TIDMCBKD
RNS Number : 8643L
Commercial Intnl Bank (Egypt) SAE
05 May 2020
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
March 31, 2020
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Separate balance sheet as at March 31, 2020
Notes Mar. 31, 2020 Dec. 31,
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 92,469,884 89,897,257
-Amortized cost 21 106,531,563 107,225,613
-Investments in associates and
subsidiaries 22 49,132 63,953
Other assets 23 9,011,803 9,747,939
Deferred tax assets (Liabilities) 31 425,580 350,339
Property, plant and equipment 24 2,226,095 2,202,698
Total assets 381,543,775 386,696,658
Liabilities and equity
Liabilities
Due to banks 25 10,437,923 11,810,607
Due to customers 26 309,997,120 304,483,655
Derivative financial instruments 20 479,441 282,588
Current tax liabilities 1,332,487 4,639,364
Other liabilities 28 7,674,064 8,396,487
Other loans 27 3,181,170 3,272,746
Provisions 29 2,389,204 2,011,369
Total liabilities 335,491,409 334,896,816
Equity
Issued and paid up capital 30 14,690,821 14,690,821
Reserves 33 27,862,114 24,342,314
Reserve for employee stock ownership
plan (ESOP) 33 1,108,221 963,152
Retained earnings * 33 2,391,210 11,803,555
Total equity 46,052,366 51,799,842
Total liabilities and equity 381,543,775 386,696,658
The accompanying notes are an integral
part of these financial statements.
(Review report attached)
*Including net profit for the
current period
Hisham Ezz Al-Arab
Chairman and Managing Director
Separate income statement for the period ended March 31, 2020
Note Mar. 31, Mar. 31,
2020 2019
EGP EGP
Thousands Thousands
Interest and similar income 10,687,101 10,278,050
Interest and similar expense (4,491,834) (5,339,464)
Net interest income 6 6,195,267 4,938,586
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 (1,524,538) (1,320,672)
Other operating (expenses) income 11 (747,740) (141,097)
Intangible assets amortization - (32,552)
Impairment release (charges) for
credit losses 12 (1,240,110) (520,727)
Profit before income tax 3,648,456 3,757,767
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 2,391,210 2,642,347
Earnings per share 14 1.44 1.59
Basic 1.43 1.58
Diluted
Hisham Ezz Al-Arab
Chairman and Managing Director
Separate statement of other comprehensive income for the period ended March 31, 2020
Notes Mar. 31, Mar. 31,
2020 2019
EGP EGP
Thousands Thousands
Net profit for the period 2,391,210 2,642,347
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 (47,321) (107,122)
Expected credit loss for fair value of debt instruments measured
at fair value through other comprehensive income
Total other comprehensive income for the year (2,522,081) 4,977,929
Separate cash flow for the period ended March 31, 2020
Notes Mar. 31, Mar. 31,
2020 2019
EGP EGP
Thousands Thousands
Cash flow from operating activities
Profit before income tax 3,648,456 3,757,767
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 22 719 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) losses 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
Released (Impairment) charges of investments in associates and subsidiaries 14,100 -
Released (Impairment) charges of equity instruments 69,863 -
Operating profits before changes in operating assets and liabilities 5,404,079 4,723,592
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 2,428,551 (6,035,057)
Other assets 40 857,769 (587,120)
Due to banks 25 (1,372,684) (3,921,303)
Due to customers 26 5,513,465 8,051,449
Income tax obligations paid (4,639,364) (3,762,070)
Other liabilities 28 (722,423) 3,487,750
Net cash provided from operating activities 7,820,426 2,322,378
Cash flow from investing activities
Payment for purchases of property, plant, equipment and branches
constructions (319,089) (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 (6,808,773) 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
Separate statement of changes in shareholders' equity for the year ended March 31, 2019
Mar. 31, Issued and Legal General General Capital Reserve Banking Retained Reserve Total
2019 paid up reserve reserve risk reserve for risks earnings for
capital reserve financial reserve employee
assets stock
at fair ownership
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 9,555,755 738,320 36,154,247
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)
Net profit
for the
period - - - - - - - 2,642,347 - 2,642,347
Net
unrealised
gain/(loss)
on
financial
assets at
fair value
through OCI - - - - - 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)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - 124,000 124,000
Ending
balance 14,585,408 2,188,029 16,234,722 1,549,445 13,466 474,731 5,164 2,642,347 862,320 38,555,632
Separate statement of changes in shareholders' equity for the year ended March 31, 2020
Mar. 31, Issued and Legal General General Capital Reserve Banking Retained Reserve Total
2020 paid up reserve reserve risk reserve for risks earnings for
capital reserve financial reserve employee
assets stock
at fair ownership
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 11,803,555 963,152 51,799,842
Capital - - - - - - - - - -
increase
Transferred
to reserves - 590,106 7,840,286 - 1,440 - - (8,431,832) - -
Dividend
paid - - - - - - - (3,370,464) - (3,370,464)
Net profit
for the
period - - - - - - - 2,391,210 - 2,391,210
Net
unrealised
gain/(loss)
on
financial
assets at
fair value
through OCI - - - - - (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)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - 145,069 145,069
Ending
balance 14,690,821 2,778,135 24,314,715 1,549,445 14,906 (801,510) 6,423 2,391,210 1,108,221 46,052,366
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END
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