CIB Interim Separate Condensed June Statements

RNS Announcement

RNS Number : 8808S

Commercial Intnl Bank (Egypt) SAE

14 July 2020

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

Separate Condensed Interim Financial Statements

June 30, 2020

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Separate 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	30,421,432	28,273,962
Due from banks	8	56,777,751	28,353,366
Loans and advances to banks, net	10	883,248	625,264
Loans and advances to customers, net	11	119,351,228	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	84,930,779	89,897,257
-Amortized cost	12	92,811,350	107,225,613
-Investments in associates and subsidiaries	13	692,010	63,953
Other assets		8,986,441	9,747,939
Deferred tax assets (Liabilities)		457,940	350,339
Property, plant and equipment	14	2,308,961	2,202,698
Total assets		398,294,360	386,696,658

Liabilities and equity
Liabilities
Due to banks	15	12,271,095	11,810,607
Due to customers	16	318,944,242	304,483,655
Derivative financial instruments		340,652	282,588
Current tax liabilities		2,652,208	4,639,364
Other liabilities		5,434,030	8,396,487
Other loans		3,250,254	3,272,746
Provisions	17	3,067,002	2,011,369
Total liabilities		345,959,483	334,896,816

Equity
Issued and paid up capital		14,690,821	14,690,821
Reserves		31,327,194	24,342,314
Reserve for employee stock ownership plan (ESOP)		1,260,111	963,152
Retained earnings *		5,056,751	11,803,555
Total equity		52,334,877	51,799,842
Total liabilities and equity		398,294,360	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 Condensed Interim income statement for the period ended June 30, 2020

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

Interest and similar income		20,922,642		20,695,803
Interest and similar expense		(8,445,745)		(10,691,075)
Net interest income		12,476,897		10,004,728

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	5	177,231		379,943
Profits (Losses) on financial investments	12	832,005		19,781
Administrative expenses		(2,844,898)		(2,617,257)
Other operating (expenses) income		(1,847,487)		(661,079)
Intangible assets amortization		-		(65,104)
Impairment release (charges) for credit losses		(2,259,654)		(795,124)
Profit before income tax		7,546,216		7,399,456

Income tax expense		(2,652,208)		(2,058,736)
Deferred tax assets (Liabilities)		107,601		17,300
Net profit for the period		5,001,609		5,358,020


Earnings per share	6	3.01		3.23
Basic		3.00		3.21
Diluted


			Hisham Ezz Al-Arab
			Chairman and Managing Director

Condensed Separate 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	5,001,609	5,358,020

Net change in fair value of instruments measured at fair value through other comprehensive income	(1,483,581)	2,838,861
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	3,608,540	8,087,213

Condensed Separate 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			7,546,216	7,399,456
	Adjustments to reconcile net profit to net cash provided by operating activities
	Fixed assets depreciation		14	328,251	275,052
	Impairment charge for credit losses (Loans and advances to customers and banks)			2,144,988	875,635
	Other provisions charges		17	1,096,888	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			(85,180)	886,795
	Intangible assets amortization			-	65,104
	Impairment charge financial assets at fair value through OCI			-	45,664
	Exchange differences in financial investments in subsidiary		13	(242)	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) losses from selling property, plant and equipment			(94)	(1,439)
	(Profits) losses from selling financial investments		12	(924,720)	(65,445)
	Shares based payments			296,959	247,998
	Released (Impairment) charges of investments in associates and subsidiaries			14,100	-
	Released (Impairment) charges of FVOCI equity instruments			78,615	-
	Operating profits before changes in operating assets and liabilities			10,593,813	9,512,820

	Net decrease (increase) in assets and liabilities
	Due from banks		8	(507,846)	(25,049,337)
	Treasury bills and other governmental notes			-	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	(2,430,817)	(4,776,117)
	Other assets			925,679	1,289,326
	Due to banks		15	460,488	(5,879,606)
	Due to customers		16	14,460,587	20,263,230
	Income tax obligations paid			(4,639,364)	(3,625,579)
	Other liabilities			(2,962,457)	(1,225,572)
	Net cash provided from operating activities			15,920,091	17,011,480

	Cash flow from investing activities
	Proceeds from investments in associates.			750	-
	Payments for investment in subsidiaries.			(560,963)	-
	Payment for purchases of property, plant, equipment and branches constructions			(625,596)	(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			(50,506,453)	(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			17,959,223	(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			30,486,358	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			53,381,375	41,873,215

	Cash and cash equivalent comprise:
	Cash and balances with central bank		7	30,421,432	24,993,377
	Due from banks		8	56,818,722	66,543,158
	Treasury bills and other governmental notes		9	27,424,702	25,344,096
	Obligatory reserve balance with CBE		7	(22,905,156)	(15,980,212)
	Due from banks with maturities more than three months			(10,266,781)	(33,329,274)
	Treasury bills with maturity more than three months			(28,111,544)	(25,697,930)
	Total cash and cash equivalent			53,381,375	41,873,215

Separate 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	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	-	-	-	-	-	-	-	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)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(109,668)	-	-	-	(109,668)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	247,998	247,998
Ending balance	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

Separate condensed Interim statement of changes in shareholders' equity for the period ended June 30, 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	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	-	-	-	-	-	-	-	5,001,609	-	5,001,609
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)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
Release provision for impairment of debt instruments investments	-	-	-	-	-	90,512	-	-	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	296,959	296,959
Ending balance	14,690,821	2,778,135	24,314,715	1,549,445	14,906	2,663,570	6,423	5,056,751	1,260,111	52,334,877

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RNS metadata

Title: CIB Interim Separate Condensed June Statements
Time: 07:00:02
Date: 14 Jul 2020
Category: Results
ID: 8808S