CIB 3rd Quarter Consolidated Condensed Results

RNS Announcement

RNS Number : 7812I

Commercial Intnl Bank (Egypt) SAE

16 December 2020

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

Consolidated Condensed Financial Statements

September 30, 2020

Condensed Consolidated Interim Balance Sheet as at September 30, 2020
		Notes	Sep. 30, 2020		Dec. 31, 2019
		Notes	EGP Thousands		EGP Thousands
	Assets
	Cash and balances at the central bank	7	35,786,423		28,273,962
	Due from banks	8	56,903,819		28,353,366
	Loans and advances to banks, net	10	19,021		625,264
	Loans and advances to customers, net	11	119,145,984		119,321,103
	Derivative financial instruments		242,694		216,383
	Investments
	- Financial Assets at Fair value through P&L	12	344,219		418,781
	- Financial Assets at Fair value through OCI	12	119,938,583		89,897,257
	- Amortized cost	12	69,896,376		107,225,613
	- Investments in associates	13	141,772		107,693
	Other assets		9,398,676		9,748,143
	Goodwill	0	223,328		-
	Deferred tax assets (Liabilities)		413,720		350,339
	Property, plant and equipment	14	2,265,502		2,204,464
	Total assets		414,720,117		386,742,368
	Liabilities and equity
	Liabilities
	Due to banks	15	8,820,095		11,810,607
	Due to customers	16	332,326,819		304,448,455
	Derivative financial instruments		305,164		282,588
	Current tax liabilities		1,359,201		4,639,364
	Other liabilities		6,656,244		8,396,794
	Other loans		7,764,995		3,272,746
	Provisions	17	2,960,720		2,011,369
	Total liabilities		360,193,238		334,861,923
	Equity
	Issued and paid up capital		14,776,813		14,690,821
	Reserves		30,496,156		24,344,815
	Reserve for employee stock ownership plan (ESOP)		1,410,846		963,152
	Retained earnings *		7,501,210		11,881,657
	Total equity		54,185,025		51,880,445
	Minority interest		341,854		-
	Total minority interest, equity and net profit for the period/year		54,526,879		51,880,445
	Total liabilities and equity		414,720,117		386,742,368


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



	Hussein Abaza		Sherif Samy
	CEO & Board member			Chairman

Condensed Consolidated Interim statement of other Comprehensive Income for the period ended September 30, 2020
	Last 9 Months	Last 9 Months
	Sep. 30, 2020	Sep. 30, 2019
	EGP Thousands	EGP Thousands

Net profit for the period	7,344,292	8,537,594

Net change in fair value of instruments measured at fair value through other comprehensive income	(2,292,039)	5,271,372
Transferred from reserve for financial assets at fair value through OCI	(76,717)	-
Cumulative foreign currencies translation differences	1,314	3,747
Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income	88,192	(71,846)
Total other comprehensive income for the period	5,065,042	13,740,867

As follows:
Bank's shareholders	5,067,142	13,740,867
Minority interest	(2,100)	-
Total other comprehensive income for the period	5,065,042	13,740,867

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

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

Cash flow from operating activities
Profit before income tax from continued operations		11,239,451	11,773,726
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	558,536	425,637
Impairment charge for credit losses (Loans and advances to customers and banks)		3,761,456	1,256,000
Other provisions charges	17	974,522	12,494
Impairment charge for credit losses (due from banks)		13,218	23,161
Impairment charge for credit losses (financial investments)		88,192	(71,846)
Impairment charge for other assets		56,245	83,213
Exchange revaluation differences for financial assets at fair value through OCI		238,906	1,303,741
Goodwill amortization	22	20,302	-
Intangible assets amortization		-	97,656
Impairment charge financial assets at fair value through OCI		79,126	45,664
Utilization of other provisions	17	(1,479)	(27,733)
Other provisions no longer used	17	(6,022)	(96,499)
Exchange differences of other provisions	17	(17,670)	(103,531)
Profits from selling property, plant and equipment		(872)	(1,439)
(Profits) losses from selling financial investments	12	(979,144)	(310,329)
Released (Impairment) charges of investments in associates and subsidiaries		14,100	-
Shares based payments		447,694	371,997
Bank's share in the profits of associates		(24,327)	(291)
Operating profits before changes in operating assets and liabilities		16,462,234	14,781,621

Net decrease (increase) in assets and liabilities
Due from banks		(5,972,551)	(13,052,086)
Treasury bills and other governmental notes		(4,492,317)	4,974,205
Financial assets at fair value through P&L	12	74,562	2,252,280
Derivative financial instruments		(3,735)	(67,282)
Loans and advances to banks and customers	10 - 11	(2,977,814)	(4,796,325)
Other assets		592,680	247,459
Due to banks	15	(2,990,512)	(5,431,711)
Due to customers	16	27,878,364	22,548,279
Income tax obligations paid		(4,389,254)	(3,625,579)
Other liabilities		(4,589,999)	1,862,821
Net cash used in (generated from) operating activities		19,591,658	19,693,682

Cash flow from investing activities
Proceeds from Investments in associates.		750	-
Payment for purchases of property, plant, equipment and branches constructions		(921,312)	(1,067,918)
Proceeds from selling property, plant and equipment		872	1,439
Proceeds from redemption of financial assets at amortized cost		37,493,345	33,937,957
Payment for purchases of financial assets at amortized cost		-	(47,344,534)
Payment for purchases of financial assets at fair value through OCI		(51,331,273)	(26,637,577)
Proceeds from selling financial assets at fair value through OCI		24,041,845	5,350,754
Proceeds from investment in subsidiaries.		194,722	-
Net cash generated from (used in) investing activities		9,478,949	(35,759,879)



Cash flow from financing activities
Increase (decrease) in long term loans		4,492,249	(321,235)
Dividend paid		(3,370,464)	(2,700,544)
Capital increase		85,992	-
Net cash generated from (used in) financing activities		1,207,777	(3,021,779)


Net increase (decrease) in cash and cash equivalent during the period		30,278,384	(19,083,872)
Beginning balance of cash and cash equivalent		22,895,017	34,303,645
Cash and cash equivalent at the end of the period		53,173,401	15,219,773

Cash and cash equivalent comprise:
Cash and balances at the central bank	7	35,786,423	27,205,020
Due from banks		56,934,238	25,629,602
Treasury bills and other governmental notes	9	32,133,958	44,736,504
Obligatory reserve balance with CBE	7	(30,004,955)	(20,770,245)
Due from banks with maturities more than three months		(8,958,909)	(16,541,989)
Treasury bills with maturity more than three months		(32,717,354)	(45,039,119)
Total cash and cash equivalent		53,173,401	15,219,773

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2019
Sep. 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	-	-	-	-	-	-	-	8,537,594	-	-	8,537,594	-	8,537,594
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	5,271,372	-	-	-	-	5,271,372	-	5,271,372
Transferred (from) to bank risk reserve	-	-	-	-	-	-	841	(841)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(71,846)	-	-	-	-	(71,846)	-	(71,846)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	371,997	-	371,997	-	371,997
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	3,747	3,747	-	3,747
Balance at the end of the period	14,585,408	2,188,029	16,234,722	1,549,445	13,466	3,338,675	5,164	8,618,922	1,110,317	3,747	47,647,895	-	47,647,895

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2020
Sep. 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	85,992	-	-	-	-	-	-	-	-	-	85,992	-	85,992
Transferred to reserves	-	590,106	7,840,287	-	1,440	-	-	(8,431,833)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority Interest share	-	-	-	-	-	-	-	-	-	-	-	343,954	343,954
Net profit of the period	-	-	-	-	-	-	-	7,346,392	-	-	7,346,392	(2,100)	7,344,292
Transferred from reserve for financial assets at fair value through OCI	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(2,292,039)	-	-	-	-	(2,292,039)	-	(2,292,039)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Release provision for impairment of debt instruments investments	-	-	-	-	-	88,192	-	-	-	-	88,192	-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	447,694	-	447,694	-	447,694
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	(1,187)	(1,187)	-	(1,187)
Balance at the end of the period	14,776,813	2,778,135	24,314,716	1,549,445	14,906	1,831,217	6,423	7,501,210	1,410,846	1,314	54,185,025	341,854	54,526,879

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RNS metadata

Title: CIB 3rd Quarter Consolidated Condensed Results
Time: 07:00:02
Date: 16 Dec 2020
Category: Results
ID: 7812I