CIB 1st Quarter Separate Financial Results | RNS | Ticker

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CIB 1st Quarter Separate Financial Results

RNS Announcement

RNS Number : 5016Z

Commercial Intnl Bank (Egypt) SAE

24 May 2021

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

Separate Financial Statements

March 31, 2021

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http://www.rns-pdf.londonstockexchange.com/rns/5016Z_1-2021-5-21.pdf

Condensed Separate Interim Balance Sheet as at March 31,2021
		Notes	Mar. 31, 2021	Dec. 31, 2020
		Notes	EGP Thousands	EGP Thousands

	Assets
	Cash and balances at the central bank	7	21,580,813	33,572,597
	Due from banks	8	97,069,002	86,997,034
	Loans and advances to banks, net	10	781,084	776,980
	Loans and advances to customers, net	11	120,303,607	118,854,880
	Derivative financial instruments		290,438	248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	341,120	359,959
	- Financial Assets at Fair Value through OCI	12	167,580,005	147,646,432
	- Amortized cost	12	24,677,774	25,020,917
	- Investments in associates and subsidiaries	13	1,032,708	874,348
	Other assets		9,424,894	9,095,212
	Deferred tax assets (Liabilities)		431,534	437,772
	Property and equipment	14	2,466,612	2,259,940
	Total assets		445,979,591	426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	15	2,511,475	8,815,561
	Due to customers	16	365,162,571	340,086,524
	Derivative financial instruments		306,569	331,073
	Current tax liabilities		830,536	859,582
	Other liabilities		6,763,064	5,679,266
	Other loans		7,732,536	7,746,946
	Provisions	17	3,270,735	3,221,252
	Total liabilities		386,577,486	366,740,204
	Equity
	Issued and paid up capital		14,776,813	14,776,813
	Reserves		40,231,425	33,085,554
	Reserve for employee stock ownership plan (ESOP)		1,227,099	1,064,648
	Retained earnings *		3,166,768	10,477,611
	Total equity and net profit for the period / year		59,402,105	59,404,626
	Total liabilities and equity		445,979,591	426,144,830


	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 March 31, 2021

	Notes	Mar. 31, 2021	Mar. 31, 2020
		EGP Thousands	EGP Thousands

Interest and similar income		10,120,581	10,687,101
Interest and similar expense		(4,444,196)	(4,491,834)
Net interest income		5,676,385	6,195,267

Fee and commission income		844,128	805,413
Fee and commission expense		(333,561)	(305,561)
Net fee and commission income		510,567	499,852

Dividend income		91	-
Net trading income	5	112,718	(5,425)
Profits (Losses) on financial investments	12	493,655	470,150
Administrative expenses		(1,472,944)	(1,523,538)
Other operating (expenses) income		(526,604)	(747,740)
Impairment release (charges) for credit losses		(702,082)	(1,240,110)
Profit before income tax		4,091,786	3,648,456


Income tax expense		(1,209,247)	(1,332,487)
Deferred tax assets (Liabilities)		(6,239)	75,241
Net profit for the period		2,876,300	2,391,210

Earning per share	6
Basic		1.72	1.43
Diluted		1.71	1.42




	Hussein Abaza		Sherif Samy
	CEO & Board member		Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended March 31, 2021

Mar. 31, 2021

Mar. 31, 2020

EGP Thousands

Net profit for the period

2,876,300

2,391,210

Change in fair value of debt instruments measured at fair value through other comprehensive income

Transferred from reserve on disposal of financial assets at fair value through OCI

Effect of ECL in fair value of debt instruments measured at fair value through OCI

Total comprehensive income for the period

(1,674,309)

(104,406)

(14,644)

1,082,941

(4,865,970)

(47,321)

(2,522,081)

Condensed Separate Interim Cash flows for the period ended March 31, 2021

Notes

Mar. 31, 2021

Mar. 31, 2020

EGP Thousands

Cash flow from operating activities

Profit before income tax

4,091,786

3,648,456

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

Fixed assets depreciation

194,609

160,538

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

720,756

1,272,649

Other provisions charges

114,144

439,410

Impairment charge for credit losses (due from banks)

(4,030)

14,782

Impairment charge for credit losses (financial investments)

(14,644)

(47,321)

Impairment charge for other assets

12,676

13,707

Exchange revaluation differences for financial assets at fair value through OCI

23,042

287,889

Impairment charge financial assets at fair value through OCI

(72,957)

69,863

Exchange differences in financial investments in subsidiary

719

Utilization of other provisions

(43,518)

(726)

Other provisions no longer used

(5,872)

(38,630)

Exchange differences of other provisions

(15,271)

(22,219)

(Profits) losses from selling property, plant and equipment

(1,250)

(94)

(Profits) losses from selling financial investments

(420,698)

(554,113)

Shares based payments

162,451

145,069

Released (Impairment) charges of investments in associates and subsidiaries

14,100

Operating profits before changes in operating assets and liabilities

4,741,224

5,404,079

Net decrease (increase) in assets and liabilities

Due from banks

(12,278,859)

211,025

Financial assets at fair value through P&L

18,839

104,116

Derivative financial instruments

(66,183)

35,892

Loans and advances to banks and customers

10 - 11

(2,173,587)

2,428,551

Other assets

(284,984)

857,769

Due to banks

(6,304,086)

(1,372,684)

Due to customers

25,076,047

5,513,465

Income tax obligations paid

(29,046)

(4,639,364)

Other liabilities

(236,449)

(722,423)

Net cash used in (generated from) operating activities

8,462,916

7,820,426

Cash flow from investing activities

Proceeds (payments) for investment in associates.

(158,360)

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

(347,656)

(319,089)

Proceeds from selling property, plant and equipment

1,250

Proceeds from redemption of financial assets at amortized cost

346,898

45,639,889

Payment for purchases of financial assets at amortized cost

(3,844)

(44,945,839)

Payment for purchases of financial assets at fair value through OCI

(55,216,492)

(62,050,349)

Proceeds from selling financial assets at fair value through OCI

34,497,956

54,866,521

Net cash generated from (used in) investing activities

(20,880,248)

(6,808,773)

Condensed Separate Interim Cash flows for the period ended March 31, 2021 (Cont.)

Mar. 31, 2021

Mar. 31, 2020

EGP Thousands

Cash flow from financing activities

Received (Repaid) in long term loans

(14,410)

(91,576)

Dividend paid

(1,360,652)

(3,370,464)

Net cash generated from (used in) financing activities

(1,375,062)

(3,462,040)

Net increase (decrease) in cash and cash equivalent during the period

(13,792,394)

(2,450,387)

Beginning balance of cash and cash equivalent

75,965,247

22,895,017

Cash and cash equivalent at the end of the period

62,172,853

20,444,630

Cash and cash equivalent comprise:

Cash and balances at the central bank

21,580,813

27,169,495

Due from banks

97,088,303

26,640,005

Treasury bills and other governmental notes

52,339,135

29,091,960

Obligatory reserve balance with CBE

(15,671,568)

(22,186,285)

Due from banks with maturities more than three months

(40,498,431)

(10,415,104)

Treasury bills with maturity more than three months

(52,665,399)

(29,855,441)

Total cash and cash equivalent

62,172,853

20,444,630

Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2020
Mar. 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
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	-	-	-	-	-	-	-	2,391,210	-	2,391,210
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(4,865,970)	-	-	-	(4,865,970)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	(47,321)	-	-	-	(47,321)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	145,069	145,069
Ending balance	14,690,821	2,778,135	24,314,715	1,549,445	14,906	(801,510)	6,423	2,391,210	1,108,221	46,052,366


Condensed Separate Interim statement of changes in shareholders' equity for the period ended March 31, 2021
Mar. 31, 2021	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	14,776,813	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
Transferred to reserves	-	514,939	8,420,479	-	1,094	-	-	(8,936,512)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,360,652)	-	(1,360,652)
Net profit for the period	-	-	-	-	-	-	-	2,876,300	-	2,876,300
Transferred from reserve on disposal of financial assets at fair value through OCI	-	-	-	-	-	(104,406)	-	104,406	-	-

Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(1,674,309)	-	-	-	(1,674,309)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	2,718	(2,718)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	(14,644)	-	-	-	(14,644)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	162,451	162,451
Ending balance	14,776,813	3,293,074	33,186,137	1,549,445	16,000	2,177,628	9,141	3,166,768	1,227,099	59,402,105

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RNS metadata

Title: CIB 1st Quarter Separate Financial Results
Time: 07:00:06
Date: 24 May 2021
Category: Results
ID: 5016Z