CIB First Half 2019 Separate Financial Results

RNS Number : 8602E
Commercial Intnl Bank (Egypt) SAE
09 July 2019
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Separate Financial Statements

June 30,  2019

 

 

 

 

 

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

 

http://www.rns-pdf.londonstockexchange.com/rns/8602E_1-2019-7-8.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate balance sheet as at June 30,2019                                                           

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Jun. 30, 2019

 

 

 

Dec. 31, 2018

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and balances with central bank

15

 

 

24,993,377

 

 

 

20,058,974

Due from  banks

16

 

 

66,506,687

 

 

 

46,518,892

Loans and advances to banks, net

18

 

 

708,126

 

 

 

67,703

Loans and advances to customers, net

19

 

 

110,287,589

 

 

 

106,309,205

Derivative financial instruments

20

 

 

175,020

 

 

 

52,289

Investments

 

 

 

 

 

 

 

 

- Financial investments securities

21

 

 

147,462,881

 

 

 

157,585,611

- Investments in associates and subsidiaries

22

 

 

65,613

 

 

 

68,633

Other assets

23

 

 

8,488,884

 

 

 

9,563,218

Intangible assets

40

 

 

173,611

 

 

 

238,715

Deferred tax assets (Liabilities)

31

 

 

462,161

 

 

 

308,370

Property, plant and equipment

24

 

 

1,948,012

 

 

 

1,651,875

Total assets

 

 

 

361,271,961

 

 

 

342,423,485

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Due to banks

25

 

 

1,380,213

 

 

 

7,259,819

Due to customers

26

 

 

305,603,702

 

 

 

285,340,472

Derivative financial instruments

20

 

 

170,361

 

 

 

132,858

Current tax liabilities

 

 

 

2,058,736

 

 

 

3,625,579

Other liabilities

28

 

 

5,275,981

 

 

 

6,501,553

Other loans

27

 

 

3,490,728

 

 

 

3,721,529

Provisions

29

 

 

1,503,326

 

 

 

1,694,607

Total liabilities

 

 

 

319,483,047

 

 

 

308,276,417

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Issued and paid up capital

30

 

 

14,585,408

 

 

 

11,668,326

Reserves

33

 

 

20,859,168

 

 

 

12,184,667

Reserve for employee stock ownership plan (ESOP)

33

 

 

986,318

 

 

 

738,320

Retained earnings *

33

 

 

5,358,020

 

 

 

9,555,755

Total equity

 

 

 

41,788,914

 

 

 

34,147,068

Total liabilities and equity

 

 

 

361,271,961

 

 

 

342,423,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate income statement for the period ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Note

Jun. 30, 2019

 

 

Jun. 30, 2018

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

 

 

 

 

Interest and similar income

 

 

20,695,803

 

 

16,932,688

Interest and similar expense

 

 

(10,691,075)

 

 

(9,079,533)

Net interest income

 

6

10,004,728

 

 

7,853,155

 

 

 

 

 

 

 

Fee and commission income

 

 

1,647,254

 

 

1,632,017

Fee and commission expense

 

 

(536,140)

 

 

(437,896)

Net fee and commission income

 

7

1,111,114

 

 

1,194,121

 

 

 

 

 

 

 

Dividend income

 

8

22,454

 

 

20,533

Net trading income

 

9

379,943

 

 

385,925

Profits (Losses) on financial investments 

 

21

19,781

 

 

401,995

Administrative expenses

 

10

(2,617,257)

 

 

(1,933,064)

Other operating (expenses) income

 

11

(661,079)

 

 

(649,306)

Intangible assets amortization

 

40

(65,104)

 

 

(65,104)

Impairment charge for credit losses

 

12

(795,124)

 

 

(1,291,167)

Profit before income tax

 

 

7,399,456

 

 

5,917,088

 

 

 

 

 

 

 

Income tax expense

 

13

(2,058,736)

 

 

(1,685,554)

Deferred tax assets (Liabilities)

 

31 - 13

17,300

 

 

185,421

Net profit for the period

 

 

5,358,020

 

 

4,416,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

 

14

 

 

 

 

Basic

 

 

3.31

 

 

2.73

Diluted

 

 

3.28

 

 

2.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate statement of other comprehensive income for the period ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Jun. 30, 2019

 

Jun. 30, 2018

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Net profit for the period

 

5,358,020

 

4,416,955

Reserve for financial assets at fair value through OCI

 

2,729,193

 

(2,410,531)

Total other comprehensive income for the period

 

8,087,213

 

2,006,424

 

 

 

 

 

 

 

 

 

 

Separate cash flow for the period ended June 30, 2019

 

Notes

Jun. 30, 2019

 

Jun. 30, 2018

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax

 

7,399,456

 

5,917,088

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

 

 

 

 

Fixed assets depreciation

24

275,052

 

180,206

Impairment charge for credit losses

12

875,635

 

1,291,167

Other provisions charges

29

3,140

 

99,715

Provisions charges - due from banks

12

29,156

 

-

Provisions charges - financial investments

12

(109,667)

 

-

Impairment charge for other assets

23

52,772

 

214,000

Exchange revaluation differences for financial assets at fair value through OCI

21

886,795

 

(91,952)

Intangible assets amortization

40

65,104

 

65,104

Impairment charge financial assets at fair value through OCI

21

45,664

 

19,842

Exchange differences in financial investments in subsidiary

22

3,020

 

(401)

Utilization of other provisions

29

1,878

 

(872)

Other provisions no longer used

29

(126,575)

 

(62,000)

Exchange differences of  other provisions

29

(69,724)

 

(790)

Profits from selling property, plant and equipment

11

(1,439)

 

-

(Profits) losses from selling financial investments

21

(65,445)

 

(421,837)

Shares based payments

 

247,998

 

215,861

Operating profits before changes in operating assets and liabilities

 

 

9,512,820

 

7,425,131

 

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

 

Due from banks

16

(25,049,337)

 

(27,757,024)

Treasury bills and other governmental notes

41

24,315,394

 

20,314,670

Financial assets at fair value through P&L

21

2,262,513

 

389,097

Derivative financial instruments

20

(75,592)

 

(42,938)

Loans and advances to banks and customers

18 - 19

(4,776,117)

 

(19,945,443)

Other assets

42

1,289,326

 

(567,525)

Due to banks

25

(5,879,606)

 

3,779,710

Due to customers

26

20,263,230

 

16,103,171

Income tax obligations paid

 

(3,625,579)

 

(2,778,973)

Other liabilities

28

(1,225,572)

 

(1,480,689)

Net cash provided from operating activities

 

17,011,480

 

(4,560,813)

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Payment for purchases of subsidiary and associates

 

-

 

(10,575)

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

 

(840,953)

 

(404,485)

Proceeds from selling property, plant and equipment

11

1,439

 

-

Proceeds from redemption of financial assets at amortized cost

21

33,290,053

 

4,982,600

Payment for purchases of financial assets at amortized cost

21

(32,633,462)

 

-

Payment for purchases of financial assets at fair value through OCI

21

(11,433,512)

 

(10,731,239)

Proceeds from selling financial assets at fair value through OCI

 

5,105,870

 

724,732

Net cash used in investing activities

 

(6,510,565)

 

(5,438,967)

 

 

 

 

 

Cash flow from financing activities

 

 

Increase in long term loans

27

(230,801)

24,901

Dividend paid

 

(2,700,544)

(2,143,177)

Net cash used in (provided from) financing activities

 

(2,931,345)

(2,118,276)

 

 

 

 

 

 

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

 

7,569,570

(12,118,056)

Beginning balance of cash and cash equivalent

 

34,303,645

49,208,837

Cash and cash equivalent at the end of the period

 

41,873,215

37,090,781

 

 

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

Cash and balances with central bank

15

24,993,377

24,601,352

Due from banks

16

66,543,158

51,245,308

Treasury bills and other governmental  notes

17

25,344,096

33,938,896

Obligatory reserve balance with CBE

15

(15,980,212)

(14,042,817)

Due from banks with maturities more than three months

 

(33,329,274)

(24,312,780)

Treasury bills with maturity more than three months

 

(25,697,930)

(34,339,178)

Total cash and cash equivalent

 

41,873,215

37,090,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate statement of changes in shareholders' equity for the period ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 30, 2018

Issued and paid up capital

Legal reserve

General reserve

General risk reserve*

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

IFRS 9 risk reserve

Retained earnings

Reserve for employee stock ownership plan

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

11,618,011

1,332,807

9,000,023

-

20,645

11,815

(1,642,958)

3,634

1,411,549

6,138,790

489,334

28,383,650

 

 

 

 

Transferred to reserves

-

377,486

3,616,832

-

-

606

-

-

-

(3,994,924)

-

-

 

 

 

 

Dividend paid

-

-

-

-

-

-

-

-

-

(2,143,177)

-

(2,143,177)

 

 

 

 

Net profit for the period

-

-

-

-

-

-

-

-

-

4,416,955

-

4,416,955

 

 

 

 

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

-

-

-

-

-

-

(2,410,531)

-

-

-

-

(2,410,531)

 

 

 

 

Transferred (from) to  bank risk reserve

-

-

-

-

-

-

-

689

-

(689)

-

-

 

 

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

215,861

215,861

 

 

 

 

Balance at the end of the period

11,618,011

1,710,293

12,616,855

-

20,645

12,421

(4,053,489)

4,323

1,411,549

4,416,955

705,195

28,462,758

 

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate 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*

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

IFRS 9 risk reserve

Retained earnings

Reserve for employee stock ownership plan

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

11,668,326

1,710,293

12,776,215

-

20,645

12,421

(3,750,779)

4,323

1,411,549

9,555,755

738,320

34,147,068

 

 

 

 

Effect of applying IFRS 9**

-

-

-

117,251

-

-

1,889,928

-

-

-

-

2,007,179

 

 

 

 

Transferred to general risk reserve

-

-

-

1,432,194

(20,645)

-

-

-

(1,411,549)

-

-

-

 

 

 

 

Beginning balance after the impact of initial application

11,668,326

1,710,293

12,776,215

1,549,445

-

12,421

(1,860,851)

4,323

-

9,555,755

738,320

36,154,247

 

 

 

 

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)

 

 

 

 

Net profit for the period

-

-

-

-

-

-

-

-

-

5,358,020

-

5,358,020

 

 

 

 

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

-

-

-

-

-

-

2,838,861

-

-

-

-

2,838,861

 

 

 

 

Transferred (from) to  bank risk reserve

-

-

-

-

-

-

-

841

-

(841)

-

-

 

 

 

 

Provision for impairment of debt instruments investments

-

-

-

 

-

-

(109,668)

-

-

-

-

(109,668)

 

 

 

 

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

-

247,998

247,988

 

 

 

 

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

-

5,358,020

986,318

41,788,914

 

 

 

 

Beginning balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*The special reserve, general bank risk reserve and IFRS 9 risk reserve - were consolidated in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26 February 2019

 

 

 

 

 

 

 

 

 

**The initial application impact (disclosure in page number 16)

 

 

 

 

 

 

 

 

 

The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554 thousand

 

 

 

 

 

                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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