CIB 3rd Quarter Separate Condensed Results

RNS Number : 7813I

Commercial Intnl Bank (Egypt) SAE

16 December 2020

 

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

Condensed Separate Financial Statements

September 30, 2020

Condensed Separate Interim Balance Sheet as at September 30,2020 Notes Sep. 30, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances at the central bank 7 35,579,884 28,273,962 Due from banks 8 56,245,029 28,353,366 Loans and advances to banks, net 10 19,021 625,264 Loans and advances to customers, net 11 118,479,055 119,321,103 Derivative financial instruments 242,295 216,383 Investments - Financial Assets at Fair value through P&L 12 344,219 418,781 - Financial Assets at Fair value through OCI 12 119,729,609 89,897,257 - Amortized cost 12 69,732,268 107,225,613 - Investments in associates and subsidiaries 13 836,095 63,953 Other assets 9,331,455 9,747,939 Deferred tax assets (Liabilities) 413,720 350,339 Property, plant and equipment 14 2,213,488 2,202,698 Total assets 413,166,138 386,696,658 Liabilities and equity Liabilities Due to banks 15 8,811,261 11,810,607 Due to customers 16 331,210,883 304,483,655 Derivative financial instruments 304,356 282,588 Current tax liabilities 1,359,201 4,639,364 Other liabilities 6,600,480 8,396,487 Other loans 7,764,995 3,272,746 Provisions 17 2,958,720 2,011,369 Total liabilities 359,009,896 334,896,816 Equity Issued and paid up capital 14,776,813 14,690,821 Reserves 30,496,300 24,342,314 Reserve for employee stock ownership plan (ESOP) 1,410,846 963,152 Retained earnings * 7,472,283 11,803,555 Total equity 54,156,242 51,799,842 Total liabilities and equity 413,166,138 386,696,658 The accompanying notes are an integral part of these financial statements. (Review report attached) * Including net profit for the current period Hussein Abaza Sherif Samy CEO & Board member Chairman
Condensed Separate Interim Income Statement for the period ended September 30, 2020 Last 9 Months Last 9 Months Notes Sep. 30, 2020 Sep. 30, 2019 EGP Thousands EGP Thousands Interest and similar income 31,499,616 31,652,305 Interest and similar expense (12,666,727) (16,204,157) Net interest income 18,832,889 15,448,148 Fee and commission income 2,140,039 2,544,996 Fee and commission expense (803,346) (857,475) Net fee and commission income 1,336,693 1,687,521 Dividend income 88,393 22,454 Net trading income 5 226,967 561,877 Profits (Losses) on financial investments 12 885,918 263,132 Administrative expenses (4,184,345) (3,885,776) Other operating (expenses) income (2,033,630) (1,015,131) Intangible assets amortization - (97,656) Impairment release (charges) for credit losses (3,862,159) (1,207,315) Profit before income tax 11,290,726 11,777,254 Income tax expense (3,958,540) (3,283,731) Deferred tax assets (Liabilities) 63,381 47,599 Net profit for the period 7,395,567 8,541,122 Earning per share 6 Basic 4.46 5.15 Diluted 4.44 5.13 Hussein Abaza Sherif Samy CEO & Board member Chairman

Condensed Separate Interim statement of other Comprehensive Income for the period ended September 30, 2020 Last 9 Months Last 9 Months Sep. 30, 2020 Sep. 30, 2019 EGP Thousands EGP Thousands Net profit for the period 7,395,567 8,541,122 Net change in fair value of instruments measured at fair value through other comprehensive income (2,290,581) 5,271,372 Transferred from reserve for financial assets at fair value through OCI (76,717) - Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income 88,192 (71,846) Total other comprehensive income for the period 5,116,461 13,740,648

Condensed Separate Interim Cash flows for the period ended September 30, 2020 Notes Sep. 30, 2020 Sep. 30, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax   11,290,726   11,777,254 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 14   503,005   425,637 Impairment charge for credit losses (Loans and advances to customers and banks)   3,761,572   1,256,000 Other provisions charges 17   972,522   12,494 Impairment charge for credit losses (due from banks)   12,395   23,161 Impairment charge for credit losses (financial investments)   88,192   (71,846) Impairment charge for other assets   56,245   83,213 Exchange revaluation differences for financial assets at fair value through OCI   238,906   1,303,741 Intangible assets amortization   -    97,656 Impairment charge financial assets at fair value through OCI   79,126   45,664 Utilization of other provisions 17   (1,479)   (27,733) Other provisions no longer used 17   (6,022)   (96,499) Exchange differences of  other provisions 17   (17,670)   (103,531) (Profits) losses from selling property, plant and equipment   (872)   (1,439) (Profits) losses from selling financial investments 12   (979,144)   (310,329) Shares based payments   447,694   371,997 Released (Impairment) charges of investments in associates and subsidiaries   14,100   -  Operating profits before changes in operating assets and liabilities 16,459,296 14,785,440 Net decrease (increase) in assets and liabilities Due from banks   (5,824,055)   (13,052,086) Treasury bills and other governmental notes   (4,325,377)   4,974,205 Financial assets at fair value through P&L 12   74,562   2,252,280 Derivative financial instruments   (4,144)   (67,282) Loans and advances to banks and customers 10 - 11   (2,311,001)   (4,796,325) Other assets   653,639   247,536 Due to banks 15   (2,999,346)   (5,431,711) Due to customers 16   26,727,228   22,543,760 Income tax obligations paid   (4,389,254)   (3,625,579) Other liabilities   (4,645,456)   1,862,133 Net cash used in (generated from) operating activities   19,416,092   19,692,371 Cash flow from investing activities Proceeds from investments in associates.   750   -  Payments for investment in subsidiaries and associates.   (680,836)   -  Payment for purchases of property, plant, equipment and branches  constructions   (809,475)   (1,066,607) Proceeds from selling property, plant and equipment   872   1,439 Proceeds from redemption of financial assets at amortized cost   37,493,345   33,937,957 Payment for purchases of financial assets at amortized cost   -    (47,344,534) Payment for purchases of financial assets at fair value through OCI   (51,331,273)   (26,637,577) Proceeds from selling financial assets at fair value through OCI   24,096,252   5,354,858 Net cash generated from (used in) investing activities   8,769,635   (35,754,464) Cash flow from financing activities Increase (decrease) in long term loans   4,492,249   (321,235) Dividend paid   (3,370,464)   (2,700,544) Capital increase   85,992   -  Net cash generated from (used in) financing activities   1,207,777   (3,021,779) Net increase (decrease) in cash and cash equivalent during the period   29,393,504   (19,083,872) Beginning balance of cash and cash equivalent   22,895,017   34,303,645 Cash and cash equivalent at the end of the period   52,288,521   15,219,773 Cash and cash equivalent comprise: Cash and balances at the central bank 7   35,579,884   27,205,020 Due from banks   56,274,241   25,629,602 Treasury bills and other governmental  notes 9   31,967,018   44,736,504 Obligatory reserve balance with CBE 7   (29,856,359)   (20,770,245) Due from banks with maturities more than three months   (8,958,909)   (16,541,989) Treasury bills with maturity more than three months   (32,717,354)   (45,039,119) Total cash and cash equivalent   52,288,521   15,219,773
Condensed Separate Interim statement of  changes in shareholders' equity  for the period ended September 30, 2019 Sep. 30, 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   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   -    -    -    -    -    -    -    8,541,122   -    8,541,122 Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    5,271,372   -    -    -    5,271,372 Transferred (from) to  bank risk reserve   -    -    -    -    -    -    841   (841)    -    -  ECL for impairment of debt instruments investments   -    -    -    -    -    (71,846)   -    -    -    (71,846) Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    371,997   371,997 Ending balance   14,585,408   2,188,029   16,234,722   1,549,445   13,466   3,338,675   5,164   8,541,122   1,110,317   47,566,348 Condensed Separate Interim statement of  changes in shareholders' equity for the period ended September 30, 2020 Sep. 30, 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   7,840,287   -    1,440   -    -    (8,431,833)   -     -  Dividend paid   -    -    -    -    -    -    -    (3,370,464)   -    (3,370,464) Net profit for the period   -    -    -    -    -    -    -    7,395,567   -    7,395,567 Transferred from reserve for financial assets at fair value through OCI   -    -    -    -    -    (76,717)   -    76,717   -    -  Net unrealised gain/(loss) on financial assets at fair value through OCI   -    -    -    -    -    (2,290,581)   -    -    -    (2,290,581) Transferred (from) to  bank risk reserve   -    -    -    -    -    -    1,259   (1,259)   -     -  Release provision for impairment of debt instruments investments   -    -    -    -    -    88,192   -    -    -    88,192 Cost of employees stock ownership plan (ESOP)   -    -    -    -    -    -    -    -    447,694   447,694 Ending balance   14,776,813   2,778,135   24,314,716   1,549,445   14,906   1,832,675   6,423   7,472,283   1,410,846   54,156,242

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