TIDMCBKD
RNS Number : 9987K
Commercial Intnl Bank (Egypt) SAE
28 April 2020
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Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31, 2019
Consolidated statement of profit or loss for the year ended December 31,2019
Notes Dec. 31, Dec. 31,
2019 2018
EGP Thousands EGP Thousands
Interest and similar income 42,600,957 37,403,709
Interest and similar expense (21,054,078) (19,260,190)
Net interest income 3 21,546,879 18,143,519
Fee and commission income 3,451,688 3,402,616
Fee and commission expense (1,170,893) (991,957)
Net fee and commission income 4 2,280,795 2,410,659
Dividend income 5 53,423 25,958
Net trading income 6 688,059 1,041,810
Profits (Losses) on financial
investments 20 450,697 402,068
Administrative expenses 7 (6,468,560) (5,322,654)
Other operating expenses 8 (1,698,547) (1,589,675)
Impairment charge for credit
losses 9 (1,435,460) (2,487,066)
Intangible Assets Impairment 38 (651,041) -
Bank's share in the profits of
associates 12 1,135 27,419
Profit before income tax from
continuing operations 14,767,380 12,652,038
Current income tax expense (4,639,364) (3,625,579)
Deferred income tax 10.2 (94,522) 36,008
Net profit from continuing
operations 10,033,494 9,062,467
Net profit for the year 10,033,494 9,062,467
Attributable to:
Equity holders of the parent 10,033,494 9,062,467
Non-controlling interest - -
Net Profit for the year 10,033,494 9,062,467
Earning per share 11
Basic attributable to equity
holders of the parent 7.04 7.79
Diluted attributable to equity
holders of the parent 6.99 7.73
The accompying notes from 1 to 41 form an integral part of
these consolidated financial statements.
Hisham Ezz Al-Arab
Chairman and Managing Director
Consolidated statement of other comprehensive income for the year ended December 31, 2019
Note Dec. 31, Dec. 31,
2019 2018
EGP Thousands EGP Thousands
Profit for the year 10,033,494 9,062,467
Other comprehensive income
Other comprehensive income to be
reclassified to profit or loss in
subsequent
periods:
Net (Loss)/gain on FVOCI 5,975,133 (1,928,674)
Total other comprehensive income for the year 16,008,627 7,133,793
Attributable to:
Equity holders of the parent 16,008,627 7,133,793
Non-controlling interest - -
The accompanying notes from 1 to 41 form an integral part of these consolidated
financial statements.
Consolidated statement of financial position as at December 31, 2018
Notes Dec. 31, 2019 Dec. 31, 2018
EGP Thousands EGP Thousands
Assets
Cash and balances with central
bank 13 28,273,962 20,058,974
Due from banks 14 28,353,366 46,511,579
Loans and advances to banks, net 15 625,264 68,385
Loans and advances to customers,
net 16 119,321,103 107,828,597
Financial Assets at Fair value
through P&L 19 418,781 10,303,319
Derivative financial instruments 17 216,383 52,289
Financial Assets at Fair value
through OCI 19 89,897,257 73,266,653
Financial Assets at Amortized
cost 19 107,225,613 73,598,251
Right of use 23 339,501 -
Investments in associates 21 107,693 106,558
Other assets 22 9,748,143 9,570,533
Intangible assets 38 - 651,041
Deferred tax assets 10.2 350,339 308,370
Property and equipment 23 2,204,464 1,653,102
Total assets 387,081,869 343,977,651
Liabilities and equity
Liabilities
Due to banks 24 11,810,607 7,259,819
Due to customers 25 304,448,455 285,296,869
Lease Liability 337,531 -
Derivative financial instruments 17 282,588 132,858
Other liabilities 27 9,753,940 7,600,248
Current Tax Liability 4,639,364 3,625,579
Other loans 26 3,272,746 3,721,529
Provisions 28 2,011,369 1,694,607
Total liabilities 336,556,600 309,331,509
Equity
Issued and paid in capital 29 14,690,821 11,668,326
Reserves 23,180,850 12,635,473
Reserve for employee stock ownership
plan (ESOP) 31 963,152 897,680
Retained earnings 11,690,446 9,444,663
Total equity attributable to equity
holders of the parent 50,525,269 34,646,142
Non-controlling interest - -
Total equity 50,525,269 34,646,142
Total liabilities , equity and
non-controlling interest 387,081,869 343,977,651
The accompanying notes from 1 to 41 form an integral
part of these consolidated financial statements.
Hisham Ezz Al-Arab
Chairman and Managing Director
Consolidated statement of changes in shareholders' equity
Dec.31, 2018 Issued and Reserve Retained Reserves Total Non-controlling Total equity
paid in for earnings interest
capital employee
stock
ownership
plan
(ESOP)
Beginning balance 11,618,011 489,334 6,876,988 8,867,806 27,852,139 - 27,852,139
Profit for the period - - 9,062,467 - 9,062,467 - 9,062,467
Other comprehensive - - - - - - -
income:
IFRS9 impact - - 455,274 156,187 611,461 - 611,461
Cumulative foreign
currencies
translation
differences - - - - - - -
Total comprehensive
income - - 9,517,741 156,187 9,673,928 - 9,673,928
Capital increase 50,315 - - - 50,315 - 50,315
Reserve for employee
stock ownership plan
(ESOP) - 408,346 - - 408,346 - 408,346
Dividend - - (2,143,177) - (2,143,177) - (2,143,177)
Transferred to
reserves - - (2,927,869) 2,854,791 (73,078) - (73,078)
Distribution of
profits - - (1,879,020) - (1,879,020) - (1,879,020)
Changes to Equity - - - 756,689 756,689 - 756,689
Balance at 31
December 2018 11,668,326 897,680 9,444,663 12,635,473 34,646,142 - 34,646,142
Beginning balance at
1 Jan 2019 11,668,326 897,680 9,444,663 12,635,473 34,646,142 - 34,646,142
Profit for the period - - 10,033,494 - 10,033,494 - 10,033,494
Total comprehensive
income: - - 10,033,494 - 10,033,494 - 10,033,494
Capital increase 3,022,495 - - 3,022,495 - 3,022,495
Reserve for employee
stock ownership plan
(ESOP) - 464,539 - - 464,539 - 464,539
Dividend - - (2,700,544) - (2,700,544) - (2,700,544)
Transferred to
reserves - (399,067) (5,087,167) 10,545,377 5,059,143 - 5,059,143
Balance at 31
December 2019 14,690,821 963,152 11,690,446 23,180,850 50,525,269 - 50,525,269
Consolidated cash flow statement for the year ended December 31, 2019
Note Dec. 31, Dec. 31,
2019 2018
EGP EGP
Thousands Thousands
Cash flow from operating activities
Profit before income tax from continued operations 14,767,380 12,652,038
Adjustments to reconcile net profit to net cash provided by operating
activities
Fixed assets depreciation 587,662 390,830
Impairment charge for credit losses (Loans and advances to customers) 1,610,878 3,076,023
Other provisions charges 461,869 101,501
Impairment charge for other assets (93,313) 316,763
Impairment charge for credit losses (due from banks) 9,503 -
Exchange revaluation differences for financial assets at fair value through
OCI 1,593,030 (102,991)
Impairment charge for credit losses (financial investments) (184,921) 39,561
Utilization of other provisions (28,135) (2,114)
Other provisions no longer used (6,910) (17,670)
Impairment of intangible assets 651,041 -
Exchange differences of other provisions (110,062) (2,269)
Profits from selling property, plant and equipment (1,439) (1,045)
(Profits) losses from selling financial investments (497,894) (441,628)
Shares based payments 464,539 408,346
Bank's share in the profits of associates (1,135) (27,419)
Operating profits before changes in operating assets and liabilities 19,222,093 16,389,926
Net decrease (increase) in assets and liabilities
Due from banks (8,870,547) (13,661,577)
Treasury bills and other governmental notes - 4,640,524
Financial assets at fair value through P&L 2,318,924 4,557,492
Derivative financial instruments (2,910) (66,141)
Loans and advances to banks and customers (14,533,328) (21,255,952)
Other assets 163,933 (2,263,465)
Due to banks 4,550,788 5,381,901
Due to customers 19,151,586 34,573,817
Income tax obligations paid (3,625,579) (2,778,973)
Other liabilities 1,895,241 1,025,022
Net cash provided from operating activities 20,270,201 26,542,574
Cash flow from investing activities
Payment for purchases of associates - (10,575)
Payment for purchases of property, plant, equipment and branches constructions (1,303,181) (874,708)
Proceeds from selling property, plant and equipment 1,439 1,045
Proceeds from redemption of financial assets at amortized cost 43,937,957 -
Payment for purchases of financial assets at amortized cost (76,516,842) (33,995,313)
Payment for purchases of financial assets at fair value through OCI (50,954,311) (12,670,761)
Proceeds from selling financial assets at fair value through OCI 54,855,966 2,314,616
Proceeds from selling non current assets held for sale - 2,059,341
Net cash used in investing activities (29,978,972) (43,176,355)
Consolidated cash flow statement for the year ended December 31, 2019
(Cont.)
Dec. 31, Dec. 31,
2019 2018
EGP EGP
Thousands Thousands
Cash flow from financing activities
Increase (decrease) in long term loans (448,783) 46,793
Dividend paid (2,700,544) (2,143,177)
Capital increase 105,413 50,315
Net cash used in financing activities (3,043,914) (2,046,069)
Net increase (decrease) in cash and cash equivalent during the year (12,752,685) (18,679,850)
Beginning balance of cash and cash equivalent 21,115,654 39,795,504
Cash and cash equivalent at the end of the year 8,362,969 21,115,654
Cash and cash equivalent comprise:
Cash and balances with central bank 13 28,273,962 20,058,974
Due from banks 14 28,370,183 46,511,579
Treasury bills and other governmental notes 19 27,634,062 41,999,252
Obligatory reserve balance with CBE 13 (22,397,310) (13,526,763)
Due from banks with maturities more than three months (25,125,951) (23,914,064)
Treasury bills with maturity more than three months (28,391,977) (50,013,324)
Obligatory reserve balance with CBE 8,362,969 21,115,654
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END
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