CIB1H2021 Condensed Consolidated Financial Results | RNS | Ticker

CIB1H2021 Condensed Consolidated Financial Results

RNS Announcement

RNS Number : 9928E

Commercial Intnl Bank (Egypt) SAE

13 July 2021

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

Condensed Consolidated 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	31,958,480		33,768,549
	Due from banks	8	79,377,965		87,426,301
	Loans and advances to banks, net	10	782,360		776,980
	Loans and advances to customers, net	11	131,251,166		119,570,005
	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	188,204,356		148,118,372
	- Amortized cost	12	22,598,404		25,285,225
	- Investments in associates	13	324,125		139,871
	Other assets		10,993,659		9,175,525
	Goodwill	22	158,153		178,782
	Intangible assets	23	39,737		44,920
	Deferred tax assets (Liabilities)		452,578		437,772
	Property and equipment	14	2,507,624		2,311,147
	Total assets		469,149,320		427,842,167
	Liabilities and equity
	Liabilities
	Due to banks	15	1,315,692		8,817,535
	Due to customers	16	386,001,156		341,169,450
	Derivative financial instruments		354,701		331,073
	Current tax liabilities		1,616,491		859,582
	Other liabilities		7,391,941		5,735,269
	Other loans		5,626,792		7,746,946
	Provisions	17	3,511,026		3,223,501
	Total liabilities		405,817,799		367,883,356
	Equity
	Issued and paid up capital		14,776,813		14,776,813
	Reserves		40,249,761		33,094,580
	Reserve for employee stock ownership plan (ESOP)		1,381,162		1,064,648
	Retained earnings *		6,442,442		10,539,715
	Total equity and net profit for the period / year		62,850,178		59,475,756
	Minority interest		481,343		483,055
	Total minority interest, equity and net profit for the period / year		63,331,521		59,958,811
	Total liabilities and equity		469,149,320		427,842,167


	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 Consolidated 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		21,016,794	20,922,642
Interest and similar expense		(9,319,909)	(8,445,315)
Net interest income		11,696,885	12,477,327

Fee and commission income		1,801,723	1,479,217
Fee and commission expense		(687,236)	(493,057)
Net fee and commission income		1,114,487	986,160

Dividend income		63,572	25,962
Net trading income	5	278,559	177,231
Profits (Losses) on financial investments	12	601,887	832,005
Administrative expenses		(2,945,811)	(2,848,020)
Other operating (expenses) income		(1,115,219)	(1,847,212)
Goodwill amortization	22	(20,629)	(8,381)
Intangible assets amortization	23	(5,183)	-
Impairment release (charges) for credit losses		(1,020,214)	(2,259,654)
Bank's share in the profits of associates		11,794	6,994
Profit before income tax		8,660,128	7,542,412

Income tax expense		(2,590,814)	(2,652,208)
Deferred tax assets (Liabilities)		18,844	107,601
Net profit for the period		6,088,158	4,997,805
Minority interest		(1,712)	-
Bank shareholders		6,089,870	4,997,805

Earning per share	6
Basic		3.64	3.00
Diluted		3.63	2.99







	Hussein Abaza		Sherif Samy
	CEO & Managing Director		Chairman

Condensed Consolidated 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	6,088,158	4,997,805

Change in fair value of debt instruments measured at fair value through other comprehensive income	(1,625,170)	(1,483,581)
Transferred from reserve on disposal of financial assets at fair value through OCI	(104,406)	-
Cumulative foreign currencies translation differences	(4,044)	1,647
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	4,300,425	3,606,383

As follows:
Bank's shareholders	4,302,137	3,606,383
Minority interest	(1,712)	-
Total comprehensive income for the period	4,300,425	3,606,383

Condensed Consolidated 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 from continued operations		8,660,128	7,542,412
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation	14	411,612	383,782
Impairment charge for credit losses (Loans and advances to customers and banks)		1,061,426	2,144,988
Other provisions charges	17	350,039	1,098,888
Impairment charge for credit losses (due from banks)		12,901	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	(84,884)
Goodwill amortization	22	48,134	8,381
Intangible assets amortization	23	12,094	-
Released (Impairment) charge financial assets at fair value through OCI		(72,957)	78,615
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 from selling property, plant and equipment		(1,250)	(94)
(Profits) losses from selling financial investments	12	(514,837)	(924,720)
Released (Impairment) charges of investments in associates and subsidiaries		(14,093)	14,100
Shares based payments		316,514	296,959
Bank's share in the profits of associates		(11,794)	(6,994)
Operating profits before changes in operating assets and liabilities		10,216,853	10,649,465

Net decrease (increase) in assets and liabilities
Due from banks		(8,642,436)	(598,148)
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	(12,747,967)	(3,109,801)
Other assets		(1,921,109)	907,956
Due to banks	15	(7,501,843)	466,875
Due to customers	16	44,831,706	15,697,986
Income tax obligations paid		(974,323)	(4,639,364)
Other liabilities		791,514	(2,946,225)
Net cash used in (generated from) operating activities		24,184,028	16,448,752

Cash flow from investing activities
Proceeds from Investments in associates.		-	750
Proceeds (payments) for investment in associates.		(158,360)	-
Payment for purchases of property, plant, equipment and branches constructions		(530,638)	(739,117)
Proceeds from selling property, plant and equipment		1,250	94
Proceeds from redemption of financial assets at amortized cost		2,688,858	59,360,102
Payment for purchases of financial assets at amortized cost		(2,617)	(44,945,839)
Payment for purchases of financial assets at fair value through OCI		(111,888,471)	(50,868,698)
Proceeds from selling financial assets at fair value through OCI		69,864,103	55,517,561
Proceeds from investment in subsidiaries.		-	194,722
Net cash generated from (used in) investing activities		(40,025,875)	18,519,575



Condensed Consolidated Interim Cash flows for the period ended June 30, 2021 (Cont.)

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

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		(19,322,653)	31,575,371
Beginning balance of cash and cash equivalent		75,796,375	22,895,017
Cash and cash equivalent at the end of the period		56,473,722	54,470,388

Cash and cash equivalent comprise:
Cash and balances at the central bank		31,958,480	31,267,392
Due from banks		79,415,055	56,990,499
Treasury bills and other governmental notes		58,679,906	27,591,164
Obligatory reserve balance with CBE		(26,358,215)	(22,995,458)
Due from banks with maturities more than three months		(28,800,903)	(10,271,665)
Treasury bills with maturity more than three months		(58,420,601)	(28,111,544)
Total cash and cash equivalent		56,473,722	54,470,388


Condensed Consolidated 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	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
Transferred to reserves	-	590,106	7,840,286	-	-	1,440	-	-	(8,431,832)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(3,370,464)	-	-	(3,370,464)	-	(3,370,464)
Minority interest	-	-	-	-	-	-	-	-	-	-	-	-	453,248	453,248
Net profit of the period	-	-	-	-	-	-	-	-	4,997,805	-	-	4,997,805	-	4,997,805
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)	-	(1,483,581)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	1,259	(1,259)	-	-	-	-	-
ECL for impairment of debt instruments investments	-	-	-	-	-	-	90,512	-	-	-	-	90,512	-	90,512
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	296,959	-	296,959	-	296,959
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(854)	(854)	-	(854)
Balance at the end of the period	14,690,821	2,778,135	24,314,715	1,549,445	-	14,906	2,663,570	6,423	5,131,049	1,260,111	1,647	52,410,822	453,248	52,864,070

Condensed Consolidated 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	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	14,776,813	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
Transferred to reserves	-	514,939	8,420,479	-	-	1,094	-	-	(8,936,512)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	-	(1,360,652)
Net profit of the period	-	-	-	-	-	-	-	-	6,089,870	-	-	6,089,870	(1,712)	6,088,158
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	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI	-	-	-	-	-	-	(1,625,170)	-	-	-	-	(1,625,170)	-	(1,625,170)
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)	-	(54,113)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	316,514	-	316,514	-	316,514
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(360)	(360)	-	(360)
Balance at the end of the period	14,776,813	3,293,074	33,186,137	1,549,445	8,183	16,000	2,191,825	9,141	6,442,442	1,381,162	(4,044)	62,850,178	481,343	63,331,521

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RNS metadata

Title: CIB1H2021 Condensed Consolidated Financial Results
Time: 07:00:03
Date: 13 Jul 2021
Category: Results
ID: 9928E