CIB H1-2024 Consolidated Financial Statements
![](https://tracker.live.rns-distribution.com/track.live-rns/5274483_d9353a075fe0b610698e373da828b7e4.png)
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Condensed Consolidated Interim Statement of Financial Position as at June 30, 2024 |
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| Notes | Jun. 30, 2024 |
| Dec. 31, 2023 |
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Assets |
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Cash and balances at the central bank | 9 | 43,581,935 |
| 71,887,821 |
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Due from banks | 10 | 306,025,890 |
| 231,085,244 |
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Loans and advances to banks, net | 12 | 1,483,003 |
| 822,448 |
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Loans and advances to customers, net | 13 | 286,164,729 |
| 234,985,936 |
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Derivative financial instruments | 1,323,696 |
| 1,105,148 |
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Financial investments |
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- Financial Assets at Fair Value through P&L | 14 | 172,728 |
| - |
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- Financial Assets at Fair Value through OCI | 14 | 265,421,400 |
| 233,125,234 |
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- Financial Assets at Amortized cost | 14 | 109,391,193 |
| 38,341,019 |
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- Investments in associates | 15 | 112,517 |
| 115,979 |
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Non current assets held for sale | 30.1 | 248 |
| 161 |
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Other assets | 16 | 38,499,607 |
| 18,972,786 |
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Deferred tax assets | 2,085,201 |
| 1,685,231 |
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Property and equipment | 17 | 2,905,780 |
| 2,739,092 |
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Total assets |
| 1,057,167,927 |
| 834,866,099 |
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Liabilities and equity |
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Liabilities |
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Due to banks | 18 | 3,971,737 |
| 12,458,003 |
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Due to customers | 19 | 861,719,735 |
| 677,237,479 |
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Non current liabilities held for sale | 30.2 | 1,320 |
| 873 |
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Derivative financial instruments | 261,033 |
| 140,934 |
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Current income tax liabilities | 10,328,671 |
| 9,395,534 |
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Other liabilities | 20 | 22,179,161 |
| 18,339,465 |
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Issued debt instruments | 21 | 4,783,017 |
| 3,073,349 |
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Other loans | 19,558,427 |
| 12,483,907 |
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Other provisions | 22 | 14,986,345 |
| 11,095,089 |
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Total liabilities |
| 937,789,446 |
| 744,224,633 |
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Equity |
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Issued and paid up capital | 30,431,580 |
| 30,195,010 |
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Reserves | 58,674,548 |
| 28,807,042 |
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Reserve for employee stock ownership plan (ESOP) | 1,396,104 |
| 1,486,010 |
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Retained earnings * | 28,753,211 |
| 29,993,331 |
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Total equity and net profit for the period / year |
| 119,255,443 |
| 90,481,393 |
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Non Controlling Interest | 123,038 |
| 160,073 |
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Total minority interest, equity and net profit for the period / year | 119,378,481 |
| 90,641,466 |
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Total liabilities and equity |
| 1,057,167,927 |
| 834,866,099 |
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The accompanying notes are an integral part of these financial statements . |
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( Limited Review report attached ) |
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* | Including net profit for the period |
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Hussein Abaza | Hisham Ezz Al-Arab |
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| CEO & Managing Director | Chairman |
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Condensed Consolidated Interim Income Statement for the period ended June 30, 2024 |
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| Last 6 Months |
| Last 6 Months |
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Notes |
| Jun. 30, 2024 |
| Jun. 30, 2023 |
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Interest and similar income | 81,692,664 |
| 45,115,105 |
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Interest and similar expense | (40,155,413) |
| (21,221,785) |
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Net interest income |
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| 41,537,251 |
| 23,893,320 |
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Fee and commission income | 5,914,748 |
| 4,128,821 |
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Fee and commission expense | (2,505,646) |
| (1,575,094) |
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Net fee and commission income |
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| 3,409,102 |
| 2,553,727 |
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Dividend income | 46,101 |
| 77,253 |
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Net trading income | 6 | 17,390,608 |
| 2,335,117 |
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Profits (Losses) on financial investments | 14.1 | 297,208 |
| 92,572 |
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Administrative expenses | (5,799,128) |
| (4,296,917) |
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Other operating income (expenses) | 7 | (16,423,342) |
| (3,423,286) |
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Goodwill amortization | - |
| (20,629) |
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Intangible assets amortization | - |
| (5,183) |
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Impairment release (charges) for credit losses |
| (2,052,147) |
| (1,182,487) |
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Bank's share in the profits / losses of associates | (3,462) |
| (26,630) |
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Profit before income tax |
| 38,402,191 |
| 19,996,857 |
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Income tax expense | 29 | (11,498,510) |
| (5,748,429) |
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Deferred tax assets (Liabilities) | 29 |
| 643,621 |
| (142,753) |
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Net profit from continued operations |
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| 27,547,302 |
| 14,105,675 |
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Discontinued Operations |
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Net profit (loss) from discontinued operations | 30.3 | - |
| (49,612) |
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Net profit for the period |
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| 27,547,302 |
| 14,056,063 |
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Non Controlling Interest |
| 332 |
| 3,474 |
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Bank's shareholders |
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| 27,546,970 |
| 14,052,589 |
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Earnings per share | 8 |
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Basic |
| 8.08 |
| 4.16 |
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Diluted |
| 7.98 |
| 4.11 |
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Hussein Abaza |
| Hisham Ezz Al-Arab |
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CEO & Managing Director |
| Chairman |
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Condensed Consolidated Interim statement of Comprehensive Income for the period ended June 30, 2024 | |||||||||||||||||||||
| Last 6 Months | Last 6 Months | |||||||||||||||||||
| Jun. 30, 2024 |
| Jun. 30, 2023 | ||||||||||||||||||
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Net profit for the period |
| 27,547,302 |
| 14,056,063 | |||||||||||||||||
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Transferred to RE from financial assets at fair value through comprehensive income |
| - |
| (95,308) | |||||||||||||||||
Change in fair value of Financial invesments measured at fair value through comprehensive income after tax |
| 4,194,501 |
| (9,949,190) | |||||||||||||||||
Cumulative foreign currencies translation differences |
| 877,881 |
| 184,795 | |||||||||||||||||
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income |
| 751,338 |
| 205,751 | |||||||||||||||||
Total comprehensive income for the period |
| 33,371,022 |
| 4,402,111 | |||||||||||||||||
As follows: | |||||||||||||||||||||
Bank's shareholders |
| 33,370,690 |
| 4,398,637 | |||||||||||||||||
Non Controlling Interest |
| 332 |
| 3,474 | |||||||||||||||||
Total comprehensive income for the period |
| 33,371,022 |
| 4,402,111 | |||||||||||||||||
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Condensed Consolidated Interim Cash flows for the period ended June 30, 2024 |
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Notes | Jun. 30, 2024 |
| Jun. 30, 2023 |
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Cash flow from operating activities |
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Profit before income tax from continued operations | 38,402,191 |
| 19,996,857 |
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Profit (loss) from discontinued operations | - |
| (49,612) |
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Adjustments to reconcile profits to net cash provided by operating activities |
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Fixed assets depreciation | 17 | 521,764 |
| 435,552 |
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Impairment Release/charge for credit losses (Loans and advances to customers and banks) | 2,383,373 |
| 950,009 |
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Other provisions Release/charge | 22 | 197,789 |
| 1,146,383 |
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Impairment Release/charge for credit losses (due from banks) | (431) |
| 5,231 |
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Impairment Release/charge for credit losses (financial investments) | (330,795) |
| 227,247 |
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Impairment Release/charge for other assets | (7,173) |
| - |
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Exchange revaluation differences for financial assets at fair value through OCI and AC | (18,461,627) |
| (5,858,602) |
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Goodwill amortization | - |
| 20,629 |
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Intangible assets amortization | - |
| 5,183 |
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Revaluation differences Impairment charge for Financial Assets at Fair value through OCI | 1,185,435 |
| - |
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Revaluation differences Impairment charge for Financial Assets at Amortized cost | 100,975 |
| - |
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Revaluation differences Impairment charge for due from banks | 1,785 |
| - |
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Utilization of other provisions | 22 | (8,970) |
| (1,031) |
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Other provisions no longer used | 22 | (4,220) |
| - |
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Exchange Revaluation differences of other provisions | 22 | 3,706,657 |
| 1,178,333 |
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Profits/losses from selling property and equipment | 7 | (2,184) |
| (130) |
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Profits/losses from selling financial investments at fair value through OCI | 14.1 | (297,208) |
| (92,572) |
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Share based payments | 533,219 |
| 402,192 |
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Bank's share in the profits / losses of associates | 3,462 |
| 26,630 |
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Operating profits before changes in operating assets and liabilities |
| 27,924,042 |
| 18,392,299 |
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Net decrease / increase in assets and liabilities |
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Due from banks | 35,579,404 |
| 31,684,362 |
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Financial assets at fair value through P&L | (172,728) |
| - |
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Derivative financial instruments | 167,636 |
| (213,992) |
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Loans and advances to banks and customers | 12 - 13 | (54,214,511) |
| (25,279,763) |
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Other assets | (18,857,430) |
| (4,443,895) |
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Non current assets held for sale | (248) |
| (214) |
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Due to banks | 18 | (8,486,266) |
| 20,441,352 |
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Due to customers | 19 | 184,482,256 |
| 126,914,539 |
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Current income tax obligations paid | (1,169,839) |
| (795,945) |
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Non current liabilities held for sale | 1,320 |
| 933 |
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Other liabilities | (5,907,589) |
| 2,149,496 |
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Net cash generated from (used in) operating activities |
| 159,346,047 |
| 168,849,172 |
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Cash flow from investing activities |
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Proceeds from sale of investments in associates | 7,173 |
| - |
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Payment for purchases of property, equipment and branches construction | (1,358,880) |
| (727,599) |
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Proceeds from selling property and equipment | 2,184 |
| 130 |
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Proceeds from redemption of financial assets at amortized cost | 1,440,627 |
| 196,783 |
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Payment for purchases of financial assets at amortized cost | (70,069,828) |
| (9,121,279) |
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Payment for purchases of financial assets at fair value through OCI | (58,957,315) |
| (51,268,261) |
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Proceeds from selling financial assets at fair value through OCI | 46,444,442 |
| 59,321,328 |
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Payment for investment in subsidiaries | - |
| (1,008,761) |
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Net cash generated from (used in) investing activities |
| (82,491,597) |
| (2,607,659) |
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Condensed Consolidated Interim Cash flows for the period ended June 30, 2024 (Cont.) |
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Jun. 30, 2024 |
| Jun. 30, 2023 |
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Cash flow from financing activities |
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Other loans | 7,074,520 |
| 3,179,561 |
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Dividends paid | (5,116,159) |
| (3,594,747) |
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Issued debt instruments | 1,709,668 |
| 614,030 |
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Capital increase | 236,570 |
| 369,876 |
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Net cash generated from (used in) financing activities |
| 3,904,599 |
| 568,720 |
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Net (decrease) increase in cash and cash equivalent during the period | 80,759,049 |
| 166,810,233 |
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Beginning balance of cash and cash equivalent | 234,317,913 |
| 92,969,526 |
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Cash and cash equivalent at the end of the period |
| 315,076,962 |
| 259,779,759 |
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Cash and cash equivalent comprise: |
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Cash and balances at the central bank | 9 | 43,581,935 |
| 33,569,139 |
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Due from banks | 306,029,402 |
| 282,285,952 |
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Treasury bills and other governmental notes | 11 | 118,676,181 |
| 71,798,021 |
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Obligatory reserve balance with CBE | (25,444,215) |
| (25,697,561) |
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Due from banks with maturity more than three months | (10,029,823) |
| (30,318,097) |
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Treasury bills and other governmental notes with maturity more than three months | (117,736,518) |
| (71,857,695) |
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Total cash and cash equivalent |
| 315,076,962 |
| 259,779,759 |
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Condensed Consolidated Interim statement of changes in shareholders' equity |
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Jun. 30, 2023 | 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 | |
Beginning balance | 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 | |
Capital increase | 369,876 | - | - | - | - | - | - | - | - | - | - | 369,876 | - | 369,876 | |
Reserve for transactions under common control | - | - | - | - | (679,155) | - | - | - | - | - | - | (679,155) | - | (679,155) | |
Transferred to reserves | - | 806,408 | 12,743,849 | - | - | 2,208 | - | - | (12,388,223) | (1,164,242) | - | - | - | - | |
Dividends paid | - | - | - | - | - | - | - | - | 14,052,589 | - | - | 14,052,589 | 3,474 | 14,056,063 | |
Net profit for the period | - | - | - | - | - | - | - | - | (3,738,888) | - | - | (3,738,888) | (17,108) | (3,755,996) | |
Change in non controlling interest from acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | (536,867) | (536,867) | |
Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | - | (95,308) | - | 95,308 | - | - | - | - | - | |
Net unrealized gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | - | (9,949,190) | - | - | - | - | (9,949,190) | - | (9,949,190) | |
Transferred (from) to banking risk reserve | - | - | - | - | - | - | - | 3,249 | (3,249) | - | - | - | - | - | |
Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | - | 205,751 | - | - | - | - | 205,751 | - | 205,751 | |
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 402,192 | - | 402,192 | - | 402,192 | |
Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | 85,603 | 85,603 | 99,192 | 184,795 | |
Ending balance | 30,195,010 | 4,770,354 | 39,840,707 | 1,550,906 | (670,972) | 21,155 | (23,027,565) | 15,230 | 14,411,378 | 1,133,385 | 266,927 | 68,506,515 | 129,122 | 68,635,637 | |
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| Jun. 30, 2024 | 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 |
Beginning balance | 30,195,010 | 4,770,354 | 39,840,707 | 1,550,906 | (670,972) | 21,155 | (16,868,691) | 15,230 | 29,993,331 | 1,486,010 | 148,353 | 90,481,393 | 160,073 | 90,641,466 | |
| Capital increase | 236,570 | - | - | - | - | - | - | - | - | - | - | 236,570 | - | 236,570 |
| Transferred to reserves | - | 1,438,320 | 22,582,085 | - | - | 1,663 | - | - | (23,398,943) | (623,125) | - | - | - | - |
| Dividends paid | - | - | - | - | - | - | - | - | (5,366,429) | - | - | (5,366,429) | (37,367) | (5,403,796) |
| Net profit for the period | - | - | - | - | - | - | - | - | 27,546,970 | - | - | 27,546,970 | 332 | 27,547,302 |
| Transferred to RE from financial assets at fair value through OCI | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Change in non controlling interest from acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Transferred from RE to banking risk reserve | - | - | - | - | - | - | - | 19,024 | (19,024) | - | - | - | - | - |
| Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | - | 4,194,501 | - | - | - | - | 4,194,501 | - | 4,194,501 |
| Transferred (from) to banking risk reserve | - | - | - | - | - | - | - | 2,694 | (2,694) | - | - | - | - | - |
| Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | - | 751,338 | - | - | - | - | 751,338 | - | 751,338 |
| Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 533,219 | - | 533,219 | - | 533,219 |
| Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | 877,881 | 877,881 | - | 877,881 |
| Ending balance | 30,431,580 | 6,208,674 | 62,422,792 | 1,550,906 | (670,972) | 22,818 | (11,922,852) | 36,948 | 28,753,211 | 1,396,104 | 1,026,234 | 119,255,443 | 123,038 | 119,378,481 |
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