CIB Q4-2022 Consolidated Financial Statements

Feb 13 2023 07:00 GMTSource: RNS

RNS Number : 6492P

Commercial Intnl Bank (Egypt) SAE

13 February 2023

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements December 31, 2022

Consolidated Statement of Financial Position as at December 31, 2022
		Notes	Dec. 31, 2022			Dec. 31, 2021
			EGP Thousands			EGP Thousands
	Assets
	Cash and balances at the central bank	15	47,492,549			43,492,248
	Due from banks	16	133,856,720			80,141,769
	Loans and advances to banks, net	18	2,978,197			312,216
	Loans and advances to customers, net	19	193,599,872			145,575,243
	Derivative financial instruments	20	1,939,961			225,376
	Investments
	- Financial Assets at Fair Value through P&L	21	-			240,987
	- Financial Assets at Fair Value through OCI	21	204,020,733			193,198,894
	- Financial Assets at Amortized cost	21	34,524,760			20,547,465
	- Investments in associates	22	186,062			205,315
	Other assets	23	14,521,427			11,207,128
	Goodwill	43	96,268			137,525
	Intangible assets	44	24,188			34,554
	Deferred tax assets (Liabilities)	32	185,746			456,002
	Property and equipment	24	2,405,434			2,461,116
	Total assets		635,831,917			498,235,838
	Liabilities and equity
	Liabilities
	Due to banks	25	3,496,698			866,056
	Due to customers	26	531,616,550			407,241,538
	Derivative financial instruments	20	219,752			265,470
	Current income tax liabilities		3,051,583			2,234,985
	Other liabilities	29	11,606,912			8,085,545
	Issued debt instruments	27	2,456,607			1,557,263
	Other loans	28	7,978,975			5,140,782
	Other Provisions	30	7,066,672			3,541,462
	Total liabilities		567,493,749			428,933,101
	Equity
	Issued and paid up capital	31	29,825,134			19,702,418
	Reserves	34	19,643,327			33,774,990
	Reserve for employee stock ownership plan (ESOP)	34	1,895,435			1,674,392
	Retained earnings *	34	16,393,841			13,696,402
	Total equity and net profit for the year		67,757,737			68,848,202
	Non Controlling Interest			580,431			454,535
	Total minority interest, equity and net profit for the year		68,338,168			69,302,737
	Total liabilities and equity		635,831,917			498,235,838

	The accompanying notes are an integral part of these financial statements .
	(Audit report attached)
*	Including net profit for the current period




	Hussein Abaza			Sherif Samy
	CEO & Managing Director				Chairman

Consolidated Income Statement for the Year Ended December 31, 2022

Notes

Dec. 31, 2022

Dec. 31, 2021

EGP Thousands

Interest and similar income

55,723,701

45,078,169

Interest and similar expense

(24,718,803)

(20,112,378)

Net interest income

31,004,898

24,965,791

Fee and commission income

5,555,082

4,045,573

Fee and commission expense

(2,476,945)

(1,655,096)

Net fee and commission income

3,078,137

2,390,477

Dividends income

52,411

59,725

Net trading income

2,749,657

708,297

Profits (Losses) on financial investments

1,162,195

594,863

Administrative expenses

(7,371,629)

(6,182,730)

Other operating (expenses) income

(5,080,138)

(1,986,692)

Goodwill amortization

(41,257)

Intangible assets amortization

(10,366)

Impairment release (charges) for credit losses

(1,584,942)

(1,679,747)

Bank's share in the profits / losses of associates

(17,680)

14,996

Profit before income tax

23,941,286

18,833,357

Income tax expense

(6,345,103)

(5,679,734)

Deferred tax assets (Liabilities)

(1,424,033)

114,135

Net profit for the year

16,172,150

13,267,758

Minority interest

57,762

(4,451)

Bank shareholders

16,114,388

13,272,209

Earning per share

Basic

4.83

4.03

Diluted

4.78

3.99

Hussein Abaza

Sherif Samy

CEO & Managing Director

Chairman

Consolidated Statement of Comprehensive Income for the Year Ended December 31 2022

Dec. 31, 2022

Dec. 31, 2021

EGP Thousands

Net profit for the year

16,172,150

13,267,758

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

171,293

(162,812)

Tax impact for investments that will not be reclassified to P&L

61,753

13,489

Transferred to RE from financial assets at fair value through comprehensive income

(3,436)

(177,488)

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 comprehensive income

(12,278,446)

(2,293,405)

Selling FVOCI financial instruments

(1,116,776)

(702,776)

Tax impact for investments that will be reclassified to P&L

(1,119,625)

82,416

Cumulative foreign currencies translation differences

181,324

(4,218)

Effect of ECL in fair value of debt instruments measured at fair value through comprehensive income

455,047

(93,566)

Total comprehensive income for the year

2,523,284

9,929,398

As follows:

Bank's shareholders

2,465,522

9,933,849

Non Controlling Interest

57,762

(4,451)

Total comprehensive income for the year

2,523,284

9,929,398

Consolidated Cash Flow for the Year Ended December 31, 2022

	Notes	Dec. 31, 2022	Dec. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax from continued operations		23,941,286	18,833,357
Adjustments to reconcile profits to net cash provided by operating activities
Fixed assets depreciation	24	885,801	885,060
Impairment charge for credit losses (Loans and advances to customers and banks)	12	1,043,776	1,756,505
Other provisions charges	30	2,133,535	381,138
Impairment charge for credit losses (due from banks)	12	8,395	16,808
Impairment (Released) charge for credit losses (financial investments)	12	524,838	(93,566)
Impairment (Released) charge for other assets		(277,766)	31,975
Exchange revaluation differences for financial assets at fair value through OCI and AC	21	(7,477,865)	17,261
Goodwill amortization	43	41,257	41,257
Intangible assets amortization	44	10,366	10,366
Utilization of other provisions	30	(3,126)	(45,483)
Other provisions no longer used	30	(172)	(2,451)
Exchange differences of other provisions	30	1,394,973	(15,243)
Losses (profits) from selling property and equipment	11	(2,208)	(2,947)
Losses (profits) from selling financial investments at fair value through OCI	21	(1,162,195)	(702,776)
Impairment (Released) charges of investments in associates	21	-	107,913
Shares based payments		723,965	609,744
Bank's share in the profits / losses of associates		17,680	(14,996)
Operating profits before changes in operating assets and liabilities		21,802,540	21,813,922

Net decrease (increase) in assets and liabilities
Due from banks	16	(25,811,654)	(17,183,300)
Financial assets at fair value through P&L	21	240,987	118,972
Derivative financial instruments	20	(1,760,303)	(42,220)
Loans and advances to banks and customers	18 - 19	(51,705,061)	(27,280,547)
Other assets	41	(2,862,478)	(2,135,921)
Due to banks	25	2,630,642	(7,951,479)
Due to customers	26	124,375,012	66,072,088
Current income tax obligations paid		(3,293,520)	(3,444,749)
Other liabilities	29	1,286,382	1,499,027
Net cash used in (generated from) operating activities		64,902,547	31,465,793

Cash flow from investing activities
Payment for purchases of associates		-	(158,360)
Payment for purchases of property, equipment and branches constructions		(1,033,499)	(981,186)
Proceeds from selling property and equipment	11	2,208	2,947
Proceeds from redemption of financial assets at amortized cost		6,738,937	4,741,459
Payment for purchases of financial assets at amortized cost		(19,978,014)	(3,844)
Payment for purchases of financial assets at fair value through OCI		(45,646,889)	(250,679,698)
Proceeds from selling financial assets at fair value through OCI		27,478,730	203,315,958
Net cash generated from (used in) investing activities		(32,438,527)	(43,762,724)






Consolidated Cash Flow for the Year Ended December 31, 2022 (Cont.)

		Dec. 31, 2022	Dec. 31, 2021
		EGP Thousands	EGP Thousands

Cash flow from financing activities
Other loans	28	2,838,193	(2,606,164)
Dividends paid		(4,420,569)	(1,384,721)
Issued debt instruments		899,344	1,557,263
Capital increase		122,716	-
Net cash generated from (used in) financing activities		(560,316)	(2,433,622)


Net (decrease) increase in cash and cash equivalent during the year		31,903,704	(14,730,553)
Beginning balance of cash and cash equivalent		61,065,822	75,796,375
Cash and cash equivalent at the end of the year		92,969,526	61,065,822

Cash and cash equivalent comprise:
Cash and balances at the central bank	15	47,492,549	43,492,248
Due from banks	16	133,906,112	80,182,766
Treasury bills and other governmental notes	17	59,146,824	41,579,504
Obligatory reserve balance with CBE	15	(40,493,607)	(38,100,936)
Due from banks with maturities more than three months		(47,286,754)	(23,801,430)
Treasury bills with maturity more than three months		(59,795,598)	(42,286,330)
Total cash and cash equivalent		92,969,526	61,065,822


Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2021
Dec. 31, 2021	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Non Controlling Interest	Total
														EGP Thousands
Beginning balance	14,776,813	2,778,135	24,765,658	1,549,445	8,183	14,906	3,975,514	6,423	10,539,715	1,064,648	(3,684)	59,475,756	483,055	59,958,811
Capital increase	4,925,605	-	(4,925,605)	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	514,939	8,420,479	1,461	-	1,094	-	-	(8,937,973)	-	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(1,360,652)	-	-	(1,360,652)	(24,069)	(1,384,721)
Net profit of the year	-	-	-	-	-	-	-	-	13,272,209	-	-	13,272,209	(4,451)	13,267,758
Transferred from reserve of financial assets at fair value through OCI	-	-	-	-	-	-	(177,488)	-	177,488	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	8,333	-	-	8,333	-	8,333
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(3,063,088)	-	-	-	-	(3,063,088)	-	(3,063,088)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,718	(2,718)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	(93,566)	-	-	-	-	(93,566)	-	(93,566)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	609,744	-	609,744	-	609,744
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	(534)	(534)	-	(534)
Balance at the end of the year	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737






Consolidated Statement of Changes in Shareholders' Equity for the Year Ended December 31, 2022

Dec. 31, 2022	Issued and paid up capital	Legal reserve	General reserve	General risk reserve	Reserve for transactions under common control	Capital reserve	Reserve for financial assets at fair value through OCI	Banking risks reserve	Retained earnings	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Non Controlling Interest	Total
														EGP Thousands
Beginning balance	19,702,418	3,293,074	28,260,532	1,550,906	8,183	16,000	641,372	9,141	13,696,402	1,674,392	(4,218)	68,848,202	454,535	69,302,737
Capital increase	10,122,716	-	(10,000,000)	-	-	-	-	-	-	-	-	122,716	-	122,716
Transferred to reserves	-	670,872	8,836,326	-	-	2,947	-	-	(9,007,223)	(502,922)	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(4,410,322)	-	-	(4,410,322)	(10,247)	(4,420,569)
Net profit of the year	-	-	-	-	-	-	-	-	16,114,388	-	-	16,114,388	57,762	16,172,150
Transferred to RE from financial assets at fair value through comprehensive income	-	-	-	-	-	-	(3,436)	-	3,436	-	-	-	-	-
Transferred from previous years' outstanding balances	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	-	(14,281,801)	-	-	-	-	(14,281,801)	-	(14,281,801)
Transferred (from) to banking risk reserve	-	-	-	-	-	-	-	2,840	(2,840)	-	-	-	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	-	455,047	-	-	-	-	455,047	-	455,047
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	-	723,965	-	723,965	-	723,965
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	-	185,542	185,542	78,381	263,923
Balance at the end of the year	29,825,134	3,963,946	27,096,858	1,550,906	8,183	18,947	(13,188,818)	11,981	16,393,841	1,895,435	181,324	67,757,737	580,431	68,338,168

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