CIB FY20 Year End Separate Financial Results

RNS Number : 6096Q

Commercial Intnl Bank (Egypt) SAE

01 March 2021

 

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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2020

Separate balance sheet as at December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 15 33,572,597 28,273,962 Due from  banks 16 86,997,034 28,353,366 Loans and advances to banks, net 18 776,980 625,264 Loans and advances to customers, net 19 118,854,880 119,321,103 Derivative financial instruments 20 248,759 216,383 Investments - Financial Assets at Fair Value through P&L 21 359,959 418,781 - Financial Assets at Fair Value through OCI 21 147,646,432 89,897,257 - Amortized cost 21 25,020,917 107,225,613 - Investments in associates and subsidiaries 22 874,348 63,953 Other assets 23 9,095,212 9,747,939 Deferred tax assets (Liabilities) 31 437,772 350,339 Property and equipment 24 2,259,940 2,202,698 Total assets 426,144,830 386,696,658 Liabilities and equity Liabilities Due to banks 25 8,815,561 11,810,607 Due to customers 26 340,086,524 304,483,655 Derivative financial instruments 20 331,073 282,588 Current tax liabilities 859,582 4,639,364 Other liabilities 28 5,679,266 8,396,487 Other loans 27 7,746,946 3,272,746 Provisions 29 3,221,252 2,011,369 Total liabilities 366,740,204 334,896,816 Equity Issued and paid up capital 30 14,776,813 14,690,821 Reserves 33 33,085,554 24,342,314 Reserve for employee stock ownership plan (ESOP) 33 1,064,648 963,152 Retained earnings * 33 10,477,611 11,803,555 Total equity 59,404,626 51,799,842 Total liabilities and equity 426,144,830 386,696,658 The accompanying notes are an integral part of these financial statements. (Audit report attached) * Including net profit for the current year Hussein Abaza Sherif Samy CEO & Board member Chairman

Separate income statement for the year ended December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Interest and similar income 42,070,598 42,600,957 Interest and similar expense (16,980,635) (21,022,838) Net interest income 6 25,089,963 21,578,119 Fee and commission income 3,053,536 3,451,688 Fee and commission expense (983,450) (1,170,893) Net fee and commission income 7 2,070,086 2,280,795 Dividend income 8 98,175 53,423 Net trading income 9 395,701 688,059 Profits (Losses) on financial investments  21 922,832 450,697 Administrative expenses 10 (5,552,800) (5,044,937) Other operating (expenses) income 11 (2,737,550) (1,794,540) Intangible assets amortization - (238,715) Impairment release (charges) for credit losses 12 (4,989,288) (1,435,460) Profit before income tax 15,297,119 16,537,441 Income tax expense 13 (5,084,670) (4,639,364) Deferred tax assets (Liabilities) 31 - 13 87,433 (94,522) Net profit for the year 10,299,882 11,803,555 Earning per share 14 Basic 6.26 7.12 Diluted 6.24 7.09 Hussein Abaza Sherif Samy CEO & Board member Chairman

Separate statement of other comprehensive income for the year ended December 31, 2020 Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Net profit for the year 10,299,882 11,803,555 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 (13,966) 212,967 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 (255,293) 5,944,586 Transferred from reserve on disposal of financial assets at fair value through OCI (76,717) - Effect of ECL in fair value of debt instruments measured at fair value through OCI 205,182 (184,921) Total other comprehensive income for the year 10,159,088 17,776,187

Separate cash flow for the year ended December 31, 2020 Notes Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax 15,297,119 16,537,441 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 24 677,501 576,544 Impairment charge for credit losses (Loans and advances to customers and banks) 12 4,777,592 1,610,878 Other provisions charges 29 1,232,731 461,869 Impairment charge for credit losses (due from banks) 12 6,514 9,503 Impairment charge for credit losses (financial investments) 12 205,182 (184,921) Impairment charge for other assets 23 69,217 (93,313) Exchange revaluation differences for financial assets at fair value through OCI 21 249,642 1,593,030 Intangible assets amortization - 238,715 Impairment charge financial assets at fair value through OCI 21 79,126 47,197 Utilization of other provisions 29 (2,382) (28,135) Other provisions no longer used 29 (13,273) (6,910) Exchange differences of  other provisions 29 (7,193) (110,062) (Profits) losses from selling property, plant and equipment 11 (1,094) (1,439) (Profits) losses from selling financial investments 21 (1,018,469) (497,894) Shares based payments 552,438 464,539 Released (Impairment) charges of investments in associates and subsidiaries 21 16,511 - Operating profits before changes in operating assets and liabilities 22,121,162 20,617,042 Net decrease (increase) in assets and  liabilities Due from banks 15 (10,899,927) (8,870,547) Financial assets at fair value through P&L 21 58,822 2,318,924 Derivative financial instruments 20 16,109 (2,910) Loans and advances to banks and customers 18 - 19 (4,276,558) (14,533,328) Other assets 40 649,301 162,502 Due to banks 25 (2,995,046) 4,550,788 Due to customers 26 35,602,869 19,143,183 Income tax obligations paid (3,779,782) (3,625,579) Other liabilities 28 (7,700,878) 1,894,934 Net cash used in (generated from) operating activities 28,796,072 21,655,009 Cash flow from investing activities Proceeds from investments in associates. 750 - Payments for investment in subsidiaries and associates. (721,352) - Payment for purchases of property, plant, equipment and branches  constructions (987,061) (1,301,415) Proceeds from selling property, plant and equipment 11 1,094 1,439 Proceeds from redemption of financial assets at amortized cost 21 82,203,469 43,937,957 Payment for purchases of financial assets at amortized cost 21 - (76,516,842) Payment for purchases of financial assets at fair value through OCI 21 (112,382,696) (50,954,311) Proceeds from selling financial assets at fair value through OCI 54,970,226 54,813,449 Net cash generated from (used in) investing activities 23,084,430 (30,019,723) Separate cash flow for the year ended December 31, 2020 (Cont.) Dec. 31, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Cash flow from financing activities Received (Repaid) in long term loans 27 4,474,200 (448,783) Dividend paid (3,370,464) (2,700,544) Capital increase 85,992 105,413 Net cash generated from (used in) financing activities 1,189,728 (3,043,914) Net increase (decrease) in cash and cash equivalent during the year 53,070,230 (11,408,628) Beginning balance of cash and cash equivalent 22,895,017 34,303,645 Cash and cash equivalent at the end of the year 75,965,247 22,895,017 Cash and cash equivalent comprise: Cash and balances at the central bank 15 33,572,597 28,273,962 Due from banks 16 87,020,365 28,370,183 Treasury bills and other governmental  notes 17 39,464,714 27,634,062 Obligatory reserve balance with CBE 15 (27,610,380) (22,397,310) Due from banks with maturities more than three months (16,280,760) (10,593,903) Treasury bills with maturity more than three months (40,201,289) (28,391,977) Total cash and cash equivalent 75,965,247 22,895,017

Separate statement of changes in shareholders' equity for the year ended December 31, 2019 Dec. 31, 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 Total EGP Thousands Beginning balance   11,668,326   1,710,293   12,776,215   1,549,445   12,421   (1,860,851)   4,323   9,555,755   738,320   36,154,247 Capital increase   3,022,495   -    (2,917,082)   -    -    -    -    -    -    105,413 Transferred to reserves   -    477,736   6,615,296   -    1,045   -    -    (6,854,370)   (239,707)   -  Dividend paid   -    -    -    -    -    -    -    (2,700,544)   -    (2,700,544) Net profit for the year   -    -    -    -    -    -    -    11,803,555   -    11,803,555 Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    6,157,553   -    -    -    6,157,553 Transferred (from) to  bank risk reserve   -    -    -    -    -    -    841   (841)   -    -  ECL for impairment of debt instruments investments   -    -    -    -    -    (184,921)   -    -      -    (184,921) Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    464,539   464,539 Ending 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 Separate statement of changes in shareholders' equity  for the year ended December 31, 2020 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 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 Capital increase   85,992   -    -    -    -    -    -    -    -     85,992 Transferred to reserves   -    590,106   8,291,229   -    1,440   -    -    (8,431,833)   (450,942)   -  Dividend paid   -    -    -    -    -    -    -    (3,370,464)   -    (3,370,464) Net profit for the year   -    -    -    -    -    -    -    10,299,882   -    10,299,882 Transferred from reserve on disposal of financial assets at fair value through OCI   -    -    -    -    -    (76,717)   -    76,717   -    -  Transferred from previous years' outstanding balances   -    -    -    -    -    -    -    101,013   -    101,013 Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    (269,259)   -    -    -    (269,259) Transferred (from) to  banking risk reserve   -    -    -    -    -    -    1,259   (1,259)   -    -  Effect of ECL in fair value of debt instruments measured at fair value through OCI   -    -    -    -    205,182   -     -    -    205,182 Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    552,438   552,438 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

	Proposed appropriation account for the year ended December 31, 2020
		Dec. 31, 2020		Dec. 31, 2019
		EGP Thousands		EGP Thousands
	Net profit after tax	10,299,882		11,803,555
	Profits selling property, plant and equipment transferred to capital reserve according to the law	(1,094)		(1,439)
	Bank risk reserve	(2,718)		(1,258)
	Available net profit for distributing	10,296,070		11,800,858
	To be distributed as follows:
	Legal reserve	514,939		590,106
	General reserve	8,420,479		7,840,287
	Dividends to shareholders	-		1,836,353
	Staff profit sharing	1,029,607		1,180,086
	Board members bonus	73,643		177,013
	CIB's foundation	154,441		177,013
	Support and development of banking sector fund	102,961		-
	Total	10,296,070		11,800,858

 

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