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| Name | Symbol | Market | Type |
|---|---|---|---|
| Commercial International Bank Egypt CIB | LSE:CBKD | London | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.386 | 1.38 | 1.386 | 64,615 | 01:00:00 |
TIDMCBKD
RNS Number : 8647L
Commercial Intnl Bank (Egypt) SAE
05 May 2020
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2020
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http://www.rns-pdf.londonstockexchange.com/rns/8647L_1-2020-5-4.pdf
Consolidated balance sheet as at March 31, 2020
Notes Dec. 31,
Mar. 31, 2020 2019
EGP Thousands EGP Thousands
Assets
Cash and balances with central
bank 15 27,169,495 28,273,962
Due from banks 16 26,608,406 28,353,366
Loans and advances to banks, net 18 937,043 625,264
Loans and advances to customers,
net 19 115,422,951 119,321,103
Derivative financial instruments 20 377,344 216,383
Investments
- Financial Assets at Fair value
through P&L 21 314,665 418,781
- Financial Assets at Fair value
through OCI 21 92,478,550 89,897,257
- Amortized cost 21 106,531,563 107,225,613
- Investments in associates 22 101,742 107,693
Other assets 23 9,011,653 9,748,143
Deferred tax assets (Liabilities) 31 425,580 350,339
Property, plant and equipment 24 2,227,841 2,204,464
Total assets 381,606,833 386,742,368
Liabilities and equity
Liabilities
Due to banks 25 10,437,923 11,810,607
Due to customers 26 309,972,342 304,448,455
Derivative financial instruments 20 479,441 282,588
Current tax liabilities 1,332,487 4,639,364
Other liabilities 28 7,674,322 8,396,794
Other loans 27 3,181,170 3,272,746
Provisions 29 2,389,204 2,011,369
Total liabilities 335,466,889 334,861,923
Equity
Issued and paid up capital 30 14,690,821 14,690,821
Reserves 33 27,863,613 24,344,815
Reserve for employee stock ownership
plan (ESOP) 33 1,108,221 963,152
Retained earnings * 33 2,477,289 11,881,657
Total equity 46,139,944 51,880,445
Total liabilities and equity 381,606,833 386,742,368
The accompanying notes are an integral
part of these financial statements.
(Review report attached)
*Including net profit for the
current period
Chairman and Managing Director
Consolidated income statement for the period ended March 31, 2020
Note Mar. 31, March. 31,
2020 2019
EGP EGP
Thousands Thousands
Continued Operations
Interest and similar income 10,687,101 10,278,050
Interest and similar expense (4,491,657) (5,338,642)
Net interest income 6 6,195,444 4,939,408
Fee and commission income 805,413 855,477
Fee and commission expense (305,561) (277,625)
Net fee and commission income 7 499,852 577,852
Dividend income 8 - 121
Net trading income 9 (5,425) 249,879
Profits (Losses) on financial
investments 21 470,150 6,377
Administrative expenses 10 (1,524,860) (1,322,068)
Other operating (expenses) income 11 (747,433) (141,263)
Intangible assets amortization - (32,552)
Impairment release (charges) for
credit losses 12 (1,240,110) (520,727)
Bank's share in the profits of
associates 8,149 -
Profit before income tax 3,655,767 3,757,027
Income tax expense 13 (1,332,487) (1,090,009)
31 -
Deferred tax assets (Liabilities) 13 75,241 (25,411)
Net profit for the period 2,398,521 2,641,607
Bank shareholders 2,398,521 2,641,607
Earning per share 14
Basic 1.44 1.59
Diluted 1.43 1.58
Hisham Ezz Al-Arab
Chairman and Managing Director
Consolidated statement of other comprehensive income for the period ended March 31, 2020
Notes Dec. 31, 2019 Dec. 31, 2018
EGP Thousands EGP Thousands
Net profit for the period 2,398,521 2,641,607
Net change in fair value of debt instruments
measured at fair value
through other comprehensive income (4,865,970) 2,442,704
Net change in fair value of debt instruments
measured at fair value
through other comprehensive income
Cumulative foreign currencies translation
differences 1,499 1,180
Expected credit loss for fair value of debt
instruments measured
at fair value through other comprehensive income (47,321) (107,122)
Total other comprehensive income for the period (2,513,271) 4,978,369
Consolidated cash flow for the period ended March 31, 2020
Notes Mar. 31, 2020 Mar. 31, 2019
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued
operations 3,655,767 3,757,027
Adjustments to reconcile net profit to net cash
provided by operating
activities
Fixed assets depreciation 24 160,538 131,898
Impairment charge for credit losses (Loans and
advances to customers) 12 1,272,649 634,951
Other provisions charges 29 439,410 2,077
Impairment charge for credit losses (due from
banks) 12 14,782 (7,102)
Impairment charge for credit losses (financial
investments) 12 (47,321) (107,122)
Impairment charge for other assets 23 13,707 24,814
Exchange revaluation differences for financial
assets at fair value
through OCI 21 287,889 334,394
Intangible assets amortization - 32,552
Impairment charge financial assets at fair value
through OCI 21 - 45,664
Exchange differences in financial investments in
subsidiary 22 - 1,485
Utilization of other provisions 29 (726) 2,461
Other provisions no longer used 29 (38,630) (164,335)
Exchange differences of other provisions 29 (22,219) (37,871)
Profits from selling property, plant and
equipment 11 (94) -
(Profits) losses from selling financial
investments 21 (554,113) (52,041)
Shares based payments 145,069 124,000
Bank's share in the profits of associates 5,951 -
Released (Impairment) charges of equity
instruments 69,863 -
Operating profits before changes in operating
assets and liabilities 5,402,522 4,722,852
Net decrease (increase) in assets and liabilities
Due from banks 15 211,025 (17,549,341)
Treasury bills and other governmental notes - 15,781,350
Financial assets at fair value through P&L 21 104,116 2,180,287
Derivative financial instruments 20 35,892 (47,159)
18 -
Loans and advances to banks and customers 19 2,421,201 (6,035,057)
Other assets 40 857,769 (587,120)
Due to banks 25 (1,372,684) (3,921,303)
Due to customers 26 5,523,887 8,052,189
Income tax obligations paid (4,639,364) (3,762,070)
Other liabilities 28 (722,192) 3,487,750
Net cash provided from operating activities 7,822,172 2,322,378
Cash flow from investing activities
Payment for purchases of property, plant,
equipment and branches
constructions (320,835) (483,048)
Proceeds from selling property, plant and
equipment 11 94 -
Proceeds from redemption of financial assets at
amortized cost 21 45,639,889 33,452,378
Payment for purchases of financial assets at
amortized cost 21 (44,945,839) (32,834,360)
Payment for purchases of financial assets at fair
value through OCI 21 (62,050,349) (4,493,603)
Proceeds from selling financial assets at fair
value through OCI 54,866,521 4,617,766
Net cash used in investing activities (6,810,519) 259,133
Cash flow from financing activities
Increase (decrease) in long term loans 27 (91,576) (114,541)
Dividend paid (3,370,464) (2,700,544)
Net cash used in (provided from) financing
activities (3,462,040) (2,815,085)
Net increase (decrease) in cash and cash
equivalent during the year (2,450,387) (233,574)
Beginning balance of cash and cash equivalent 22,895,017 34,303,645
Cash and cash equivalent at the end of the year 20,444,630 34,070,071
Cash and cash equivalent comprise:
Cash and balances with central bank 15 27,169,495 24,741,584
Due from banks 16 26,640,005 51,538,237
Treasury bills and other governmental notes 17 29,091,960 33,831,714
Obligatory reserve balance with CBE 15 (22,186,285) (17,837,693)
Due from banks with maturities more than three
months (10,415,104) (23,971,797)
Treasury bills with maturity more than three
months (29,855,441) (34,231,974)
Total cash and cash equivalent 20,444,630 34,070,071
Consolidated statement of changes in shareholders' equity for the period ended March 31, 2019
Mar. 31, Issued Legal General General Capital Reserve Banking Retained Reserve Cumulative Total Minority Total
2019 and paid reserve reserve risk reserve for risks earnings for foreign Shareholders Interest
up capital reserve financial reserve employee currencies Equity
assets stock translation
at fair ownership differences
value plan
through
OCI
EGP
Thousands
Beginning
balance 11,668,326 1,710,293 12,776,215 1,549,445 12,421 (1,860,851) 4,323 9,637,083 738,320 - 36,235,575 - 36,235,575
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) - (2,700,544)
Net profit
of the
period - - - - - - - 2,641,607 - - 2,641,607 - 2,641,607
Net
unrealised
gain/(loss)
on
financial
assets at
fair
value
through
OCI - - - - - 2,442,704 - - - - 2,442,704 - 2,442,704
Transferred
(from) to
bank
risk
reserve - - - - - - 841 (841) - - - - -
ECL for
impairment
of debt
instruments
investments - - - - - (107,122) - - - - (107,122) - (107,122)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - 124,000 - 124,000 - 124,000
Cumulative
foreign
currencies
translation
differences - - - - - - - - - 1,180 1,180 - 1,180
Balance at
the end of
the period 14,585,408 2,188,029 16,234,722 1,549,445 13,466 474,731 5,164 2,722,935 862,320 1,180 38,637,400 - 38,637,400
Consolidated statement of changes in shareholders' equity for the period ended December 31, 2019
Mar. 31, Issued Legal General General Capital Reserve Banking Retained Reserve Cumulative Total Minority Total
2020 and paid reserve reserve risk reserve for risks earnings for foreign Shareholders Interest
up capital reserve financial reserve employee currencies Equity
assets stock translation
at fair ownership differences
value plan
through
OCI
EGP
Thousands
Beginning
balance 14,690,821 2,188,029 16,474,429 1,549,445 13,466 4,111,781 5,164 11,881,657 963,152 2,501 51,880,445 - 51,880,445
Capital
increase - - - - - - - - - - - - -
Transferred
to reserves - 590,106 7,840,286 - 1,440 - - (8,431,832) - - - - -
Dividend
paid - - - - - - - (3,370,464) - - (3,370,464) - (3,370,464)
Net profit
of the
period - - - - - - - 2,398,521 - - 2,398,521 - 2,398,521
Net
unrealised
gain/(loss)
on
financial
assets at
fair
value
through
OCI - - - - - (4,865,970) - - - - (4,865,970) - (4,865,970)
Transferred
(from) to
bank
risk
reserve - - - - - - 1,259 (1,259) - - - - -
Release
provision
for
impairment
of debt
instruments
investments - - - - - (47,321) - - - - (47,321) - (47,321)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - 145,069 - 145,069 - 145,069
Cumulative
foreign
currencies
translation
differences - - - - - - - 666 - (1,002) (336) - (336)
Balance at
the end of
the period 14,690,821 2,778,135 24,314,715 1,549,445 14,906 (801,510) 6,423 2,477,289 1,108,221 1,499 46,139,944 - 46,139,944
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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