CIB 3rd Quarter Separate Condensed Results

RNS Announcement

RNS Number : 7813I

Commercial Intnl Bank (Egypt) SAE

16 December 2020

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

Condensed Separate Financial Statements

September 30, 2020

Condensed Separate 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	35,579,884	28,273,962
	Due from banks	8	56,245,029	28,353,366
	Loans and advances to banks, net	10	19,021	625,264
	Loans and advances to customers, net	11	118,479,055	119,321,103
	Derivative financial instruments		242,295	216,383
	Investments
	- Financial Assets at Fair value through P&L	12	344,219	418,781
	- Financial Assets at Fair value through OCI	12	119,729,609	89,897,257
	- Amortized cost	12	69,732,268	107,225,613
	- Investments in associates and subsidiaries	13	836,095	63,953
	Other assets		9,331,455	9,747,939
	Deferred tax assets (Liabilities)		413,720	350,339
	Property, plant and equipment	14	2,213,488	2,202,698
	Total assets		413,166,138	386,696,658
	Liabilities and equity
	Liabilities
	Due to banks	15	8,811,261	11,810,607
	Due to customers	16	331,210,883	304,483,655
	Derivative financial instruments		304,356	282,588
	Current tax liabilities		1,359,201	4,639,364
	Other liabilities		6,600,480	8,396,487
	Other loans		7,764,995	3,272,746
	Provisions	17	2,958,720	2,011,369
	Total liabilities		359,009,896	334,896,816
	Equity
	Issued and paid up capital		14,776,813	14,690,821
	Reserves		30,496,300	24,342,314
	Reserve for employee stock ownership plan (ESOP)		1,410,846	963,152
	Retained earnings *		7,472,283	11,803,555
	Total equity		54,156,242	51,799,842
	Total liabilities and equity		413,166,138	386,696,658


	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 Separate Interim Income Statement for the period ended September 30, 2020
			Last 9 Months	Last 9 Months
	Notes		Sep. 30, 2020	Sep. 30, 2019
			EGP Thousands	EGP Thousands

Interest and similar income			31,499,616	31,652,305
Interest and similar expense			(12,666,727)	(16,204,157)
Net interest income			18,832,889	15,448,148

Fee and commission income			2,140,039	2,544,996
Fee and commission expense			(803,346)	(857,475)
Net fee and commission income			1,336,693	1,687,521

Dividend income			88,393	22,454
Net trading income	5		226,967	561,877
Profits (Losses) on financial investments	12		885,918	263,132
Administrative expenses			(4,184,345)	(3,885,776)
Other operating (expenses) income			(2,033,630)	(1,015,131)
Intangible assets amortization			-	(97,656)
Impairment release (charges) for credit losses			(3,862,159)	(1,207,315)
Profit before income tax			11,290,726	11,777,254

Income tax expense			(3,958,540)	(3,283,731)
Deferred tax assets (Liabilities)			63,381	47,599
Net profit for the period			7,395,567	8,541,122

Earning per share	6
Basic			4.46	5.15
Diluted			4.44	5.13





		Hussein Abaza		Sherif Samy
		CEO & Board member		Chairman

Condensed Separate 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	7,395,567	8,541,122

Net change in fair value of instruments measured at fair value through other comprehensive income	(2,290,581)	5,271,372
Transferred from reserve for financial assets at fair value through OCI	(76,717)	-
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	5,116,461	13,740,648

Condensed Separate 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		11,290,726	11,777,254
	Adjustments to reconcile net profit to net cash provided by operating activities
	Fixed assets depreciation	14	503,005	425,637
	Impairment charge for credit losses (Loans and advances to customers and banks)		3,761,572	1,256,000
	Other provisions charges	17	972,522	12,494
	Impairment charge for credit losses (due from banks)		12,395	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
	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) losses from selling property, plant and equipment		(872)	(1,439)
	(Profits) losses from selling financial investments	12	(979,144)	(310,329)
	Shares based payments		447,694	371,997
	Released (Impairment) charges of investments in associates and subsidiaries		14,100	-
	Operating profits before changes in operating assets and liabilities		16,459,296	14,785,440

	Net decrease (increase) in assets and liabilities
	Due from banks		(5,824,055)	(13,052,086)
	Treasury bills and other governmental notes		(4,325,377)	4,974,205
	Financial assets at fair value through P&L	12	74,562	2,252,280
	Derivative financial instruments		(4,144)	(67,282)
	Loans and advances to banks and customers	10 - 11	(2,311,001)	(4,796,325)
	Other assets		653,639	247,536
	Due to banks	15	(2,999,346)	(5,431,711)
	Due to customers	16	26,727,228	22,543,760
	Income tax obligations paid		(4,389,254)	(3,625,579)
	Other liabilities		(4,645,456)	1,862,133
	Net cash used in (generated from) operating activities		19,416,092	19,692,371

	Cash flow from investing activities
	Proceeds from investments in associates.		750	-
	Payments for investment in subsidiaries and associates.		(680,836)	-
	Payment for purchases of property, plant, equipment and branches constructions		(809,475)	(1,066,607)
	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		24,096,252	5,354,858
	Net cash generated from (used in) investing activities		8,769,635	(35,754,464)


	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		29,393,504	(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		52,288,521	15,219,773

	Cash and cash equivalent comprise:
	Cash and balances at the central bank	7	35,579,884	27,205,020
	Due from banks		56,274,241	25,629,602
	Treasury bills and other governmental notes	9	31,967,018	44,736,504
	Obligatory reserve balance with CBE	7	(29,856,359)	(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		52,288,521	15,219,773

Condensed Separate 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		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	-	-	-	-		-		-		-	8,541,122	-		8,541,122
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-		-		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)
Cost of employees stock ownership plan (ESOP)	-	-	-	-		-		-		-	-	371,997		371,997
Ending balance	14,585,408	2,188,029	16,234,722	1,549,445		13,466		3,338,675		5,164	8,541,122	1,110,317		47,566,348

Condensed Separate 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	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	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)
Net profit for the period	-	-	-		-		-	-	-		7,395,567		-	7,395,567
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	-	-	-		-		-	(2,290,581)	-		-		-	(2,290,581)
Transferred (from) to bank risk reserve	-	-	-		-		-	-	1,259		(1,259)		-	-
Release provision for impairment of debt instruments investments	-	-	-		-		-	88,192	-		-		-	88,192
Cost of employees stock ownership plan (ESOP)	-	-	-		-		-	-	-		-		447,694	447,694
Ending balance	14,776,813	2,778,135	24,314,716		1,549,445		14,906	1,832,675	6,423		7,472,283		1,410,846	54,156,242

.Click on, or paste the following link into your web browser, to view the associated PDF document

http://www.rns-pdf.londonstockexchange.com/rns/7813I_1-2020-12-16.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

QRTUNSRRRRUUARA

RNS metadata

Title: CIB 3rd Quarter Separate Condensed Results
Time: 07:00:02
Date: 16 Dec 2020
Category: Results
ID: 7813I