CIB 1st Quarter Consolidated Results | RNS | Ticker

CIB 1st Quarter Consolidated Results

RNS Announcement

RNS Number : 8647L

Commercial Intnl Bank (Egypt) SAE

05 May 2020





Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2020

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Consolidated balance sheet as at March 31, 2020

	Notes	Mar. 31, 2020	Dec. 31, 2019
		EGP Thousands	EGP Thousands

Assets
Cash and balances with central bank	15	27,169,495	28,273,962
Due from banks	16	26,608,406	28,353,366
Loans and advances to banks, net	18	937,043	625,264
Loans and advances to customers, net	19	115,422,951	119,321,103
Derivative financial instruments	20	377,344	216,383
Investments
- Financial Assets at Fair value through P&L	21	314,665	418,781
- Financial Assets at Fair value through OCI	21	92,478,550	89,897,257
- Amortized cost	21	106,531,563	107,225,613
- Investments in associates	22	101,742	107,693
Other assets	23	9,011,653	9,748,143
Deferred tax assets (Liabilities)	31	425,580	350,339
Property, plant and equipment	24	2,227,841	2,204,464
Total assets		381,606,833	386,742,368

Liabilities and equity
Liabilities
Due to banks	25	10,437,923	11,810,607
Due to customers	26	309,972,342	304,448,455
Derivative financial instruments	20	479,441	282,588
Current tax liabilities		1,332,487	4,639,364
Other liabilities	28	7,674,322	8,396,794
Other loans	27	3,181,170	3,272,746
Provisions	29	2,389,204	2,011,369
Total liabilities		335,466,889	334,861,923

Equity
Issued and paid up capital	30	14,690,821	14,690,821
Reserves	33	27,863,613	24,344,815
Reserve for employee stock ownership plan (ESOP)	33	1,108,221	963,152
Retained earnings *	33	2,477,289	11,881,657
Total equity		46,139,944	51,880,445
Total liabilities and equity		381,606,833	386,742,368





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



		Chairman and Managing Director

Consolidated income statement for the period ended March 31, 2020

		Note	Mar. 31, 2020		March. 31, 2019
			EGP Thousands		EGP Thousands

Continued Operations
Interest and similar income			10,687,101		10,278,050
Interest and similar expense			(4,491,657)		(5,338,642)
Net interest income		6	6,195,444		4,939,408

Fee and commission income			805,413		855,477
Fee and commission expense			(305,561)		(277,625)
Net fee and commission income		7	499,852		577,852

Dividend income		8	-		121
Net trading income		9	(5,425)		249,879
Profits (Losses) on financial investments		21	470,150		6,377
Administrative expenses		10	(1,524,860)		(1,322,068)
Other operating (expenses) income		11	(747,433)		(141,263)
Intangible assets amortization			-		(32,552)
Impairment release (charges) for credit losses		12	(1,240,110)		(520,727)
Bank's share in the profits of associates			8,149		-
Profit before income tax			3,655,767		3,757,027

Income tax expense	13		(1,332,487)		(1,090,009)
Deferred tax assets (Liabilities)	31 - 13		75,241		(25,411)
Net profit for the period			2,398,521		2,641,607
Bank shareholders			2,398,521		2,641,607


Earning per share		14
Basic			1.44		1.59
Diluted			1.43		1.58

				Hisham Ezz Al-Arab
				Chairman and Managing Director

Consolidated statement of other comprehensive income for the period ended March 31, 2020


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

Net profit for the period		2,398,521		2,641,607
Net change in fair value of debt instruments measured at fair value through other comprehensive income		(4,865,970)		2,442,704
Net change in fair value of debt instruments measured at fair value through other comprehensive income
Cumulative foreign currencies translation differences		1,499		1,180
Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income		(47,321)		(107,122)
Total other comprehensive income for the period		(2,513,271)		4,978,369


Consolidated cash flow for the period ended March 31, 2020
	Notes	Mar. 31, 2020		Mar. 31, 2019
		EGP Thousands		EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		3,655,767		3,757,027
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	160,538		131,898
Impairment charge for credit losses (Loans and advances to customers)	12	1,272,649		634,951
Other provisions charges	29	439,410		2,077
Impairment charge for credit losses (due from banks)	12	14,782		(7,102)
Impairment charge for credit losses (financial investments)	12	(47,321)		(107,122)
Impairment charge for other assets	23	13,707		24,814
Exchange revaluation differences for financial assets at fair value through OCI	21	287,889		334,394
Intangible assets amortization		-		32,552
Impairment charge financial assets at fair value through OCI	21	-		45,664
Exchange differences in financial investments in subsidiary	22	-		1,485
Utilization of other provisions	29	(726)		2,461
Other provisions no longer used	29	(38,630)		(164,335)
Exchange differences of other provisions	29	(22,219)		(37,871)
Profits from selling property, plant and equipment	11	(94)		-
(Profits) losses from selling financial investments	21	(554,113)		(52,041)
Shares based payments		145,069		124,000
Bank's share in the profits of associates		5,951		-
Released (Impairment) charges of equity instruments		69,863		-
Operating profits before changes in operating assets and liabilities		5,402,522		4,722,852

Net decrease (increase) in assets and liabilities
Due from banks	15	211,025		(17,549,341)
Treasury bills and other governmental notes		-		15,781,350
Financial assets at fair value through P&L	21	104,116		2,180,287
Derivative financial instruments	20	35,892		(47,159)
Loans and advances to banks and customers	18 - 19	2,421,201		(6,035,057)
Other assets	40	857,769		(587,120)
Due to banks	25	(1,372,684)		(3,921,303)
Due to customers	26	5,523,887		8,052,189
Income tax obligations paid		(4,639,364)		(3,762,070)
Other liabilities	28	(722,192)		3,487,750
Net cash provided from operating activities		7,822,172		2,322,378

Cash flow from investing activities
Payment for purchases of property, plant, equipment and branches constructions		(320,835)		(483,048)
Proceeds from selling property, plant and equipment	11	94		-
Proceeds from redemption of financial assets at amortized cost	21	45,639,889		33,452,378
Payment for purchases of financial assets at amortized cost	21	(44,945,839)		(32,834,360)
Payment for purchases of financial assets at fair value through OCI	21	(62,050,349)		(4,493,603)
Proceeds from selling financial assets at fair value through OCI		54,866,521		4,617,766
Net cash used in investing activities		(6,810,519)		259,133

Cash flow from financing activities
Increase (decrease) in long term loans	27	(91,576)	(114,541)
Dividend paid		(3,370,464)	(2,700,544)
Net cash used in (provided from) financing activities		(3,462,040)	(2,815,085)


Net increase (decrease) in cash and cash equivalent during the year		(2,450,387)	(233,574)
Beginning balance of cash and cash equivalent		22,895,017	34,303,645
Cash and cash equivalent at the end of the year		20,444,630	34,070,071


Cash and cash equivalent comprise:
Cash and balances with central bank	15	27,169,495	24,741,584
Due from banks	16	26,640,005	51,538,237
Treasury bills and other governmental notes	17	29,091,960	33,831,714
Obligatory reserve balance with CBE	15	(22,186,285)	(17,837,693)
Due from banks with maturities more than three months		(10,415,104)	(23,971,797)
Treasury bills with maturity more than three months		(29,855,441)	(34,231,974)
Total cash and cash equivalent		20,444,630	34,070,071

Consolidated statement of changes in shareholders' equity for the period ended March 31, 2019

Mar. 31, 2019	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	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
													EGP Thousands
Beginning balance	11,668,326	1,710,293	12,776,215	1,549,445	12,421	(1,860,851)	4,323	9,637,083	738,320	-	36,235,575	-	36,235,575
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)	-	(2,700,544)
Net profit of the period	-	-	-	-	-	-	-	2,641,607	-	-	2,641,607	-	2,641,607
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	2,442,704	-	-	-	-	2,442,704	-	2,442,704
Transferred (from) to bank risk reserve	-	-	-	-	-	-	841	(841)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(107,122)	-	-	-	-	(107,122)	-	(107,122)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	124,000	-	124,000	-	124,000
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	1,180	1,180	-	1,180
Balance at the end of the period	14,585,408	2,188,029	16,234,722	1,549,445	13,466	474,731	5,164	2,722,935	862,320	1,180	38,637,400	-	38,637,400

Consolidated statement of changes in shareholders' equity for the period ended December 31, 2019

Mar. 31, 2020	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	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
													EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	13,466	4,111,781	5,164	11,881,657	963,152	2,501	51,880,445	-	51,880,445
Capital increase	-	-	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	590,106	7,840,286	-	1,440	-	-	(8,431,832)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Net profit of the period	-	-	-	-	-	-	-	2,398,521	-	-	2,398,521	-	2,398,521
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(4,865,970)	-	-	-	-	(4,865,970)	-	(4,865,970)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Release provision for impairment of debt instruments investments	-	-	-	-	-	(47,321)	-	-	-	-	(47,321)	-	(47,321)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	145,069	-	145,069	-	145,069
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	666	-	(1,002)	(336)	-	(336)
Balance at the end of the period	14,690,821	2,778,135	24,314,715	1,549,445	14,906	(801,510)	6,423	2,477,289	1,108,221	1,499	46,139,944	-	46,139,944

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RNS metadata

Title: CIB 1st Quarter Consolidated Results
Time: 07:00:05
Date: 5 May 2020
Category: Results
ID: 8647L