CIB 1Q2022 Condensed Separate Results

RNS Number : 4911I
Commercial Intnl Bank (Egypt) SAE
15 April 2022
 

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                           http://www.rns-pdf.londonstockexchange.com/rns/4911I_1-2022-4-15.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate Interim Balance Sheet as at March 31, 2022

 

 

 

Notes

Mar. 31, 2022

 

Dec. 31, 2021

 

 

 

EGP Thousands

 

EGP Thousands

 

 

Assets

 

 

 

 

 

 

Cash and balances at the central bank

8

30,471,454

 

43,385,222

 

 

Due from  banks

9

120,898,421

 

79,991,287

 

 

Loans and advances to banks, net

11

364,470

 

312,216

 

 

Loans and advances to customers, net

12

157,575,938

 

144,765,808

 

 

Derivative financial instruments

 

884,030

 

225,376

 

 

Investments

 

 

 

 

 

 

- Financial Assets at Fair Value through P&L

13

1,648

 

240,987

 

 

- Financial Assets at Fair Value through OCI

13

179,382,229

 

192,390,931

 

 

- Amortized cost

13

20,139,599

 

20,318,767

 

 

- Investments in associates and subsidiaries

14

1,014,350

 

1,014,350

 

 

Other assets

15

9,554,515

 

11,141,917

 

 

Deferred tax assets (Liabilities)

 

308,421

 

460,026

 

 

Property and equipment

16

2,284,285

 

2,404,237

 

 

Total assets

 

522,879,360

 

496,651,124

 

 

Liabilities and equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Due to banks

17

3,695,888

 

862,759

 

 

Due to customers

18

427,654,058

 

406,100,916

 

 

Derivative financial instruments

 

243,629

 

265,265

 

 

Current tax liabilities

 

1,113,423

 

2,234,985

 

 

Other liabilities

19

12,133,075

 

8,021,310

 

 

Issued debt instruments

20

1,810,601

 

1,557,263

 

 

Other loans

 

6,176,776

 

5,140,782

 

 

Other Provisions

21

4,853,905

 

3,539,676

 

 

Total liabilities

 

457,681,355

 

427,722,956

 

 

Equity

 

 

 

 

 

 

Issued and paid up capital

 

19,825,134

 

19,702,418

 

 

Reserves

 

39,418,823

 

33,767,423

 

 

Reserve for employee stock ownership plan (ESOP)

 

1,346,705

 

1,674,392

 

 

Retained earnings *

 

4,607,343

 

13,783,935

 

 

Total equity and net profit for the period / year

 

65,198,005

 

68,928,168

 

 

Total liabilities and equity

 

522,879,360

 

496,651,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2022

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Mar. 31, 2022

 

 

 

 

Mar. 31, 2021

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Interest and similar income

 

 

11,812,196

 

 

10,120,581

 

Interest and similar expense

 

 

(5,209,537)

 

 

(4,444,196)

 

Net interest income

 

 

6,602,659

 

 

5,676,385

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

1,191,476

 

 

844,128

 

Fee and commission expense

 

 

(514,635)

 

 

(333,561)

 

 

Net fee and commission income

 

 

676,841

 

 

510,567

 

 

 

 

 

 

 

 

 

Dividend income

 

 

37,800

 

 

91

 

Net trading income

5

 

716,066

 

 

112,718

 

Profits (Losses) on financial investments

13

 

1,021,334

 

 

493,655

 

Administrative expenses

 

 

(1,545,348)

 

 

(1,472,944)

 

Other operating (expenses) income

6

 

(1,425,498)

 

 

(526,604)

 

Impairment release (charges) for credit losses

 

 

40,525

 

 

(702,082)

 

Profit before income tax

 

 

6,124,379

 

 

4,091,786

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(1,375,213)

 

 

(1,209,247)

 

Deferred tax assets (Liabilities)

 

 

(509,574)

 

 

(6,239)

 

Net profit for the period

 

 

4,239,592

 

 

2,876,300

 

 

 

 

 

 

 

 

 

Earning per share

7

 

 

 

 

 

 

Basic

 

 

1.90

 

 

1.29

 

Diluted

 

 

1.87

 

 

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

 

 

 

 

Sherif Samy

 

 

CEO & Managing Director

 

 

 

 

Chairman

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate Interim statement of Comprehensive Income for the period ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar. 31, 2022

 

 

 

 

Mar. 31, 2021

 

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

Net profit for the period

 

 

4,239,592

 

 

2,876,300

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

(1,674,309)

 

 

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

 

 

101,561

 

 

(14,644)

 

 

Total comprehensive income for the period

 

 

 

 

1,082,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

Condensed Separate Interim Cash flows for the period ended March 31, 2022

 

 

 

 

 

 

 

Notes

Mar. 31, 2022

 

Mar. 31, 2021

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax

 

6,124,379

 

4,091,786

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

 

 

 

 

Fixed assets depreciation

16

210,105

 

194,609

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

 

(147,259)

 

720,756

Other provisions charges

21

1,036,307

 

114,144

Impairment charge for credit losses (due from banks)

 

4,977

 

(4,030)

Impairment (Released) charge for credit losses (financial investments)

 

101,757

 

(14,644)

Impairment (Released) charge for other assets

 

(277,768)

 

12,676

Exchange revaluation differences for financial assets at fair value through OCI

 

63

 

23,042

Impairment (Released) charge financial assets at fair value through OCI

 

-

 

(72,957)

Utilization of other provisions

21

(156)

 

(43,518)

Other provisions no longer used

21

(385)

 

(5,872)

Exchange differences of  other provisions

21

278,463

 

(15,271)

Losses (profits) from selling property and equipment

 

(50)

 

(1,250)

Losses (profits) from selling financial investments

13

(1,021,334)

 

(420,698)

Shares based payments

 

175,235

 

162,451

Operating losses (profits) before changes in operating assets and liabilities

 

6,484,334

 

4,741,224

 

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

 

Due from banks

 

25,542,432

 

(12,278,859)

Financial assets at fair value through P&L

13

239,339

 

18,839

Derivative financial instruments

 

(680,290)

 

(66,183)

Loans and advances to banks and customers

11 - 12

(12,715,125)

 

(2,173,587)

Other assets

 

1,851,768

 

(284,984)

Due to banks

17

2,833,129

 

(6,304,086)

Due to customers

18

21,553,142

 

25,076,047

Income tax obligations paid

 

(261,790)

 

(29,046)

Other liabilities

 

1,876,780

 

(236,449)

Net cash used in (generated from) operating activities

 

46,723,719

 

8,462,916

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Proceeds (payments) for investment in associates.

 

-

 

(158,360)

Payment for purchases of property, equipment and branches  constructions

 

(76,753)

 

(347,656)

Proceeds from selling property and equipment

 

50

 

1,250

Proceeds from redemption of financial assets at amortized cost

 

2,609,283

 

346,898

Payment for purchases of financial assets at amortized cost

 

(2,430,124)

 

(3,844)

Payment for purchases of financial assets at fair value through OCI

 

(68,194,467)

 

(55,216,492)

Proceeds from selling financial assets at fair value through OCI

 

78,071,439

 

34,497,956

Net cash generated from (used in) investing activities

 

9,979,428

 

(20,880,248)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate Interim Cash flows for the period ended March 31, 2022 (Cont.)

 

 

 

 

 

 

 

 

Mar. 31, 2022

 

Mar. 31, 2021

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Received (Repaid) in long term loans

 

1,035,994

 

(14,410)

Dividend paid

 

(4,410,322)

 

(1,360,652)

Issued debt instruments

 

253,338

 

-

Capital increase

 

122,716

 

-

Net cash generated from (used in) financing activities

 

(2,998,274)

 

(1,375,062)

 

 

 

 

 

 

 

 

 

 

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

 

53,704,873

 

(13,792,394)

Beginning balance of cash and cash equivalent

 

60,891,899

 

75,965,247

Cash and cash equivalent at the end of the period

 

114,596,772

 

62,172,853

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

Cash and balances at the central bank

 

30,471,454

 

21,580,813

Due from banks

 

120,943,837

 

97,088,303

Treasury bills and other governmental  notes

10

40,371,415

 

52,339,135

Obligatory reserve balance with CBE

 

(26,030,335)

 

(15,671,568)

Due from banks with maturities more than three months

 

(10,245,456)

 

(40,498,431)

Treasury bills with maturity more than three months

 

(40,914,143)

 

(52,665,399)

Total cash and cash equivalent

 

114,596,772

 

62,172,853

'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Capital increase

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  - 

 

 

 

 

 

Transferred to reserves

  - 

  514,939

  8,420,479

  - 

  1,094

  - 

  - 

  (8,936,512)

  - 

  - 

 

 

 

 

 

Dividend paid

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  (1,360,652)

  - 

   (1,360,652)

 

 

 

 

 

Net profit of the year

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  2,876,300

  - 

  2,876,300

 

 

 

 

 

Transferred from reserve 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 after tax

  - 

  - 

  - 

  - 

  - 

  (1,674,309)

  - 

  - 

  - 

  (1,674,309)

 

 

 

 

 

Transferred (from) to bank risk reserve

  - 

  - 

  - 

  - 

  - 

  - 

  2,718

  (2,718)

  - 

  - 

 

 

 

 

 

ECL for impairment of debt instruments investments

  - 

  - 

  - 

  - 

  - 

  (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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Separate Interim statement of  changes in shareholders' equity for the period ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

Mar. 31, 2022

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

  19,702,418

  3,293,074

  28,260,532

  1,549,445

  16,000

  639,231

  9,141

  13,783,935

  1,674,392

  68,928,168

 

 

 

 

 

Capital increase

  122,716

  - 

  502,922

  - 

  - 

  - 

  - 

  - 

  (502,922)

   122,716

 

 

 

 

 

Transferred to reserves

  - 

  670,872

  8,333,404

  - 

  2,947

  - 

  - 

  (9,007,223)

  - 

  - 

 

 

 

 

 

Dividend paid

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  (4,410,322)

  - 

  (4,410,322)

 

 

 

 

 

Net profit of the year

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  4,239,592

  - 

  4,239,592

 

 

 

 

 

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

  - 

  - 

  - 

  - 

  (4,201)

  - 

  4,201

  - 

  - 

 

 

 

 

 

 

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

  - 

  - 

  - 

  - 

  (3,958,945)

  - 

  - 

  - 

  (3,958,945)

 

 

 

 

 

 

Transferred (from) to banking risk reserve

  - 

  - 

  - 

  - 

  - 

  - 

  2,840

  (2,840)

   - 

  - 

 

 

 

 

 

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

  - 

  - 

  - 

  - 

  - 

  101,561

   - 

  - 

  - 

  101,561

 

 

 

 

 

Cost of employees stock ownership plan (ESOP)

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  - 

  175,235

  175,235

 

 

 

 

 

 

 

 

Ending balance

  19,825,134

  3,963,946

  37,096,858

  1,549,445

  18,947

  (3,222,354)

  11,981

  4,607,343

  1,346,705

  65,198,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Balance Sheet as at March 31, 2022

 

 

Notes

Mar. 31, 2022

 

Dec. 31, 2021

 

 

 

EGP Thousands

 

EGP Thousands

 

 

Assets

 

 

 

 

 

 

Cash and balances at the central bank

8

30,581,505

 

43,492,248

 

 

Due from  banks

9

121,082,311

 

80,141,769

 

 

Loans and advances to banks, net

11

364,470

 

312,216

 

 

Loans and advances to customers, net

12

158,490,232

 

145,575,243

 

 

Derivative financial instruments

 

884,030

 

225,376

 

 

Investments

 

 

 

 

 

 

- Financial Assets at Fair Value through P&L

13

1,648

 

240,987

 

 

- Financial Assets at Fair Value through OCI

13

180,352,612

 

193,198,894

 

 

- Amortized cost

13

20,412,726

 

20,547,465

 

 

- Investments in associates

14

208,156

 

205,315

 

 

Other assets

15

9,618,567

 

11,207,128

 

 

Goodwill

26

127,211

 

137,525

 

 

Intangible assets

27

31,963

 

34,554

 

 

Deferred tax assets (Liabilities)

 

308,421

 

456,002

 

 

Property and equipment

16

2,352,247

 

2,461,116

 

 

Total assets

 

524,816,099

 

498,235,838

 

 

Liabilities and equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Due to banks

17

3,725,995

 

866,056

 

 

Due to customers

18

429,022,053

 

407,241,538

 

 

Derivative financial instruments

 

243,629

 

265,470

 

 

Current tax liabilities

 

1,113,423

 

2,234,985

 

 

Other liabilities

19

12,181,434

 

8,085,545

 

 

Issued debt instruments

20

1,810,601

 

1,557,263

 

 

Other loans

 

6,176,776

 

5,140,782

 

 

Other Provisions

21

4,855,636

 

3,541,462

 

 

Total liabilities

 

459,129,547

 

428,933,101

 

 

Equity

 

 

 

 

 

 

Issued and paid up capital

 

19,825,134

 

19,702,418

 

 

Reserves

 

39,481,063

 

33,774,990

 

 

Reserve for employee stock ownership plan (ESOP)

 

1,346,705

 

1,674,392

 

 

Retained earnings *

 

4,524,449

 

13,696,402

 

 

Total equity and net profit for the period / year

 

65,177,351

 

68,848,202

 

 

Minority interest

509,201

 

454,535

 

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

 

65,686,552

 

69,302,737

 

 

Total liabilities and equity

 

524,816,099

 

498,235,838

 

 

 

 

 

 

 

 

 

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 March 31, 2022

 

 

 

 

 

 

 

 

 

Notes

 

 

Mar. 31, 2022

 

 

 

 

Mar. 31, 2021

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Interest and similar income

 

 

12,006,043

 

 

10,121,709

 

Interest and similar expense

 

 

(5,288,771)

 

 

(4,444,196)

 

Net interest income

 

 

6,717,272

 

 

5,677,513

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

1,203,252

 

 

844,263

 

Fee and commission expense

 

 

(515,125)

 

 

(333,668)

 

Net fee and commission income

 

 

688,127

 

 

510,595

 

 

 

 

 

 

 

 

 

Dividend income

 

 

37,800

 

 

91

 

Net trading income

5

 

732,821

 

 

112,718

 

Profits (Losses) on financial investments

13

 

1,040,297

 

 

493,655

 

Administrative expenses

 

 

(1,670,887)

 

 

(1,475,077)

 

Other operating (expenses) income

6

 

(1,431,967)

 

 

(526,620)

 

Goodwill amortization

26

 

(10,314)

 

 

(10,314)

 

Intangible assets amortization

27

 

(2,591)

 

 

(2,591)

 

Impairment release (charges) for credit losses

 

 

38,692

 

 

(702,082)

 

Bank's share in the profits of associates

 

 

2,841

 

 

11,061

 

Profit before income tax

 

 

6,142,091

 

 

4,088,949

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(1,372,939)

 

 

(1,209,247)

 

Deferred tax assets (Liabilities)

 

 

(509,534)

 

 

(6,239)

 

Net profit for the period

 

 

4,259,618

 

 

2,873,463

 

Minority interest

 

 

15,387

 

 

419

 

Bank shareholders

 

 

4,244,231

 

 

2,873,044

 

 

 

 

 

 

 

 

 

Earning per share

7

 

 

 

 

 

 

Basic

 

 

1.90

 

 

1.29

 

Diluted

 

 

1.87

 

 

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

 

 

 

 

Sherif Samy

 

 

CEO & Managing Director

 

 

 

 

Chairman

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar. 31, 2022

 

 

 

 

Mar. 31, 2021

 

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

Net profit for the period

 

 

4,259,618

 

 

2,873,463

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

(1,674,309)

 

 

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

 

 

 

 

(104,406)

 

 

Cumulative foreign currencies translation differences

 

 

52,636

 

 

(3,320)

 

 

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

 

 

 

 

(14,644)

 

 

Total other comprehensive income

 

 

448,488

 

 

1,076,784

 

 

 

 

 

 

 

 

 

 

 

As follows:

 

 

 

 

 

 

 

 

Bank's shareholders

 

 

433,101

 

 

1,076,365

 

 

Minority interest

 

 

15,387

 

 

419

 

 

Total comprehensive income for the period

 

 

448,488

 

 

1,076,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended March 31 2022

 

 

 

 

 

 

Notes

Mar. 31, 2022

 

Mar. 31, 2021

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax from continued operations

 

6,142,091

 

4,088,949

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

 

 

 

 

Fixed assets depreciation

16

223,781

 

194,609

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

 

(145,266)

 

720,756

Other provisions charges

21

1,036,252

 

114,109

Impairment charge for credit losses (due from banks)

 

4,776

 

(4,030)

Impairment (Released) charge for credit losses (financial investments)

 

101,798

 

(14,644)

Impairment (Released) charge for other assets

 

(277,768)

 

12,676

Exchange revaluation differences for financial assets at fair value through OCI

 

63

 

23,042

Goodwill amortization

26

10,314

 

37,819

Intangible assets amortization

27

2,591

 

9,502

Impairment (Released) charge financial assets at fair value through OCI

 

-

 

(72,957)

Utilization of other provisions

21

(156)

 

(43,518)

Other provisions no longer used

21

(385)

 

(5,872)

Exchange differences of  other provisions

21

278,463

 

(15,271)

Profits from selling property and equipment

 

(50)

 

(1,250)

Losses (profits) from selling financial investments

13

(1,040,297)

 

(420,698)

Shares based payments

 

175,235

 

162,451

Bank's share in the profits of associates

 

(2,841)

 

(11,061)

Operating losses (profits) before changes in operating assets and liabilities

 

6,508,601

 

4,774,612

 

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

 

Due from banks

 

25,468,271

 

(12,278,859)

Financial assets at fair value through P&L

13

239,339

 

18,839

Derivative financial instruments

 

(680,085)

 

(66,183)

Loans and advances to banks and customers

11 - 12

(12,821,977)

 

(2,178,284)

Other assets

 

1,844,416

 

(371,049)

Due to banks

17

2,859,939

 

(6,304,086)

Due to customers

18

21,780,515

 

25,079,066

Income tax obligations paid

 

(259,516)

 

(29,046)

Other liabilities

 

1,860,904

 

(25,774)

Net cash used in (generated from) operating activities

 

46,800,407

 

8,619,236

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Proceeds (payments) for investment in associates.

 

-

 

(158,360)

Payment for purchases of property, equipment and branches  constructions

 

(92,999)

 

(348,974)

Proceeds from selling property and equipment

 

50

 

1,250

Proceeds from redemption of financial assets at amortized cost

 

2,609,283

 

452,910

Payment for purchases of financial assets at amortized cost

 

(2,474,553)

 

(237,609)

Payment for purchases of financial assets at fair value through OCI

 

(68,625,535)

 

(55,600,830)

Proceeds from selling financial assets at fair value through OCI

 

78,456,150

 

33,585,657

Net cash generated from (used in) investing activities

 

9,872,396

 

(22,305,956)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended March 31, 2022 (Cont.)

 

 

 

 

 

 

 

 

Mar. 31, 2022

 

Mar. 31, 2021

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Received (Repaid) in long term loans

 

1,035,994

 

(14,410)

Dividend paid

 

(4,410,322)

 

(1,360,652)

Issued debt instruments

 

253,338

 

-

Capital increase

 

122,716

 

-

Net cash generated from (used in) financing activities

 

(2,998,274)

 

(1,375,062)

 

 

 

 

 

 

 

 

 

 

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

 

53,674,529

 

(15,061,782)

Beginning balance of cash and cash equivalent

 

61,065,822

 

75,796,375

Cash and cash equivalent at the end of the period

 

114,740,351

 

60,734,593

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

Cash and balances at the central bank

 

30,581,505

 

21,800,293

Due from banks

 

121,128,084

 

97,518,428

Treasury bills and other governmental  notes

10

40,379,000

 

52,371,207

Obligatory reserve balance with CBE

 

(26,188,639)

 

(15,805,888)

Due from banks with maturities more than three months

 

(10,245,456)

 

(42,484,048)

Treasury bills with maturity more than three months

 

(40,914,143)

 

(52,665,399)

Total cash and cash equivalent

 

114,740,351

 

60,734,593

'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated 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

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 year

-

-

-

-

-

-

-

-

2,873,044

-

-

2,873,044

419

2,873,463

 

Transferred from reserve 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 after tax

-

-

-

-

-

-

(1,674,309)

-

-

-

-

(1,674,309)

-

(1,674,309)

 

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,718

(2,718)

-

-

-

-

-

 

ECL for impairment of debt instruments investments

-

-

-

-

-

-

(14,644)

-

-

-

-

(14,644)

-

(14,644)

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

162,451

-

162,451

-

162,451

 

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

364

364

-

364

 

Balance at the end of the period

14,776,813

3,293,074

33,186,137

1,549,445

8,183

16,000

2,182,155

9,141

3,225,616

1,227,099

(3,320)

59,470,343

483,474

59,953,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

Mar. 31, 2022

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

19,702,418

3,293,074

28,260,532

1,550,906

8,183

16,000

641,372

9,141

13,696,402

1,674,392

(4,218)

68,848,202

454,535

69,302,737

 

Capital increase

122,716

-

502,922

-

-

-

-

-

-

(502,922)

-

122,716

-

122,716

 

Transferred to reserves

-

670,872

8,333,404

-

-

2,947

-

-

(9,007,223)

-

-

-

-

-

 

Dividend paid

-

-

-

-

-

-

-

-

(4,410,322)

-

-

(4,410,322)

-

(4,410,322)

 

Net profit of the year

-

-

-

-

-

-

-

-

4,244,231

-

-

4,244,231

15,387

4,259,618

 

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

-

-

-

-

-

-

(4,201)

-

4,201

-

-

-

-

-

 

 

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

-

-

-

-

-

-

(3,961,167)

-

-

-

-

(3,961,167)

-

(3,961,167)

 

 

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,840

(2,840)

-

-

-

-

-

 

 

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

-

-

-

-

-

-

101,602

-

-

-

-

101,602

-

101,602

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

175,235

-

175,235

-

175,235

 

 

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

56,854

56,854

39,279

96,133

 

Balance at the end of the period

19,825,134

3,963,946

37,096,858

1,550,906

8,183

18,947

(3,222,394)

11,981

4,524,449

1,346,705

52,636

65,177,351

509,201

65,686,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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