CIB 1H2021 Condensed Separate Financial Results | RNS | Ticker

CIB 1H2021 Condensed Separate Financial Results

RNS Announcement

RNS Number : 9927E

Commercial Intnl Bank (Egypt) SAE

13 July 2021


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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
June 30, 2021

Condensed Separate Interim Balance Sheet as at June 30,2021
		Notes	Jun. 30, 2021	Dec. 31, 2020
		Notes	EGP Thousands	EGP Thousands

	Assets
	Cash and balances at the central bank	7	31,792,597	33,572,597
	Due from banks	8	79,079,990	86,997,034
	Loans and advances to banks, net	10	782,360	776,980
	Loans and advances to customers, net	11	130,469,575	118,854,880
	Derivative financial instruments		292,284	248,759
	Investments
	- Financial Assets at Fair Value through P&L	12	208,429	359,959
	- Financial Assets at Fair Value through OCI	12	187,616,393	147,646,432
	- Amortized cost	12	22,369,984	25,020,917
	- Investments in associates and subsidiaries	13	1,022,433	874,348
	Other assets		10,930,487	9,095,212
	Deferred tax assets (Liabilities)		456,600	437,772
	Property and equipment	14	2,455,283	2,259,940
	Total assets		467,476,415	426,144,830
	Liabilities and equity
	Liabilities
	Due to banks	15	1,313,331	8,815,561
	Due to customers	16	384,955,527	340,086,524
	Derivative financial instruments		354,701	331,073
	Current tax liabilities		1,616,491	859,582
	Other liabilities		7,332,878	5,679,266
	Other loans		5,626,792	7,746,946
	Provisions	17	3,509,061	3,221,252
	Total liabilities		404,708,781	366,740,204
	Equity
	Issued and paid up capital		14,776,813	14,776,813
	Reserves		40,241,849	33,085,554
	Reserve for employee stock ownership plan (ESOP)		1,381,162	1,064,648
	Retained earnings *		6,367,810	10,477,611
	Total equity and net profit for the period / year		62,767,634	59,404,626
	Total liabilities and equity		467,476,415	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 & Managing Director		Chairman

Condensed Separate Interim Income Statement for the period ended June 30, 2021

	Notes	Jun. 30, 2021	Jun. 30, 2020
		EGP Thousands	EGP Thousands

Interest and similar income		20,975,491	20,922,642
Interest and similar expense		(9,302,462)	(8,445,745)
Net interest income		11,673,029	12,476,897

Fee and commission income		1,798,447	1,479,217
Fee and commission expense		(687,129)	(493,057)
Net fee and commission income		1,111,318	986,160

Dividend income		63,572	25,962
Net trading income	5	274,657	177,231
Profits (Losses) on financial investments	12	577,519	832,005
Administrative expenses		(2,918,943)	(2,844,898)
Other operating (expenses) income		(1,113,292)	(1,847,487)
Impairment release (charges) for credit losses		(1,019,076)	(2,259,654)
Profit before income tax		8,648,784	7,546,216

Income tax expense		(2,590,270)	(2,652,208)
Deferred tax assets (Liabilities)		18,828	107,601
Net profit for the period		6,077,342	5,001,609

Earning per share	6
Basic		3.64	3.00
Diluted		3.63	2.99



	Hussein Abaza		Sherif Samy
	CEO & Managing Director		Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended June 30, 2021

	Jun. 30, 2021	Jun. 30, 2020
	EGP Thousands	EGP Thousands

Net profit for the period	6,077,342	5,001,609

Change in fair value of debt instruments measured at fair value through other comprehensive income	(1,624,416)	(1,483,581)
Transferred from reserve on disposal of financial assets at fair value through OCI	(104,406)	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	(54,113)	90,512
Total comprehensive income for the period	4,294,407	3,608,540



Condensed Separate Interim Cash flows for the period ended June 30, 2021
	Notes	Jun. 30, 2021	Jun. 30, 2020
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax		8,648,784	7,546,216
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	411,612	328,251
Impairment charge for credit losses (Loans and advances to customers and banks)		1,060,008	2,144,988
Other provisions charges	17	350,323	1,096,888
Impairment charge for credit losses (due from banks)		13,181	24,154
Impairment charge for credit losses (financial investments)		(54,113)	90,512
Impairment charge for other assets		25,524	24,621
Exchange revaluation differences for financial assets at fair value through OCI		50,039	(85,180)
Released (Impairment) charge financial assets at fair value through OCI		(72,957)	78,615
Exchange differences in financial investments in subsidiary		-	(242)
Utilization of other provisions	17	(44,173)	(1,066)
Other provisions no longer used	17	(9,145)	(43,200)
Exchange differences of other provisions	17	(9,196)	3,011
(Profits) losses from selling property, plant and equipment		(1,250)	(94)
(Profits) losses from selling financial investments	12	(514,837)	(924,720)
Shares based payments		316,514	296,959
Released (Impairment) charges of investments in associates and subsidiaries		10,275	14,100
Operating profits before changes in operating assets and liabilities		10,180,589	10,593,813

Net decrease (increase) in assets and liabilities
Due from banks		(8,642,436)	(507,846)
Financial assets at fair value through P&L	12	151,530	61,477
Derivative financial instruments		(19,897)	(41,469)
Loans and advances to banks and customers	10 - 11	(12,680,083)	(2,430,817)
Other assets		(1,944,779)	925,679
Due to banks	15	(7,502,230)	460,488
Due to customers	16	44,869,003	14,460,587
Income tax obligations paid		(973,779)	(4,639,364)
Other liabilities		794,030	(2,962,457)
Net cash used in (generated from) operating activities		24,231,948	15,920,091

Cash flow from investing activities
Proceeds from investments in associates.		-	750
Proceeds (payments) for investment in associates.		(158,360)	(560,963)
Payment for purchases of property, plant, equipment and branches constructions		(522,975)	(625,596)
Proceeds from selling property, plant and equipment		1,250	94
Proceeds from redemption of financial assets at amortized cost		2,654,583	59,360,102
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		(111,506,191)	(50,506,453)
Proceeds from selling financial assets at fair value through OCI		71,451,202	55,237,128
Net cash generated from (used in) investing activities		(38,084,335)	17,959,223


Cash flow from financing activities
Received (Repaid) in long term loans		(2,120,154)	(22,492)
Dividend paid		(1,360,652)	(3,370,464)
Net cash generated from (used in) financing activities		(3,480,806)	(3,392,956)


Net (decrease) increase in cash and cash equivalent during the priod		(17,333,193)	30,486,358
Beginning balance of cash and cash equivalent		75,965,247	22,895,017
Cash and cash equivalent at the end of the period		58,632,054	53,381,375

Cash and cash equivalent comprise:
Cash and balances at the central bank		31,792,597	30,421,432
Due from banks		79,116,502	56,818,722
Treasury bills and other governmental notes		58,677,132	27,424,701
Obligatory reserve balance with CBE		(26,239,755)	(22,905,156)
Due from banks with maturities more than three months		(26,293,821)	(10,266,780)
Treasury bills with maturity more than three months		(58,420,601)	(28,111,544)
Total cash and cash equivalent		58,632,054	53,381,375

Condensed Separate Interim statement of changes in shareholders' equity for the period ended June 30, 2020
Jun. 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
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	-	-	-	-	-	-	-	5,001,609	-	5,001,609
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	(55,142)	-	55,142	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	(1,483,581)	-	-	-	(1,483,581)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	1,259	(1,259)	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	90,512	-	-	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	296,959	296,959
Ending balance	14,690,821	2,778,135	24,314,715	1,549,445	14,906	2,663,570	6,423	5,056,751	1,260,111	52,334,877

Condensed Separate Interim statement of changes in shareholders' equity for the period ended June 30, 2021
Jun. 30, 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	-	-	-	-	-	-	-	6,077,342	-	6,077,342
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	-	-	-	-	-	(1,624,416)	-	-	-	(1,624,416)
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	-	-	-	-	-	(54,113)	-	-	-	(54,113)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	316,514	316,514
Ending balance	14,776,813	3,293,074	33,186,137	1,549,445	16,000	2,188,052	9,141	6,367,810	1,381,162	62,767,634

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RNS metadata

Title: CIB 1H2021 Condensed Separate Financial Results
Time: 07:00:03
Date: 13 Jul 2021
Category: Results
ID: 9927E