TIDMCBKD
RNS Number : 8260B
Commercial Intnl Bank (Egypt) SAE
04 February 2020
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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2019
Separate balance sheet as at December 31, 2019
Notes Dec. 31, 2019 Dec. 31,
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 and
subsidiaries 22 63,953 68,633
Other assets 23 9,747,939 9,563,218
Intangible assets 40 - 238,715
Deferred tax assets (Liabilities) 31 350,339 308,370
Property, plant and equipment 24 2,202,698 1,651,875
Total assets 386,696,658 342,423,485
Liabilities and equity
Liabilities
Due to banks 25 11,810,607 7,259,819
Due to customers 26 304,483,655 285,340,472
Derivative financial instruments 20 282,588 132,858
Current tax liabilities 4,639,364 3,625,579
Other liabilities 28 8,396,487 6,501,553
Other loans 27 3,272,746 3,721,529
Provisions 29 2,011,369 1,694,607
Total liabilities 334,896,816 308,276,417
Equity
Issued and paid up capital 30 14,690,821 11,668,326
Reserves 33 24,342,314 12,184,667
Reserve for employee stock
ownership
plan (ESOP) 33 963,152 738,320
Retained earnings * 33 11,803,555 9,555,755
Total equity 51,799,842 34,147,068
Total liabilities and equity 386,696,658 342,423,485
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 December 31, 2019
Note Dec. 31, Dec. 31,
2019 2018
EGP EGP
Thousands Thousands
Interest and similar income 42,600,957 37,403,709
Interest and similar expense (21,022,838) (19,260,190)
Net interest income 6 21,578,119 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 (5,044,937) (4,222,779)
Other operating (expenses)
income 11 (1,794,540) (1,589,675)
Intangible assets amortization 40 (238,715) (130,208)
Impairment release (charges) for
credit losses 12 (1,435,460) (3,076,023)
Profit before income tax 16,537,441 13,052,594
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 11,803,555 9,555,755
Earning per share 14
Basic 7.33 5.94
Diluted 7.28 5.89
Hisham Ezz Al-Arab
Chairman and Managing Director
Separate 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 11,803,555 9,555,755
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)
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 year 17,776,187 7,447,934
Separate 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 16,537,441 13,052,594
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
Exchange differences in financial investments
in subsidiary 22 4,680 (465)
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) losses 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
Operating profits before changes in operating
assets and liabilities 20,574,525 16,947,644
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 42 162,502 (2,263,465)
Due to banks 25 4,550,788 5,381,901
Due to customers 26 19,143,183 34,573,102
Income tax obligations paid (3,625,579) (2,778,973)
Other liabilities 28 1,894,934 1,025,022
Net cash provided from operating activities 21,612,492 27,099,577
Cash flow from investing activities
Payment for purchases of subsidiary and
associates - (10,575)
Payment for purchases of property, plant,
equipment and branches
constructions (1,301,415) (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 (29,977,206) (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
Separate statement of changes in shareholders' equity for the year ended December 31, 2018
Dec. 31, 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
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 6,138,790 489,334 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 year - - - - - - - - - 9,555,755 - 9,555,755
Net unrealised
gain/(loss) on
financial assets at
fair value through OCI - - - - - - (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
Ending 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
----------- ---------- ----------- --------- -------- -------- ------------ -------- ---------- ------------ ---------- ------------ ------- --------
Separate statement of changes in shareholders' equity for the year ended December 31, 2019
Dec. 31, 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
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 9,555,755 738,320 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 3,022,495 - (2,917,082) - - - - - - - - 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)
Net profit
for the
year - - - - - - - - - 11,803,555 - 11,803,555
Net
unrealised
gain/(loss)
on
financial
assets at
fair value
through OCI - - - - - - 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)
Cost of
employees
stock
ownership
plan (ESOP) - - - - - - - - - - 464,539 464,539
Ending
balance 14,690,821 2,188,029 16,474,429 1,549,445 - 13,466 4,111,781 5,164 - 11,803,555 963,152 51,799,842
----------- ---------- ------------ ---------- --------- -------- ------------ -------- ------------ ------------ ---------- ------------
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*
( 16 The initial application impact (disclosure in page number**
The initial application impact is LE 109,697 thousand and the tax effect is LE 7,554
thousand
(disclosure in page number 19)
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