3rd Quarter 2022 Results (Consolidated)
Commercial International Bank (Egypt) S.A.E. | ||||
Condensed Consolidated Financial Statements | ||||
September 30, 2022 Click on, or paste the following link into your web browser, to view the associated PDF document | ||||
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Condensed Consolidated Interim Cash flows for the period ended September 30, 2022 | ||||
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Notes | Sep. 30, 2022 | Â | Sep. 30, 2021 | |
EGP Thousands | Â | EGP Thousands | ||
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Cash flow from operating activities | Â | Â | ||
Profit before income tax from continued operations | 17,682,074 | Â | 13,979,431 | |
Adjustments to reconcile net profit to net cash provided by operating activities |  |  | ||
Fixed assets depreciation | 16 | 644,401 | Â | 636,413 |
Impairment charge for credit losses (Loans and advances to customers and banks) | Â | 12,998 | Â | 1,383,887 |
Other provisions charges | 21 | 1,803,568 | Â | 190,525 |
Impairment charge for credit losses (due from banks) | Â | 534 | Â | 37,880 |
Impairment (Released) charge for credit losses (financial investments) | 284,546 | Â | (98,246) | |
Impairment (Released) charge for other assets | (277,768) | Â | 31,975 | |
Exchange revaluation differences for financial assets at fair value through OCI and AC | (3,745,045) | Â | 40,050 | |
Goodwill amortization | 26 | 30,943 | Â | 58,448 |
Intangible assets amortization | 27 | 7,774 | Â | 14,685 |
Utilization of other provisions | 21 | (1,857) | Â | (44,978) |
Other provisions no longer used | 21 | (101) | Â | (12,255) |
Exchange differences of other provisions | 21 | 333,425 |  | (13,722) |
Losses (Profits) from selling property and equipment | Â | (2,192) | Â | (2,124) |
Losses (profits) from selling financial investments | 13 | (1,096,850) | Â | (643,467) |
Impairment (Released) charges of investments in associates | Â | - | Â | (15,016) |
Shares based payments | Â | 579,653 | Â | 477,644 |
Bank's share in the profits / losses of associates | 16,343 | Â | (18,354) | |
Operating losses (profits) before changes in operating assets and liabilities | 16,272,446 | Â | 16,002,776 | |
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Net decrease (increase) in assets and liabilities |  |  | ||
Due from banks | 870,167 | Â | (272,238) | |
Financial assets at fair value through P&L | 13 | 240,987 | Â | 153,260 |
Derivative financial instruments | Â | (947,321) | Â | (24,448) |
Loans and advances to banks and customers | 11 - 12 | (33,780,208) | Â | (20,943,748) |
Other assets | Â | 1,245,185 | Â | (1,611,672) |
Due to banks | 17 | 881,371 | Â | (7,271,485) |
Due to customers | 18 | 91,778,069 | Â | 63,033,657 |
Current income tax obligations paid | Â | (2,207,579) | Â | (2,153,441) |
Other liabilities | (325,379) | Â | 1,706,495 | |
Net cash used in (generated from) operating activities | 74,027,738 | Â | 48,619,156 | |
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Cash flow from investing activities | Â | Â | ||
Proceeds (payments) for investment in associates. | - | Â | (158,360) | |
Payment for purchases of property, equipment and branches constructions | (556,512) |  | (677,464) | |
Proceeds from selling property and equipment | 2,192 | Â | 2,124 | |
Proceeds from redemption of financial assets at amortized cost | 6,520,697 | Â | 4,753,398 | |
Payment for purchases of financial assets at amortized cost | (18,268,602) | Â | (2,617) | |
Payment for purchases of financial assets at fair value through OCI | (115,077,815) | Â | (208,509,917) | |
Proceeds from selling financial assets at fair value through OCI | 73,424,845 | Â | 147,101,717 | |
Net cash generated from (used in) investing activities | (53,955,195) | Â | (57,491,119) | |
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Condensed Consolidated Interim Cash flows for the period ended Sep 30, 2022 (Cont.) Â | ||||
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Sep. 30, 2022 | Â | Sep. 30, 2021 | ||
EGP Thousands | Â | EGP Thousands | ||
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Cash flow from financing activities | Â | Â | ||
Other loans | 1,116,344 | Â | (2,113,845) | |
Dividend paid | (4,410,322) | Â | (1,360,652) | |
Issued debt instruments | 382,977 | Â | 1,556,032 | |
Capital increase | 122,716 | Â | - | |
Net cash generated from (used in) financing activities | (2,788,285) | Â | (1,918,465) | |
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Net (decrease) increase in cash and cash equivalent during the period | 17,284,258 | Â | (10,790,428) | |
Beginning balance of cash and cash equivalent | 61,065,822 | Â | 75,796,375 | |
Cash and cash equivalent at the end of the period | 78,350,080 | Â | 65,005,947 | |
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Cash and cash equivalent comprise: | Â | Â | ||
Cash and balances at the central bank | 43,857,708 | Â | 33,326,348 | |
Due from banks | 90,499,843 | Â | 72,296,624 | |
Treasury bills and other governmental notes | 10 | 87,122,900 |  | 65,656,846 |
Obligatory reserve balance with CBE | Â | (38,082,441) | Â | (27,265,818) |
Due from banks with maturities more than three months | (22,949,758) | Â | (16,980,376) | |
Treasury bills with maturity more than three months | (82,098,172) | Â | (62,027,677) | |
Total cash and cash equivalent | 78,350,080 | Â | 65,005,947 |
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Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2021 Â | Â | ||||||||||||||
Sep. 30, 2021 | 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 | |
EGP Thousands | |||||||||||||||
Beginning balance | 14,776,813 | 2,778,135 | 24,765,658 | 1,549,445 | 8,183 | 14,906 | 3,975,514 | 6,423 | 10,539,715 | 1,064,648 | (3,684) | 59,475,756 | 483,055 | 59,958,811 | |
Capital increase | 4,925,605 | - | (4,925,605) | - | - | - | - | - | - | - | - | - | - | - | |
Transferred to reserves | - | 514,939 | 8,420,479 | 1,461 | - | 1,094 | - | - | (8,937,973) | - | - | - | - | - | |
Dividends paid | - | - | - | - | - | - | - | - | (1,360,652) | - | - | (1,360,652) | - | (1,360,652) | |
Net profit of the period | - | - | - | - | - | - | - | - | 9,877,295 | - | - | 9,877,295 | (1,932) | 9,875,363 | |
Minority Interest Share | - | - | - | - | - | - | - | - | - | - | - | - | (25,219) | (25,219) | |
Transferred from reserve of financial assets at fair value through OCI | - | - | - | - | - | - | (177,362) | - | 177,362 | - | - | - | - | - | |
Transferred from previous years' outstanding balances | - | - | - | - | - | - | - | - | 8,333 | - | - | 8,333 | - | 8,333 | |
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | - | - | - | - | - | - | (2,375,618) | - | - | - | - | (2,375,618) | - | (2,375,618) | |
Transferred (from) to banking risk reserve | - | - | - | - | - | - | - | 2,718 | (2,718) | - | - | - | - | - | |
Effect of ECL in fair value of debt instruments measured at fair value through OCI | - | - | - | - | - | - | (98,246) | - | - | - | - | (98,246) | - | (98,246) | |
Cost of employees stock ownership plan (ESOP) | - | - | - | - | - | - | - | - | - | 477,644 | - | 477,644 | - | 477,644 | |
Cumulative foreign currencies translation differences | - | - | - | - | - | - | - | - | - | - | 1,048 | 1,048 | - | 1,048 | |
  Balance at the end of the period | 19,702,418 | 3,293,074 | 28,260,532 | 1,550,906 | 8,183 | 16,000 | 1,324,288 | 9,141 | 10,301,362 | 1,542,292 | (2,636) | 66,005,560 | 455,904 | 66,461,464 | |
    Condensed Consolidated Interim statement of changes in shareholders' equity for the period ended September 30, 2022  |  | ||||||||||||||
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Sep. 30, 2022 | 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 | |
 | EGP Thousands | ||||||||||||||
Beginning balance | Â Â Â Â 19,702,418 | Â Â Â Â 3,293,074 | Â Â Â Â 28,260,532 | Â Â Â Â Â 1,550,906 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8,183 | Â Â Â Â Â Â 16,000 | Â Â Â Â Â Â Â Â Â Â Â Â Â 641,372 | Â Â Â Â Â Â 9,141 | Â Â Â Â 13,696,402 | Â Â Â Â Â Â Â Â Â Â Â Â 1,674,392 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4,218) | Â Â Â Â Â 68,848,202 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 454,535 | Â Â Â Â Â Â Â Â Â Â Â Â 69,302,737 | |
Capital increase | Â Â Â Â 10,122,716 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â (10,000,000) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â 122,716 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 122,716 | |
Transferred to reserves | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â 670,872 | Â Â Â Â Â Â 8,836,326 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â 2,947 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â (9,007,223) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (502,922) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | |
Dividends paid | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â (4,410,322) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â (4,410,322) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (4,410,322) | |
Net profit of the period | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â 12,173,257 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â 12,173,257 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25,625 | Â Â Â Â Â Â Â Â Â Â Â Â 12,198,882 | |
Transferred to RE from financial assets at fair value through OCI | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4,128) | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 4,128 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | |
Transferred from previous years' outstanding balances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | |
Net unrealised gain/(loss) on financial assets at fair value through OCI after tax | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â (13,184,005) | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â (13,184,005) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â (13,184,005) | |
  Transferred (from) to banking risk reserve |                    -  |                  -  |                    -  |                   -  |                        -  |              -  |                       -  |       2,840 |             (2,840) |                          -  |                            -  |                     -  |                         -  |                            -  | |
Effect of ECL in fair value of debt instruments measured at fair value through OCI | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 233,717 | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â 233,717 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 233,717 | |
 Cost of employees stock ownership plan (ESOP) |                    -  |                  -  |                    -  |                   -  |                        -  |              -  |                       -  |             -  |                    -  |                579,653 |                            -  |           579,653 |                         -  |                  579,653 | |
Cumulative foreign currencies translation differences | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 101,085 | Â Â Â Â Â Â Â Â Â Â 101,085 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 65,507 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 166,592 | |
 Balance at the end of the period |     29,825,134 |     3,963,946 |     27,096,858 |      1,550,906 |                   8,183 |       18,947 |       (12,313,044) |     11,981 |     12,453,402 |             1,751,123 |                    96,867 |      64,464,303 |               545,667 |             65,009,970 | |
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