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CIB Consolidated Interim Condensed June Statements

RNS Announcement

RNS Number : 8814S

Commercial Intnl Bank (Egypt) SAE

14 July 2020

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

Condensed Consolidated Interim Financial Statements

June 30, 2020

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Consolidated condensed Interim balance sheet as at June 30, 2020

	Notes	Jun. 30, 2020	Dec. 31, 2019
		EGP Thousands	EGP Thousands

Assets
Cash and balances with central bank	7	31,267,392	28,273,962
Due from banks	8	56,949,232	28,353,366
Loans and advances to banks, net	10	883,248	625,264
Loans and advances to customers, net	11	120,030,212	119,321,103
Derivative financial instruments		315,916	216,383
Investments
- Financial Assets at Fair value through P&L	12	357,304	418,781
- Financial Assets at Fair value through OCI	12	85,100,258	89,897,257
- Amortized cost	12	92,972,929	107,225,613
- Investments in associates	13	99,837	107,693
Other assets		9,009,198	9,748,143
Goodwill	22	243,046	-
Deferred tax assets (Liabilities)		457,940	350,339
Property, plant and equipment	14	2,363,886	2,204,464
Total assets		400,050,398	386,742,368

Liabilities and equity
Liabilities
Due to banks	15	12,277,482	11,810,607
Due to customers	16	320,146,441	304,448,455
Derivative financial instruments		340,652	282,588
Current tax liabilities		2,652,208	4,639,364
Other liabilities		5,450,289	8,396,794
Other loans		3,250,254	3,272,746
Provisions	17	3,069,002	2,011,369
Total liabilities		347,186,328	334,861,923

Equity
Issued and paid up capital		14,690,821	14,690,821
Reserves		31,328,841	24,344,815
Reserve for employee stock ownership plan (ESOP)		1,260,111	963,152
Retained earnings *		5,131,049	11,881,657
Total equity		52,410,822	51,880,445
Minority interest		453,248	-
Total minority interest, equity and net profit for the period/year		52,864,070	51,880,445
Total liabilities and equity		400,050,398	386,742,368





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

Consolidated condensed Interim income statement for the period ended June 30, 2020

Note

Jun. 30, 2020

Jun. 30, 2019

EGP Thousands

Continued Operations

Interest and similar income

20,922,642

20,695,803

Interest and similar expense

(8,445,315)

(10,690,088)

Net interest income

12,477,327

10,005,715

Fee and commission income

1,479,217

1,647,254

Fee and commission expense

(493,057)

(536,140)

Net fee and commission income

986,160

1,111,114

Dividend income

25,962

22,454

Net trading income

177,231

379,943

Profits (Losses) on financial investments

832,005

19,781

Administrative expenses

(2,848,020)

(2,619,234)

Other operating (expenses) income

(1,847,212)

(662,508)

Goodwill amortization

(8,381)

Intangible assets amortization

(65,104)

Impairment release (charges) for credit losses

(2,259,654)

(795,124)

Bank's share in the profits of associates

6,994

(1,101)

Profit before income tax

7,542,412

7,395,936

Income tax expense

(2,652,208)

(2,058,736)

Deferred tax assets (Liabilities)

107,601

17,300

Net profit for the period

4,997,805

5,354,500

Earning per share

Basic

3.01

3.23

Diluted

3.00

3.21

Hisham Ezz Al-Arab

Chairman and Managing Director

Condensed Consolidated Interim statement of other Comprehensive Income for the period ended June 30, 2020
	Last 6 Months	Last 6 Months
	Jun. 30, 2020	Jun. 30, 2019
	EGP Thousands	EGP Thousands

Net profit for the period	4,997,805	5,354,500

Net change in fair value of instruments measured at fair value through other comprehensive income	(1,483,581)	2,838,861
Cumulative foreign currencies translation differences	1,647	4,182
Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income	90,512	(109,668)
Total other comprehensive income for the period	3,606,383	8,087,875


Condensed Consolidated Interim Cash flows for the period ended June 30, 2020

	Notes	Jun. 30, 2020	Jun. 30, 2019
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		7,542,412	7,395,936
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	383,782	275,052
Impairment charge for credit losses (Loans and advances to customers and banks)		2,144,988	875,635
Other provisions charges	17	1,098,888	3,140
Impairment charge for credit losses (due from banks)		24,154	29,156
Impairment charge for credit losses (financial investments)		90,512	(109,667)
Impairment charge for other assets		24,621	52,772
Exchange revaluation differences for financial assets at fair value through OCI		(84,884)	886,795
Goodwill amortization		8,381	-
Intangible assets amortization		-	65,104
Impairment charge financial assets at fair value through OCI		-	45,664
Exchange differences in financial investments in subsidiary		-	3,020
Utilization of other provisions	17	(1,066)	1,878
Other provisions no longer used	17	(43,200)	(126,575)
Exchange differences of other provisions	17	3,011	(69,724)
Profits from selling property, plant and equipment		(94)	(1,439)
(Profits) losses from selling financial investments	12	(924,720)	(65,445)
Released (Impairment) charges of investments in associates and subsidiaries	0	14,100	-
Shares based payments		296,959	247,998
Bank's share in the profits of associates		(6,994)	1,101
Released (Impairment) charges of FVOCI equity instruments		78,615	-
Operating profits before changes in operating assets and liabilities		10,649,465	9,510,401

Net decrease (increase) in assets and liabilities
Due from banks	8	(598,148)	(25,049,337)
Treasury bills and other governmental notes		280,433	24,315,394
Financial assets at fair value through P&L	12	61,477	2,262,513
Derivative financial instruments		(41,469)	(75,592)
Loans and advances to banks and customers	10 - 11	(3,109,801)	(4,776,117)
Other assets		907,956	1,289,326
Due to banks	15	466,875	(5,879,606)
Due to customers	16	15,697,986	20,265,649
Income tax obligations paid		(4,639,364)	(3,625,579)
Other liabilities		(2,946,225)	(1,225,572)
Net cash provided from operating activities		16,729,185	17,011,480

Cash flow from investing activities
Proceeds from Investments in associates.		750	-
Proceeds (payments) for investment in subsidiaries.		194,722	-
Payment for purchases of property, plant, equipment and branches constructions		(739,117)	(840,953)
Proceeds from selling property, plant and equipment		94	1,439
Proceeds from redemption of financial assets at amortized cost		59,360,102	33,290,053
Payment for purchases of financial assets at amortized cost		(44,945,839)	(32,633,462)
Payment for purchases of financial assets at fair value through OCI		(50,868,698)	(11,433,512)
Proceeds from selling financial assets at fair value through OCI		55,237,128	5,105,870
Net cash used in investing activities		18,239,142	(6,510,565)



Cash flow from financing activities
Increase (decrease) in long term loans		(22,492)	(230,801)
Dividend paid		(3,370,464)	(2,700,544)
Net cash used in (provided from) financing activities		(3,392,956)	(2,931,345)


Net increase (decrease) in cash and cash equivalent during the period		31,575,371	7,569,570
Beginning balance of cash and cash equivalent		22,895,017	34,303,645
Cash and cash equivalent at the end of the period		54,470,388	41,873,215

Cash and cash equivalent comprise:
Cash and balances with central bank	7	31,267,392	24,993,377
Due from banks	8	56,990,499	66,543,158
Treasury bills and other governmental notes	9	27,586,282	25,344,096
Obligatory reserve balance with CBE	7	(22,995,458)	(15,980,212)
Due from banks with maturities more than three months		(10,266,783)	(33,329,274)
Treasury bills with maturity more than three months		(28,111,544)	(25,697,930)
Total cash and cash equivalent		54,470,388	41,873,215

Consolidated condensed Interim 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	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	-	-	-	-	-	-	-	5,354,500	-	-	5,354,500	-	5,354,500
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	2,838,861	-	-	-	-	2,838,861	-	2,838,861
Transferred (from) to bank risk reserve	-	-	-	-	-	-	841	(841)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(109,668)	-	-	-	-	(109,668)	-	(109,668)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	247,998	-	247,998	-	247,998
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	4,182	4,182	-	4,182
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	5,435,828	986,318	4,182	41,870,904	-	41,870,904

Consolidated condensed Interim statement of changes in shareholders' equity for the period ended June 20, 2020

Jun. 30, 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)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	453,248	453,248
Net profit of the period	-	-	-	-	-	-	-	4,997,805	-	-	4,997,805	-	4,997,805
Transferred from reserve for financial assets at fair value through OCI	-	-	-	-	-	(55,142)	-	55,142	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(1,483,581)	-	-	-	-	(1,483,581)	-	(1,483,581)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Release provision for impairment of debt instruments investments	-	-	-	-	-	90,512	-	-	-	-	90,512	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	296,959	-	296,959	-	296,959
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	(854)	(854)	-	(854)
Balance at the end of the period	14,690,821	2,778,135	24,314,715	1,549,445	14,906	2,663,570	6,423	5,131,049	1,260,111	1,647	52,410,822	453,248	52,864,070

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END

IR EAEXDFEFEEAA

RNS metadata

Title: CIB Consolidated Interim Condensed June Statements
Time: 07:00:02
Date: 14 Jul 2020
Category: Results
ID: 8814S