CIB First Half 2019 Separate Financial Results | RNS | Ticker

CIB First Half 2019 Separate Financial Results

RNS Announcement

RNS Number : 8602E

Commercial Intnl Bank (Egypt) SAE

09 July 2019





Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
June 30, 2019

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Separate balance sheet as at June 30,2019

	Notes	Jun. 30, 2019	Dec. 31, 2018
		EGP Thousands	EGP Thousands

Assets
Cash and balances with central bank	15	24,993,377	20,058,974
Due from banks	16	66,506,687	46,518,892
Loans and advances to banks, net	18	708,126	67,703
Loans and advances to customers, net	19	110,287,589	106,309,205
Derivative financial instruments	20	175,020	52,289
Investments
- Financial investments securities	21	147,462,881	157,585,611
- Investments in associates and subsidiaries	22	65,613	68,633
Other assets	23	8,488,884	9,563,218
Intangible assets	40	173,611	238,715
Deferred tax assets (Liabilities)	31	462,161	308,370
Property, plant and equipment	24	1,948,012	1,651,875
Total assets		361,271,961	342,423,485

Liabilities and equity
Liabilities
Due to banks	25	1,380,213	7,259,819
Due to customers	26	305,603,702	285,340,472
Derivative financial instruments	20	170,361	132,858
Current tax liabilities		2,058,736	3,625,579
Other liabilities	28	5,275,981	6,501,553
Other loans	27	3,490,728	3,721,529
Provisions	29	1,503,326	1,694,607
Total liabilities		319,483,047	308,276,417

Equity
Issued and paid up capital	30	14,585,408	11,668,326
Reserves	33	20,859,168	12,184,667
Reserve for employee stock ownership plan (ESOP)	33	986,318	738,320
Retained earnings *	33	5,358,020	9,555,755
Total equity		41,788,914	34,147,068
Total liabilities and equity		361,271,961	342,423,485





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


		Hisham Ezz Al-Arab
		Chairman and Managing Director

Separate income statement for the period ended June 30, 2019

		Note	Jun. 30, 2019		Jun. 30, 2018
			EGP Thousands		EGP Thousands

Interest and similar income			20,695,803		16,932,688
Interest and similar expense			(10,691,075)		(9,079,533)
Net interest income		6	10,004,728		7,853,155

Fee and commission income			1,647,254		1,632,017
Fee and commission expense			(536,140)		(437,896)
Net fee and commission income		7	1,111,114		1,194,121

Dividend income		8	22,454		20,533
Net trading income		9	379,943		385,925
Profits (Losses) on financial investments		21	19,781		401,995
Administrative expenses		10	(2,617,257)		(1,933,064)
Other operating (expenses) income		11	(661,079)		(649,306)
Intangible assets amortization		40	(65,104)		(65,104)
Impairment charge for credit losses		12	(795,124)		(1,291,167)
Profit before income tax			7,399,456		5,917,088

Income tax expense	13		(2,058,736)		(1,685,554)
Deferred tax assets (Liabilities)	31 - 13		17,300		185,421
Net profit for the period			5,358,020		4,416,955


Earning per share		14
Basic			3.31		2.73
Diluted			3.28		2.71


				Hisham Ezz Al-Arab
				Chairman and Managing Director

Separate statement of other comprehensive income for the period ended June 30, 2019


	Notes	Jun. 30, 2019		Jun. 30, 2018
	Notes	EGP Thousands		EGP Thousands

Net profit for the period		5,358,020		4,416,955
Reserve for financial assets at fair value through OCI		2,729,193		(2,410,531)
Total other comprehensive income for the period		8,087,213		2,006,424


Separate cash flow for the period ended June 30, 2019
	Notes	Jun. 30, 2019		Jun. 30, 2018
		EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax		7,399,456		5,917,088
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	275,052		180,206
Impairment charge for credit losses	12	875,635		1,291,167
Other provisions charges	29	3,140		99,715
Provisions charges - due from banks	12	29,156		-
Provisions charges - financial investments	12	(109,667)		-
Impairment charge for other assets	23	52,772		214,000
Exchange revaluation differences for financial assets at fair value through OCI	21	886,795		(91,952)
Intangible assets amortization	40	65,104		65,104
Impairment charge financial assets at fair value through OCI	21	45,664		19,842
Exchange differences in financial investments in subsidiary	22	3,020		(401)
Utilization of other provisions	29	1,878		(872)
Other provisions no longer used	29	(126,575)		(62,000)
Exchange differences of other provisions	29	(69,724)		(790)
Profits from selling property, plant and equipment	11	(1,439)		-
(Profits) losses from selling financial investments	21	(65,445)		(421,837)
Shares based payments		247,998		215,861
Operating profits before changes in operating assets and liabilities		9,512,820		7,425,131

Net decrease (increase) in assets and liabilities
Due from banks	16	(25,049,337)		(27,757,024)
Treasury bills and other governmental notes	41	24,315,394		20,314,670
Financial assets at fair value through P&L	21	2,262,513		389,097
Derivative financial instruments	20	(75,592)		(42,938)
Loans and advances to banks and customers	18 - 19	(4,776,117)		(19,945,443)
Other assets	42	1,289,326		(567,525)
Due to banks	25	(5,879,606)		3,779,710
Due to customers	26	20,263,230		16,103,171
Income tax obligations paid		(3,625,579)		(2,778,973)
Other liabilities	28	(1,225,572)		(1,480,689)
Net cash provided from operating activities		17,011,480		(4,560,813)

Cash flow from investing activities
Payment for purchases of subsidiary and associates		-		(10,575)
Payment for purchases of property, plant, equipment and branches constructions		(840,953)		(404,485)
Proceeds from selling property, plant and equipment	11	1,439		-
Proceeds from redemption of financial assets at amortized cost	21	33,290,053		4,982,600
Payment for purchases of financial assets at amortized cost	21	(32,633,462)		-
Payment for purchases of financial assets at fair value through OCI	21	(11,433,512)		(10,731,239)
Proceeds from selling financial assets at fair value through OCI		5,105,870		724,732
Net cash used in investing activities		(6,510,565)		(5,438,967)

Cash flow from financing activities
Increase in long term loans	27	(230,801)	24,901
Dividend paid		(2,700,544)	(2,143,177)
Net cash used in (provided from) financing activities		(2,931,345)	(2,118,276)


Net increase (decrease) in cash and cash equivalent during the period		7,569,570	(12,118,056)
Beginning balance of cash and cash equivalent		34,303,645	49,208,837
Cash and cash equivalent at the end of the period		41,873,215	37,090,781


Cash and cash equivalent comprise:
Cash and balances with central bank	15	24,993,377	24,601,352
Due from banks	16	66,543,158	51,245,308
Treasury bills and other governmental notes	17	25,344,096	33,938,896
Obligatory reserve balance with CBE	15	(15,980,212)	(14,042,817)
Due from banks with maturities more than three months		(33,329,274)	(24,312,780)
Treasury bills with maturity more than three months		(25,697,930)	(34,339,178)
Total cash and cash equivalent		41,873,215	37,090,781

Separate statement of changes in shareholders' equity for the period ended June 30, 2018

Jun. 30, 2018	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


Beginning balance	11,618,011	1,332,807	9,000,023	-	20,645	11,815	(1,642,958)	3,634	1,411,549	6,138,790	489,334	28,383,650
Transferred to reserves	-	377,486	3,616,832	-	-	606	-	-	-	(3,994,924)	-	-
Dividend paid	-	-	-	-	-	-	-	-	-	(2,143,177)	-	(2,143,177)
Net profit for the period	-	-	-	-	-	-	-	-	-	4,416,955	-	4,416,955
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,410,531)	-	-	-	-	(2,410,531)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	-	689	-	(689)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	215,861	215,861
Balance at the end of the period	11,618,011	1,710,293	12,616,855	-	20,645	12,421	(4,053,489)	4,323	1,411,549	4,416,955	705,195	28,462,758

Separate statement of changes in shareholders' equity for the period ended June 30, 2019

Jun. 30, 2019	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


Beginning balance	11,668,326	1,710,293	12,776,215	-	20,645	12,421	(3,750,779)	4,323	1,411,549	9,555,755	738,320	34,147,068
Effect of applying IFRS 9**	-	-	-	117,251	-	-	1,889,928	-	-	-	-	2,007,179
Transferred to general risk reserve	-	-	-	1,432,194	(20,645)	-	-	-	(1,411,549)	-	-	-
Beginning balance after the impact of initial application	11,668,326	1,710,293	12,776,215	1,549,445	-	12,421	(1,860,851)	4,323	-	9,555,755	738,320	36,154,247
Capital increase	2,917,082	-	(2,917,082)	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	477,736	6,375,589	-	-	1,045	-	-	-	(6,854,370)	-	-
Dividend paid	-	-	-	-	-	-	-	-	-	(2,700,544)	-	(2,700,544)
Net profit for the period	-	-	-	-	-	-	-	-	-	5,358,020	-	5,358,020
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	2,838,861	-	-	-	-	2,838,861
Transferred (from) to bank risk reserve	-	-	-	-	-	-	-	841	-	(841)	-	-
Provision for impairment of debt instruments investments	-	-	-		-	-	(109,668)	-	-	-	-	(109,668)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	247,998	247,988
Balance at the end of the period	14,585,408	2,188,029	16,234,722	1,549,445	-	13,466	868,342	5,164	-	5,358,020	986,318	41,788,914
Beginning balance

*The special reserve, general bank risk reserve and IFRS 9 risk reserve - were consolidated in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26 February 2019
**The initial application impact (disclosure in page number 16)
The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

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RNS metadata

Title: CIB First Half 2019 Separate Financial Results
Time: 08:00:04
Date: 9 Jul 2019
Category: Results
ID: 8602E