CIB's 2018 IFRS Consolidated Financial Statements | RNS | Ticker

CIB's 2018 IFRS Consolidated Financial Statements

RNS Announcement

RNS Number : 3579V

Commercial Intnl Bank (Egypt) SAE

08 April 2019

Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31, 2018

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Consolidated statement of profit or loss for the year ended December 31, 2018

	Notes	Dec. 31, 2018	Dec. 31, 2017
		EGP Thousands	EGP Thousands

Interest and similar income		37,403,709	28,671,170
Interest and similar expense		(19,260,190)	(16,167,383)
Net interest income	3	18,143,519	12,503,787

Fee and commission income		3,402,616	2,676,944
Fee and commission expense		(991,957)	(624,278)
Net fee and commission income	4	2,410,659	2,052,666

Dividend income	5	25,958	34,514
Net trading income	6	1,041,810	1,292,215
Profits (Losses) on financial investments	21	402,067	165,111
Goodwill impairment	38	-	-
Administrative expenses	7	(5,322,654)	(3,983,324)
Other operating expenses	8	(1,589,675)	(998,753)
Impairment charge for credit losses	9	(2,487,066)	(1,742,281)
Bank's share in the profits of associates	12	27,419	29,066
Profit before income tax from continuing operations		12,652,038	9,292,103


Current income tax expense		(3,625,579)	(2,778,973)
Deferred income tax	10.2	36,008	(1,678)
Net profit from continuing operations		9,062,467	6,511,452


Discontinuing Operations
Profit from discontinuing operations (Net of tax)		-	122,234
Profit from disposal of discontinuing operations		-	168,900
Net profit for the year		9,062,467	6,802,586

Attributable to:
Equity holders of the parent		9,062,467	6,778,536
Non-controlling interest		-	24,050
Net Profit for the year		9,062,467	6,802,586



Earning per share	11
Basic attributable to equity holders of the parent		7.79	5.85
Diluted attributable to equity holders of the parent		7.73	5.76

Earning per share from continuing operations
Basic attributable to equity holders of the parent		7.79	5.60
Diluted attributable to equity holders of the parent		7.73	5.51

The accompying notes from 1 to 41 form an integral part of these consolidated financial statements.


		Hisham Ezz Al-Arab
		Chairman and Managing Director

Consolidated statement of other comprehensive income for the year ended December 31, 2018

	Note	Dec. 31, 2018	Dec. 31, 2017
		EGP Thousands	EGP Thousands
Profit for the year		9,062,467	6,802,586
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on FVOCI		(2,001,252)
Net (Loss)/gain on available-for-sale financial assets			537,286
Cumulative foreign currencies translation differences	32	-	(8,588)
Other comprehensive income for the year		(2,001,252)	528,698
Total comprehensive income for the year		7,061,215	7,331,284
Attributable to:
Equity holders of the parent		7,061,215	7,307,234
Non-controlling interest		-	24,050

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.



Consolidated statement of financial position as at December 31, 2018


	Notes	Dec. 31, 2018	Dec. 31, 2017
	Notes	EGP Thousands	EGP Thousands
Assets
Cash and balances with central bank	13	20,058,974	14,663,289
Due from banks	14	46,511,579	45,319,766
Loans and advances to banks, net	16	68,385	1,313
Loans and advances to customers, net	17	107,828,597	88,427,103
Financial Assets at Fair value through P&L	21	10,303,319	-
Derivative financial instruments	18	52,289	40,001
Financial Assets at Fair value through OCI	20	73,347,245	-
Amortized cost	20	73,598,251	-
Trading Financial Assets	15	-	7,295,197
Investments in associates and subsidiaries	22	106,558	65,039
Available for sale Financial Assets	20	-	30,474,781
Other assets	23	9,563,019	6,886,607
Held to maturity Financial Assets	20	-	99,645,924
Intangible assets	38	651,041	651,041
Deferred tax assets	10.2	308,370	179,630
Property and equipment	24	1,653,102	1,415,746
Total assets		344,050,729	295,065,437

Liabilities and equity
Liabilities
Due to banks	25	7,259,819	1,877,918
Due to customers	26	285,296,869	250,723,052
Derivative financial instruments	18	132,858	196,984
Other liabilities	28	7,600,248	6,346,476
Current Tax Liability		3,625,579	2,778,973
Other loans	27	3,721,529	3,674,736
Provisions	29	1,694,607	1,615,159
Total liabilities		309,331,509	267,213,298

Equity
Issued and paid in capital	30	11,668,326	11,618,011
Reserves	31	12,517,340	8,867,806
Reserve for employee stock ownership plan (ESOP)		897,680	489,334
Retained earnings		9,635,874	6,876,988
Total equity attributable to equity holders of the parent		34,719,220	27,852,139
Non-controlling interest		-	-
Total equity		34,719,220	27,852,139
Total liabilities , equity and non-controlling interest		344,050,729	295,065,437


The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.


		Hisham Ezz Al-Arab
		Chairman and Managing Director

Consolidated statement of changes in shareholders' equity

	Attributable to equity holders of the parents
	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)	Retained earnings	Reserves	IFRS 9 impact*	Total	Non-controlling interest	Total equity
Beginning balance	11,538,660	343,460	5,509,967	3,448,737	-	20,840,824	133,077	20,973,901

Profit for the period	-	-	6,778,536	-	-	6,778,536	24,050	6,802,586
Other comprehensive income:
Net (Loss)/gain on available-for-sale financial assets	-	-	-	537,286	-	537,286	-	537,286
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	6,778,536	537,286	-	7,315,822	24,050	7,339,872
Capital increase	79,351	-	-	-	-	79,351	-	79,351
Reserve for employee stock ownership plan (ESOP)	-	290,884	-	-	-	290,884	-	290,884
Dividend	-	-	(1,350,204)	-	-	(1,350,204)	-	(1,350,204)
Transferred to reserves	-	(145,010)	(4,745,361)	4,890,371	-	-	-	-
Change during the period	-	-	684,050	-	-	684,050	(157,127)	526,923
Cumulative foreign currencies translation differences	-	-	-	(8,588)	-	(8,588)	-	(8,588)
Balance at 31 December 2017	11,618,011	489,334	6,876,988	8,867,806	-	27,852,139	-	27,852,139
Beginning balance at 1 Jan 2018	11,618,011	489,334	6,876,988	8,905,860	573,407	28,463,600	-	28,463,600
Profit for the period	-	-	9,062,467	-	-	9,062,467	-	9,062,467
Other comprehensive income:
Net (Loss)/gain on available-for-sale financial assets	-	-	-	-	-	-	-	-
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	9,062,467	-	-	9,062,467	-	9,062,467
Capital increase	50,315	-		-	-	50,315	-	50,315
Reserve for employee stock ownership plan (ESOP)	-	408,346	-	-	-	408,346	-	408,346
Dividend	-	-	(2,143,177)	-	-	(2,143,177)	-	(2,143,177)
Transferred to reserves	-	-	(2,854,791)	2,854,791	-	-	-	-
Distribution of profits	-	-	(1,879,020)	-	-	(1,879,020)	-	(1,879,020)
Changes to Equity	-	-	-	756,689	-	756,689	-	756,689
Balance at 31 December 2018	11,668,326	897,680	9,062,467	12,517,340	573,407	34,719,220	-	34,719,220

Consolidated cash flow statement for the year ended December 31, 2018

Note

Dec. 31, 2018

Dec. 31, 2017

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

12,652,038

9,292,103

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

390,830

353,681

Impairment charge for credit losses

3,076,023

1,742,281

Other provisions charges

101,501

212,622

Impairment charge for other assets

316,763

(248,072)

Available for sale investments exchange revaluation differences

(102,991)

100,078

Financial investments impairment charge

39,561

Utilization of other provisions

(2,114)

(83,079)

Other provisions no longer used

(17,670)

(25,463)

Exchange differences of other provisions

(2,269)

(97,897)

Profits from selling property, plant and equipment

(1,045)

11,840

(Profits) losses from selling financial investments

(441,628)

(607)

Shares based payments

408,346

99,047

Bank's share in the profits of associates

(27,419)

Associates financial investments revaluation differences

290,884

Operating profits before changes in operating assets and liabilities

16,389,926

(38,636)

Net decrease (increase) in assets and liabilities

Due from banks

(13,661,577)

(2,594,442)

Treasury bills and other governmental notes

4,640,524

(16,466,420)

Trading financial assets

4,557,492

(4,601,991)

Derivative financial instruments

(66,141)

95,161

Loans and advances to banks and customers

(21,255,952)

(4,019,132)

Other assets

(2,263,465)

(1,121,981)

Due to banks

5,381,901

(1,131,078)

Due to customers

34,573,817

18,802,058

Income tax obligations paid

(2,778,973)

(2,017,034)

Other liabilities

1,025,022

1,897,201

Net cash provided from operating activities

26,542,574

451,352

Cash flow from investing activities

Proceeds from redemption of subsidiary and associates

750

Payment for purchases of associates

(10,575)

(44,318)

Payment for purchases of property, plant, equipment and branches constructions

(874,708)

(745,089)

Proceeds from redemption of held to maturity financial investment

13,354,468

Payment for purchases of held to maturity financial investments

(33,995,313)

(4,597,254)

Payment for purchases of available for sale financial investments

(12,670,761)

(25,868,230)

Proceeds from selling available for sale financial investments

2,314,616

1,261,980

Proceeds from selling property and equipment

1,045

Proceeds from selling non current assets held for sale

2,059,341

628,521

Non current assets held for sale

428,011

Net cash used in investing activities

(43,176,355)

(15,581,161)

Consolidated cash flow statement for the year ended December 31, 2018

(Cont.)

Dec. 31, 2018

Dec. 31, 2017

EGP Thousands

Cash flow from financing activities

Increase in long term loans

46,793

3,524,063

Dividend paid

(2,143,177)

(1,350,204)

Capital increase

50,315

79,351

Payment related to finance lease

(3,588)

Net cash used in financing activities

(2,046,069)

2,249,622

Net increase (decrease) in cash and cash equivalent during the year

(18,679,850)

(12,880,187)

Beginning balance of cash and cash equivalent

39,795,504

52,675,691

Cash and cash equivalent at the end of the year

21,115,654

39,795,504

Cash and cash equivalent comprise:

Cash and balances with central bank

20,058,974

14,663,289

Due from banks

46,511,579

45,319,766

Treasury bills and other governmental notes

41,999,252

54,478,202

Obligatory reserve balance with CBE

(13,526,763)

(8,878,986)

Due from banks with maturities more than three months

(23,914,064)

(11,132,919)

Treasury bills with maturity more than three months

(50,013,324)

(54,653,848)

Total cash and cash equivalent

21,115,654

39,795,504

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FR UGUWACUPBGGM

RNS metadata

Title: CIB's 2018 IFRS Consolidated Financial Statements
Time: 08:00:03
Date: 8 Apr 2019
Category: Results
ID: 3579V