RNS Number : 7502K
Commercial Intnl Bank (Egypt) SAE
03 November 2024
 

Condensed Consolidated Interim Statement of Financial Position as at September 30, 2024

 

 


Notes

Sep. 30, 2024

 

Dec. 31, 2023



 

 



Assets

 

 

 



Cash and balances at the central bank

9

94,568,773

 

71,887,821


Due from banks

10

305,235,726

 

231,085,244


Loans and advances to banks, net

12

3,323,215

 

822,448


Loans and advances to customers, net

13

304,043,669

 

234,985,936


Derivative financial instruments


1,769,619

 

1,105,148


Financial investments

 

 

 



- Financial Assets at Fair Value through P&L

14

2,066,889

 

-


- Financial Assets at Fair Value through OCI

14

223,821,557

 

233,125,234


- Financial Assets at Amortized cost

14

145,437,207

 

38,341,019


- Investments in associates

15

107,446

 

115,979


Non current assets held for sale

30.1

-

 

161


Other assets

16

34,331,134

 

18,972,786


Deferred tax assets


2,135,720

 

1,685,231


Property and equipment

17

3,117,062

 

2,739,092


Total assets

 

1,119,958,017

 

834,866,099


Liabilities and equity

 

 

 



Liabilities

 

 

 



Due to banks

18

3,799,980

 

12,458,003


Due to customers

19

900,966,962

 

677,237,479


Non current liabilities held for sale

30.2

1,327

 

873


Derivative financial instruments


138,896

 

140,934


Current income tax liabilities


14,269,506

 

9,395,534


Other liabilities

20

21,760,126

 

18,339,465


Issued debt instruments

21

4,811,742

 

3,073,349


Other loans


20,324,693

 

12,483,907


Other provisions

22

15,478,489

 

11,095,089


Total liabilities

 

981,551,721

 

744,224,633


Equity

 

 

 



Issued and paid up capital


30,431,580

 

30,195,010


Reserves


62,260,417

 

28,807,042


Reserve for employee stock ownership plan (ESOP)


1,667,230

 

1,486,010


Retained earnings *


43,924,408

 

29,993,331


Total equity and net profit for the period / year

 

138,283,635

 

90,481,393


Non Controlling Interest


122,661

 

160,073


Total minority interest, equity and net profit for the period / year

138,406,296

 

90,641,466


Total liabilities and equity

 

1,119,958,017

 

834,866,099

 

 

Condensed Consolidated Interim Income Statement for the period ended September 30, 2024

 



Last 9 Months

 


Last 9 Months


Notes

 

Sep. 30, 2024

 


Sep. 30, 2023




 

 



Interest and similar income



130,999,623

 


73,006,422

Interest and similar expense



(65,316,717)

 


(35,275,583)

Net interest income

 

 

65,682,906

 


37,730,839




 

 



Fee and commission income



9,274,284

 


6,543,585

Fee and commission expense



(4,049,111)

 


(2,589,680)

Net fee and commission income

 

 

5,225,173

 


3,953,905




 

 



Dividend income



70,934

 


83,653

Net trading income

6


18,194,491

 


3,165,144

Profits (Losses) on financial investments 

14.1


377,992

 


165,478

Administrative expenses



(9,180,646)

 


(6,501,663)

Other operating income (expenses)

7


(17,995,808)

 


(5,679,447)

Goodwill amortization



-

 


(30,943)

Intangible assets amortization



-

 


(24,188)

Impairment release (charges) for credit losses


 

(3,745,003)

 


(1,216,770)

Bank's share in the profits / losses of associates



(8,533)

 


(39,486)

Profit before income tax

 


58,621,506

 


31,606,522




 

 



Income tax expense

29


(17,207,903)

 


(9,540,412)

Deferred tax assets (Liabilities)

29

 

934,295

 


392,680

Net profit from continued operations

 

 

42,347,898

 


22,458,790



 

 

 



Discontinued Operations

 

 

 

 



Net profit (loss) from discontinued operations

30.3


-

 


(49,699)

Net profit for the period

 

 

42,347,898

 


22,409,091



 

 

 



Non Controlling Interest


 

(45)

 


3,328

Bank's shareholders

 

 

42,347,943

 


22,405,763



 

 

 



Earnings per share

8

 

 

 



Basic


 

12.42

 


6.41

Diluted


 

12.26

 


6.33
































Islam Zekry

 



Hisham Ezz Al-Arab

Group CFO

 



Chairman

 





Condensed Consolidated Interim statement of Comprehensive Income for the period ended September 30, 2024

 


Last 9 Months


Last 9 Months


 

Sep. 30, 2024

 

Sep. 30, 2023


 

 

 


Net profit for the period

 

42,347,898

 

22,409,091


 

 

 


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

 

(370,224)

 

(95,308)

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

 

8,272,930

 

(9,629,911)

Cumulative foreign currencies translation differences

 

883,684

 

193,162

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

 

623,199

 

201,185

Total comprehensive income for the period

 

51,757,487

 

13,078,219











As follows:

 




Bank's shareholders

 

51,757,532

 

13,074,891

Non Controlling Interest

 

(45)

 

3,328

Total comprehensive income for the period

 

51,757,487

 

13,078,219

 





Condensed Consolidated Interim Cash flows for the period ended September 30, 2024

 






Notes

Sep. 30, 2024

 

Sep. 30, 2023



 

 


Cash flow from operating activities

 

 

 


Profit before income tax from continued operations


58,621,506

 

31,606,522

Profit (loss) from discontinued operations


-

 

(49,699)

Adjustments to reconcile profits to net cash provided by operating  activities

 

 

 


Fixed assets depreciation

17

763,079

 

655,051

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


4,224,251

 

1,050,980

Other provisions Release/charge

22

430,005

 

2,350,253

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


829

 

(47,249)

Impairment Release/charge  for credit losses (financial investments)


(480,077)

 

213,039

Impairment Release/charge for other assets


(11,956)

 

14,347

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


(18,536,183)

 

(5,409,592)

Goodwill amortization


-

 

30,943

Intangible assets amortization


-

 

24,188

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


1,193,810

 

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost


107,207

 

-

Revaluation differences Impairment charge for due from banks


1,308

 

-

Utilization of other provisions

22

(9,196)

 

(1,608)

Exchange Revaluation differences of other provisions

22

3,962,591

 

1,096,665

Profits/losses from selling property and equipment

7

(2,254)

 

(194)

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

14.1

(377,992)

 

(149,012)

Losses (Profits) from selling investments in associates


-

 

(7,466)

Impairment (Released) charges of investments in associates


-

 

(9,000)

Share based payments


804,345

 

608,250

Bank's share in the profits / losses of associates


8,533

 

39,486

Operating profits before changes in operating assets and liabilities

 

50,699,806

 

32,015,904



 

 


Net decrease / increase in assets and liabilities

 

 

 


Due from banks


(14,547,420)

 

9,859,636

Financial assets at fair value through P&L


(2,066,889)

 

-

Derivative financial instruments


(225,875)

 

172,635

Loans and advances to banks and customers

12 - 13

(75,774,541)

 

(27,548,758)

Other assets


(14,094,581)

 

(2,506,019)

Non current assets held for sale


-

 

(214)

Due to banks

18

(8,658,023)

 

15,526,008

Due to customers

19

223,729,483

 

136,052,663

Current income tax obligations paid


(2,938,397)

 

(2,546,958)

Non current liabilities held for sale


1,327

 

933

Other liabilities


(5,488,554)

 

(3,890,097)

Net cash generated from (used in) operating activities

 

150,636,336

 

157,135,733



 

 


Cash flow from investing activities

 

 

 


Proceeds from sale of investments in associates


11,956

 

2,119

Payments for purchases of property, equipment and branches construction


(2,401,070)

 

(1,177,450)

Proceeds from selling property and equipment


2,254

 

194

Proceeds from redemption of financial assets at amortized cost


1,226,638

 

5,278,030

Payments for purchases of financial assets at amortized cost


(106,105,142)

 

(9,334,085)

Payments for purchases of financial assets at fair value through OCI


(22,138,419)

 

(64,860,157)

Proceeds from selling financial assets at fair value through OCI


55,475,567

 

75,128,566

Payment for investment in subsidiaries


-

 

(1,008,761)

Net cash generated from (used in) investing activities

 

(73,928,216)

 

4,028,456


Condensed Consolidated Interim Cash flows for the period ended September 30, 2024 (Cont.)

 







Sep. 30, 2024

 

Sep. 30, 2023



 

 


Cash flow from financing activities

 

 

 


Other loans


7,840,786

 

2,408,739

Dividends paid


(5,116,159)

 

(3,594,747)

Issued debt instruments


1,738,393

 

615,227

Capital increase


236,570

 

369,876

Net cash generated from (used in) financing activities

 

4,699,590

 

(200,905)



 

 


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


81,407,710

 

160,963,284

Beginning balance of cash and cash equivalent


234,317,913

 

92,969,526

Cash and cash equivalent at the end of the period

 

315,725,623

 

253,932,810



 

 


Cash and cash equivalent comprise:

 

 

 


Cash and balances at the central bank

9

94,568,773

 

59,950,223

Due from banks


305,240,021

 

276,845,003

Treasury bills and other governmental notes

11

82,174,775

 

71,507,826

Obligatory reserve balance with CBE


(76,360,420)

 

(52,963,236)

Due from banks with maturity more than three months


(19,125,420)

 

(30,994,611)

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


(70,772,106)

 

(70,412,395)

Total cash and cash equivalent

 

315,725,623

 

253,932,810

 

 

Condensed Consolidated Interim statement of changes in shareholders' equity

 

Sep. 30, 2023

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total































Beginning balance

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(13,188,818)

11,981

16,393,841

1,895,435

181,324

67,757,737

580,431

68,338,168

Capital increase

369,876

-

-

-

-

-

-

-

-

-

-

369,876

-

369,876

Reserve for transactions under common control

-

-

-

-

(679,155)

-

-

-

-

-

-

(679,155)

-

(679,155)

Transferred to reserves

-

806,408

12,743,849

-

-

2,208

-

-

(12,388,223)

(1,164,242)

-

-

-

-

Net profit for the period

-

-

-

-

-

-

-

-

22,405,763

-

-

22,405,763

3,328

22,409,091

Dividends paid

-

-

-

-

-

-

-

-

(3,738,888)

-

-

(3,738,888)

(17,108)

(3,755,996)

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

(536,867)

(536,867)

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(95,308)

-

95,308

-

-

-

-

-

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

-

-

-

-

-

-

(9,629,911)

-

-

-

-

(9,629,911)

-

(9,629,911)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

3,249

(3,249)

-

-

-

-

-

Effect of ECL in fair value of debt instruments measured at fair value through OCI

-

-

-

-

-

-

201,185

-

-

-

-

201,185

-

201,185

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

608,250

-

608,250

-

608,250

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

11,838

11,838

99,192

111,030

 Ending balance

                   30,195,010

                 4,770,354

                   39,840,707

                 1,550,906

                     (670,972)

             21,155

                     (22,712,852)

            15,230

               22,764,552

                1,339,443

                      193,162

            77,306,695

           128,976

                 77,435,671
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep. 30, 2024

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total

Beginning balance

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(16,868,691)

15,230

29,993,331

1,486,010

148,353

90,481,393

160,073

90,641,466

Capital increase

236,570

-

-

-

-

-

-

-

-

-

-

236,570

-

236,570

Transferred to reserves

-

1,438,320

22,582,085

-

-

1,663

-

-

(23,398,943)

(623,125)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(5,366,429)

-

-

(5,366,429)

(37,367)

(5,403,796)

Net profit for the period

-

-

-

-

-

-

-

-

42,347,943

-

-

42,347,943

(45)

42,347,898

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(370,224)

-

370,224

-

-

-

-

-

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transferred from RE to banking risk reserve

-

-

-

-

-

-

-

19,024

(19,024)

-

-

-

-

-

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

-

-

-

-

-

-

8,272,930

-

-

-

-

8,272,930

-

8,272,930

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

-

-

-

-

-

-

623,199

-

-

-

-

623,199

-

623,199

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

804,345

-

804,345

-

804,345

 Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

883,684

883,684

-

883,684

 Ending balance

30,431,580

6,208,674

62,422,792

1,550,906

(670,972)

22,818

(8,342,786)

36,948

43,924,408

1,667,230

1,032,037

138,283,635

122,661

138,406,296

 

 

 

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