CIB FY 2021 IFRS Annual Financial Report

RNS Number : 9007J
Commercial Intnl Bank (Egypt) SAE
29 April 2022
 

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

Consolidated Financial Statements

December 31, 2021

 

Consolidated Income Statement for the Year Ended  December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Dec. 31, 2021

 

 

 

Dec. 31, 2020

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

Interest and similar income

 

 

 

45,078,169

 

 

 

42,196,235

Interest and similar expense

 

 

 

(20,204,272)

 

 

 

(17,107,598)

Net interest income

3

 

 

24,873,897

 

 

 

25,088,637

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

 

4,045,573

 

 

 

3,059,264

Fee and commission expense

 

 

 

(1,655,096)

 

 

 

(983,450)

Net fee and commission income

4

 

 

2,390,477

 

 

 

2,075,814

 

 

 

 

 

 

 

 

 

Dividend income

5

 

 

59,725

 

 

 

50,175

Net trading income

6

 

 

774,992

 

 

 

483,006

Profits (Losses) on financial investments 

20

 

 

594,863

 

 

 

1,001,958

Administrative expenses

7

 

 

(7,787,584)

 

 

 

(6,877,303)

Other operating expenses

8

 

 

(1,673,546)

 

 

 

(2,500,823)

Impairment charges for credit losses

9

 

 

(1,679,747)

 

 

 

(5,018,781)

Profits from subsidiaries acquisition

 

 

 

-

 

 

 

8,086

Bank's share in the profits of associates

12

 

 

14,996

 

 

 

22,426

Profit before income tax from continuing operations

 

 

17,568,073

 

 

 

14,333,195

 

 

 

 

 

 

 

 

 

Income taxes

10

 

 

(5,565,599)

 

 

 

(4,999,985)

Net profit for the year

 

 

 

12,002,474

 

 

 

9,333,210

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

12,006,925

 

 

 

9,335,044

Non-controlling interest

 

 

 

(4,451)

 

 

 

(1,834)

Net Profit for the year

 

 

 

12,002,474

 

 

 

9,333,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

11

 

 

 

 

 

 

 

Basic attributable to equity holders of the parent

 

 

 

6.09

 

 

 

4.74

Diluted attributable to equity holders of the parent

 

 

 

6.05

 

 

 

4.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

 

 

 

Sherif Samy

CEO & Managing director

 

 

 

Chairman

28-Apr-22

 

 

 

28-Apr-22

 

 

 

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 2021

 

 

Dec. 31, 2020

 

 

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

 

 

Profit for the year

 

 

12,002,474

 

 

9,333,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income items that will not be reclassified to the Profit or Loss:

 

 

 

 

 

 

 

 

 

Change in fair value of equity instruments measured at fair value through other comprehensive income after tax impact related to OCI

 

 

(149,323)

 

 

(13,966)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income items that is or may be reclassified to the profit or loss:

 

 

 

 

 

 

 

 

 

Change in fair value of debt instruments measured at fair value through other comprehensive income after tax impact related to OCI

 

 

(2,181,779)

 

 

827,630

 

 

 

Change in fair value from selling  FVOCI financial instruments

 

 

(702,776)

 

 

(1,018,469)

 

 

 

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

 

 

(177,488)

 

 

(76,717)

 

 

 

Cumulative foreign currencies translation differences

 

 

(4,218)

 

 

(3,684)

 

 

 

Effect of deferred tax on Investment FVOCI

 

 

(95,905)

 

 

(215,428)

 

 

 

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

 

 

(93,566)

 

 

205,182

 

 

 

Total other comprehensive income for the year

 

 

8,597,419

 

 

9,037,758

 

 

 

 

 

 

 

 

 

 

 

 

 

As follows:

 

 

 

 

 

 

 

 

 

Bank's shareholders

 

 

8,601,870

 

 

9,039,592

 

 

 

Non-controlling interest

 

 

(4,451)

 

 

(1,834)

 

 

 

Total other comprehensive income for the year

 

 

8,597,419

 

 

9,037,758

 

 

 

 

 

 

Consolidated Statement of Financial Position as at December 31, 2021

 

 

 

 

 

 

Notes

Dec. 31, 2021

 

Dec. 31, 2020

 

 

 

EGP Thousands

 

EGP Thousands

 

 

Assets

 

 

 

 

 

 

Cash and balances at the central bank

13

43,492,248

 

33,768,549

 

 

Due from  banks

14

80,141,769

 

87,426,301

 

 

Loans and advances to banks, net

15

312,216

 

776,980

 

 

Loans and advances to customers, net

16

145,575,243

 

119,570,005

 

 

Financial Assets at fair value through profit or loss

19

443,859

 

552,288

 

 

Derivative financial instruments

17

225,376

 

248,759

 

 

Financial Assets at fair value through OCI

19

197,238,721

 

156,157,553

 

 

Financial Assets at amortized cost

19

20,547,465

 

25,285,225

 

 

Right of use assets

23

1,084,585

 

814,587

 

 

Investments in associates

21

205,315

 

139,871

 

 

Other assets

22

11,207,128

 

9,175,525

 

 

Intangible assets

38

51,831

 

51,831

 

 

Goodwill

38

206,287

 

206,287

 

 

Deferred tax assets

10.2

456,002

 

437,772

 

 

Property and equipment

23

2,461,116

 

2,311,147

 

 

Total assets

 

503,649,161

 

436,922,680

 

 

Liabilities and equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Due to banks

24

866,056

 

8,817,535

 

 

Due to customers

25

407,241,538

 

341,169,450

 

 

Lease liabilities

23

1,087,820

 

905,861

 

 

Derivative financial instruments

17

265,470

 

331,073

 

 

Issued debt instruments

18

1,557,263

 

-

 

 

Other liabilities

27

13,710,791

 

15,070,029

 

 

Current Tax liability

 

2,234,985

 

859,582

 

 

Other loans

26

5,140,782

 

7,746,946

 

 

Provisions

28

3,541,462

 

3,224,180

 

 

Total liabilities

 

435,646,167

 

378,124,656

 

 

Equity

 

 

 

 

 

 

Issued and paid in capital

29

19,702,418

 

14,776,813

 

 

Reserves

30

33,552,794

 

32,939,079

 

 

Reserve for employee stock ownership plan (ESOP)

30

1,674,392

 

1,064,648

 

 

Retained earnings

30

12,618,855

 

9,534,429

 

 

Total equity attributable to equity holders of the parent

 

67,548,459

 

58,314,969

 

 

Non-controlling interest

39

454,535

 

483,055

 

 

Total equity

 

68,002,994

 

58,798,024

 

 

Total liabilities and equity

 

503,649,161

 

436,922,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 42 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hussein Abaza

 

Sherif Samy

 

 

CEO & Managing director

 

Chairman

 

 

28-Apr-22

 

28-Apr-22

 

 

Consolidated Statement of Changes in Shareholders' Equity 

 

 

 

 

Dec. 31, 2020

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

Total

Non-controlling interest

Total equity

 

 

 

 

 

 

 

 

Beginning balance at 1st of Jan 2020

14,690,821

963,152

11,690,446

23,180,850

50,525,269

-

50,525,269

Total comprehensive income

-

-

9,335,044

-

9,335,044

(1,834)

9,333,210

Capital increase

85,992

-

-

-

85,992

-

85,992

Reserve for employee stock ownership plan (ESOP)

-

552,438

-

-

552,438

-

552,438

Dividend

-

-

(2,013,318)

-

(2,013,318)

-

(2,013,318)

Transferred to reserves

-

(450,942)

(9,477,743)

9,758,229

(170,456)

(890)

(171,346)

Non-controlling interest

-

-

-

-

-

485,779

485,779

Balance at 31 December 2020

14,776,813

1,064,648

9,534,429

32,939,079

58,314,969

483,055

58,798,024

Beginning balance at 1st of Jan 2021

14,776,813

1,064,648

9,534,429

32,939,079

58,314,969

483,055

58,798,024

Total comprehensive income

-

-

12,006,925

-

12,006,925

(4,451)

12,002,474

Capital increase

4,925,605

-

-

(4,925,605)

-

-

-

Transferred to reserves

-

-

-

-

-

-

-

Reserve for employee stock ownership plan (ESOP)

-

609,744

-

-

609,744

-

609,744

Dividend

-

-

(156,389)

-

(156,389)

(24,069)

(180,458)

Transferred to reserves

-

-

(8,766,110)

5,539,320

(3,226,790)

-

(3,226,790)

Balance at 31 December 2021

19,702,418

1,674,392

12,618,855

33,552,794

67,548,459

454,535

68,002,994

                                   

 

 

 

Consolidated Statement of Cash Flow for the Year Ended  December 31, 2021

 

 

 

 

 

 

Notes

Dec. 31, 2021

 

Dec. 31, 2020

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

Profit before income tax from continued operations

 

17,568,073

 

14,333,195

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

 

 

 

 

Fixed assets depreciation

 

885,060

 

924,667

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

 

1,756,505

 

4,806,518

Other provisions charges

 

380,459

 

1,235,659

Impairment charge for other assets

 

31,975

 

69,217

Impairment charge for credit losses (due from banks)

 

16,808

 

7,081

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

 

17,261

 

249,642

Impairment (Reversal of impairment) charge for credit losses (financial investments)

 

(93,566)

 

205,182

Utilization of other provisions

 

(45,483)

 

(2,382)

Other provisions no longer used

 

(2,451)

 

(13,273)

Impairment of intangible assets

 

206,287

 

-

Exchange differences of  other provisions

 

(15,243)

 

(7,193)

Impairment (Reversal of impairment) charges of investments in associates and subsidiaries

 

107,913

 

16,511

Profits from selling property, plant and equipment

 

(2,947)

 

(1,094)

Losses from selling financial investments

 

(702,776)

 

(1,018,469)

Shares based payments

 

609,744

 

552,438

Bank's share in the profits of associates

 

(14,996)

 

(22,426)

Operating profits before changes in working capital

 

20,702,623

 

21,335,273

 

 

 

 

 

Net decrease (increase) in working capital

 

 

 

 

Due from banks

 

(17,183,300)

 

(10,899,927)

Financial assets at fair value through profit or loss

 

118,972

 

58,822

Derivative financial instruments

 

(42,220)

 

16,109

Loans and advances to banks and customers

 

(27,280,547)

 

(5,020,609)

Other assets

 

(2,135,921)

 

568,988

Due to banks

 

(7,951,479)

 

(2,993,072)

Due to customers

 

66,072,088

 

36,720,995

Income tax obligations paid

 

(3,444,749)

 

(3,779,782)

Other liabilities

 

(1,359,238)

 

2,146,103

Net cash generated from operating activities

 

27,496,229

 

38,152,900

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

 

Proceeds from Investments in associates.

 

-

 

750

Payment for purchases of associates

 

(158,360)

 

-

Payment for purchases of property, equipment and branches  constructions

 

(981,186)

 

(1,091,829)

Proceeds from selling property and equipment

 

2,947

 

1,094

Proceeds from redemption of financial assets at amortized cost

 

4,741,459

 

82,309,481

Payment for purchases of financial assets at amortized cost

 

(3,844)

 

(233,765)

Payment for purchases of financial assets at fair value through OCI

 

(250,679,698)

 

(117,787,925)

Proceeds from selling financial assets at fair value through OCI

 

206,611,955

 

54,137,187

Proceeds from selling property and equipment

 

-

 

194,722

Net cash used in (generated from) investing activities

 

(40,466,727)

 

17,529,715

 

 

 

 

 

 

Consolidated Statement of Cash Flow for the Year Ended  December 31, 2021

(Cont.)

 

 

 

 

 

 

Dec. 31, 2021

 

Dec. 31, 2020

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Decreased (increase) in long term loans

 

(2,606,164)

 

4,474,200

Dividend paid

 

(156,389)

 

(2,013,318)

Issued debt instruments

 

-

 

85,992

Cash payments for lease (principle and interest)

 

(242,292)

 

(242,173)

Net cash generated from (used in) financing activities

 

(3,004,845)

 

2,304,701

 

 

 

 

 

 

 

 

 

 

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

 

(15,975,343)

 

57,987,316

Beginning balance of cash and cash equivalent

 

66,350,285

 

8,362,969

Cash and cash equivalent at the end of the year

 

50,374,942

 

66,350,285

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

Cash and balances at the central bank

13

43,492,248

 

33,768,549

 Due from banks with maturities of 3 months or less

14

44,983,081

 

60,271,448

Treasury bills with maturities of three months or less

19

549

 

54,988

Obligatory reserve balance with CBE

13

(38,100,936)

 

(27,744,700)

Total cash and cash equivalent

31

50,374,942

 

66,350,285

 

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