|
|
|
|
Condensed Consolidated
Interim Statement of Financial Position as at June 30,
2024
|
|
|
|
|
Notes
|
Jun. 30, 2024
|
|
Dec. 31,
2023
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and balances at
the central bank
|
9
|
43,581,935
|
|
71,887,821
|
|
|
|
Due from
banks
|
10
|
306,025,890
|
|
231,085,244
|
|
|
|
Loans and advances to
banks, net
|
12
|
1,483,003
|
|
822,448
|
|
|
|
Loans and advances to
customers, net
|
13
|
286,164,729
|
|
234,985,936
|
|
|
|
Derivative financial
instruments
|
|
1,323,696
|
|
1,105,148
|
|
|
|
Financial investments
|
|
|
|
|
|
|
|
- Financial Assets at
Fair Value through P&L
|
14
|
172,728
|
|
-
|
|
|
|
- Financial Assets at
Fair Value through OCI
|
14
|
265,421,400
|
|
233,125,234
|
|
|
|
- Financial Assets at
Amortized cost
|
14
|
109,391,193
|
|
38,341,019
|
|
|
|
- Investments in
associates
|
15
|
112,517
|
|
115,979
|
|
|
|
Non current assets
held for sale
|
30.1
|
248
|
|
161
|
|
|
|
Other
assets
|
16
|
38,499,607
|
|
18,972,786
|
|
|
|
Deferred tax
assets
|
|
2,085,201
|
|
1,685,231
|
|
|
|
Property and
equipment
|
17
|
2,905,780
|
|
2,739,092
|
|
|
|
Total assets
|
|
1,057,167,927
|
|
834,866,099
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Due to
banks
|
18
|
3,971,737
|
|
12,458,003
|
|
|
|
Due to
customers
|
19
|
861,719,735
|
|
677,237,479
|
|
|
|
Non current
liabilities held for sale
|
30.2
|
1,320
|
|
873
|
|
|
|
Derivative financial
instruments
|
|
261,033
|
|
140,934
|
|
|
|
Current income tax
liabilities
|
|
10,328,671
|
|
9,395,534
|
|
|
|
Other
liabilities
|
20
|
22,179,161
|
|
18,339,465
|
|
|
|
Issued debt
instruments
|
21
|
4,783,017
|
|
3,073,349
|
|
|
|
Other
loans
|
|
19,558,427
|
|
12,483,907
|
|
|
|
Other
provisions
|
22
|
14,986,345
|
|
11,095,089
|
|
|
|
Total liabilities
|
|
937,789,446
|
|
744,224,633
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Issued and paid up
capital
|
|
30,431,580
|
|
30,195,010
|
|
|
|
Reserves
|
|
58,674,548
|
|
28,807,042
|
|
|
|
Reserve for employee
stock ownership plan (ESOP)
|
|
1,396,104
|
|
1,486,010
|
|
|
|
Retained earnings
*
|
|
28,753,211
|
|
29,993,331
|
|
|
|
Total equity and net profit for the
period / year
|
|
119,255,443
|
|
90,481,393
|
|
|
|
Non Controlling
Interest
|
|
123,038
|
|
160,073
|
|
|
|
Total minority interest, equity and net
profit for the period / year
|
119,378,481
|
|
90,641,466
|
|
|
|
Total liabilities and
equity
|
|
1,057,167,927
|
|
834,866,099
|
|
|
|
The accompanying notes are an integral
part of these financial statements .
|
|
|
|
|
|
|
( Limited Review report attached
)
|
|
|
|
|
|
|
*
|
Including net profit for the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hussein Abaza
|
Hisham Ezz Al-Arab
|
|
|
|
CEO & Managing
Director
|
Chairman
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated
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
|
|
|
81,692,664
|
|
|
45,115,105
|
|
|
Interest and similar
expense
|
|
|
(40,155,413)
|
|
|
(21,221,785)
|
|
|
Net interest income
|
|
|
41,537,251
|
|
|
23,893,320
|
|
|
|
|
|
|
|
|
|
|
|
Fee and commission
income
|
|
|
5,914,748
|
|
|
4,128,821
|
|
|
Fee and commission
expense
|
|
|
(2,505,646)
|
|
|
(1,575,094)
|
|
|
Net fee and commission
income
|
|
|
3,409,102
|
|
|
2,553,727
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
income
|
|
|
46,101
|
|
|
77,253
|
|
|
Net trading
income
|
6
|
|
17,390,608
|
|
|
2,335,117
|
|
|
Profits (Losses) on
financial investments
|
14.1
|
|
297,208
|
|
|
92,572
|
|
|
Administrative
expenses
|
|
|
(5,799,128)
|
|
|
(4,296,917)
|
|
|
Other operating
income (expenses)
|
7
|
|
(16,423,342)
|
|
|
(3,423,286)
|
|
|
Goodwill
amortization
|
|
|
-
|
|
|
(20,629)
|
|
|
Intangible assets
amortization
|
|
|
-
|
|
|
(5,183)
|
|
|
Impairment release
(charges) for credit losses
|
|
|
(2,052,147)
|
|
|
(1,182,487)
|
|
|
Bank's share in the
profits / losses of associates
|
|
|
(3,462)
|
|
|
(26,630)
|
|
|
Profit before income
tax
|
|
|
38,402,191
|
|
|
19,996,857
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
29
|
|
(11,498,510)
|
|
|
(5,748,429)
|
|
|
Deferred tax assets
(Liabilities)
|
29
|
|
643,621
|
|
|
(142,753)
|
|
|
Net profit from continued
operations
|
|
|
27,547,302
|
|
|
14,105,675
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations
|
|
|
|
|
|
|
|
|
Net profit (loss)
from discontinued operations
|
30.3
|
|
-
|
|
|
(49,612)
|
|
|
Net profit for the
period
|
|
|
27,547,302
|
|
|
14,056,063
|
|
|
|
|
|
|
|
|
|
|
|
Non Controlling
Interest
|
|
|
332
|
|
|
3,474
|
|
|
Bank's shareholders
|
|
|
27,546,970
|
|
|
14,052,589
|
|
|
|
|
|
|
|
|
|
|
|
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 Consolidated
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
|
|
27,547,302
|
|
14,056,063
|
|
|
|
|
|
|
|
Transferred to RE
from financial assets at fair value through comprehensive
income
|
|
-
|
|
(95,308)
|
|
Change in fair value
of Financial invesments measured at fair value through
comprehensive income after tax
|
|
4,194,501
|
|
(9,949,190)
|
|
Cumulative foreign
currencies translation differences
|
|
877,881
|
|
184,795
|
|
Effect of ECL on fair
value of debt instruments measured at fair value through
comprehensive income
|
|
751,338
|
|
205,751
|
|
Total comprehensive income for the
period
|
|
33,371,022
|
|
4,402,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
follows:
|
|
|
|
|
|
Bank's
shareholders
|
|
33,370,690
|
|
4,398,637
|
|
Non Controlling
Interest
|
|
332
|
|
3,474
|
|
Total comprehensive income for the
period
|
|
33,371,022
|
|
4,402,111
|
|
|
|
|
|
|
|
Condensed Consolidated
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 from continued operations
|
|
38,402,191
|
|
19,996,857
|
|
|
Profit
(loss) from discontinued operations
|
|
-
|
|
(49,612)
|
|
|
Adjustments to reconcile
profits to net cash provided by operating
activities
|
|
|
|
|
|
|
Fixed
assets depreciation
|
17
|
521,764
|
|
435,552
|
|
|
Impairment
Release/charge for credit losses (Loans and advances to customers
and banks)
|
|
2,383,373
|
|
950,009
|
|
|
Other
provisions Release/charge
|
22
|
197,789
|
|
1,146,383
|
|
|
Impairment
Release/charge for credit losses (due from banks)
|
|
(431)
|
|
5,231
|
|
|
Impairment
Release/charge for credit losses (financial
investments)
|
|
(330,795)
|
|
227,247
|
|
|
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)
|
|
|
Goodwill
amortization
|
|
-
|
|
20,629
|
|
|
Intangible
assets amortization
|
|
-
|
|
5,183
|
|
|
Revaluation differences Impairment charge for Financial Assets
at Fair value through OCI
|
|
1,185,435
|
|
-
|
|
|
Revaluation differences Impairment charge for Financial Assets
at Amortized cost
|
|
100,975
|
|
-
|
|
|
Revaluation differences Impairment charge for due from
banks
|
|
1,785
|
|
-
|
|
|
Utilization of other provisions
|
22
|
(8,970)
|
|
(1,031)
|
|
|
Other
provisions no longer used
|
22
|
(4,220)
|
|
-
|
|
|
Exchange
Revaluation differences of other provisions
|
22
|
3,706,657
|
|
1,178,333
|
|
|
Profits/losses from selling property and equipment
|
7
|
(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
|
|
|
Bank's
share in the profits / losses of associates
|
|
3,462
|
|
26,630
|
|
|
Operating profits before
changes in operating assets and liabilities
|
|
27,924,042
|
|
18,392,299
|
|
|
|
|
|
|
|
|
|
Net decrease / increase in
assets and liabilities
|
|
|
|
|
|
|
Due from
banks
|
|
35,579,404
|
|
31,684,362
|
|
|
Financial
assets at fair value through P&L
|
|
(172,728)
|
|
-
|
|
|
Derivative
financial instruments
|
|
167,636
|
|
(213,992)
|
|
|
Loans and
advances to banks and customers
|
12 - 13
|
(54,214,511)
|
|
(25,279,763)
|
|
|
Other
assets
|
|
(18,857,430)
|
|
(4,443,895)
|
|
|
Non
current assets held for sale
|
|
(248)
|
|
(214)
|
|
|
Due to
banks
|
18
|
(8,486,266)
|
|
20,441,352
|
|
|
Due to
customers
|
19
|
184,482,256
|
|
126,914,539
|
|
|
Current
income tax obligations paid
|
|
(1,169,839)
|
|
(795,945)
|
|
|
Non
current liabilities held for sale
|
|
1,320
|
|
933
|
|
|
Other
liabilities
|
|
(5,907,589)
|
|
2,149,496
|
|
|
Net cash generated from (used
in) operating activities
|
|
159,346,047
|
|
168,849,172
|
|
|
|
|
|
|
|
|
|
Cash flow from investing
activities
|
|
|
|
|
|
|
Proceeds
from sale of investments in associates
|
|
7,173
|
|
-
|
|
|
Payment
for purchases of property, equipment and branches
construction
|
|
(1,358,880)
|
|
(727,599)
|
|
|
Proceeds
from selling property and equipment
|
|
2,184
|
|
130
|
|
|
Proceeds
from redemption of financial assets at amortized cost
|
|
1,440,627
|
|
196,783
|
|
|
Payment
for purchases of financial assets at amortized cost
|
|
(70,069,828)
|
|
(9,121,279)
|
|
|
Payment
for purchases of financial assets at fair value through
OCI
|
|
(58,957,315)
|
|
(51,268,261)
|
|
|
Proceeds
from selling financial assets at fair value through OCI
|
|
46,444,442
|
|
59,321,328
|
|
|
Payment
for investment in subsidiaries
|
|
-
|
|
(1,008,761)
|
|
|
Net cash generated from (used
in) investing activities
|
|
(82,491,597)
|
|
(2,607,659)
|
|
|
|
|
|
Condensed Consolidated
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
|
|
(5,116,159)
|
|
(3,594,747)
|
|
|
Issued
debt instruments
|
|
1,709,668
|
|
614,030
|
|
|
Capital
increase
|
|
236,570
|
|
369,876
|
|
|
Net cash generated from (used
in) financing activities
|
|
3,904,599
|
|
568,720
|
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalent during the
period
|
|
80,759,049
|
|
166,810,233
|
|
|
Beginning
balance of cash and cash equivalent
|
|
234,317,913
|
|
92,969,526
|
|
|
Cash and cash equivalent at
the end of the period
|
|
315,076,962
|
|
259,779,759
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalent
comprise:
|
|
|
|
|
|
|
Cash and
balances at the central bank
|
9
|
43,581,935
|
|
33,569,139
|
|
|
Due from
banks
|
|
306,029,402
|
|
282,285,952
|
|
|
Treasury
bills and other governmental notes
|
11
|
118,676,181
|
|
71,798,021
|
|
|
Obligatory
reserve balance with CBE
|
|
(25,444,215)
|
|
(25,697,561)
|
|
|
Due from
banks with maturity more than three months
|
|
(10,029,823)
|
|
(30,318,097)
|
|
|
Treasury
bills and other governmental notes with maturity more than three
months
|
|
(117,736,518)
|
|
(71,857,695)
|
|
|
Total cash and cash
equivalent
|
|
315,076,962
|
|
259,779,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |