RNS Number : 0689O
Commercial Intnl Bank (Egypt) SAE
12 May 2024
 

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

Consolidated Financial Statements 

March 31, 2024



Consolidated Statement of Financial Position as at March 31, 2024

 


Notes

Mar. 31, 2024

 

Dec. 31, 2023



EGP Thousands

 

EGP Thousands


Assets

 

 

 



Cash and balances at the central bank

9

36,731,091

 

71,887,821


Due from banks

10

292,721,033

 

231,085,244


Loans and advances to banks, net

12

1,140,170

 

822,448


Loans and advances to customers, net

13

270,496,805

 

234,985,936


Derivative financial instruments

 

1,677,011

 

1,105,148


Financial investments

 

 

 



- Financial Assets at Fair Value through P&L

14

974,297

 

-


- Financial Assets at Fair Value through OCI

14

249,660,996

 

233,125,234


- Financial Assets at Amortized cost

14

93,690,317

 

38,341,019


- Investments in associates

15

120,910

 

115,979


Non current assets held for sale

30.1

244

 

161


Other assets

16

25,011,464

 

18,972,786


Deferred tax assets

 

2,148,344

 

1,685,231


Property and equipment

17

2,774,970

 

2,739,092


Total assets

 

977,147,652

 

834,866,099


Liabilities and equity

 

 

 



Liabilities

 

 

 



Due to banks

18

5,529,064

 

12,458,003


Due to customers

19

796,080,537

 

677,237,479


Non current liabilities held for sale

30.2

1,297

 

873


Derivative financial instruments

 

602,480

 

140,934


Current income tax liabilities

 

5,445,769

 

9,395,534


Other liabilities

20

29,905,796

 

18,339,465


Issued debt instruments

21

4,699,516

 

3,073,349


Other loans

 

19,184,788

 

12,483,907


Other provisions

22

14,706,748

 

11,095,089


Total liabilities

 

876,155,995

 

744,224,633


Equity

 

 

 



Issued and paid up capital

 

30,195,010

 

30,195,010


Reserves

 

55,719,754

 

28,807,042


Reserve for employee stock ownership plan (ESOP)

 

1,786,010

 

1,486,010


Retained earnings *

 

13,130,675

 

29,993,331


Total equity and net profit for the period / year

 

100,831,449

 

90,481,393


Non Controlling Interest

 

160,208

 

160,073


Total minority interest, equity and net profit for the period/year


100,991,657

 

90,641,466


Total liabilities and equity

 

977,147,652

 

834,866,099


 

 

 

 









 




( Limited Review report attached )

 




*

Including net profit for the current year

 























Hussein Abaza

 

Hisham Ezz Al-Arab

 

CEO & Managing Director

 

Chairman
















 


 






 





 

 


 








 














 

Consolidated Income Statement for the year Ended March 31, 2024

 

 









 


Notes

 

Mar. 31, 2024

 


Mar. 31, 2023



 




EGP Thousands

 


EGP Thousands



 




 

 





 

Interest and similar income



36,652,802

 


19,823,554



 

Interest and similar expense



(17,852,691)

 


(8,939,377)



 

Net interest income

 

 

18,800,111

 


10,884,177



 




 

 





 

Fee and commission income



2,685,963

 


2,005,304



 

Fee and commission expense



(1,118,912)

 


(792,175)



 

Net fee and commission income

 

 

1,567,051

 


1,213,129



 




 

 





 

Dividend income

 

 

610

 


32,362



 

Net trading income

6

 

16,202,148

 


1,851,908



 

Profits (Losses) on financial investments 

14.1

 

224,271

 


70,920



 

Administrative expenses

 

 

(2,928,640)

 


(2,063,690)



 

Other operating income (expenses)

7

 

(14,975,056)

 


(2,040,922)



 

Goodwill amortization



-

 


(10,314)



 

Intangible assets amortization



-

 


(2,591)



 

Impairment release (charges) for credit losses

 

 

(1,421,114)

 


(944,829)



 

Bank's share in the profits / losses of associates



4,931

 


(14,871)



 

Profit before income tax

 


17,474,312

 


8,975,279



 




 

 





 

Income tax expense

29

 

(5,926,187)

 


(2,262,132)



 

Deferred tax assets (Liabilities)

29


376,765

 


(645,223)



 

Net profit from continued operations

 


11,924,890

 


6,067,924



 




 

 





 

Discontinued Operations

 

 

 

 





 

Net profit (loss) from discontinued operations

30.3


-

 


870



 

Net profit for the period

 


11,924,890

 


6,068,794



 




 

 





 

Non Controlling Interest



456

 


3,847



 

Bank's shareholders

 


11,924,434

 


6,064,947



 




 

 





 

Earnings per share

8

 

 

 





 

Basic



3.50

 


1.78



 

Diluted



3.46

 


1.76



 










 










 










 

Hussein Abaza

 


Hisham Ezz Al-Arab



 

CEO & Managing Director

 


Chairman



 

 









 










 










 






 

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2024

 

 









 




Mar. 31, 2024

 


Mar. 31, 2023




 

 



Net profit for the period



11,924,890

 


6,068,794




 

 



Transferred to RE from financial assets at fair value through comprehensive income



-

 


(1,895)

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax



1,915,786

 


(8,522,293)

Cumulative foreign currencies translation differences



831,452

 


100,603

Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income



744,813

 


208,752

Total comprehensive income for the period

 


15,416,941

 


(2,146,039)















As follows:







Bank's shareholders



15,416,485

 


(2,149,886)

Non Controlling Interest



456

 


3,847

Total comprehensive income for the period

 


15,416,941

 


(2,146,039)




 






 




 






 

Condensed Consolidated Interim Cash flows for the period ended March 31, 2024

 

 





 


Notes

Mar. 31, 2024

 

Mar. 31, 2023

 



EGP Thousands

 

EGP Thousands

 



 

 


 

Cash flow from operating activities

 

 

 


 

Profit before income tax from continued operations


                     17,474,312

 

                         8,975,279

 

Profit (loss) from discontinued operations


                                    -  

 

                                  870

 

Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 


 

Fixed assets depreciation

17

                          261,427

 

                            228,065

 

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

 

                       1,712,500

 

                            707,740

 

Other provisions Release/charge

22

                            41,587

 

                            464,311

 

Impairment Release/charge for credit losses (due from banks)

 

                                (646)

 

                               2,096

 

Impairment Release/charge  for credit losses (financial investments)

 

                         (290,740)

 

                            234,993

 

Impairment Release/charge for other assets


                             (4,782)

 

                                    -  

 

Exchange revaluation differences for financial assets at fair value through OCI and AC

 

                    (17,328,576)

 

                        (6,033,831)

 

Goodwill amortization

 

                                    -  

 

                              10,314

 

Intangible assets amortization

 

                                    -  

 

                               2,591

 

Revaluation differences Impairment charge for Financial Assets at Fair value through OCI


                       1,130,412

 

                                    -  

 

Revaluation differences Impairment charge for Financial Assets at Amortized cost


                            95,225

 

                                    -  

 

Revaluation differences Impairment charge for due from banks

 

                              1,393

 

                                    -  

 

Utilization of other provisions

22

                                (297)

 

                                (345)

 

Other provisions no longer used

22

                             (4,220)

 

                                    -  

 

Exchange Revaluation differences of  other provisions

22

                       3,574,589

 

                         1,169,894

 

Profits/losses from selling property and equipment

7

                                    -  

 

                                (118)

 

Profits/losses from selling financial investments at fair value through OCI

14.1

                         (224,271)

 

                            (70,920)

 

Share based payments

 

                          300,000

 

                            190,974

 

Bank's share in the profits / losses of associates


                             (4,931)

 

                              14,871

 

Operating profits before changes in operating assets and liabilities


                       6,732,982

 

                         5,896,784

 

 

 

 

 


 

Net decrease / increase in assets and liabilities


 

 


 

Due from banks

 

41,887,372

 

                        12,110,117

 

Financial assets at fair value through P&L

 

                         (974,297)

 

                                    -  

 

Derivative financial instruments

 

                          157,890

 

                          (359,998)

 

Loans and advances to banks and customers

12 - 13

                    (37,541,091)

 

                      (17,792,410)

 

Other assets

 

                      (5,893,831)

 

                            (96,139)

 

Non current assets held for sale

 

                                (244)

 

                          (220,335)

 

Due to banks

18

                      (6,928,939)

 

                         4,790,187

 

Due to customers

19

                   118,843,058

 

                        45,212,196

 

Current income tax obligations paid

 

                         (480,418)

 

                          (270,197)

 

Non current liabilities held for sale


                              1,297

 

                                  890

 

Other liabilities


                       1,820,664

 

                          (354,332)

 

Net cash generated from (used in) operating activities

 

                   117,624,443

 

                        48,916,763

 

 

 

 

 


 

Cash flow from investing activities


 

 


 

Proceeds from sale of investments in associates

 

                              4,782

 

                                    -  

 

Payment for purchases of property, equipment and branches construction


                         (437,370)

 

                          (457,850)

 

Proceeds from selling property and equipment


                                    -  

 

                                  118

 

Proceeds from redemption of financial assets at amortized cost

 

                          285,507

 

                            196,783

 

Payment for purchases of financial assets at amortized cost


                    (53,615,996)

 

                        (8,533,818)

 

Payment for purchases of financial assets at fair value through OCI


                    (26,592,698)

 

                      (32,339,905)

 

Proceeds from selling financial assets at fair value through OCI


                     26,222,450

 

                        46,767,421

 

Payment for investment in subsidiaries


                                    -  

 

                        (1,008,761)

 

Net cash generated from (used in) investing activities


                    (54,133,325)

 

                         4,623,988

 

 

 

 

 

                        

 






 






 


 

Condensed Consolidated Interim Cash flows for the period ended March 31, 2024 (Cont.)

 

 





 



Mar. 31, 2024

 

Mar. 31, 2023

 



EGP Thousands

 

EGP Thousands

 



 

 


 

Cash flow from financing activities

 

 

 


 

Other loans

 

                       6,700,881

 

                         1,607,404

 

Dividends paid


                      (5,078,792)

 

                        (1,988,585)

 

Issued debt instruments


                       1,626,167

 

                            612,624

 

Capital increase


                                    -  

 

                            165,429

 

Net cash generated from (used in) financing activities

 

                       3,248,256

 

                            396,872

 



 

 


 

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


                     66,739,374

 

                        53,937,623

 

Beginning balance of cash and cash equivalent


                   234,317,913

 

                        92,969,526

 

Cash and cash equivalent at the end of the period


                   301,057,287

 

                      146,907,149

 

 

 

 

 


 

:Cash and cash equivalent comprise


 

 


 

Cash and balances at the central bank

 

                     36,731,091

 

                        52,462,528

 

Due from banks

 

                   292,723,938

 

                      170,733,811

 

Treasury bills and other governmental notes

 

                   119,754,167

 

                        68,681,151

 

Obligatory reserve balance with CBE

 

                    (19,531,282)

 

                      (46,005,523)

 

Due from banks with maturity more than three months

 

                      (8,740,302)

 

                      (29,664,721)

 

Treasury bills and other governmental notes with maturity more than three months


                  (119,880,325)

 

                      (69,300,097)

 

Total cash and cash equivalent


                   301,057,287

 

                      146,907,149

 

 

 

 

 


 

 


 




 



 




 

 


 


 


 







 



 

 




 



 

 




 

 

 


 

 























 





































 

 

 

 















 

Condensed Consolidated Interim statement of changes in shareholders' equity

 




Mar. 31, 2023

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

Non Controlling Interest

Total

































Beginning balance

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(13,188,818)

11,981

16,393,841

1,895,435

181,324

67,757,737

580,431

68,338,168


Capital increase

165,429

-

-

-

-

-

-

-

-

-

-

165,429

-

165,429


Reserve for transactions under common control

-

-

-

-

(679,155)

-

-

-

-

-

-

(679,155)

-

(679,155)


Transferred to reserves

-

806,408

11,998,639

-

-

2,208

-

-

(12,388,223)

(419,032)

-

-

-

-


Dividends paid

-

-

-

-

-

-

-

-

(3,738,888)

-

-

(3,738,888)

(23,982)

(3,762,870)


Net profit for the period

-

-

-

-

-

-

-

-

6,064,947

-

-

6,064,947

3,847

6,068,794


Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

(536,867)

(536,867)


 

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(1,895)

-

1,895

-

-

-

-

-


 

Net unrealized gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

(8,522,293)

-

-

-

-

(8,522,293)

-

(8,522,293)


 

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

3,249

(3,249)

-

-

-

-

-


 

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

-

-

-

-

-

-

208,752

-

-

-

-

208,752

-

208,752


 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

190,974

-

190,974

-

190,974


Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

100,603

100,603

99,192

199,795


Balance at 31 March 2023

29,990,563

4,770,354

39,095,497

1,550,906

(670,972)

21,155

(21,504,254)

15,230

6,330,323

1,667,377

281,927

61,548,106

122,621

61,670,727


 

 




 

 




 

 




 

 




Mar. 31, 2024

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

Non Controlling Interest

Total


Beginning balance

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(16,868,691)

15,230

29,993,331

1,486,010

148,353

90,481,393

160,073

90,641,466


 

Capital increase

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Transferred to reserves

-

1,438,320

21,958,960

-

-

1,663

-

-

(23,398,943)

-

-

-

-

-


Dividends paid

-

-

-

-

-

-

-

-

(5,366,429)

-

-

(5,366,429)

-

(5,366,429)


Net profit for the period

-

-

-

-

-

-

-

-

11,924,434

-

-

11,924,434

456

11,924,890


Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Transferred from RE to banking risk reserve

-

-

-

-

-

-

-

19,024

(19,024)

-

-

-

-

-


Net unrealised gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

1,915,786

-

-

-

-

1,915,786

-

1,915,786


Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,694

(2,694)

-

-

-

-

-


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

-

-

-

-

-

-

744,813

-

-

-

-

744,813

-

744,813


Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

300,000

-

300,000

-

300,000


Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

831,452

831,452

(321)

831,131


 Ending balance

30,195,010

6,208,674

61,799,667

1,550,906

(670,972)

22,818

(14,208,092)

36,948

13,130,675

1,786,010

979,805

100,831,449

160,208

100,991,657


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

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