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.Commercial International Bank (Egypt) S.A.E
Separate Financial Statements
December 31, 2021
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Separate Balance Sheet as at December 31, 2021 |
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Notes |
Dec. 31, 2021 |
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Dec. 31, 2020 |
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EGP Thousands |
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EGP Thousands |
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Assets |
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Cash and balances at the central bank |
15 |
43,385,222 |
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33,572,597 |
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Due from banks |
16 |
79,991,287 |
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86,997,034 |
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Loans and advances to banks, net |
18 |
312,216 |
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776,980 |
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Loans and advances to customers, net |
19 |
144,765,808 |
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118,854,880 |
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Derivative financial instruments |
20 |
225,376 |
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248,759 |
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Investments |
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- Financial Assets at Fair Value through P&L |
21 |
240,987 |
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359,959 |
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- Financial Assets at Fair Value through OCI |
21 |
192,390,931 |
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147,646,432 |
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- Financial assets at Amortized cost |
21 |
20,318,767 |
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25,020,917 |
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- Investments in associates and subsidiaries |
22 |
1,014,350 |
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874,348 |
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Other assets |
23 |
11,141,917 |
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9,095,212 |
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Deferred tax assets (Liabilities) |
32 |
460,026 |
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437,772 |
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Property and equipment |
24 |
2,404,237 |
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2,259,940 |
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Total assets |
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496,651,124 |
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426,144,830 |
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Liabilities and equity |
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Liabilities |
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Due to banks |
25 |
862,759 |
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8,815,561 |
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Due to customers |
26 |
406,100,916 |
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340,086,524 |
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Derivative financial instruments |
20 |
265,265 |
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331,073 |
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Current tax liabilities |
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2,234,985 |
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859,582 |
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Other liabilities |
29 |
8,021,310 |
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5,679,266 |
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Issued debt instruments |
27 |
1,557,263 |
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- |
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Other loans |
28 |
5,140,782 |
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7,746,946 |
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Other provisions |
30 |
3,539,676 |
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3,221,252 |
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Total liabilities |
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427,722,956 |
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366,740,204 |
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Equity |
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Issued and paid up capital |
31 |
19,702,418 |
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14,776,813 |
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Reserves |
34 |
33,767,423 |
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33,085,554 |
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Reserve for employee stock ownership plan (ESOP) |
34 |
1,674,392 |
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1,064,648 |
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Retained earnings * |
34 |
13,783,935 |
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10,477,611 |
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Total equity and net profit for the year |
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68,928,168 |
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59,404,626 |
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Total liabilities and equity |
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496,651,124 |
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426,144,830 |
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The accompanying notes are an integral part of these financial statements. |
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(Audit report attached) |
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* |
Including net profit for the current year |
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Hussein Abaza |
Sherif Samy |
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CEO & Managing Director |
Chairman |
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Separate Cash Flow for the Year Ended December 31, 2021 |
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Notes |
Dec. 31, 2021 |
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Dec. 31, 2020 |
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EGP Thousands |
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EGP Thousands |
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Cash flow from operating activities |
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Profit before income tax |
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18,980,885 |
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15,297,119 |
Adjustments to reconcile net profit to net cash provided by operating activities |
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Fixed assets depreciation |
24 |
858,609 |
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677,501 |
Impairment charge for credit losses (Loans and advances to customers and banks) |
12 |
1,753,908 |
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4,777,592 |
Other provisions charges |
30 |
381,601 |
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1,232,731 |
Impairment charge for credit losses (due from banks) |
12 |
17,108 |
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6,514 |
Impairment (Released) charge for credit losses (financial investments) |
12 |
(93,566) |
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205,182 |
Impairment (Released) charge for other assets |
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31,975 |
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69,217 |
Exchange revaluation differences for financial assets at fair value through OCI and at amortized cost |
21 |
17,261 |
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249,642 |
Impairment (Released) charge financial assets at fair value through OCI |
21 |
- |
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79,126 |
Utilization of other provisions |
30 |
(45,483) |
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(2,382) |
Other provisions no longer used |
30 |
(2,451) |
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(13,273) |
Exchange differences of other provisions |
30 |
(15,243) |
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(7,193) |
Losses (profits) from selling property and equipment |
11 |
(2,947) |
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(1,094) |
Losses (profits) from selling financial investments |
21 |
(702,776) |
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(1,018,469) |
Shares based payments |
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609,744 |
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552,438 |
Impairment (Released) charges of investments in associates and subsidiaries |
21 |
18,359 |
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16,511 |
Operating losses (profits) before changes in operating assets and liabilities |
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21,806,984 |
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22,121,162 |
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Net decrease (increase) in assets and liabilities |
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Due from banks |
1 5 - 16 |
(17,927,084) |
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(10,899,927) |
Financial assets at fair value through P&L |
21 |
118,972 |
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58,822 |
Derivative financial instruments |
20 |
(42,425) |
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16,109 |
Loans and advances to banks and customers |
18 - 19 |
(27,183,640) |
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(4,276,558) |
Other assets |
41 |
(2,155,845) |
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649,301 |
Due to banks |
25 |
(7,952,802) |
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(2,995,046) |
Due to customers |
26 |
66,014,392 |
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35,602,869 |
Income tax obligations paid |
29 |
(3,443,674) |
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(3,779,782) |
Other liabilities |
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1,490,795 |
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(7,700,878) |
Net cash generated from operating activities |
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30,725,673 |
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28,796,072 |
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Cash flow from investing activities |
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Proceeds from investments in associates. |
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- |
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750 |
Payments for investment in subsidiaries and associates. |
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(158,360) |
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(721,352) |
Payment for purchases of property, equipment and branches constructions |
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(942,173) |
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(987,061) |
Proceeds from selling property and equipment |
11 |
2,947 |
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1,094 |
Proceeds from redemption of financial assets at amortized cost |
21 |
4,705,849 |
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82,203,469 |
Payment for purchases of financial assets at amortized cost |
21 |
(3,844) |
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- |
Payment for purchases of financial assets at fair value through OCI |
21 |
(250,190,493) |
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(112,382,696) |
Proceeds from selling financial assets at fair value through OCI |
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203,196,606 |
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54,970,226 |
Net cash used in (generated from) investing activities |
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(43,389,468) |
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23,084,430 |
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Separate Cash Flow for the Year Ended December 31, 2021 (Cont.) |
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Dec. 31, 2021 |
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Dec. 31, 2020 |
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EGP Thousands |
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EGP Thousands |
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Cash flow from financing activities |
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Decreased (increase) in long term loans |
28 |
(2,606,164) |
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4,474,200 |
Dividend paid |
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(1,360,652) |
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(3,370,464) |
Issued debt instruments |
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1,557,263 |
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- |
Capital increase |
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- |
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85,992 |
Net cash used in (generated from) financing activities |
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(2,409,553) |
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1,189,728 |
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Net (decrease) increase in cash and cash equivalent during the year |
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(15,073,348) |
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53,070,230 |
Beginning balance of cash and cash equivalent |
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75,965,247 |
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22,895,017 |
Cash and cash equivalent at the end of the year |
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60,891,899 |
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75,965,247 |
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Cash and cash equivalent comprise: |
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Cash and balances at the central bank |
15 |
43,385,222 |
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33,572,597 |
Due from banks |
16 |
80,031,726 |
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87,020,365 |
Treasury bills and other governmental notes |
17 |
41,579,504 |
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39,464,714 |
Obligatory reserve balance with CBE |
15 |
(38,016,793) |
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(27,610,380) |
Due from banks with maturities more than three months |
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(23,801,430) |
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(16,280,760) |
Treasury bills with maturity more than three months |
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(42,286,330) |
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(40,201,289) |
Total cash and cash equivalent |
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60,891,899 |
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75,965,247 |
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Separate Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2020 |
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Dec. 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 |
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EGP Thousands |
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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 |
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Capital increase |
85,992 |
- |
- |
- |
- |
- |
- |
- |
- |
85,992 |
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Transferred to reserves |
- |
590,106 |
8,291,229 |
- |
1,440 |
- |
- |
(8,431,833) |
(450,942) |
- |
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Dividend paid |
- |
- |
- |
- |
- |
- |
- |
(3,370,464) |
- |
(3,370,464) |
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Net profit for the year |
- |
- |
- |
- |
- |
- |
- |
10,299,882 |
- |
10,299,882 |
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Transferred from reserve on disposal of financial assets at fair value through OCI |
- |
- |
- |
- |
- |
(76,717) |
- |
76,717 |
- |
- |
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Transferred from previous years' outstanding balances |
- |
- |
- |
- |
- |
- |
- |
101,013 |
- |
101,013 |
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Net unrealised gain/(loss) on financial assets at fair value through OCI |
- |
- |
- |
- |
- |
(269,259) |
- |
- |
- |
(269,259) |
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Transferred (from) to banking risk reserve |
- |
- |
- |
- |
- |
- |
1,259 |
(1,259) |
- |
- |
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Effect of ECL in fair value of debt instruments measured at fair value through OCI |
- |
- |
- |
- |
- |
205,182 |
- |
- |
- |
205,182 |
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Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
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- |
- |
- |
552,438 |
552,438 |
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Ending 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 |
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Separate Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2021 |
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Dec. 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 |
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EGP Thousands |
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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 |
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Capital increase |
4,925,605 |
- |
(4,925,605) |
- |
- |
- |
- |
- |
- |
- |
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Transferred to reserves |
- |
514,939 |
8,420,479 |
- |
1,094 |
- |
- |
(8,936,512) |
- |
- |
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Dividend paid |
- |
- |
- |
- |
- |
- |
- |
(1,360,652) |
- |
(1,360,652) |
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Net profit for the year |
- |
- |
- |
- |
- |
- |
- |
13,420,385 |
- |
13,420,385 |
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Transferred from reserve on disposal of financial assets at fair value through OCI |
- |
- |
- |
- |
- |
(177,488) |
- |
177,488 |
- |
- |
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Transferred from previous years' outstanding balances |
- |
- |
- |
- |
- |
- |
- |
8,333 |
- |
8,333 |
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Net unrealised gain/(loss) on financial assets at fair value through OCI |
- |
- |
- |
- |
- |
(3,060,702) |
- |
- |
- |
(3,060,702) |
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Transferred (from) to banking risk reserve |
- |
- |
- |
- |
- |
- |
2,718 |
(2,718) |
- |
- |
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Effect of ECL in fair value of debt instruments measured at fair value through OCI |
- |
- |
- |
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- |
(93,566) |
- |
- |
- |
(93,566) |
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Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
- |
- |
- |
- |
609,744 |
609,744 |
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Ending 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 |
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