Regulatory News

04 Nov, 2024 07:00 04 Nov, 2024 07:02

CIB-Separate Financial Statements 3Q.2024

RNS Number : 7504K

Commercial Intnl Bank (Egypt) SAE

03 November 2024

Condensed Separate Interim Statement of Financial Position as at September 30, 2024

Notes

Sep. 30, 2024

Dec. 31, 2023

Assets

Cash and balances at the central bank

94,285,689

71,747,343

Due from banks

304,041,116

230,709,419

Loans and advances to banks, net

3,323,215

822,448

Loans and advances to customers, net

301,909,242

233,824,745

Derivative financial instruments

1,769,619

1,101,896

Financial investments

- Financial Assets at Fair Value through P&L

2,066,889

- Financial Assets at Fair Value through OCI

222,440,208

232,290,598

- Financial Assets at Amortized cost

144,700,921

37,847,114

- Investments in subsidiaries and associates

871,525

671,525

Non current assets held for sale

159,828

Other assets

34,217,526

18,929,067

Deferred tax assets

1,870,814

1,685,223

Property and equipment

2,999,072

2,737,936

Total assets

1,114,655,664

832,527,142

Liabilities and equity

Liabilities

Due to banks

3,820,953

12,427,384

Due to customers

896,692,273

675,310,076

Derivative financial instruments

138,896

140,934

Current income tax liabilities

14,269,506

9,395,534

Other liabilities

21,685,718

18,307,580

Issued debt instruments

4,811,742

3,073,349

Other loans

20,324,693

12,483,907

Other provisions

15,471,381

11,088,372

Total liabilities

977,215,162

742,227,136

Equity

Issued and paid up capital

30,431,580

30,195,010

Reserves

61,951,798

29,388,626

Reserve for employee stock ownership plan (ESOP)

1,667,230

1,486,010

Retained earnings *

43,389,894

29,230,360

Total equity and net profit for the period / year

137,440,502

90,300,006

Total liabilities and equity

1,114,655,664

832,527,142

The accompanying notes are an integral part of these financial statements.

( Limited Review report attached )

Including net profit for the period

Condensed Separate Interim Income Statement for the period ended September 30, 2024
		Last 9 Months	Last 9 Months
	Notes	Sep. 30, 2024	Sep. 30, 2023


Interest and similar income		130,537,149	72,741,395
Interest and similar expense		(65,010,779)	(35,154,201)
Net interest income		65,526,370	37,587,194

Fee and commission income		9,257,495	6,540,630
Fee and commission expense		(4,048,928)	(2,590,207)
Net fee and commission income		5,208,567	3,950,423

Dividend income		100,858	100,244
Net trading income	6	18,177,630	3,146,544
Profits (Losses) on financial investments	14.1	377,992	(1,256,233)
Administrative expenses		(8,795,429)	(6,304,022)
Other operating income (expenses)	7	(17,980,232)	(5,293,795)
Impairment release (charges) for credit losses		(3,741,208)	(1,248,897)
Profit before income tax		58,874,548	30,681,458

Income tax expense	26	(16,964,163)	(9,540,541)
Deferred tax assets (Liabilities)	26	646,991	591,159
Net profit for the period		42,557,376	21,732,076

Earnings per share	8
Basic		12.42	6.41
Diluted		12.26	6.33



Islam Zekry			Hisham Ezz Al-Arab
Group CFO			Chairman





Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2024
				Last 9 Months	Last 9 Months
				Sep. 30, 2024	Sep. 30, 2023


Net profit for the period				42,557,376	21,732,076

Change in fair value of Financial invesments measured at fair value through comprehensive income after tax				8,284,110	(9,611,703)
Transferred to RE from financial assets at fair value through comprehensive income				(370,224)	(95,308)
Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income				624,524	197,888
Total comprehensive income for the period				51,095,786	12,222,953


Condensed Separate Interim Cash Flows for the period ended September 30, 2024

		Notes	Sep. 30, 2024	Sep. 30, 2023

	Cash flow from operating activities
	Profit before income tax		58,874,548	30,681,458
	Adjustments to reconcile profits to net cash provided by operating activities
	Fixed assets depreciation	17	763,079	636,285
	Impairment Release/charge for credit losses (Loans and advances to customers and banks)		4,226,051	1,088,174
	Other provisions Release/charge	22	429,182	2,350,347
	Impairment Release/charge for credit losses (due from banks)		(5)	(49,019)
	Impairment Release/charge for credit losses (financial investments)		(484,838)	209,742
	Impairment Release/charge for other assets		(11,956)	14,347
	Exchange revaluation differences for financial assets at fair value through OCI and AC		(18,536,183)	(5,409,592)
	Revaluation differences Impairment charge for Financial Assets at Fair value through OCI		1,199,896	-
	Revaluation differences Impairment charge for Financial Assets at Amortized cost		107,207	-
	Revaluation differences Impairment charge for due from banks		107	-
	Utilization of other provisions	22	(9,196)	(1,608)
	Exchange revaluation differences of other provisions	22	3,963,023	1,096,665
	Profits/losses from selling property and equipment		(2,254)	(194)
	Profits/losses from selling financial investments at fair value through OCI	14.1	(377,992)	(149,012)
	Losses (Profits) from selling investments in associates	14.1	-	(7,466)
	Share based payments		804,345	608,250
	Impairment Release/charges of investments in associates and subsidiaries	14.1	-	1,412,711
	Operating profits before changes in operating assets and liabilities		50,945,014	32,481,088

	Net decrease / increase in assets and liabilities
	Due from banks		(24,748,544)	5,142,259
	Financial assets at fair value through P&L		(2,066,889)	-
	Derivative financial instruments		(229,127)	172,635
	Loans and advances to banks and customers	12-13	(74,803,105)	(27,805,660)
	Other assets		(14,036,648)	(2,507,984)
	Due to banks	18	(8,606,431)	15,554,567
	Due to customers	19	221,382,197	135,770,021
	Current income tax obligations paid		(2,694,657)	(2,547,087)
	Other liabilities		(6,305,033)	874,366
	Net cash generated from (used in) operating activities		138,836,777	157,134,205

	Cash flow from investing activities
	Proceeds from sale of investments in associates		11,956	2,119
	Payments for investment in subsidiaries		(200,000)	(1,216,022)
	Payments for purchases of property, equipment and branches construction		(2,284,236)	(1,162,819)
	Proceeds from selling property and equipment		2,254	194
	Proceeds from redemption of financial assets at amortized cost		1,093,724	5,278,030
	Payments for purchases of financial assets at amortized cost		(105,723,312)	(9,178,811)
	Payments for purchases of financial assets at fair value through OCI		(21,646,713)	(65,109,765)
	Proceeds from selling financial assets at fair value through OCI		67,015,091	76,347,190
	Net cash generated from (used in) investing activities		(61,731,236)	4,960,116

Condensed Separate Interim Cash Flows for the period ended September 30, 2024 (Cont.)

			Sep. 30, 2024	Sep. 30, 2023

	Cash flow from financing activities
	Other loans		7,840,786	2,408,739
	Dividends paid		(5,078,792)	(3,738,888)
	Issued debt instruments		1,738,393	615,227
	Capital increase		236,570	369,876
	Net cash generated from (used in) financing activities		4,736,957	(345,046)

	Net (decrease) increase in cash and cash equivalent during the period		81,842,498	161,749,275
	Beginning balance of cash and cash equivalent		233,912,193	92,895,143
	Cash and cash equivalent at the end of the period		315,754,691	254,644,418

	Cash and cash equivalent comprise:
	Cash and balances at the central bank	9	94,285,689	59,818,535
	Due from banks		304,041,410	276,244,266
	Treasury bills and other governmental notes	11	82,174,775	71,507,826
	Obligatory reserve balance with CBE		(76,128,521)	(52,853,882)
	Due from banks with maturity more than three months		(17,846,556)	(29,659,932)
	Treasury bills and other governmental notes with maturity more than three months		(70,772,106)	(70,412,395)
	Total cash and cash equivalent		315,754,691	254,644,418

Condensed Separate Interim statement of changes in shareholders' equity
	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
Sep. 30, 2023
Beginning Balance at 1 January 2023	29,825,134	3,963,946	27,096,858	1,549,445	18,947	(13,138,461)	11,981	16,497,346	1,895,435	67,720,631
Capital increase	369,876	-	-	-	-	-	-	-	-	369,876
Transferred to reserves	-	806,408	12,743,849	-	2,208	-	-	(12,388,223)	(1,164,242)	-
Dividend paid	-	-	-	-	-	-	-	(3,738,888)	-	(3,738,888)
Net profit for the period	-	-	-	-	-	-	-	21,732,076	-	21,732,076
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(95,308)	-	95,308	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	(9,611,703)	-	-	-	(9,611,703)
Transferred (from) to bank risk reserve	-	-	-	-	-	-	3,249	(3,249)	-	-
Effect of ECL in fair value of debt instruments measured at fair value through OCI	-	-	-	-	-	197,888	-	-	-	197,888
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	608,250	608,250
Balance at 30 September 2023	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(22,647,584)	15,230	22,194,370	1,339,443	77,278,130

Sep. 30, 2024
Beginning Balance at 1 January 2024	30,195,010	4,770,354	39,840,707	1,549,445	21,155	(16,808,265)	15,230	29,230,360	1,486,010	90,300,006
Capital increase	236,570	-	-	-	-	-	-	-	-	236,570
Transferred to reserves	-	1,438,320	22,582,085	-	1,663	-	-	(23,398,943)	(623,125)	-
Dividend paid	-	-	-	-	-	-	-	(5,366,429)	-	(5,366,429)
Net profit for the period	-	-	-	-	-	-	-	42,557,376	-	42,557,376
Transferred to RE from financial assets at fair value through OCI	-	-	-	-	-	(370,224)	-	370,224	-	-
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax	-	-	-	-	-	8,284,110	-	-	-	8,284,110
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	-	-	-	-	-	624,524	-	-	-	624,524
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	804,345	804,345
Balance at 30 September 2024	30,431,580	6,208,674	62,422,792	1,549,445	22,818	(8,269,855)	17,924	43,389,894	1,667,230	137,440,502

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