CIB FY20 Year End Separate Financial Results | RNS | Ticker

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CIB FY20 Year End Separate Financial Results

RNS Announcement

RNS Number : 6096Q

Commercial Intnl Bank (Egypt) SAE

01 March 2021

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

Separate Financial Statements

December 31, 2020

Separate balance sheet as at December 31, 2020
		Notes	Dec. 31, 2020	Dec. 31, 2019
		Notes	EGP Thousands	EGP Thousands

	Assets
	Cash and balances at the central bank	15	33,572,597	28,273,962
	Due from banks	16	86,997,034	28,353,366
	Loans and advances to banks, net	18	776,980	625,264
	Loans and advances to customers, net	19	118,854,880	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	147,646,432	89,897,257
	- Amortized cost	21	25,020,917	107,225,613
	- Investments in associates and subsidiaries	22	874,348	63,953
	Other assets	23	9,095,212	9,747,939
	Deferred tax assets (Liabilities)	31	437,772	350,339
	Property and equipment	24	2,259,940	2,202,698
	Total assets		426,144,830	386,696,658
	Liabilities and equity
	Liabilities
	Due to banks	25	8,815,561	11,810,607
	Due to customers	26	340,086,524	304,483,655
	Derivative financial instruments	20	331,073	282,588
	Current tax liabilities		859,582	4,639,364
	Other liabilities	28	5,679,266	8,396,487
	Other loans	27	7,746,946	3,272,746
	Provisions	29	3,221,252	2,011,369
	Total liabilities		366,740,204	334,896,816
	Equity
	Issued and paid up capital	30	14,776,813	14,690,821
	Reserves	33	33,085,554	24,342,314
	Reserve for employee stock ownership plan (ESOP)	33	1,064,648	963,152
	Retained earnings *	33	10,477,611	11,803,555
	Total equity		59,404,626	51,799,842
	Total liabilities and equity		426,144,830	386,696,658


	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

Separate income statement for the year ended December 31, 2020

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

Interest and similar income		42,070,598	42,600,957
Interest and similar expense		(16,980,635)	(21,022,838)
Net interest income	6	25,089,963	21,578,119

Fee and commission income		3,053,536	3,451,688
Fee and commission expense		(983,450)	(1,170,893)
Net fee and commission income	7	2,070,086	2,280,795

Dividend income	8	98,175	53,423
Net trading income	9	395,701	688,059
Profits (Losses) on financial investments	21	922,832	450,697
Administrative expenses	10	(5,552,800)	(5,044,937)
Other operating (expenses) income	11	(2,737,550)	(1,794,540)
Intangible assets amortization		-	(238,715)
Impairment release (charges) for credit losses	12	(4,989,288)	(1,435,460)
Profit before income tax		15,297,119	16,537,441

Income tax expense	13	(5,084,670)	(4,639,364)
Deferred tax assets (Liabilities)	31 - 13	87,433	(94,522)
Net profit for the year		10,299,882	11,803,555

Earning per share	14
Basic		6.26	7.12
Diluted		6.24	7.09




	Hussein Abaza		Sherif Samy
	CEO & Board member		Chairman

Separate 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	10,299,882	11,803,555

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	(255,293)	5,944,586
Transferred from reserve on disposal of financial assets at fair value through OCI	(76,717)	-
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	10,159,088	17,776,187

Separate cash flow for the year ended December 31, 2020

Notes

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

Cash flow from operating activities

Profit before income tax

15,297,119

16,537,441

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

677,501

576,544

Impairment charge for credit losses (Loans and advances to customers and banks)

4,777,592

1,610,878

Other provisions charges

1,232,731

461,869

Impairment charge for credit losses (due from banks)

6,514

9,503

Impairment charge for credit losses (financial investments)

205,182

(184,921)

Impairment charge for other assets

69,217

(93,313)

Exchange revaluation differences for financial assets at fair value through OCI

249,642

1,593,030

Intangible assets amortization

238,715

Impairment charge financial assets at fair value through OCI

79,126

47,197

Utilization of other provisions

(2,382)

(28,135)

Other provisions no longer used

(13,273)

(6,910)

Exchange differences of other provisions

(7,193)

(110,062)

(Profits) losses from selling property, plant and equipment

(1,094)

(1,439)

(Profits) losses from selling financial investments

(1,018,469)

(497,894)

Shares based payments

552,438

464,539

Released (Impairment) charges of investments in associates and subsidiaries

16,511

Operating profits before changes in operating assets and liabilities

22,121,162

20,617,042

Net decrease (increase) in assets and liabilities

Due from banks

(10,899,927)

(8,870,547)

Financial assets at fair value through P&L

58,822

2,318,924

Derivative financial instruments

16,109

(2,910)

Loans and advances to banks and customers

18 - 19

(4,276,558)

(14,533,328)

Other assets

649,301

162,502

Due to banks

(2,995,046)

4,550,788

Due to customers

35,602,869

19,143,183

Income tax obligations paid

(3,779,782)

(3,625,579)

Other liabilities

(7,700,878)

1,894,934

Net cash used in (generated from) operating activities

28,796,072

21,655,009

Cash flow from investing activities

Proceeds from investments in associates.

750

Payments for investment in subsidiaries and associates.

(721,352)

Payment for purchases of property, plant, equipment and branches
constructions

(987,061)

(1,301,415)

Proceeds from selling property, plant and equipment

1,094

1,439

Proceeds from redemption of financial assets at amortized cost

82,203,469

43,937,957

Payment for purchases of financial assets at amortized cost

(76,516,842)

Payment for purchases of financial assets at fair value through OCI

(112,382,696)

(50,954,311)

Proceeds from selling financial assets at fair value through OCI

54,970,226

54,813,449

Net cash generated from (used in) investing activities

23,084,430

(30,019,723)

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

Dec. 31, 2020

Dec. 31, 2019

EGP Thousands

Cash flow from financing activities

Received (Repaid) in long term loans

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

53,070,230

(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

75,965,247

22,895,017

Cash and cash equivalent comprise:

Cash and balances at the central bank

33,572,597

28,273,962

Due from banks

87,020,365

28,370,183

Treasury bills and other governmental notes

39,464,714

27,634,062

Obligatory reserve balance with CBE

(27,610,380)

(22,397,310)

Due from banks with maturities more than three months

(16,280,760)

(10,593,903)

Treasury bills with maturity more than three months

(40,201,289)

(28,391,977)

Total cash and cash equivalent

75,965,247

22,895,017

Separate 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	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	3,022,495	-	(2,917,082)	-	-	-	-	-	-	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)
Net profit for the year	-	-	-	-	-	-	-	11,803,555	-	11,803,555
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	6,157,553	-	-	-	6,157,553
Transferred (from) to bank risk reserve	-	-	-	-	-	-	841	(841)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(184,921)	-	-	-	(184,921)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	464,539	464,539
Ending 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

Separate 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	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	8,291,229	-	1,440	-	-	(8,431,833)	(450,942)	-
Dividend paid	-	-	-	-	-	-	-	(3,370,464)	-	(3,370,464)
Net profit for the year	-	-	-	-	-	-	-	10,299,882	-	10,299,882
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
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(269,259)	-	-	-	(269,259)
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
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	552,438	552,438
Ending balance	14,776,813	2,778,135	24,765,658	1,549,445	14,906	3,970,987	6,423	10,477,611	1,064,648	59,404,626

Proposed appropriation account for the year ended December 31, 2020


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

Net profit after tax	10,299,882	11,803,555
Profits selling property, plant and equipment transferred to capital reserve according to the law	(1,094)	(1,439)
Bank risk reserve	(2,718)	(1,258)
Available net profit for distributing	10,296,070	11,800,858

To be distributed as follows:
Legal reserve	514,939	590,106
General reserve	8,420,479	7,840,287
Dividends to shareholders	-	1,836,353
Staff profit sharing	1,029,607	1,180,086
Board members bonus	73,643	177,013
CIB's foundation	154,441	177,013
Support and development of banking sector fund	102,961	-
Total	10,296,070	11,800,858

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END

FR FIFLIVLILIIL

RNS metadata

Title: CIB FY20 Year End Separate Financial Results
Time: 07:00:09
Date: 1 Mar 2021
Category: Results
ID: 6096Q