CIB 1st Quarter Separate Financial Results

RNS Number : 5016Z

Commercial Intnl Bank (Egypt) SAE

24 May 2021

 

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

Separate Financial Statements

March 31, 2021

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Condensed Separate Interim Balance Sheet as at March 31,2021 Notes Mar. 31, 2021 Dec. 31, 2020 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 7 21,580,813 33,572,597 Due from  banks 8 97,069,002 86,997,034 Loans and advances to banks, net 10 781,084 776,980 Loans and advances to customers, net 11 120,303,607 118,854,880 Derivative financial instruments 290,438 248,759 Investments - Financial Assets at Fair Value through P&L 12 341,120 359,959 - Financial Assets at Fair Value through OCI 12 167,580,005 147,646,432 - Amortized cost 12 24,677,774 25,020,917 - Investments in associates and subsidiaries 13 1,032,708 874,348 Other assets 9,424,894 9,095,212 Deferred tax assets (Liabilities) 431,534 437,772 Property and equipment 14 2,466,612 2,259,940 Total assets 445,979,591 426,144,830 Liabilities and equity Liabilities Due to banks 15 2,511,475 8,815,561 Due to customers 16 365,162,571 340,086,524 Derivative financial instruments 306,569 331,073 Current tax liabilities 830,536 859,582 Other liabilities 6,763,064 5,679,266 Other loans 7,732,536 7,746,946 Provisions 17 3,270,735 3,221,252 Total liabilities 386,577,486 366,740,204 Equity Issued and paid up capital 14,776,813 14,776,813 Reserves 40,231,425 33,085,554 Reserve for employee stock ownership plan (ESOP) 1,227,099 1,064,648 Retained earnings * 3,166,768 10,477,611 Total equity and net profit for the period / year 59,402,105 59,404,626 Total liabilities and equity 445,979,591 426,144,830 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 & Board member Chairman

Condensed Separate Interim Income Statement for the period ended March 31, 2021 Notes Mar. 31, 2021 Mar. 31, 2020 EGP Thousands EGP Thousands Interest and similar income 10,120,581 10,687,101 Interest and similar expense (4,444,196) (4,491,834) Net interest income 5,676,385 6,195,267 Fee and commission income 844,128 805,413 Fee and commission expense (333,561) (305,561) Net fee and commission income 510,567 499,852 Dividend income 91 - Net trading income 5 112,718 (5,425) Profits (Losses) on financial investments  12 493,655 470,150 Administrative expenses (1,472,944) (1,523,538) Other operating (expenses) income (526,604) (747,740) Impairment release (charges) for credit losses (702,082) (1,240,110) Profit before income tax 4,091,786 3,648,456 Income tax expense (1,209,247) (1,332,487) Deferred tax assets (Liabilities) (6,239) 75,241 Net profit for the period 2,876,300 2,391,210 Earning per share 6 Basic 1.72 1.43 Diluted 1.71 1.42 Hussein Abaza Sherif Samy CEO & Board member Chairman

Condensed Separate Interim statement of Comprehensive Income for the period ended March 31, 2021 Mar. 31, 2021 Mar. 31, 2020 EGP Thousands EGP Thousands Net profit for the period 2,876,300 2,391,210 Change in fair value of debt instruments measured at fair value through other comprehensive income Transferred from reserve on disposal of financial assets at fair value through OCI Effect of ECL in fair value of debt instruments measured at fair value through OCI Total comprehensive income for the period (1,674,309) (104,406) (14,644) 1,082,941 (4,865,970) - (47,321) (2,522,081)

Condensed Separate Interim Cash flows for the period ended March 31, 2021 Notes Mar. 31, 2021 Mar. 31, 2020 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax 4,091,786 3,648,456 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 14 194,609 160,538 Impairment charge for credit losses (Loans and advances to customers and banks) 720,756 1,272,649 Other provisions charges 17 114,144 439,410 Impairment charge for credit losses (due from banks) (4,030) 14,782 Impairment charge for credit losses (financial investments) (14,644) (47,321) Impairment charge for other assets 12,676 13,707 Exchange revaluation differences for financial assets at fair value through OCI 23,042 287,889 Impairment charge financial assets at fair value through OCI (72,957) 69,863 Exchange differences in financial investments in subsidiary - 719 Utilization of other provisions 17 (43,518) (726) Other provisions no longer used 17 (5,872) (38,630) Exchange differences of  other provisions 17 (15,271) (22,219) (Profits) losses from selling property, plant and equipment (1,250) (94) (Profits) losses from selling financial investments 12 (420,698) (554,113) Shares based payments 162,451 145,069 Released (Impairment) charges of investments in associates and subsidiaries - 14,100 Operating profits before changes in operating assets and liabilities 4,741,224 5,404,079 Net decrease (increase) in assets and  liabilities Due from banks (12,278,859) 211,025 Financial assets at fair value through P&L 12 18,839 104,116 Derivative financial instruments (66,183) 35,892 Loans and advances to banks and customers 10 - 11 (2,173,587) 2,428,551 Other assets (284,984) 857,769 Due to banks 15 (6,304,086) (1,372,684) Due to customers 16 25,076,047 5,513,465 Income tax obligations paid (29,046) (4,639,364) Other liabilities (236,449) (722,423) Net cash used in (generated from) operating activities 8,462,916 7,820,426 Cash flow from investing activities Proceeds (payments) for investment in associates. (158,360) - Payment for purchases of property, plant, equipment and branches  constructions (347,656) (319,089) Proceeds from selling property, plant and equipment 1,250 94 Proceeds from redemption of financial assets at amortized cost 346,898 45,639,889 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 (55,216,492) (62,050,349) Proceeds from selling financial assets at fair value through OCI 34,497,956 54,866,521 Net cash generated from (used in) investing activities (20,880,248) (6,808,773) Condensed Separate Interim Cash flows for the period ended March 31, 2021 (Cont.) Mar. 31, 2021 Mar. 31, 2020 EGP Thousands EGP Thousands Cash flow from financing activities Received (Repaid) in long term loans (14,410) (91,576) Dividend paid (1,360,652) (3,370,464) Net cash generated from (used in) financing activities (1,375,062) (3,462,040) Net increase (decrease) in cash and cash equivalent during the period (13,792,394) (2,450,387) Beginning balance of cash and cash equivalent 75,965,247 22,895,017 Cash and cash equivalent at the end of the period 62,172,853 20,444,630 Cash and cash equivalent comprise: Cash and balances at the central bank 21,580,813 27,169,495 Due from banks 97,088,303 26,640,005 Treasury bills and other governmental  notes 52,339,135 29,091,960 Obligatory reserve balance with CBE (15,671,568) (22,186,285) Due from banks with maturities more than three months (40,498,431) (10,415,104) Treasury bills with maturity more than three months (52,665,399) (29,855,441) Total cash and cash equivalent 62,172,853 20,444,630

Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended March 31, 2020 Mar. 31, 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 - - - - - - - 2,391,210 - 2,391,210 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - (4,865,970) - - - (4,865,970) Transferred (from) to  bank risk reserve - - - - - - 1,259 (1,259) - - ECL for impairment of debt instruments investments - - - - - (47,321) - - - (47,321) Cost of employees stock ownership plan (ESOP) - - - - - - - - 145,069 145,069 Ending balance 14,690,821 2,778,135 24,314,715 1,549,445 14,906 (801,510) 6,423 2,391,210 1,108,221 46,052,366 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 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 - - - - - - - 2,876,300 - 2,876,300 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 - - - - - (1,674,309) - - - (1,674,309) 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 - - - - - (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

 

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