CIB FY20 Consolidated Results

RNS Announcement

RNS Number : 6095Q

Commercial Intnl Bank (Egypt) SAE

01 March 2021

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2020

Consolidated Balance Sheet as of December 31, 2020
		Notes	Dec. 31, 2020		Dec. 31, 2019
		Notes	EGP Thousands		EGP Thousands
	Assets
	Cash and balances at the Central Bank	15	33,768,549		28,273,962
	Due from banks	16	87,426,301		28,353,366
	Loans and advances to banks, net	18	776,980		625,264
	Loans and advances to customers, net	19	119,570,005		119,321,103
	Derivative financial instruments	20	248,759		216,383
	Investments
	- Financial Assets at Fair value through P&L	21	359,959		418,781
	- Financial Assets at Fair value through OCI	21	148,118,372		89,897,257
	- Amortized cost	21	25,285,225		107,225,613
	- Investments in associates	22	139,871		107,693
	Other assets	23	9,175,525		9,748,143
	Goodwill	42	178,782		-
	Intangible Assets	43	44,920		-
	Deferred tax assets (Liabilities)	31	437,772		350,339
	Property, plant and equipment	24	2,311,147		2,204,464
	Total assets		427,842,167		386,742,368
	Liabilities and equity
	Liabilities
	Due to banks	25	8,817,535		11,810,607
	Due to customers	26	341,169,450		304,448,455
	Derivative financial instruments	20	331,073		282,588
	Current tax liabilities		859,582		4,639,364
	Other liabilities	28	5,735,269		8,396,794
	Other loans	27	7,746,946		3,272,746
	Provisions	29	3,223,501		2,011,369
	Total liabilities		367,883,356		334,861,923
	Equity
	Issued and paid-up capital	30	14,776,813		14,690,821
	Reserves	33	33,094,580		24,344,815
	Reserve for employee stock ownership plan (ESOP)	33	1,064,648		963,152
	Retained earnings *	33	10,539,715		11,881,657
	Total equity		59,475,756		51,880,445
	Minority interest		483,055		-
	Total minority interest, equity and net profit for the period/year		59,958,811		51,880,445
	Total liabilities and equity		427,842,167		386,742,368


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



	Hussein Abaza		Sherif Samy
	CEO & Board member			Chairman

Consolidated income statement for the year ended December 31, 2020

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

Interest and similar income		42,196,235	42,600,957
Interest and similar expense		(17,023,815)	(21,022,338)
Net interest income	6	25,172,420	21,578,619

Fee and commission income		3,059,264	3,451,688
Fee and commission expense		(983,450)	(1,170,893)
Net fee and commission income	7	2,075,814	2,280,795

Dividend income	8	50,175	53,423
Net trading income	9	406,631	688,059
Profits (Losses) on financial investments	21	922,832	450,697
Administrative expenses	10	(5,625,883)	(5,048,922)
Other operating (expenses) income	11	(2,742,996)	(1,794,750)
Goodwill amortization		(27,505)	-
Intangible assets amortization		(6,911)	(238,715)
Impairment release (charges) for credit losses	12	(5,018,781)	(1,435,460)
Profits from subsidiaries acquisition		8,086	-
Bank's share in the profits of associates		22,426	1,135
Profit before income tax		15,236,308	16,534,881

Income tax expense	13	(5,087,418)	(4,639,364)
Deferred tax assets (Liabilities)	31 - 13	87,433	(94,522)
Net profit for the year		10,236,323	11,800,995
Minority interest		(1,834)	-
Bank shareholders		10,238,157	11,800,995

Earning per share	14
Basic		6.26	7.11
Diluted		6.24	7.09





Hussein Abaza		Sherif Samy
CEO & Board member		Chairman

Consolidated statement of other comprehensive income for the year ended December 31, 2020

	Dec. 31, 2020	Dec. 31, 2019
	EGP Thousands	EGP Thousands

Net profit for the year	10,236,323	11,800,995

Other comprehensive income items that will not be reclassified to the Profit or Loss:
Change in fair value of equity instruments measured at fair value through other comprehensive income	(13,966)	212,967

Other comprehensive income items that is or may be reclassified to the profit or loss:
Change in fair value of debt instruments measured at fair value through other comprehensive income	(250,766)	5,944,586
Transferred from reserve on disposal of financial assets at fair value through OCI	(76,717)	-
Cumulative foreign currencies translation differences	(3,684)	2,501
Effect of ECL in fair value of debt instruments measured at fair value through OCI	205,182	(184,921)
Total other comprehensive income for the year	10,096,372	17,776,128

As follows:
Bank's shareholders	10,098,206	17,776,128
Minority interest	(1,834)	-
Total other comprehensive income for the year	10,096,372	17,776,128

Consolidated cash flow for the year ended December 31, 2020

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

Cash flow from operating activities
Profit before income tax from continued operations		15,236,308	16,534,881
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	24	733,032	576,544
Impairment charge for credit losses (Loans and advances to customers and banks)	12	4,806,518	1,610,878
Other provisions charges	29	1,234,980	461,869
Impairment charge for credit losses (due from banks)	12	7,081	9,503
Impairment charge for credit losses (financial investments)	12	205,182	(184,921)
Impairment charge for other assets	23	69,217	(93,313)
Exchange revaluation differences for financial assets at fair value through OCI	21	249,642	1,593,030
Goodwill amortization	42	27,505	-
Intangible assets amortization	43	6,911	238,715
Impairment charge financial assets at fair value through OCI	21	79,126	-
Utilization of other provisions	29	(2,382)	(28,135)
Other provisions no longer used	29	(13,273)	(6,910)
Exchange differences of other provisions	29	(7,193)	(110,062)
Profits from selling property, plant and equipment	11	(1,094)	(1,439)
(Profits) losses from selling financial investments	21	(1,018,469)	(497,894)
Released (Impairment) charges of investments in associates and subsidiaries	21	16,511	-
Shares based payments		552,438	464,539
Bank's share in the profits of associates		(22,426)	(1,135)
Operating profits before changes in operating assets and liabilities		22,159,614	20,566,150

Net decrease (increase) in assets and liabilities
Due from banks	15	(10,899,927)	(8,870,547)
Treasury bills and other governmental notes		-	-
Financial assets at fair value through P&L	21	58,822	2,318,924
Derivative financial instruments	20	16,109	(2,910)
Loans and advances to banks and customers	18 - 19	(5,020,609)	(14,533,328)
Other assets	40	568,988	163,933
Due to banks	25	(2,993,072)	4,550,788
Due to customers	26	36,720,995	19,151,586
Income tax obligations paid		(3,779,782)	(3,625,579)
Other liabilities	28	(7,645,182)	1,895,241
Net cash used in (generated from) operating activities		29,185,956	21,614,258

Cash flow from investing activities
Proceeds from Investments in associates.		750	-
Payment for purchases of property, plant, equipment and branches constructions		(1,091,829)	(1,303,181)
Proceeds from selling property, plant and equipment	11	1,094	1,439
Proceeds from redemption of financial assets at amortized cost	21	82,309,481	43,937,957
Payment for purchases of financial assets at amortized cost	21	(233,765)	(76,516,842)
Payment for purchases of financial assets at fair value through OCI	21	(112,791,966)	(50,954,311)
Proceeds from selling financial assets at fair value through OCI		54,137,187	54,855,966
Proceeds from investment in subsidiaries.		194,722	-
Net cash generated from (used in) investing activities		22,525,674	(29,978,972)



Consolidated cash flow for the year ended December 31, 2020 (Cont.)

		Dec. 31, 2020	Dec. 31, 2019
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Received (Repaid) in long term loans	27	4,474,200	(448,783)
Dividend paid		(3,370,464)	(2,700,544)
Capital increase		85,992	105,413
Net cash generated from (used in) financing activities		1,189,728	(3,043,914)


Net increase (decrease) in cash and cash equivalent during the year		52,901,358	(11,408,628)
Beginning balance of cash and cash equivalent		22,895,017	34,303,645
Cash and cash equivalent at the end of the year		75,796,375	22,895,017

Cash and cash equivalent comprise:
Cash and balances at the central bank	15	33,768,549	28,273,962
Due from banks	16	87,450,490	28,370,183
Treasury bills and other governmental notes	17	39,497,692	27,634,062
Obligatory reserve balance with CBE	15	(27,744,700)	(22,397,310)
Due from banks with maturities more than three months		(16,974,367)	(10,593,903)
Treasury bills with maturity more than three months		(40,201,289)	(28,391,977)
Total cash and cash equivalent		75,796,375	22,895,017

Consolidated statement of changes in shareholders' equity for the year ended December 31, 2019
Dec. 31, 2019	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	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	3,022,495	-	(2,917,082)	-	-	-	-	-	-	-	-	105,413	-	105,413
Transferred to reserves	-	477,736	6,615,296	-	-	1,045	-	-	(6,854,370)	(239,707)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(2,700,544)	-	-	(2,700,544)	-	(2,700,544)
Net profit of the year	-	-	-	-	-	-	-	-	11,800,995	-	-	11,800,995	-	11,800,995
Reserve for transactions under common control	-	-	-	-	-	-	6,157,553	-	-	-	-	6,157,553	-	6,157,553
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	841	(841)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	(184,921)	-	-	-	-	(184,921)	-	(184,921)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	464,539	-	464,539	-	464,539
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	(666)	-	2,501	1,835	-	1,835
Balance at the end of the year	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

Consolidated statement of changes in shareholders' equity for the year ended December 31, 2020
Dec. 31, 2020	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	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	8,291,229	-	-	1,440	-	-	(8,431,833)	(450,942)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority Interest share	-	-	-	-		-	-	-	-	-	-	-	485,779	485,779
Net profit of the year	-	-	-	-	-	-	-	-	10,238,157	-	-	10,238,157	(1,834)	10,236,323
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	-	(76,717)	-	76,717	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	101,013	-	-	101,013	-	101,013
Change in retained earnings from acquisition of subsidiaries	-	-	-	-	-	-	-	-	45,727	-	-	45,727	-	45,727
Reserve for transactions under common control	-	-	-	-	8,183	-	-	-	-	-	-	8,183	-	8,183
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(264,732)	-	-	-	-	(264,732)	-	(264,732)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	205,182	-	-	-	-	205,182	-	205,182
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	552,438	-	552,438	-	552,438
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(6,185)	(6,185)	(890)	(7,075)
Balance at the end of the year	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811

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RNS metadata

Title: CIB FY20 Consolidated Results
Time: 07:00:09
Date: 1 Mar 2021
Category: Results
ID: 6095Q