CIB Annual Financial Report

Commercial Intnl Bank (Egypt) SAE

19 February 2025

 

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

Consolidated Financial Statements - IFRS December 31, 2024

Consolidated Income Statement for the Year Ended December 31, 2024
	Notes	Dec. 31, 2024			Dec. 31, 2023
Interest and similar income		182,735,474			104,028,379
Interest and similar expense		(91,751,450)			(51,142,688)
Net interest income	3	90,984,024			52,885,691
Fee and commission income		12,813,876			9,049,924
Fee and commission expense		(5,728,656)			(3,611,699)
Net fee and commission income	4	7,085,220			5,438,225
Dividend income	5	195,047			234,010
Net trading income	6	20,470,230			4,006,880
Gain on investments	20	459,337			221,810
Intangible assets		-			(51,831)
Goodwill		-			(206,287)
Administrative expenses	7	(19,952,958)			(13,299,910)
Other operating expenses	8	(23,201,267)			(6,341,869)
Impairment charges for credit losses	9	(4,523,819)			(4,270,081)
Bank's share in the loss of associates	12	(17,786)			(55,983)
Profit before income tax from continuing operations		71,498,028			38,560,655
Taxes	10	(21,878,946)			(11,942,406)
Net profit from continued operations		49,619,082			26,618,249
Discontinued Operations
Net (loss) from discontinued operations	44	-			(42,102)
Net profit for the Year		49,619,082			26,576,147
Attributable to:
Equity holders of the parent		49,558,744			26,541,824
Non-controlling interest		60,338			34,323
Net Profit for the year		49,619,082			26,576,147
Earnings per share	11
Basic attributable to equity holders of the parent		16.34			8.75
Diluted attributable to equity holders of the parent		16.14			8.64
The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2024
		Dec. 31, 2024			Dec. 31, 2023
Profit for the year		49,619,082			26,618,249
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 comprehensive income		51,159			259,291
Deferred Tax impact for investments that will not be reclassified to P&L		(157,217)			(131,008)
Transferred to RE from financial assets at fair value through comprehensive income		(370,224)			(95,308)
Comprehensive income items that is or may be reclassified to the profit or loss:
Change in fair value of Financial invesments measured at fair value through comprehensive income		8,634,672			(7,070,544)
Change in fair value from selling  FVOCI financial instruments		(459,337)			(205,344)
Cumulative foreign currencies translation differences		989,367			(32,971)
Deferred Tax impact for investments that may be reclassified to P&L		887,145			1,530,823
Effect of ECL in fair value of debt instruments measured at fair value through OCI		936,949			1,888,326
Total comprehensive income for the year		60,131,596			22,761,514
As follows:
Equity holders of the parent		60,071,258			22,727,191
Non-controlling interest		60,338			34,323
Total comprehensive income for the year		60,131,596			22,761,514

Consolidated Statement of Financial Position as at December 31, 2024
		Notes	Dec. 31, 2024		Dec. 31, 2023
	Assets
	Cash and balances at the central bank	13	136,531,020		71,887,821
	Due from banks	14	270,829,834		231,085,244
	Loans and advances to banks, net	15	9,555,410		822,448
	Loans and advances to customers, net	16	343,542,674		234,985,936
	Financial Assets at fair value through profit or loss	19	380,769		306,375
	Derivative financial instruments	17	819,711		1,105,148
	Financial Assets at fair value through OCI	19	234,694,966		233,430,236
	Financial Assets at amortized cost	19	168,118,219		38,341,019
	Right of use assets	23	1,301,850		729,823
	Investments in associates	21	98,193		115,979
	Non current assets held for sale	42	-		161
	Other assets	22	44,282,773		18,801,444
	Deferred tax assets	10.2	2,685,330		1,685,230
	Property and equipment	23	3,997,929		2,739,092
	Total assets		1,216,838,678		836,035,956
	Liabilities and equity
	Liabilities
	Due to banks	24	2,034,885		12,458,003
	Due to customers	25	972,595,958		677,237,479
	Lease liabilities	23	1,425,604		674,417
	Derivative financial instruments	17	100,571		140,934
	Non current liabilities held for sale	43	1,397		873
	Issued debt instruments	18	5,067,781		3,073,349
	Other liabilities	27	27,725,569		21,937,452
	Current Tax liability		18,327,968		9,395,534
	Other loans	26	23,962,389		12,483,907
	Provisions	28	18,623,634		11,095,996
	Total liabilities		1,069,865,756		748,497,944
	Equity
	Issued and paid in capital	29	30,431,580		30,195,010
	Reserves	30	62,899,966		28,362,690
	Reserve for employee stock ownership plan (ESOP)	30	1,868,235		1,486,010
	Retained earnings	30	51,590,097		27,334,229
	Total equity attributable to equity holders of the parent		146,789,878		87,377,939
	Non-controlling interest	38	183,044		160,073
	Total equity		146,972,922		87,538,012
	Total liabilities and equity		1,216,838,678		836,035,956
	The accompying notes from 1 to 44 form an integral part of these consolidated financial statements.

	Consolidated Statement of Changes in Shareholders' Equity
	Dec. 31, 2023	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)	Retained earnings	Reserves	Total	Non-controlling interest		Total equity
	Beginning balance	29,825,134	1,895,435	15,144,290	19,342,866	66,207,725	580,431		66,788,156
	Change in non controlling interest from acquisition of subsidiaries	-	-	-	-	-	(536,867)		(536,867)
	Net Profit for the year	-	-	26,541,824	-	26,541,824	34,323		26,576,147
	Capital increase	369,876	-	-	-	369,876	-		369,876
	Reserve for employee stock ownership plan (ESOP)	-	754,817	-	-	754,817	-		754,817
	Dividend	-	-	(2,016,159)	-	(2,016,159)	(17,108)		(2,033,267)
	Transferred to reserves	-	(1,164,242)	(12,335,726)	9,019,824	(4,480,144)	99,294		(4,380,850)
	Balance at 31 December 2023	30,195,010	1,486,010	27,334,229	28,362,690	87,377,939	160,073		87,538,012
	Dec. 31, 2024
	Beginning balance	30,195,010	1,486,010	27,334,229	28,362,690	87,377,939	160,073		87,538,012
	Net Profit for the year	-	-	49,558,744	-	49,558,744	60,338		49,619,082
	Capital increase	236,570	-	-	-	236,570	-		236,570
	Reserve for employee stock ownership plan (ESOP)	-	1,005,350	-	-	1,005,350	-		1,005,350
	Dividend	-	-	(2,379,819)	-	(2,379,819)	(37,367)		(2,417,186)
	Transferred to reserves	-	(623,125)	(22,923,057)	34,537,276	10,991,094	-		10,991,094
	Balance at 31 December 2024	30,431,580	1,868,235	51,590,097	62,899,966	146,789,878	183,044		146,972,922

Consolidated Statement of Cash Flow for the Year Ended December 31, 2024
	Notes	Dec. 31, 2024		Dec. 31, 2023
Cash flow from operating activities
Profit before income tax from continued operations		71,498,028		38,560,655
(Loss) from discontinued operations		-		(42,102)
Adjustments to reconcile profits to net cash provided by operating  activities
Fixed assets depreciation		1,414,920		788,209
Impairment charge for credit losses (Loans and advances to customers)		4,768,107		2,311,867
Other provisions release/charge		3,363,525		2,821,141
Impairment release/charge for credit losses (due from banks)		(341)		(47,234)
Impairment release/charge  for credit losses (financial investments)		(243,947)		2,005,448
Impairment release/charge for other assets		37,939		17,620
Exchange revaluation differences for financial assets at fair value through OCI and AC		(21,026,044)		(5,442,433)
Utilization of other provisions		(9,586)		(5,850)
Revaluation differences impairment charge for due from banks		2,008		-
Impairment of goodwill and intangible assets		-		258,118
Exchange revaluation differences of other provisions		4,173,699		1,213,126
Revaluation differences impairment charge for Financial Assets at Amortized cost		119,504		607
Impairment (Reversal of impairment) charges of investments in associates		-		(9,000)
Profits from selling property, plant and equipment		(2,246)		(1,663)
Profits/losses from selling financial investments at fair value through OCI		(459,337)		(205,344)
Revaluation differences impairment charge for Financial Assets at Fair value through OCI		1,329,905		1,903
Shares based payments		1,005,350		754,817
Losses (Profits) from selling investments in associates		-		(7,466)
Bank's share in the profits / losses of associates		17,786		55,983
Operating profits before changes in working capital		65,989,270		43,028,402
Net decrease (increase) in working capital
Due from banks		(111,192,809)		18,441,280
Financial assets at fair value through profit or loss		(74,394)		-
Derivative financial instruments		490,593		755,995
Loans and advances to banks and customers		(122,049,597)		(41,467,103)
Other assets		(22,078,200)		(3,968,123)
Non current assets held for sale		-		(161)
Non current liabilities held for sale		524		873
Due to banks		(10,423,118)		8,961,305
Due to customers		295,358,479		145,620,929
Current income tax obligations paid		(5,220,965)		(3,704,414)
Other liabilities		5,788,117		4,236,973
Net cash generated from operating activities		96,587,900		171,905,956
Net cash generated from (used in) operating activities
Cash flow from investing activities
Proceeds from sale of investments in associates		11,956		4,510
Payments for purchases of property, equipment and branches construction		(6,707,018)		(1,685,846)
Proceeds from selling property and equipment		2,246		1,663
Proceeds from redemption of financial assets at amortized cost		2,028,180		6,125,452
Payments for purchases of financial assets at amortized cost		(129,153,136)		(9,290,232)
Payments for purchases of financial assets at fair value through OCI		(113,445,585)		(129,073,519)
Proceeds from selling financial assets at fair value through OCI		140,381,225		102,763,650
Payment for investment in subsidiaries		-		(1,142,840)
Net cash generated from (used in) investing activities		(106,882,132)		(32,297,162)
Cash flow from financing activities
Other loans		11,478,482		4,504,932
Other loans - new loans obtained in the year		3,835,016		9,604,139
Other loans - loans repaid in the year		(243,015)		(5,334,093)
Other loans - movement in foreign exchange rate		7,886,481		234,886
Dividends paid		(2,379,819)		(2,016,159)
Issued debt instruments		1,994,432		616,742
Cash payments for lease (principle and interest)		(501,724)		(248,871)
Capital increase		236,570		369,876
Net cash generated from (used in) financing activities		10,827,941		3,226,520
Net (decrease) increase in cash and cash equivalent during the year		533,709		142,835,314
Beginning balance of cash and cash equivalent		225,941,383		83,106,069
Cash and cash equivalent at the end of the year		226,475,092		225,941,383
Cash and cash equivalent at the end of the year
Cash and balances at the central bank	13	136,531,020		71,887,821
Due from banks with maturities of 3 months or less	14	203,103,430		217,156,599
Treasury bills and other governmental notes with maturities of three months or less	19	1,618,665		1,293,148
Obligatory reserve balance with CBE	13	(114,778,023)		(64,396,185)
Total cash and cash equivalent	31	226,475,092		225,941,383

 

END