CIB Consolidated Interim Condensed June Statements

RNS Number : 8814S
Commercial Intnl Bank (Egypt) SAE
14 July 2020
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Condensed Consolidated Interim Financial Statements

June 30, 2020
 

Click on, or paste the following link into your web browser, to view the associated PDF document.
 

http://www.rns-pdf.londonstockexchange.com/rns/8814S_1-2020-7-13.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated condensed Interim balance sheet as at June 30, 2020

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Jun. 30, 2020

 

 

 

Dec. 31, 2019

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and balances with central bank

7

 

 

 31,267,392

 

 

 

28,273,962

Due from  banks

8

 

 

 56,949,232

 

 

 

28,353,366

Loans and advances to banks, net

10

 

 

 883,248

 

 

 

625,264

Loans and advances to customers, net

11

 

 

 120,030,212

 

 

 

119,321,103

Derivative financial instruments

 

 

 

 315,916

 

 

 

216,383

Investments

 

 

 

 

 

 

 

 

 

- Financial Assets at Fair value through P&L

 

12

 

 

 357,304

 

 

 

418,781

- Financial Assets at Fair value through OCI

 

12

 

 

 85,100,258

 

 

 

89,897,257

- Amortized cost

 

12

 

 

 92,972,929

 

 

 

107,225,613

- Investments in associates

13

 

 

 99,837

 

 

 

107,693

Other assets

 

 

 

 9,009,198

 

 

 

9,748,143

Goodwill

22

 

 

 243,046

 

 

 

-

Deferred tax assets (Liabilities)

 

 

 

 457,940

 

 

 

350,339

Property, plant and equipment

14

 

 

 2,363,886

 

 

 

2,204,464

Total assets

 

 

 

 400,050,398

 

 

 

386,742,368

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Due to banks

15

 

 

 12,277,482

 

 

 

11,810,607

Due to customers

16

 

 

 320,146,441

 

 

 

304,448,455

Derivative financial instruments

 

 

 

 340,652

 

 

 

282,588

Current tax liabilities

 

 

 

 2,652,208

 

 

 

4,639,364

Other liabilities

 

 

 

 5,450,289

 

 

 

8,396,794

Other loans

 

 

 

 3,250,254

 

 

 

3,272,746

Provisions

17

 

 

 3,069,002

 

 

 

2,011,369

Total liabilities

 

 

 

 347,186,328

 

 

 

334,861,923

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Issued and paid up capital

 

 

 

 14,690,821

 

 

 

 14,690,821

Reserves

 

 

 

 31,328,841

 

 

 

 24,344,815

Reserve for employee stock ownership plan (ESOP)

 

 

 

 1,260,111

 

 

 

 963,152

Retained earnings *

 

 

 

 5,131,049

 

 

 

 11,881,657

Total equity

 

 

 

 52,410,822

 

 

 

 51,880,445

Minority interest

 

 

 

453,248

 

 

 

 - 

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

 

 

 

 52,864,070

 

 

 

 51,880,445

Total liabilities and equity

 

 

 

400,050,398

 

 

 

 386,742,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

 

 

(Review report attached)

 

 

 

 

 

 

 

 

*Including net profit for the current period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated condensed Interim income statement for the period ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Note

Jun. 30, 2020

 

 

Jun. 30, 2019

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

Continued Operations

 

 

 

 

 

 

Interest and similar income

 

 

20,922,642

 

 

20,695,803

Interest and similar expense

 

 

(8,445,315)

 

 

(10,690,088)

Net interest income

 

 

12,477,327

 

 

10,005,715

 

 

 

 

 

 

 

Fee and commission income

 

 

1,479,217

 

 

1,647,254

Fee and commission expense

 

 

(493,057)

 

 

(536,140)

Net fee and commission income

 

 

986,160

 

 

1,111,114

 

 

 

 

 

 

 

Dividend income

 

 

25,962

 

 

22,454

Net trading income

 

5

177,231

 

 

379,943

Profits (Losses) on financial investments

 

12

832,005

 

 

19,781

Administrative expenses

 

 

(2,848,020)

 

 

(2,619,234)

Other operating (expenses) income

 

 

(1,847,212)

 

 

(662,508)

Goodwill amortization

 

 

(8,381)

 

 

-

Intangible assets amortization

 

 

-

 

 

(65,104)

Impairment release (charges) for credit losses

 

 

(2,259,654)

 

 

(795,124)

Bank's share in the profits of associates

 

 

6,994

 

 

(1,101)

Profit before income tax

 

 

7,542,412

 

 

7,395,936

 

 

 

 

 

 

 

Income tax expense

 

 

(2,652,208)

 

 

(2,058,736)

Deferred tax assets (Liabilities)

 

 

107,601

 

 

17,300

Net profit for the period

 

 

4,997,805

 

 

5,354,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

 

6

 

 

 

 

Basic

 

 

3.01

 

 

3.23

Diluted

 

 

3.00

 

 

3.21

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

Condensed Consolidated Interim statement of other Comprehensive Income for the period ended June 30, 2020

 

 

 

Last 6 Months

 

Last 6 Months

 

 

 

 

 

 

 

 

 

Jun. 30, 2020

 

Jun. 30, 2019

 

 

 

 

 

 

 

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit for the period

 

 

4,997,805

 

5,354,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value of instruments measured at fair value through other comprehensive income

 

 

(1,483,581)

 

2,838,861

 

 

 

 

 

 

Cumulative foreign currencies translation differences

 

 

1,647

 

4,182

 

 

 

 

 

 

Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income

 

 

90,512

 

(109,668)

 

 

 

 

 

 

Total other comprehensive income for the period

 

 

3,606,383

 

8,087,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Interim Cash flows for the period ended June 30, 2020

 

 

 

 

 

 

Notes

Jun. 30, 2020

 

Jun. 30, 2019

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax from continued operations

 

7,542,412

 

7,395,936

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

 

 

 

 

Fixed assets depreciation

14

383,782

 

275,052

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

 

2,144,988

 

875,635

Other provisions charges

17

1,098,888

 

3,140

Impairment charge for credit losses (due from banks)

 

24,154

 

29,156

Impairment charge for credit losses (financial investments)

 

90,512

 

(109,667)

Impairment charge for other assets

 

24,621

 

52,772

Exchange revaluation differences for financial assets at fair value through OCI

 

(84,884)

 

886,795

Goodwill amortization

 

8,381

 

-

Intangible assets amortization

 

-

 

65,104

Impairment charge financial assets at fair value through OCI

 

-

 

45,664

Exchange differences in financial investments in subsidiary

 

-

 

3,020

Utilization of other provisions

17

(1,066)

 

1,878

Other provisions no longer used

17

(43,200)

 

(126,575)

Exchange differences of  other provisions

17

3,011

 

(69,724)

Profits from selling property, plant and equipment

 

(94)

 

(1,439)

(Profits) losses from selling financial investments

12

(924,720)

 

(65,445)

Released (Impairment) charges of investments in associates and subsidiaries

0

14,100

 

-

Shares based payments

 

296,959

 

247,998

Bank's share in the profits of associates

 

(6,994)

 

1,101

Released (Impairment) charges of FVOCI equity instruments

78,615

 

-

Operating profits before changes in operating assets and liabilities

 

10,649,465

 

9,510,401

 

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

 

Due from banks

8

(598,148)

 

(25,049,337)

Treasury bills and other governmental notes

 

280,433

 

24,315,394

Financial assets at fair value through P&L

12

61,477

 

2,262,513

Derivative financial instruments

 

(41,469)

 

(75,592)

Loans and advances to banks and customers

10 - 11

(3,109,801)

 

(4,776,117)

Other assets

 

907,956

 

1,289,326

Due to banks

15

466,875

 

(5,879,606)

Due to customers

16

15,697,986

 

20,265,649

Income tax obligations paid

 

(4,639,364)

 

(3,625,579)

Other liabilities

(2,946,225)

 

(1,225,572)

Net cash provided from operating activities

16,729,185

 

17,011,480

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Proceeds from Investments in associates.

 

750

 

-

Proceeds (payments) for investment in subsidiaries.

 

194,722

 

-

Payment for purchases of property, plant, equipment and branches
 constructions

 

(739,117)

 

(840,953)

Proceeds from selling property, plant and equipment

 

94

 

1,439

Proceeds from redemption of financial assets at amortized cost

 

59,360,102

 

33,290,053

Payment for purchases of financial assets at amortized cost

 

(44,945,839)

 

(32,633,462)

Payment for purchases of financial assets at fair value through OCI

 

(50,868,698)

 

(11,433,512)

Proceeds from selling financial assets at fair value through OCI

55,237,128

 

5,105,870

Net cash used in investing activities

18,239,142

 

(6,510,565)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Increase (decrease) in long term loans

 

(22,492)

 

(230,801)

Dividend paid

(3,370,464)

 

(2,700,544)

Net cash used in (provided from) financing activities

(3,392,956)

 

(2,931,345)

 

 

 

 

 

 

 

 

 

 

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

 

31,575,371

 

7,569,570

Beginning balance of cash and cash equivalent

22,895,017

 

34,303,645

Cash and cash equivalent at the end of the period

54,470,388

 

41,873,215

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

Cash and balances with central bank

7

31,267,392

 

24,993,377

Due from banks

8

56,990,499

 

66,543,158

Treasury bills and other governmental notes

9

27,586,282

 

25,344,096

Obligatory reserve balance with CBE

7

(22,995,458)

 

(15,980,212)

Due from banks with maturities more than three months

 

(10,266,783)

 

(33,329,274)

Treasury bills with maturity more than three months

(28,111,544)

 

(25,697,930)

Total cash and cash equivalent

54,470,388

 

41,873,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated condensed Interim statement of changes in shareholders' equity for the period ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

Jun. 30, 2019

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

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

EGP Thousands

Beginning balance

11,668,326

1,710,293

12,776,215

1,549,445

12,421

(1,860,851)

4,323

9,637,083

738,320

-

36,235,575

-

36,235,575

Capital increase

2,917,082

-

(2,917,082)

-

-

-

-

-

-

-

-

-

-

Transferred to reserves

-

477,736

6,375,589

-

1,045

-

-

(6,854,370)

-

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

(2,700,544)

-

-

(2,700,544)

-

(2,700,544)

Net profit of the period

-

-

-

-

-

-

-

5,354,500

-

-

5,354,500

-

5,354,500

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

-

-

-

-

-

2,838,861

-

-

-

-

2,838,861

-

2,838,861

Transferred (from) to  bank risk reserve

-

-

-

-

-

-

841

(841)

-

-

-

-

-

ECL for impairment of debt instruments investments

-

-

-

-

-

(109,668)

-

-

-

-

(109,668)

-

(109,668)

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

247,998

-

247,998

-

247,998

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

4,182

4,182

-

4,182

Balance at the end of the period

14,585,408

2,188,029

16,234,722

1,549,445

13,466

868,342

5,164

5,435,828

986,318

4,182

41,870,904

-

41,870,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated condensed Interim statement of changes in shareholders' equity  for the period ended June 20, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 30, 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

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

Capital increase

-

-

-

-

-

-

-

-

-

-

-

-

-

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 share

-

-

-

-

-

-

-

-

-

-

-

453,248

453,248

Net profit of the period

-

-

-

-

-

-

-

4,997,805

-

-

4,997,805

-

4,997,805

Transferred from reserve for 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  bank risk reserve

-

-

-

-

-

-

1,259

(1,259)

-

-

-

-

-

Release provision 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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