CIB FY2020 Annual Financial Report

Apr 29 2021 11:09 BSTSource: RNS

RNS Number : 0559X

Commercial Intnl Bank (Egypt) SAE

29 April 2021

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

Consolidated Income Statement for the Year Ended December 31, 2020

	Notes	Dec. 31, 2020	Dec. 31, 2019
		EGP Thousands	EGP Thousands

Interest and similar income		42,196,235	42,600,957
Interest and similar expense		(17,107,598)	(21,054,078)
Net interest income	3	25,088,637	21,546,879

Fee and commission income		3,059,264	3,451,688
Fee and commission expense		(983,450)	(1,170,893)
Net fee and commission income	4	2,075,814	2,280,795

Dividend income	5	50,175	53,423
Net trading income	6	483,006	688,059
Profits (Losses) on financial investments	20	1,001,958	450,697
Administrative expenses	7	(6,877,303)	(6,468,560)
Other operating expenses	8	(2,500,823)	(1,698,547)
Impairment release (charges) for credit losses	9	(5,018,781)	(1,435,460)
Intangible Assets Impairment		-	(651,041)
Profits from subsidiaries acquisition	38	8,086	-
Bank's share in the profits of associates	12	22,426	1,135
Profit before income tax from continuing operations		14,333,195	14,767,380

Current income tax expense		(5,087,418)	(4,639,364)
Deferred income tax	10.2	87,433	(94,522)
Net profit from continuing operations		9,333,210	10,033,494

Net profit for the year		9,333,210	10,033,494

Attributable to:
Equity holders of the parent		9,335,044	10,033,494
Non-controlling interest		(1,834)	-
Net Profit for the year		9,333,210	10,033,494



Earning per share	11
Basic attributable to equity holders of the parent		6.36	6.84
Diluted attributable to equity holders of the parent		6.33	6.81


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




Hussein Abaza		Sherif Samy
CEO & Board member		Chairman

Consolidated Statement of Comprehensive Income for the Year Ended December 31, 2020

	Dec. 31, 2020	Dec. 31, 2019
	EGP Thousands	EGP Thousands
Profit for the year	9,333,210	10,033,494
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on FVOCI	(295,452)	5,975,133
Total other comprehensive income for the year	9,037,758	16,008,627

Attributable to:
Equity holders of the parent	9,039,592	16,008,627
Non-controlling interest	(1,834)	-

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

Consolidated Statement of Financial Position as at December 31, 2020


	Notes	Dec. 31, 2020	Dec. 31, 2019
	Notes	EGP Thousands	EGP Thousands
Assets
Cash and balances at the central bank	13	33,768,549	28,273,962
Due from banks	14	87,426,301	28,353,366
Loans and advances to banks, net	15	776,980	625,264
Loans and advances to customers, net	16	119,570,005	119,321,103
Financial Assets at Fair value through P&L	19	552,288	545,545
Derivative financial instruments	17	248,759	216,383
Financial Assets at Fair value through OCI	19	156,157,553	92,940,479
Financial Assets at Amortized cost	19	25,285,225	107,225,613
Right of use	23	814,587	339,501
Investments in associates	21	139,871	107,693
Other assets	22	9,175,525	9,748,143
Intangible assets	38	51,831	-
Goodwill	38	206,287	-
Deferred tax assets	10.2	437,772	350,339
Property and equipment	23	2,311,147	2,204,464
Total assets		436,922,680	390,251,855
Liabilities and equity
Liabilities
Due to banks	24	8,817,535	11,810,607
Due to customers	25	341,169,450	304,448,455
Lease Liability	23	905,861	337,531
Derivative financial instruments	17	331,073	282,588
Other liabilities	27	15,070,029	12,923,926
Current Tax Liability		859,582	4,639,364
Other loans	26	7,746,946	3,272,746
Provisions	28	3,224,180	2,011,369
Total liabilities		378,124,656	339,726,586
Equity
Issued and paid in capital	29	14,776,813	14,690,821
Reserves	30	32,939,079	23,180,850
Reserve for employee stock ownership plan (ESOP)	30	1,064,648	963,152
Retained earnings	30	9,534,429	11,690,446
Total equity attributable to equity holders of the parent		58,314,969	50,525,269
Non-controlling interest	39	483,055	-
Total equity		58,798,024	50,525,269
Total liabilities and equity		436,922,680	390,251,855


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



Hussein Abaza		Sherif Samy
CEO & Board member		Chairman

Consolidated Statement of Changes in Shareholders' Equity

Dec. 31, 2019	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 2019	11,668,326	897,680	9,444,663	12,635,473	34,646,142	-	34,646,142
Total comprehensive income	-	-	10,033,494	-	10,033,494	-	10,033,494
Capital increase	3,022,495	-	-	-	3,022,495	-	3,022,495
Reserve for employee stock ownership plan (ESOP)	-	464,539	-	-	464,539	-	464,539
Dividend	-	-	(2,700,544)	-	(2,700,544)	-	(2,700,544)
Transferred to reserves	-	(399,067)	(5,087,167)	10,545,377	5,059,143	-	5,059,143
Balance at 31 December 2019	14,690,821	963,152	11,690,446	23,180,850	50,525,269	-	50,525,269
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
Minority Interest share	-	-	-	-	-	485,779	485,779
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)
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

Consolidated Statement of Cash Flow for the Year Ended December 31, 2020

	Notes	Dec. 31, 2020	Dec. 31, 2019
	Notes	EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		14,333,195	14,767,380
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation		924,667	587,662
Impairment charge for credit losses (Loans and advances to customers)		4,806,518	1,610,878
Other provisions charges		1,235,659	461,869
Impairment charge for other assets		69,217	(93,313)
Impairment charge for credit losses (due from banks)		7,081	9,503
Exchange revaluation differences for financial assets at fair value through OCI		249,642	1,593,030
Impairment charge for credit losses (financial investments)		205,182	(184,921)
Utilization of other provisions		(2,382)	(28,135)
Other provisions no longer used		(13,273)	(6,910)
Impairment of intangible assets		-	651,041
Exchange differences of other provisions		(7,193)	(110,062)
Released (Impairment) charges of investments in associates and subsidiaries		16,511	-
Profits from selling property, plant and equipment		(1,094)	(1,439)
(Profits) losses from selling financial investments		(1,018,469)	(497,894)
Shares based payments		552,438	464,539
Bank's share in the profits of associates		(22,426)	(1,135)
Operating profits before changes in working capital		21,335,273	19,222,093

Net decrease (increase) in working capital
Due from banks		(10,899,927)	(8,870,547)
Financial assets at fair value through P&L		58,822	2,318,924
Derivative financial instruments		16,109	(2,910)
Loans and advances to banks and customers		(5,020,609)	(14,533,328)
Other assets		568,988	163,933
Due to banks		(2,993,072)	4,550,788
Due to customers		36,720,995	19,151,586
Income tax obligations paid		(3,779,782)	(3,625,579)
Other liabilities		2,146,103	1,895,241
Net cash generated from operating activities		38,152,900	20,270,201

Cash flow from investing activities

Proceeds from Investments in associates.		750	-
Payment for purchases of property, plant, equipment and branches constructions		(1,091,829)	(1,303,181)
Proceeds from selling property, plant and equipment		1,094	1,439
Proceeds from redemption of financial assets at amortized cost		82,309,481	43,937,957
Payment for purchases of financial assets at amortized cost		(233,765)	(76,516,842)
Payment for purchases of financial assets at fair value through OCI		(117,787,925)	(50,954,311)
Proceeds from selling financial assets at fair value through OCI		54,137,187	54,855,966
Proceeds from selling property and equipment		194,722	-
Net cash generated from (used in) investing activities		17,529,715	(29,978,972)


Consolidated Statement of 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		4,474,200	(448,783)
Dividend paid		(2,013,318)	(2,700,544)
Transferred from previous years' outstanding balances		85,992	105,413
Cash payments for lease (principle and interest)		(242,173)	-
Net cash generated from (used in) financing activities		2,304,701	(3,043,914)


Net increase (decrease) in cash and cash equivalent during the year		57,987,316	(12,752,685)
Beginning balance of cash and cash equivalent		8,362,969	21,115,654
Cash and cash equivalent at the end of the year		66,350,285	8,362,969

Cash and cash equivalent comprise:
Cash and balances at the central bank	13	33,768,549	28,273,962
Due from banks	14	87,450,490	28,370,183
Treasury bills and other governmental notes	19	40,256,277	27,634,062
Obligatory reserve balance with CBE	13	(27,744,700)	(22,397,310)
Due from banks with maturities more than three months		(27,179,042)	(25,125,951)
Treasury bills with maturity more than three months		(40,201,289)	(28,391,977)
Total cash and cash equivalent	31	66,350,285	8,362,969

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