TIDMCBKD
RNS Number : 8248B
Commercial Intnl Bank (Egypt) SAE
04 February 2020
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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2019
Consolidated balance sheet as at December 31, 2019
Notes Dec. 31,
Dec. 31, 2019 2018
EGP Thousands EGP Thousands
Assets
Cash and balances with central
bank 15 28,273,962 20,058,974
Due from banks 16 28,353,366 46,518,892
Loans and advances to banks, net 18 625,264 67,703
Loans and advances to customers,
net 19 119,321,103 106,309,205
Derivative financial instruments 20 216,383 52,289
Investments
- Financial investments securities 21 197,541,651 157,585,611
- Investments in associates 22 107,693 106,558
Other assets 23 9,748,143 9,563,018
Intangible assets 40 - 238,715
Deferred tax assets (Liabilities) 31 350,339 308,370
Property, plant and equipment 24 2,204,464 1,651,875
Total assets 386,742,368 342,461,210
Liabilities and equity
Liabilities
Due to banks 25 11,810,607 7,259,819
Due to customers 26 304,448,455 285,296,869
Derivative financial instruments 20 282,588 132,858
Current tax liabilities 4,639,364 3,625,579
Other liabilities 28 8,396,794 6,501,553
Other loans 27 3,272,746 3,721,529
Provisions 29 2,011,369 1,694,607
Total liabilities 334,861,923 308,232,814
Equity
Issued and paid up capital 30 14,690,821 11,668,326
Reserves 33 24,344,815 12,184,667
Reserve for employee stock
ownership
plan (ESOP) 33 963,152 738,320
Retained earnings * 33 11,881,657 9,637,083
Total equity 51,880,445 34,228,396
Total liabilities and equity 386,742,368 342,461,210
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 December 31, 2019
Note Dec. 31, Dec. 31,
2019 2018
EGP EGP
Thousands Thousands
Continued Operations
Interest and similar income 42,600,957 37,403,709
Interest and similar expense (21,022,338) (19,260,190)
Net interest income 6 21,578,619 18,143,519
Fee and commission income 3,451,688 3,402,616
Fee and commission expense (1,170,893) (991,957)
Net fee and commission income 7 2,280,795 2,410,659
Dividend income 8 53,423 25,958
Net trading income 9 688,059 1,089,076
Profits (Losses) on financial
investments 21 450,697 402,067
Administrative expenses 10 (5,048,922) (4,223,959)
Other operating (expenses)
income 11 (1,794,750) (1,589,675)
Intangible assets amortization 40 (238,715) (130,208)
Impairment release (charges) for
credit losses 12 (1,435,460) (3,076,023)
Bank's share in the profits of
associates 1,135 27,419
Profit before income tax 16,534,881 13,078,833
Income tax expense 13 (4,639,364) (3,625,579)
Deferred tax assets 31 -
(Liabilities) 13 (94,522) 128,740
Net profit for the period 11,800,995 9,581,994
Bank shareholders 11,800,995 9,581,994
Earning per share 14
Basic 7.33 5.94
Diluted 7.28 5.89
Hisham Ezz Al-Arab
Chairman and Managing Director
Consolidated statement of other comprehensive income for the period ended December 31, 2019
Notes Dec. 31, 2019 Dec. 31, 2018
EGP Thousands EGP Thousands
Net profit for the period 11,800,995 9,581,994
Other comprehensive income items that will
not be reclassified to
the Profit or Loss:
Net change in fair value of debt instruments
measured at fair value
through other comprehensive income 212,967 57,026
Other comprehensive income items that is or
may be reclassified to
the profit or loss:
Net change in fair value of debt instruments
measured at fair value
through other comprehensive income 5,944,586 (2,164,847)
Cumulative foreign currencies translation 2,501 -
differences
Expected credit loss for fair value of debt (184,921) -
instruments measured
at fair value through other comprehensive
income
Total other comprehensive income for the
period 17,776,128 7,474,173
Consolidated cash flow for the period ended December 31, 2019
Notes Dec. 31, 2019 Dec. 31, 2018
EGP Thousands EGP Thousands
Cash flow from operating activities
Profit before income tax from continued
operations 16,534,881 13,078,833
Adjustments to reconcile net profit to net
cash provided by operating
activities
Fixed assets depreciation 24 576,544 390,830
Impairment charge for credit losses (Loans
and advances to customers) 12 1,610,878 3,076,023
Other provisions charges 29 461,869 101,501
Impairment charge for credit losses (due from
banks) 12 9,503 -
Impairment charge for credit losses
(financial investments) 12 (184,921) -
Impairment charge for other assets 23 (93,313) 316,763
Exchange revaluation differences for
financial assets at fair value
through OCI 20 1,593,030 (102,991)
Intangible assets amortization 238,715 130,208
Impairment charge financial assets at fair
value through OCI 21 - 39,561
Utilization of other provisions 29 (28,135) (2,114)
Other provisions no longer used 29 (6,910) (17,670)
Exchange differences of other provisions 29 (110,062) (2,269)
Profits from selling property, plant and
equipment 11 (1,439) (1,045)
(Profits) losses from selling financial
investments 21 (497,894) (441,628)
Shares based payments 464,539 408,346
Bank's share in the profits of associates (1,135) (27,419)
Operating profits before changes in operating
assets and liabilities 20,566,150 16,946,929
Net decrease (increase) in assets and
liabilities
Due from banks 15 (8,870,547) (13,661,577)
Treasury bills and other governmental notes 41 - 4,640,524
Financial assets at fair value through P&L 21 2,318,924 4,557,492
Derivative financial instruments 20 (2,910) (66,141)
18 -
Loans and advances to banks and customers 19 (14,533,328) (21,255,952)
Other assets 42 163,933 (2,263,465)
Due to banks 25 4,550,788 5,381,901
Due to customers 26 19,151,586 34,573,817
Income tax obligations paid (3,625,579) (2,778,973)
Other liabilities 28 1,895,241 1,025,022
Net cash provided from operating activities 21,614,258 27,099,577
Cash flow from investing activities
Payment for purchases of associates - (10,575)
Payment for purchases of property, plant,
equipment and branches
constructions (1,303,181) (874,708)
Proceeds from selling property, plant and
equipment 11 1,439 1,045
Proceeds from redemption of financial assets
at amortized cost 21 43,937,957 5,532,271
Payment for purchases of financial assets at
amortized cost 21 (76,516,842) (33,995,313)
Payment for purchases of financial assets at
fair value through OCI 21 (50,954,311) (12,670,761)
Proceeds from selling financial assets at
fair value through OCI 54,855,966 2,059,341
Net cash used in investing activities (29,978,972) (39,958,700)
Cash flow from financing activities
Increase (decrease) in long term loans 27 (448,783) 46,793
Dividend paid (2,700,544) (2,143,177)
Capital Increase 105,413 50,315
Net cash used in (provided from) financing
activities (3,043,914) (2,046,069)
Net increase (decrease) in cash and cash
equivalent during the year (11,408,628) (14,905,192)
Beginning balance of cash and cash equivalent 34,303,645 49,208,837
Cash and cash equivalent at the end of the
year 22,895,017 34,303,645
Cash and cash equivalent comprise:
Cash and balances with central bank 15 28,273,962 20,058,974
Due from banks 16 28,370,183 46,518,892
Treasury bills and other governmental notes 17 27,634,062 41,999,252
Obligatory reserve balance with CBE 15 (22,397,310) (13,526,763)
Due from banks with maturities more than
three months (10,593,903) (10,733,386)
Treasury bills with maturity more than three
months (28,391,977) (50,013,324)
Total cash and cash equivalent 22,895,017 34,303,645
Consolidated statement of changes in shareholders' equity for the period ended December 31, 2018
Dec. 31, 2018 Issued and Legal General General Special Capital Reserve Banking IFRS 9 Retained Reserve Cumulative Total Minority Total
paid up reserve reserve risk reserve reserve for risks risk earnings for foreign Shareholders Interest
capital reserve* financial reserve reserve employee currencies Equity
assets stock translation
at fair ownership differences
value plan
through
OCI
EGP
Thousands
Beginning balance 11,618,011 1,332,807 9,000,023 - 20,645 11,815 (1,642,958) 3,634 1,411,549 6,193,879 489,334 - 28,438,739 - 28,438,739
Capital increase 50,315 - - - - - - - - - - - 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) - (2,143,177)
Net profit of the
period - - - - - - - - - 9,581,994 - - 9,581,994 - 9,581,994
Net unrealised
gain/(loss) on AFS - - - - - - (2,107,821) - - - - - (2,107,821) - (2,107,821)
Transferred (from) to
bank risk reserve - - - - - - - 689 - (689) - - - - -
Cost of employees stock
ownership plan (ESOP) - - - - - - - - - - 408,346 - 408,346 - 408,346
Balance at the end of
the year 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,637,083 738,320 - 34,228,396 - 34,228,396
----------- ---------- ----------- --------- -------- -------- ------------ -------- ---------- ------------ ---------- ------------ ------------- --------- ------------
Consolidated statement of changes in shareholders' equity for the period ended December 31, 2019
Dec. 31, Issued and Legal General General Special Capital Reserve Banking IFRS 9 risk Retained Reserve Cumulative Total Minority Total
2019 paid up reserve reserve risk reserve reserve for risks reserve earnings for foreign Shareholders' Interest
capital reserve* financial reserve employee currencies Equity
assets at stock translation
fair value ownership differences
through plan
OCI
EGP Thousands
Beginning
balance 11,668,326 1,710,293 12,776,215 - 20,645 12,421 (3,750,779) 4,323 1,411,549 9,637,083 738,320 - 34,228,396 - 34,228,396
Effect of
applying
IFRS
9** - - - 117,251 - - 1,889,928 - - - - - 2,007,179 - 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 - 9,637,083 738,320 - 36,235,575 - 36,235,575
Capital
increase 3,022,495 - (2,917,082) - - - - - - - - - 105,413 - 105,413
Transferred
to reserves - 477,736 6,615,296 - - 1,045 - - - (6,854,370) (239,707) - - - -
Dividend
paid - - - - - - - - - (2,700,544) - - (2,700,544) - (2,700,544)
Net profit
of the year - - - - - - - - - 11,800,995 - - 11,800,995 - 11,800,995
Net
unrealised
gain/(loss)
on
financial
assets at
fair value
through OCI - - - - - - 6,157,553 - - - - - 6,157,553 - 6,157,553
Transferred
(from) to
bank risk
reserve - - - - - - - 841 - (841) - - - - -
Provision
for
impairment
of debt
instruments
investments - - - - - - (184,921) - - - - - (184,921) - (184,921)
stock
ownership
plan (ESOP) - - - - - - - - - - 464,539 - 464,539 - 464,539
Cumulative
foreign
currencies
translation
differences - - - - - - - - - (666) - 2,501 1,835 - 1,835
----------- ---------- ------------ ---------- --------- -------- ------------ -------- ------------ ------------ ---------- ------------ -------------- --------- ------------
Balance at
the end of
the year 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
*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 17)
The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554
thousand
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