RNS Number : 1836X
Commercial Intnl Bank (Egypt) SAE
21 July 2024
 

 

Notes

Jun. 30, 2024

 

Dec. 31, 2023




 

 



Assets

 

 

 



Cash and balances at the central bank

9

43,371,479

 

71,747,343


Due from banks

10

305,020,735

 

230,709,419


Loans and advances to banks, net

12

1,483,003

 

822,448


Loans and advances to customers, net

13

283,989,456

 

233,824,745


Derivative financial instruments


1,323,696

 

1,101,896


Financial investments

 

 

 



- Financial Assets at Fair Value through P&L

14

172,728

 

-


- Financial Assets at Fair Value through OCI

14

263,902,312

 

232,290,598


- Financial Assets at Amortized cost

14

108,637,486

 

37,847,114


- Investments in subsidiaries and associates

15

871,525

 

671,525


Non current assets held for sale

28

159,828

 

159,828


Other assets

16

38,391,247

 

18,929,067


Deferred tax assets


1,844,280

 

1,685,223


Property and equipment

17

2,808,451

 

2,737,936


Total assets

 

1,051,976,226

 

832,527,142


Liabilities and equity

 

 

 



Liabilities

 

 

 



Due to banks

18

3,997,426

 

12,427,384


Due to customers

19

857,741,216

 

675,310,076


Derivative financial instruments


261,033

 

140,934


Current income tax liabilities


10,328,671

 

9,395,534


Other liabilities

20

22,115,219

 

18,307,580


Issued debt instruments

21

4,783,017

 

3,073,349


Other loans


19,558,427

 

12,483,907


Other provisions

22

14,979,232

 

11,088,372


Total liabilities

 

933,764,241

 

742,227,136


Equity

 

 

 



Issued and paid up capital


30,431,580

 

30,195,010


Reserves


58,238,829

 

29,388,626


Reserve for employee stock ownership plan (ESOP)


1,396,104

 

1,486,010


Retained earnings *


28,145,472

 

29,230,360


Total equity and net profit for the period / year

 

118,211,985

 

90,300,006


Total liabilities and equity

 

1,051,976,226

 

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 June 30, 2024

 


Last 6 Months

 

Last 6 Months


Notes

Jun. 30, 2024

 

Jun. 30, 2023



 

 




 

 


Interest and similar income


81,420,481

 

44,928,893

Interest and similar expense


(39,980,202)

 

(21,138,609)

Net interest income

 

41,440,279

 

23,790,284



 

 


Fee and commission income


5,905,503

 

4,126,585

Fee and commission expense


(2,505,646)

 

(1,575,432)

Net fee and commission income

 

3,399,857

 

2,551,153



 

 


Dividend income


76,025

 

93,844

Net trading income

6

17,385,406

 

2,320,059

Profits (Losses) on financial investments 

14.1

297,208

 

92,572

Administrative expenses


(5,568,213)

 

(4,170,553)

Other operating income (expenses)

7

(16,410,949)

 

(3,336,832)

Impairment release (charges) for credit losses


(2,059,775)

 

(1,212,831)

Profit before income tax

 

38,559,838

 

20,127,696



 

 


Income tax expense

26

(11,255,055)

 

(5,769,912)

Deferred tax assets (Liabilities)

26

378,395

 

(214,213)

Net profit for the period

 

27,683,178

 

14,143,571



 

 


Earnings per share

8

 

 


Basic


8.08

 

4.16

Diluted


7.98

 

4.11



 

 


Hussein Abaza

 


Hisham Ezz Al-Arab

CEO & Managing Director

 


Chairman

 





 

 






Condensed Separate Interim Statement of Comprehensive Income for the period ended June 30, 2024

 


Last 6 Months

 


Last 6 Months



Jun. 30, 2024

 


Jun. 30, 2023



 

 





 

 



Net profit for the period

 

27,683,178

 


14,143,571



 

 



Change in fair value of Financial invesments measured at fair value through comprehensive income after tax


4,073,707

 


(9,947,459)

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


-

 


(95,308)

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


751,734

 


204,804

Total comprehensive income for the period

 

32,508,619

 


4,305,608

 

 






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

 








Notes

Jun. 30, 2024

 

Jun. 30, 2023




 

 



Cash flow from operating activities

 

 

 



Profit before income tax


38,559,838

 

20,127,696


Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 



Fixed assets depreciation

17

521,764

 

416,248


Impairment Release/charge for credit losses (Loans and advances to customers and banks)


2,387,134

 

983,641


Other provisions Release/charge

22

196,961

 

1,146,440


Impairment Release/charge for credit losses (due from banks)


(35)

 

2,890


Impairment Release/charge  for credit losses (financial investments)


(327,324)

 

226,300


Impairment Release/charge for other assets


(7,173)

 

-


Exchange revaluation differences for financial assets at fair value through OCI and AC


(18,461,627)

 

(5,858,602)


Revaluation differences Impairment charge for Financial Assets at Fair value through OCI


1,182,360

 

-


Revaluation differences Impairment charge for Financial Assets at Amortized cost


100,975

 

-


Revaluation differences Impairment charge for due from banks


105

 

-


Utilization of other provisions

22

(8,970)

 

(1,031)


Other provisions no longer used

22

(4,220)

 

-


Exchange revaluation differences of other provisions

22

3,707,089

 

1,178,333


Profits/losses from selling property and equipment


(2,184)

 

(130)


Profits/losses from selling financial investments at fair value through OCI

14.1

(297,208)

 

(92,572)


Share based payments


533,219

 

402,192


Operating profits before changes in operating assets and liabilities

 

28,080,704

 

18,531,405




 

 



Net decrease / increase in assets and liabilities

 

 

 



Due from banks


36,256,280

 

32,434,410


Financial assets at fair value through P&L


(172,728)

 

-


Derivative financial instruments


164,384

 

(212,709)


Loans and advances to banks and customers

12-13

(53,204,190)

 

(25,329,650)


Other assets


(18,799,962)

 

(4,448,765)


Due to banks

18

(8,429,958)

 

20,464,950


Due to customers

19

182,431,141

 

126,298,231


Current income tax obligations paid


(926,384)

 

(817,428)


Other liabilities


(5,875,532)

 

2,117,243


Net cash generated from (used in) operating activities

 

159,523,755

 

169,037,687




 

 



Cash flow from investing activities

 

 

 



Proceeds from sale of investments in associates


7,173

 

-


Payments for investment in subsidiaries


(200,000)

 

(1,216,022)


Payment for purchases of property, equipment and branches construction


(1,262,707)

 

(700,038)


Proceeds from selling property and equipment


2,184

 

130


Proceeds from redemption of financial assets at amortized cost


1,240,196

 

196,783


Payment for purchases of financial assets at amortized cost


(69,609,595)

 

(9,045,180)


Payment for purchases of financial assets at fair value through OCI


(58,448,832)

 

(51,454,096)


Proceeds from selling financial assets at fair value through OCI


47,255,555

 

59,328,407


Net cash generated from (used in) investing activities

 

(81,016,026)

 

(2,890,016)


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

 









Jun. 30, 2024

 

Jun. 30, 2023




 

 



Cash flow from financing activities

 

 

 



Other loans


7,074,520

 

3,179,561


Dividends paid


(5,078,792)

 

(3,577,639)


Issued debt instruments


1,709,668

 

614,030


Capital increase


236,570

 

369,876


Net cash generated from (used in) financing activities

 

3,941,966

 

585,828




 

 



Net (decrease) increase in cash and cash equivalent during the period


82,449,695

 

166,733,499


Beginning balance of cash and cash equivalent


233,912,193

 

92,895,143


Cash and cash equivalent at the end of the period

 

316,361,888

 

259,628,642




 

 



Cash and cash equivalent comprise:

 

 

 



Cash and balances at the central bank

9

43,371,479

 

33,404,357


Due from banks


305,020,997

 

281,505,636


Treasury bills and other governmental notes

11

118,676,181

 

71,798,021


Obligatory reserve balance with CBE


(25,285,404)

 

(25,558,292)


Due from banks with maturity more than three months


(7,684,847)

 

(29,663,385)


Treasury bills and other governmental notes with maturity more than three months


(117,736,518)

 

(71,857,695)


Total cash and cash equivalent

 

316,361,888

 

259,628,642

 

 













Condensed Separate Interim statement of  changes in shareholders' equity

 

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

IFRS 9 risk reserve

Retained earnings

Reserve for employee stock ownership plan

Total

Jun. 30, 2023













Beginning Balance at 1 Januray 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

                  -  

                -  

                  -  

                -  

    -  

          -  

                   -  

          -  

    -  

     14,143,571

                   -  

      14,143,571

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

                  -  

                -  

                  -  

                -  

    -  

          -  

      (9,947,459)

          -  

    -  

                   -  

                   -  

      (9,947,459)

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

                  -  

                -  

                  -  

                -  

    -  

          -  

          204,804

          -  

    -  

                   -  

                   -  

           204,804

Cost of employees stock ownership plan (ESOP)

                  -  

                -  

                  -  

                -  

    -  

          -  

                   -  

          -  

    -  

                   -  

          402,192

           402,192

 Balance at 30 June 2023

    30,195,010

   4,770,354

    39,840,707

   1,549,445

    -  

   21,155

    (22,976,424)

   15,230

    -  

     14,605,865

       1,133,385

      69,154,727














Jun. 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance at 1 Januray 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

                  -  

                -  

                  -  

                -  

    -  

          -  

                   -  

          -  

    -  

     27,683,178

                   -  

      27,683,178

Transferred to RE from financial assets at fair value through OCI

                  -  

                -  

                  -  

                -  

    -  

          -  

                   -  

          -  

    -  

                   -  

                   -  

                    -  

Net unrealised gain/(loss) on financial assets at fair value through OCI after tax

                  -  

                -  

                  -  

                -  

    -  

          -  

       4,073,707

          -  

    -  

                   -  

                   -  

        4,073,707

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

                  -  

                -  

                  -  

                -  

    -  

          -  

          751,734

          -  

    -  

                   -  

                   -  

           751,734

Cost of employees stock ownership plan (ESOP)

                  -  

                -  

                  -  

                -  

    -  

          -  

                   -  

          -  

    -  

                   -  

          533,219

           533,219

 Balance at 30 June 2024

    30,431,580

   6,208,674

    62,422,792

   1,549,445

    -  

   22,818

    (11,982,824)

   17,924

    -  

     28,145,472

       1,396,104

    118,211,985

 













 









Hussein Abaza

Hisham Ezz Al-Arab

 

CEO & Managing Director

Chairman

 






 

 

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