CIB 1st Quarter Separate Results | RNS | Ticker

CIB 1st Quarter Separate Results

RNS Announcement

RNS Number : 8643L

Commercial Intnl Bank (Egypt) SAE

05 May 2020




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

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Separate 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	92,469,884	89,897,257
-Amortized cost	21	106,531,563	107,225,613
-Investments in associates and subsidiaries	22	49,132	63,953
Other assets	23	9,011,803	9,747,939
Deferred tax assets (Liabilities)	31	425,580	350,339
Property, plant and equipment	24	2,226,095	2,202,698
Total assets		381,543,775	386,696,658

Liabilities and equity
Liabilities
Due to banks	25	10,437,923	11,810,607
Due to customers	26	309,997,120	304,483,655
Derivative financial instruments	20	479,441	282,588
Current tax liabilities		1,332,487	4,639,364
Other liabilities	28	7,674,064	8,396,487
Other loans	27	3,181,170	3,272,746
Provisions	29	2,389,204	2,011,369
Total liabilities		335,491,409	334,896,816

Equity
Issued and paid up capital	30	14,690,821	14,690,821
Reserves	33	27,862,114	24,342,314
Reserve for employee stock ownership plan (ESOP)	33	1,108,221	963,152
Retained earnings *	33	2,391,210	11,803,555
Total equity		46,052,366	51,799,842
Total liabilities and equity		381,543,775	386,696,658





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 March 31, 2020

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

Interest and similar income			10,687,101		10,278,050
Interest and similar expense			(4,491,834)		(5,339,464)
Net interest income		6	6,195,267		4,938,586

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	(1,524,538)		(1,320,672)
Other operating (expenses) income		11	(747,740)		(141,097)
Intangible assets amortization			-		(32,552)
Impairment release (charges) for credit losses		12	(1,240,110)		(520,727)
Profit before income tax			3,648,456		3,757,767

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			2,391,210		2,642,347


Earnings per share		14	1.44		1.59
Basic			1.43		1.58
Diluted


				Hisham Ezz Al-Arab
				Chairman and Managing Director

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

Notes

Mar. 31, 2020

Mar. 31, 2019

EGP Thousands

Net profit for the period

2,391,210

2,642,347

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

(47,321)

(107,122)

Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income

Total other comprehensive income for the year

(2,522,081)

4,977,929

Separate cash flow for the period ended March 31, 2020

Notes

Mar. 31, 2020

Mar. 31, 2019

EGP Thousands

Cash flow from operating activities

Profit before income tax

3,648,456

3,757,767

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

Fixed assets depreciation

160,538

131,898

Impairment charge for credit losses (Loans and advances to customers)

1,272,649

634,951

Other provisions charges

439,410

2,077

Impairment charge for credit losses (due from banks)

14,782

(7,102)

Impairment charge for credit losses (financial investments)

(47,321)

(107,122)

Impairment charge for other assets

13,707

24,814

Exchange revaluation differences for financial assets at fair value through OCI

287,889

334,394

Intangible assets amortization

32,552

Impairment charge financial assets at fair value through OCI

45,664

Exchange differences in financial investments in subsidiary

719

1,485

Utilization of other provisions

(726)

2,461

Other provisions no longer used

(38,630)

(164,335)

Exchange differences of other provisions

(22,219)

(37,871)

(Profits) losses from selling property, plant and equipment

(94)

(Profits) losses from selling financial investments

(554,113)

(52,041)

Shares based payments

145,069

124,000

Released (Impairment) charges of investments in associates and subsidiaries

14,100

Released (Impairment) charges of equity instruments

69,863

Operating profits before changes in operating assets and liabilities

5,404,079

4,723,592

Net decrease (increase) in assets and liabilities

Due from banks

211,025

(17,549,341)

Treasury bills and other governmental notes

15,781,350

Financial assets at fair value through P&L

104,116

2,180,287

Derivative financial instruments

35,892

(47,159)

Loans and advances to banks and customers

18 - 19

2,428,551

(6,035,057)

Other assets

857,769

(587,120)

Due to banks

(1,372,684)

(3,921,303)

Due to customers

5,513,465

8,051,449

Income tax obligations paid

(4,639,364)

(3,762,070)

Other liabilities

(722,423)

3,487,750

Net cash provided from operating activities

7,820,426

2,322,378

Cash flow from investing activities

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

(319,089)

(483,048)

Proceeds from selling property, plant and equipment

Proceeds from redemption of financial assets at amortized cost

45,639,889

33,452,378

Payment for purchases of financial assets at amortized cost

(44,945,839)

(32,834,360)

Payment for purchases of financial assets at fair value through OCI

(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

(6,808,773)

259,133

Cash flow from financing activities

Increase (decrease) in long term loans

(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

27,169,495

24,741,584

Due from banks

26,640,005

51,538,237

Treasury bills and other governmental notes

29,091,960

33,831,714

Obligatory reserve balance with CBE

(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

Separate statement of changes in shareholders' equity for the year 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	Total
										EGP Thousands
Beginning balance	11,668,326	1,710,293	12,776,215	1,549,445	12,421	(1,860,851)	4,323	9,555,755	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	-	-	-	-	-	-	-	2,642,347	-	2,642,347
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	124,000	124,000
Ending balance	14,585,408	2,188,029	16,234,722	1,549,445	13,466	474,731	5,164	2,642,347	862,320	38,555,632

Separate statement of changes in shareholders' equity for the year ended March 31, 2020

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	Total
										EGP Thousands
Beginning balance	14,690,821	2,188,029	16,474,429	1,549,445	13,466	4,111,781	5,164	11,803,555	963,152	51,799,842
Capital increase	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	590,106	7,840,286	-	1,440	-	-	(8,431,832)	-	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	(3,370,464)
Net profit for the period	-	-	-	-	-	-	-	2,391,210	-	2,391,210
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	145,069	145,069
Ending balance	14,690,821	2,778,135	24,314,715	1,549,445	14,906	(801,510)	6,423	2,391,210	1,108,221	46,052,366

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RNS metadata

Title: CIB 1st Quarter Separate Results
Time: 07:00:05
Date: 5 May 2020
Category: Results
ID: 8643L