property and equipment |
17 |
2,808,451 |
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2,737,936 |
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Total assets |
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1,051,976,226 |
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832,527,142 |
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Liabilities and equity |
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Liabilities |
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Due to banks |
18 |
3,997,426 |
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12,427,384 |
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Due to customers |
19 |
857,741,216 |
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675,310,076 |
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Derivative financial instruments |
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261,033 |
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140,934 |
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Current income tax liabilities |
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10,328,671 |
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9,395,534 |
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Other liabilities |
20 |
22,115,219 |
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18,307,580 |
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Issued debt instruments |
21 |
4,783,017 |
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3,073,349 |
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Other loans |
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19,558,427 |
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12,483,907 |
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Other provisions |
22 |
14,979,232 |
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11,088,372 |
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Total liabilities |
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933,764,241 |
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742,227,136 |
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Equity |
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Issued and paid up capital |
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30,431,580 |
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30,195,010 |
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Reserves |
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58,238,829 |
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29,388,626 |
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Reserve for employee stock ownership plan (ESOP) |
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1,396,104 |
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1,486,010 |
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Retained earnings * |
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28,145,472 |
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29,230,360 |
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Total equity and net profit for the period / year |
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118,211,985 |
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90,300,006 |
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Total liabilities and equity |
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1,051,976,226 |
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832,527,142 |
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The accompanying notes are an integral part of these financial statements. |
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( Limited Review report attached ) |
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* |
Including net profit for the period |
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Condensed Separate Interim Income Statement for the period ended June 30, 2024 |
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Last 6 Months |
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Last 6 Months |
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Notes |
Jun. 30, 2024 |
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Jun. 30, 2023 |
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Interest and similar income |
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81,420,481 |
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44,928,893 |
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Interest and similar expense |
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(39,980,202) |
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(21,138,609) |
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Net interest income |
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41,440,279 |
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23,790,284 |
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Fee and commission income |
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5,905,503 |
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4,126,585 |
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Fee and commission expense |
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(2,505,646) |
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(1,575,432) |
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Net fee and commission income |
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3,399,857 |
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2,551,153 |
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Dividend income |
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76,025 |
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93,844 |
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Net trading income |
6 |
17,385,406 |
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2,320,059 |
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Profits (Losses) on financial investments |
14.1 |
297,208 |
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92,572 |
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Administrative expenses |
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(5,568,213) |
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(4,170,553) |
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Other operating income (expenses) |
7 |
(16,410,949) |
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(3,336,832) |
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Impairment release (charges) for credit losses |
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(2,059,775) |
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(1,212,831) |
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Profit before income tax |
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38,559,838 |
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20,127,696 |
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Income tax expense |
26 |
(11,255,055) |
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(5,769,912) |
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Deferred tax assets (Liabilities) |
26 |
378,395 |
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(214,213) |
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Net profit for the period |
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27,683,178 |
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14,143,571 |
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Earnings per share |
8 |
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Basic |
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8.08 |
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4.16 |
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Diluted |
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7.98 |
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4.11 |
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Hussein Abaza |
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Hisham Ezz Al-Arab |
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CEO & Managing Director |
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Chairman |
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Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30, 2024 |
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Last 6 Months |
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Last 6 Months |
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Jun. 30, 2024 |
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Jun. 30, 2023 |
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Net profit for the period |
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27,683,178 |
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14,143,571 |
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Change in fair value of Financial invesments measured at fair value through comprehensive income after tax |
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4,073,707 |
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(9,947,459) |
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Transferred to RE from financial assets at fair value through comprehensive income |
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- |
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(95,308) |
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Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income |
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751,734 |
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204,804 |
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Total comprehensive income for the period |
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32,508,619 |
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4,305,608 |
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Condensed Separate Interim Cash Flows for the period ended June 30, 2024 |
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Notes |
Jun. 30, 2024 |
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Jun. 30, 2023 |
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Cash flow from operating activities |
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Profit before income tax |
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38,559,838 |
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20,127,696 |
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Adjustments to reconcile profits to net cash provided by operating activities |
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Fixed assets depreciation |
17 |
521,764 |
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416,248 |
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Impairment Release/charge for credit losses (Loans and advances to customers and banks) |
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2,387,134 |
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983,641 |
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Other provisions Release/charge |
22 |
196,961 |
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1,146,440 |
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Impairment Release/charge for credit losses (due from banks) |
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(35) |
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2,890 |
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Impairment Release/charge for credit losses (financial investments) |
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(327,324) |
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226,300 |
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Impairment Release/charge for other assets |
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(7,173) |
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- |
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Exchange revaluation differences for financial assets at fair value through OCI and AC |
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(18,461,627) |
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(5,858,602) |
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Revaluation differences Impairment charge for Financial Assets at Fair value through OCI |
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1,182,360 |
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- |
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Revaluation differences Impairment charge for Financial Assets at Amortized cost |
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100,975 |
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- |
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Revaluation differences Impairment charge for due from banks |
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105 |
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- |
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Utilization of other provisions |
22 |
(8,970) |
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(1,031) |
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Other provisions no longer used |
22 |
(4,220) |
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- |
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Exchange revaluation differences of other provisions |
22 |
3,707,089 |
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1,178,333 |
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Profits/losses from selling property and equipment |
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(2,184) |
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(130) |
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Profits/losses from selling financial investments at fair value through OCI |
14.1 |
(297,208) |
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(92,572) |
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Share based payments |
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533,219 |
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402,192 |
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Operating profits before changes in operating assets and liabilities |
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28,080,704 |
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18,531,405 |
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Net decrease / increase in assets and liabilities |
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Due from banks |
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36,256,280 |
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32,434,410 |
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Financial assets at fair value through P&L |
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(172,728) |
|
- |
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Derivative financial instruments |
|
164,384 |
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(212,709) |
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Loans and advances to banks and customers |
12-13 |
(53,204,190) |
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(25,329,650) |
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Other assets |
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(18,799,962) |
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(4,448,765) |
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Due to banks |
18 |
(8,429,958) |
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20,464,950 |
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Due to customers |
19 |
182,431,141 |
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126,298,231 |
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Current income tax obligations paid |
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(926,384) |
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(817,428) |
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Other liabilities |
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(5,875,532) |
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2,117,243 |
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Net cash generated from (used in) operating activities |
|
159,523,755 |
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169,037,687 |
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Cash flow from investing activities |
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Proceeds from sale of investments in associates |
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7,173 |
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- |
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Payments for investment in subsidiaries |
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(200,000) |
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(1,216,022) |
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Payment for purchases of property, equipment and branches construction |
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(1,262,707) |
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(700,038) |
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Proceeds from selling property and equipment |
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2,184 |
|
130 |
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Proceeds from redemption of financial assets at amortized cost |
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1,240,196 |
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196,783 |
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Payment for purchases of financial assets at amortized cost |
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(69,609,595) |
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(9,045,180) |
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Payment for purchases of financial assets at fair value through OCI |
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(58,448,832) |
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(51,454,096) |
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Proceeds from selling financial assets at fair value through OCI |
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47,255,555 |
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59,328,407 |
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Net cash generated from (used in) investing activities |
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(81,016,026) |
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(2,890,016) |
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Condensed Separate Interim Cash Flows for the period ended June 30, 2024 (Cont.) |
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Jun. 30, 2024 |
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Jun. 30, 2023 |
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Cash flow from financing activities |
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Other loans |
|
7,074,520 |
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3,179,561 |
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Dividends paid |
|
(5,078,792) |
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(3,577,639) |
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Issued debt instruments |
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1,709,668 |
|
614,030 |
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Capital increase |
|
236,570 |
|
369,876 |
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Net cash generated from (used in) financing activities |
|
3,941,966 |
|
585,828 |
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Net (decrease) increase in cash and cash equivalent during the period |
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82,449,695 |
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166,733,499 |
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Beginning balance of cash and cash equivalent |
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233,912,193 |
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92,895,143 |
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Cash and cash equivalent at the end of the period |
|
316,361,888 |
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259,628,642 |
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Cash and cash equivalent comprise: |
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Cash and balances at the central bank |
9 |
43,371,479 |
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33,404,357 |
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Due from banks |
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305,020,997 |
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281,505,636 |
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Treasury bills and other governmental notes |
11 |
118,676,181 |
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71,798,021 |
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Obligatory reserve balance with CBE |
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(25,285,404) |
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(25,558,292) |
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Due from banks with maturity more than three months |
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(7,684,847) |
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(29,663,385) |
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Treasury bills and other governmental notes with maturity more than three months |
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(117,736,518) |
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(71,857,695) |
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Total cash and cash equivalent |
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316,361,888 |
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259,628,642 |
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Condensed Separate Interim statement of changes in shareholders' equity |
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Issued and paid up capital |
Legal reserve |
General reserve |
General risk reserve |
Special reserve |
Capital reserve |
Reserve for financial assets at fair value through OCI |
Banking risks reserve |
IFRS 9 risk reserve |
Retained earnings |
Reserve for employee stock ownership plan |
Total |
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Jun. 30, 2023 |
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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 |
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Capital increase |
369,876 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
369,876 |
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Transferred to reserves |
- |
806,408 |
12,743,849 |
- |
- |
2,208 |
- |
- |
- |
(12,388,223) |
(1,164,242) |
- |
|
Dividend paid |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(3,738,888) |
- |
(3,738,888) |
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Net profit for the period |
- |
- |
- |
- |
- |
- |
- |
- |
- |
14,143,571 |
- |
14,143,571 |
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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 |
- |
- |
- |
- |
- |
- |
(9,947,459) |
- |
- |
- |
- |
(9,947,459) |
|
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 |
- |
- |
- |
- |
- |
- |
204,804 |
- |
- |
- |
- |
204,804 |
|
Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
402,192 |
402,192 |
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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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|
Jun. 30, 2024 |
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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 |
236,570 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
236,570 |
|
Transferred to reserves |
- |
1,438,320 |
22,582,085 |
- |
- |
1,663 |
- |
- |
- |
(23,398,943) |
(623,125) |
- |
|
Dividend paid |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(5,366,429) |
- |
(5,366,429) |
|
Net profit for the period |
- |
- |
- |
- |
- |
- |
- |
- |
- |
27,683,178 |
- |
27,683,178 |
|
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 |
- |
- |
- |
- |
- |
- |
4,073,707 |
- |
- |
- |
- |
4,073,707 |
|
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 |
- |
- |
- |
- |
- |
- |
751,734 |
- |
- |
- |
- |
751,734 |
|
Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
533,219 |
533,219 |
|
Balance at 30 June 2024 |
30,431,580 |
6,208,674 |
62,422,792 |
1,549,445 |
- |
22,818 |
(11,982,824) |
17,924 |
- |
28,145,472 |
1,396,104 |
118,211,985 |
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Hussein Abaza |
Hisham Ezz Al-Arab |
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CEO & Managing Director |
Chairman |
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