FY 2019 Separate Financial Results

RNS Announcement

RNS Number : 8260B

Commercial Intnl Bank (Egypt) SAE

04 February 2020

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

Separate Financial Statements

December 31, 2019



Separate balance sheet as at December 31, 2019

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

Assets
Cash and balances with central bank	15	28,273,962	20,058,974
Due from banks	16	28,353,366	46,518,892
Loans and advances to banks, net	18	625,264	67,703
Loans and advances to customers, net	19	119,321,103	106,309,205
Derivative financial instruments	20	216,383	52,289
Investments
- Financial investments securities	21	197,541,651	157,585,611
- Investments in associates and subsidiaries	22	63,953	68,633
Other assets	23	9,747,939	9,563,218
Intangible assets	40	-	238,715
Deferred tax assets (Liabilities)	31	350,339	308,370
Property, plant and equipment	24	2,202,698	1,651,875
Total assets		386,696,658	342,423,485

Liabilities and equity
Liabilities
Due to banks	25	11,810,607	7,259,819
Due to customers	26	304,483,655	285,340,472
Derivative financial instruments	20	282,588	132,858
Current tax liabilities		4,639,364	3,625,579
Other liabilities	28	8,396,487	6,501,553
Other loans	27	3,272,746	3,721,529
Provisions	29	2,011,369	1,694,607
Total liabilities		334,896,816	308,276,417

Equity
Issued and paid up capital	30	14,690,821	11,668,326
Reserves	33	24,342,314	12,184,667
Reserve for employee stock ownership plan (ESOP)	33	963,152	738,320
Retained earnings *	33	11,803,555	9,555,755
Total equity		51,799,842	34,147,068
Total liabilities and equity		386,696,658	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 December 31, 2019

		Note	Dec. 31, 2019		Dec. 31, 2018
			EGP Thousands		EGP Thousands

Interest and similar income			42,600,957		37,403,709
Interest and similar expense			(21,022,838)		(19,260,190)
Net interest income		6	21,578,119		18,143,519

Fee and commission income			3,451,688		3,402,616
Fee and commission expense			(1,170,893)		(991,957)
Net fee and commission income		7	2,280,795		2,410,659

Dividend income		8	53,423		25,958
Net trading income		9	688,059		1,089,076
Profits (Losses) on financial investments		21	450,697		402,067
Administrative expenses		10	(5,044,937)		(4,222,779)
Other operating (expenses) income		11	(1,794,540)		(1,589,675)
Intangible assets amortization		40	(238,715)		(130,208)
Impairment release (charges) for credit losses		12	(1,435,460)		(3,076,023)
Profit before income tax			16,537,441		13,052,594

Income tax expense	13		(4,639,364)		(3,625,579)
Deferred tax assets (Liabilities)	31 - 13		(94,522)		128,740
Net profit for the period			11,803,555		9,555,755


Earning per share		14
Basic			7.33		5.94
Diluted			7.28		5.89


				Hisham Ezz Al-Arab
				Chairman and Managing Director

Separate statement of other comprehensive income for the period ended December 31, 2019


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

Net profit for the period		11,803,555		9,555,755
Other comprehensive income items that will not be reclassified to the Profit or Loss:
Net change in fair value of debt instruments measured at fair value through other comprehensive income		212,967		57,026
Other comprehensive income items that is or may be reclassified to the profit or loss:
Net change in fair value of debt instruments measured at fair value through other comprehensive income		5,944,586		(2,164,847)
Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income		(184,921)		-
Total other comprehensive income for the year		17,776,187		7,447,934


Separate cash flow for the period ended December 31, 2019
	Notes	Dec. 31, 2019		Dec. 31, 2018
		EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax		16,537,441		13,052,594
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	576,544		390,830
Impairment charge for credit losses (Loans and advances to customers)	12	1,610,878		3,076,023
Other provisions charges	29	461,869		101,501
Impairment charge for credit losses (due from banks)	12	9,503		-
Impairment charge for credit losses (financial investments)	12	(184,921)		-
Impairment charge for other assets	23	(93,313)		316,763
Exchange revaluation differences for financial assets at fair value through OCI	20	1,593,030		(102,991)
Intangible assets amortization		238,715		130,208
Impairment charge financial assets at fair value through OCI	21	-		39,561
Exchange differences in financial investments in subsidiary	22	4,680		(465)
Utilization of other provisions	29	(28,135)		(2,114)
Other provisions no longer used	29	(6,910)		(17,670)
Exchange differences of other provisions	29	(110,062)		(2,269)
(Profits) losses from selling property, plant and equipment	11	(1,439)		(1,045)
(Profits) losses from selling financial investments	21	(497,894)		(441,628)
Shares based payments		464,539		408,346
Operating profits before changes in operating assets and liabilities		20,574,525		16,947,644

Net decrease (increase) in assets and liabilities
Due from banks	15	(8,870,547)		(13,661,577)
Treasury bills and other governmental notes	41	-		4,640,524
Financial assets at fair value through P&L	21	2,318,924		4,557,492
Derivative financial instruments	20	(2,910)		(66,141)
Loans and advances to banks and customers	18 - 19	(14,533,328)		(21,255,952)
Other assets	42	162,502		(2,263,465)
Due to banks	25	4,550,788		5,381,901
Due to customers	26	19,143,183		34,573,102
Income tax obligations paid		(3,625,579)		(2,778,973)
Other liabilities	28	1,894,934		1,025,022
Net cash provided from operating activities		21,612,492		27,099,577

Cash flow from investing activities
Payment for purchases of subsidiary and associates		-		(10,575)
Payment for purchases of property, plant, equipment and branches constructions		(1,301,415)		(874,708)
Proceeds from selling property, plant and equipment	11	1,439		1,045
Proceeds from redemption of financial assets at amortized cost	21	43,937,957		5,532,271
Payment for purchases of financial assets at amortized cost	21	(76,516,842)		(33,995,313)
Payment for purchases of financial assets at fair value through OCI	21	(50,954,311)		(12,670,761)
Proceeds from selling financial assets at fair value through OCI		54,855,966		2,059,341
Net cash used in investing activities		(29,977,206)		(39,958,700)

Cash flow from financing activities
Increase (decrease) in long term loans	27	(448,783)	46,793
Dividend paid		(2,700,544)	(2,143,177)
Capital increase		105,413	50,315
Net cash used in (provided from) financing activities		(3,043,914)	(2,046,069)


Net increase (decrease) in cash and cash equivalent during the year		(11,408,628)	(14,905,192)
Beginning balance of cash and cash equivalent		34,303,645	49,208,837
Cash and cash equivalent at the end of the year		22,895,017	34,303,645


Cash and cash equivalent comprise:
Cash and balances with central bank	15	28,273,962	20,058,974
Due from banks	16	28,370,183	46,518,892
Treasury bills and other governmental notes	17	27,634,062	41,999,252
Obligatory reserve balance with CBE	15	(22,397,310)	(13,526,763)
Due from banks with maturities more than three months		(10,593,903)	(10,733,386)
Treasury bills with maturity more than three months		(28,391,977)	(50,013,324)
Total cash and cash equivalent		22,895,017	34,303,645

Separate statement of changes in shareholders' equity for the year ended December 31, 2018

Dec. 31, 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
												EGP Thousands

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
Capital increase	50,315	-	-	-	-	-	-	-	-	-	-	50,315
Transferred to reserves	-	377,486	3,776,192	-	-	606	-	-	-	(3,994,924)	(159,360)	-
Dividend paid	-	-	-	-	-	-	-	-	-	(2,143,177)	-	(2,143,177)
Net profit for the year	-	-	-	-	-	-	-	-	-	9,555,755	-	9,555,755
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(2,107,821)	-	-	-	-	(2,107,821)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	-	689	-	(689)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	408,346	408,346
Ending 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

Separate statement of changes in shareholders' equity for the year ended December 31, 2019

Dec. 31, 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
												EGP Thousands

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	3,022,495	-	(2,917,082)	-	-	-	-	-	-	-	-	105,413
Transferred to reserves	-	477,736	6,615,296	-	-	1,045	-	-	-	(6,854,370)	(239,707)	-
Dividend paid	-	-	-	-	-	-	-	-	-	(2,700,544)	-	(2,700,544)
Net profit for the year	-	-	-	-	-	-	-	-	-	11,803,555	-	11,803,555
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	6,157,553	-	-	-	-	6,157,553
Transferred (from) to bank risk reserve	-	-	-	-	-	-	-	841	-	(841)	-	-
Provision for impairment of debt instruments investments	-	-	-		-	-	(184,921)	-	-	-	-	(184,921)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	-	464,539	464,539
Ending balance	14,690,821	2,188,029	16,474,429	1,549,445	-	13,466	4,111,781	5,164	-	11,803,555	963,152	51,799,842


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*
( 16 The initial application impact (disclosure in page number**
The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand (disclosure in page number 19)

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FR SSSESDESSELE

RNS metadata

Title: FY 2019 Separate Financial Results
Time: 07:00:04
Date: 4 Feb 2020
Category: Results
ID: 8260B