TIDMCBKD
RNS Number : 2181S
Commercial Intnl Bank (Egypt) SAE
05 November 2019
Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
September 30, 2019
Separate balance sheet as at September 30, 2019
Notes Sep. 30, 2019 Dec. 31,
2018
EGP Thousands EGP Thousands
Assets
Cash and balances with central
bank 15 27,205,020 20,058,974
Due from banks 16 25,599,127 46,518,892
Loans and advances to banks, net 18 642,973 67,703
Loans and advances to customers,
net 19 109,994,085 106,309,205
Derivative financial instruments 20 291,686 52,289
Investments
- Financial investments securities 21 198,155,796 157,585,611
- Investments in associates and
subsidiaries 22 64,529 68,633
Other assets 23 9,507,627 9,563,218
Intangible assets 40 141,059 238,715
Deferred tax assets (Liabilities) 31 492,460 308,370
Property, plant and equipment 24 2,014,187 1,651,875
Total assets 374,108,549 342,423,485
Liabilities and equity
Liabilities
Due to banks 25 1,828,108 7,259,819
Due to customers 26 307,884,232 285,340,472
Derivative financial instruments 20 302,812 132,858
Current tax liabilities 3,283,731 3,625,579
Other liabilities 28 8,363,686 6,501,553
Other loans 27 3,400,294 3,721,529
Provisions 29 1,479,338 1,694,607
Total liabilities 326,542,201 308,276,417
Equity
Issued and paid up capital 30 14,585,408 11,668,326
Reserves 33 23,329,501 12,184,667
Reserve for employee stock
ownership
plan (ESOP) 33 1,110,317 738,320
Retained earnings * 33 8,541,122 9,555,755
Total equity 47,566,348 34,147,068
Total liabilities and equity 374,108,549 342,423,485
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 September 30, 2019
Note Sep. 30, Sep. 30,
2019 2018
EGP EGP
Thousands Thousands
Interest and similar income 31,652,305 27,150,333
Interest and similar expense (16,204,157) (13,842,130)
Net interest income 6 15,448,148 13,308,203
Fee and commission income 2,544,996 2,464,173
Fee and commission expense (857,475) (703,749)
Net fee and commission income 7 1,687,521 1,760,424
Dividend income 8 22,454 25,063
Net trading income 9 561,877 745,248
Profits (Losses) on financial
investments 21 263,132 402,153
Administrative expenses 10 (3,885,776) (2,947,507)
Other operating (expenses)
income 11 (1,015,131) (997,218)
Intangible assets amortization 40 (97,656) (97,656)
Impairment charge for credit
losses 12 (1,207,315) (2,803,402)
Profit before income tax 11,777,254 9,395,308
Income tax expense 13 (3,283,731) (2,563,006)
Deferred tax assets 31 -
(Liabilities) 13 47,599 170,493
Net profit for the period 8,541,122 7,002,795
Earning per share 14
Basic 5.27 4.32
Diluted 5.23 4.29
Hisham Ezz Al-Arab
Chairman and Managing Director
Separate statement of other comprehensive income for the period ended September 30, 2019
Notes Sep. 30, 2019 Sep. 30, 2018
EGP Thousands EGP Thousands
Net profit for the period 8,541,122 7,002,795
Reserve for financial assets at fair value
through OCI 5,199,526 (3,313,259)
Total other comprehensive income for the
period 13,740,648 3,689,536
Separate cash flow for the period ended September 30, 2019
Notes Sep. 30, 2019 Sep. 30, 2018
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax 11,777,254 9,395,308
Adjustments to reconcile net profit to net
cash provided by operating
activities
Fixed assets depreciation 24 425,637 279,798
Impairment charge for credit losses 12 1,256,000 2,803,402
Other provisions charges 29 12,494 90,731
Provisions charges - due from banks 12 23,161 -
Provisions charges - financial investments 12 (71,846) -
Impairment charge for other assets 23 83,213 242,481
Exchange revaluation differences for
financial assets at fair value
through OCI 21 1,303,741 (103,827)
Intangible assets amortization 40 97,656 97,656
Impairment charge financial assets at fair
value through OCI 21 45,664 19,721
Exchange differences in financial investments
in subsidiary 22 4,104 (470)
Utilization of other provisions 29 (27,733) (969)
Other provisions no longer used 29 (96,499) (45,079)
Exchange differences of other provisions 29 (103,531) 2,776
Profits from selling property, plant and
equipment 11 (1,439) (1,045)
(Profits) losses from selling financial
investments 21 (310,329) (421,874)
Shares based payments 371,997 324,510
Operating profits before changes in operating
assets and liabilities 14,789,544 12,683,119
Net decrease (increase) in assets and
liabilities
Due from banks 16 (13,052,086) (42,520,192)
Treasury bills and other governmental notes 41 4,974,205 6,405,425
Financial assets at fair value through P&L 21 2,252,280 3,182,127
Derivative financial instruments 20 (67,282) (42,783)
18 -
Loans and advances to banks and customers 19 (4,796,325) (18,806,624)
Other assets 42 247,536 (3,368,677)
Due to banks 25 (5,431,711) (513,151)
Due to customers 26 22,543,760 29,858,632
Income tax obligations paid (3,625,579) (2,778,973)
Other liabilities 28 1,862,133 1,459,794
Net cash provided from operating activities 19,696,475 (14,441,303)
Cash flow from investing activities
Payment for purchases of subsidiary and
associates - (10,575)
Payment for purchases of property, plant,
equipment and branches
constructions (1,066,607) (652,768)
Proceeds from selling property, plant and
equipment 11 1,439 1,045
Proceeds from redemption of financial assets
at amortized cost 21 33,937,957 7,321,780
Payment for purchases of financial assets at
amortized cost 21 (47,344,534) (4,703,236)
Payment for purchases of financial assets at
fair value through OCI 21 (26,637,577) (11,372,289)
Proceeds from selling financial assets at
fair value through OCI 5,350,754 1,985,962
Net cash used in investing activities (35,758,568) (7,430,081)
Cash flow from financing activities
Increase in long term loans 27 (321,235) 4,358
Dividend paid (2,700,544) (2,143,177)
Capital increase - 50,315
Net cash used in (provided from) financing
activities (3,021,779) (2,088,504)
Net increase (decrease) in cash and cash
equivalent during the period (19,083,872) (23,959,888)
Beginning balance of cash and cash equivalent 34,303,645 49,208,837
Cash and cash equivalent at the end of the
period 15,219,773 25,248,949
Cash and cash equivalent comprise:
Cash and balances with central bank 15 27,205,020 33,253,111
Due from banks 16 25,629,602 45,038,599
Treasury bills and other governmental notes 17 44,736,504 48,324,427
Obligatory reserve balance with CBE 15 (20,770,245) (23,004,955)
Due from banks with maturities more than
three months (16,541,989) (30,113,810)
Treasury bills with maturity more than three
months (45,039,119) (48,248,423)
Total cash and cash equivalent 15,219,773 25,248,949
Separate statement of changes in shareholders' equity for the period ended September 30, 2018
Sep. 30, 2018 Issued and Legal General General Special Capital Reserve Banking IFRS 9 Retained Reserve Total
paid up reserve reserve risk reserve reserve for risks risk earnings for
capital reserve* financial reserve reserve employee
assets stock
at fair ownership
value plan
through
OCI
Beginning balance 11,618,011 1,332,807 9,000,023 - 20,645 11,815 (1,642,958) 3,634 1,411,549 6,138,790 489,334 28,383,650
Capital increase 50,315 - - - - - - - - - - 50,315
Transferred to reserves - 377,486 3,776,192 - - 606 - - - (3,994,924) (159,360) -
Dividend paid - - - - - - - - - (2,143,177) - (2,143,177)
Net profit for the
period - - - - - - - - - 7,002,795 - 7,002,795
Net unrealised
gain/(loss) on
financial assets at
fair value through OCI - - - - - - (3,313,259) - - - - (3,313,259)
Transferred (from) to
bank risk reserve - - - - - - - 689 - (689) - -
Cost of employees stock
ownership plan (ESOP) - - - - - - - - - - 324,510 324,510
Ending balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (4,956,217) 4,323 1,411,549 7,002,795 654,484 30,304,834
----------- ---------- ----------- --------- -------- -------- ------------ -------- ---------- ------------ ---------- ------------ --------- --------
Separate statement of changes in shareholders' equity for the period ended September 30, 2019
Sep. 30, Issued and Legal General General Special Capital Reserve Banking IFRS 9 risk Retained Reserve Total
2019 paid up reserve reserve risk reserve reserve for risks reserve earnings for
capital reserve* financial reserve employee
assets at stock
fair value ownership
through plan
OCI
Beginning
balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,555,755 738,320 34,147,068
Effect of
applying
IFRS
9** - - - 117,251 - - 1,889,928 - - - - 2,007,179
Transferred
to general
risk
reserve - - - 1,432,194 (20,645) - - - (1,411,549) - - -
Beginning
balance
after
the impact
of initial
application 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 - - - - - - - - - 8,541,122 - 8,541,122
Net
unrealised
gain/(loss)
on
financial
assets at
fair value
through OCI - - - - - - 5,271,372 - - - - 5,271,372
Transferred
(from) to
bank risk
reserve - - - - - - - 841 - (841) - -
Provision
for
impairment
of debt
instruments
investments - - - - - (71,846) - - - - (71,846)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - - - 371,997 371,997
Ending
balance 14,585,408 2,188,029 16,234,722 1,549,445 - 13,466 3,338,675 5,164 - 8,541,122 1,110,317 47,566,348
----------- ---------- ------------ ---------- --------- -------- ------------ -------- ------------ ------------ ---------- ------------
*The special reserve, general bank risk reserve and IFRS 9 risk reserve - were
consolidated
in the general risk reserve as per the instructions of the Central Bank of Egypt dated 26
February
2019
**The initial application impact (disclosure in page number 16)
The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554
thousand
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