RNS Number : 3579V
Commercial Intnl Bank (Egypt) SAE
08 April 2019
 

Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31,  2018

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3579V_1-2019-4-7.pdf

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of profit or loss for the year ended  December 31, 2018

 

 

 

 

 

 

 

 

 

 

Notes

 

 

Dec. 31, 2018

 

 

 

Dec. 31, 2017

 

 

 

 

EGP Thousands

 

 

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Interest and similar income

 

 

 

37,403,709

 

 

 

28,671,170

Interest and similar expense

 

 

 

(19,260,190)

 

 

 

(16,167,383)

Net interest income

3

 

 

18,143,519

 

 

 

12,503,787

 

 

 

 

 

 

 

 

 

Fee and commission income

 

 

 

3,402,616

 

 

 

2,676,944

Fee and commission expense

 

 

 

(991,957)

 

 

 

(624,278)

Net fee and commission income

4

 

 

2,410,659

 

 

 

2,052,666

 

 

 

 

 

 

 

 

 

Dividend income

5

 

 

25,958

 

 

 

34,514

Net trading income

6

 

 

1,041,810

 

 

 

1,292,215

Profits (Losses) on financial investments 

21

 

 

402,067

 

 

 

165,111

Goodwill impairment

38

 

 

-

 

 

 

-

Administrative expenses

7

 

 

(5,322,654)

 

 

 

(3,983,324)

Other operating expenses

8

 

 

(1,589,675)

 

 

 

(998,753)

Impairment charge for credit losses

9

 

 

(2,487,066)

 

 

 

(1,742,281)

Bank's share in the profits of associates

12

 

 

27,419

 

 

 

29,066

Profit before income tax from continuing operations

 

 

 

12,652,038

 

 

 

9,292,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

 

 

(3,625,579)

 

 

 

(2,778,973)

Deferred income tax

10.2

 

 

36,008

 

 

 

(1,678)

Net profit from continuing operations

 

 

 

9,062,467

 

 

 

6,511,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinuing Operations

 

 

 

 

 

 

 

 

Profit from discontinuing operations (Net of tax)

 

 

 

-

 

 

 

122,234

Profit from disposal of discontinuing operations

 

 

 

-

 

 

 

168,900

Net profit for the year

 

 

 

9,062,467

 

 

 

6,802,586

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

9,062,467

 

 

 

6,778,536

Non-controlling interest

 

 

 

-

 

 

 

24,050

Net Profit for the year

 

 

 

9,062,467

 

 

 

6,802,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning per share

11

 

 

 

 

 

 

 

Basic attributable to equity holders of the parent

 

 

 

7.79

 

 

 

5.85

Diluted attributable to equity holders of the parent

 

 

 

7.73

 

 

 

5.76

 

 

 

 

 

 

 

 

 

Earning per share from continuing operations

 

 

 

 

 

 

 

 

Basic attributable to equity holders of the parent

 

 

 

7.79

 

 

 

5.60

Diluted attributable to equity holders of the parent

 

 

 

7.73

 

 

 

5.51

 

 

 

 

 

 

 

 

 

The accompying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of other comprehensive income for the year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

Note

Dec. 31, 2018

 

 

Dec. 31, 2017

 

 

 

 

EGP Thousands

 

 

EGP Thousands

 

Profit for the year

 

 

               9,062,467

 

 

 

6,802,586

 

Other comprehensive income

 

 

 

 

 

 

 

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

 

 

 

 

 

 

 

Net (Loss)/gain on FVOCI

 

 

(2,001,252)

 

 

 

 

Net (Loss)/gain on available-for-sale financial assets

 

 

 

 

 

537,286

 

Cumulative foreign currencies translation differences

 

32

-

 

 

(8,588)

 

Other comprehensive income for the year

 

 

(2,001,252)

 

 

528,698

 

Total comprehensive income for the year

 

 

 

7,061,215

 

 

7,331,284

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the parent

 

 

7,061,215

 

 

7,307,234

 

Non-controlling interest

 

 

-

 

 

24,050

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of financial position as at December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Dec. 31, 2018

 

Dec. 31, 2017

 

EGP Thousands

 

EGP Thousands

Assets

 

 

 

 

Cash and balances with central bank

13

20,058,974

 

14,663,289

Due from  banks

14

46,511,579

 

45,319,766

Loans and advances to banks, net

16

68,385

 

1,313

Loans and advances to customers, net

17

107,828,597

 

88,427,103

Financial Assets at Fair value through P&L

21

10,303,319

 

-

Derivative financial instruments

18

52,289

 

40,001

Financial Assets at Fair value through OCI

20

73,347,245

 

-

Amortized cost

20

73,598,251

 

-

Trading Financial Assets

15

-

 

7,295,197

Investments in associates and subsidiaries

22

106,558

 

65,039

Available for sale Financial Assets

20

-

 

30,474,781

Other assets

23

9,563,019

 

6,886,607

Held to maturity Financial Assets

20

-

 

99,645,924

Intangible assets

38

651,041

 

651,041

Deferred tax assets

10.2

308,370

 

179,630

Property and equipment

24

1,653,102

 

1,415,746

Total assets

 

344,050,729

 

295,065,437

 

 

 

 

 

Liabilities and equity

 

 

 

 

Liabilities

 

 

 

 

Due to banks

25

7,259,819

 

1,877,918

Due to customers

26

285,296,869

 

250,723,052

Derivative financial instruments

18

132,858

 

196,984

Other liabilities

28

7,600,248

 

6,346,476

Current Tax Liability

 

3,625,579

 

2,778,973

Other loans

27

3,721,529

 

3,674,736

Provisions

29

1,694,607

 

1,615,159

Total liabilities

 

309,331,509

 

267,213,298

 

 

 

 

 

Equity

 

 

 

 

Issued and paid in capital

30

11,668,326

 

11,618,011

Reserves

31

12,517,340

 

8,867,806

Reserve for employee stock ownership plan (ESOP)

 

897,680

 

489,334

Retained earnings

 

9,635,874

 

6,876,988

Total equity attributable to equity holders of the parent

 

34,719,220

 

27,852,139

Non-controlling interest

 

-

 

-

Total equity

 

34,719,220

 

27,852,139

Total liabilities , equity and non-controlling interest

 

344,050,729

 

295,065,437

 

 

 

 

 

 

 

 

 

 

The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hisham Ezz Al-Arab

 

 

Chairman and Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in shareholders' equity 

 

 

 

 

 

 

 

 

 

 

 

Attributable to equity holders of the parents

 

 

 

 

Issued and paid in capital

Reserve for employee stock ownership plan (ESOP)

Retained earnings

Reserves

IFRS 9 impact*

Total

Non-controlling interest

Total equity

Beginning balance

11,538,660

343,460

5,509,967

3,448,737

-

20,840,824

133,077

20,973,901

 

 

 

 

 

 

 

 

 

Profit for the period

-

-

6,778,536

-

-

6,778,536

24,050

6,802,586

Other comprehensive income:

 

 

 

 

 

 

 

 

Net (Loss)/gain on available-for-sale financial assets

-

-

-

537,286

-

537,286

-

537,286

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

Total comprehensive income

-

-

6,778,536

537,286

-

7,315,822

24,050

7,339,872

Capital increase

79,351

-

-

-

-

79,351

-

79,351

Reserve for employee stock ownership plan (ESOP)

-

290,884

-

-

-

290,884

-

290,884

Dividend

-

-

(1,350,204)

-

-

(1,350,204)

-

(1,350,204)

Transferred to reserves

-

(145,010)

(4,745,361)

4,890,371

-

-

-

-

Change during the period

-

-

684,050

-

-

684,050

(157,127)

526,923

Cumulative foreign currencies translation differences

-

-

-

(8,588)

-

(8,588)

-

(8,588)

Balance at 31 December 2017

11,618,011

489,334

6,876,988

8,867,806

-

27,852,139

-

27,852,139

Beginning balance at 1 Jan 2018

11,618,011

489,334

6,876,988

8,905,860

573,407

28,463,600

-

28,463,600

Profit for the period

-

-

9,062,467

-

-

9,062,467

-

9,062,467

Other comprehensive income:

 

 

 

 

 

 

 

 

Net (Loss)/gain on available-for-sale financial assets

-

-

-

-

-

-

-

-

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

Total comprehensive income

-

-

9,062,467

-

-

9,062,467

-

9,062,467

Capital increase

50,315

-

 

-

-

50,315

-

50,315

Reserve for employee stock ownership plan (ESOP)

-

408,346

-

-

-

408,346

-

408,346

Dividend

-

-

(2,143,177)

-

-

(2,143,177)

-

(2,143,177)

Transferred to reserves

-

-

(2,854,791)

2,854,791

-

-

-

-

Distribution of profits

-

-

(1,879,020)

-

-

(1,879,020)

-

(1,879,020)

Changes to Equity

-

-

-

756,689

-

756,689

-

756,689

Balance at 31 December 2018

11,668,326

897,680

9,062,467

12,517,340

573,407

34,719,220

-

34,719,220

 

 

 

 

 

 

 

 

Consolidated cash flow statement for the year ended  December 31, 2018

 

 

 

 

 

 

 

 

Note

Dec. 31, 2018

 

Dec. 31, 2017

 

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

 

 

Profit before income tax from continued operations

 

12,652,038

 

9,292,103

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net profit to net cash provided by operating  activities

 

 

 

 

 

 

Fixed assets depreciation

 

                  390,830

 

                  353,681

 

 

Impairment charge for credit losses

 

               3,076,023

 

               1,742,281

 

 

Other provisions charges

 

                  101,501

 

                  212,622

 

 

Impairment charge for other assets

 

                  316,763

 

                 (248,072)

 

 

Available for sale investments exchange revaluation differences

 

                 (102,991)

 

                  100,078

 

 

Financial investments impairment charge

 

                    39,561

 

                            -  

 

 

Utilization of other provisions

 

                     (2,114)

 

                   (83,079)

 

 

Other provisions no longer used

 

                   (17,670)

 

                   (25,463)

 

 

Exchange differences of  other provisions

 

                     (2,269)

 

                   (97,897)

 

 

Profits from selling property, plant and equipment

 

                     (1,045)

 

                    11,840

 

 

(Profits) losses from selling financial investments

 

                 (441,628)

 

                        (607)

 

 

Shares based payments

 

                  408,346

 

                    99,047

 

 

Bank's share in the profits of associates

 

                   (27,419)

 

                            -  

 

 

Associates financial investments revaluation differences

 

                            -  

 

                  290,884

 

 

Operating profits before changes in operating assets and liabilities

 

16,389,926

 

(38,636)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease (increase) in assets and  liabilities

 

 

 

 

 

 

Due from banks

 

(13,661,577)

 

(2,594,442)

 

 

Treasury bills and other governmental notes

 

4,640,524

 

(16,466,420)

 

 

Trading financial assets

 

4,557,492

 

(4,601,991)

 

 

Derivative financial instruments

 

(66,141)

 

95,161

 

 

Loans and advances to banks and customers

 

(21,255,952)

 

(4,019,132)

 

 

Other assets

 

(2,263,465)

 

(1,121,981)

 

 

Due to banks

 

5,381,901

 

(1,131,078)

 

 

Due to customers

 

34,573,817

 

18,802,058

 

 

Income tax obligations paid

 

(2,778,973)

 

(2,017,034)

 

 

Other liabilities

 

1,025,022

 

1,897,201

 

 

Net cash provided from operating activities

 

26,542,574

 

451,352

 

 

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from redemption of subsidiary and associates

 

-

 

750

 

 

Payment for purchases of associates

 

(10,575)

 

(44,318)

 

 

Payment for purchases of property, plant, equipment and branches constructions

 

(874,708)

 

(745,089)

 

 

Proceeds from redemption of held to maturity financial investment

 

-

 

13,354,468

 

 

Payment for purchases of held to maturity financial investments 

 

(33,995,313)

 

(4,597,254)

 

 

Payment for purchases of  available for sale financial investments

 

(12,670,761)

 

(25,868,230)

 

 

Proceeds from selling available for sale financial investments

 

2,314,616

 

1,261,980

 

 

Proceeds from selling property and equipment

 

1,045

 

 

 

 

Proceeds from selling non current assets held for sale

 

2,059,341

 

628,521

 

 

Non current assets held for sale

 

-

 

428,011

 

 

Net cash used in investing activities

 

(43,176,355)

 

(15,581,161)

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated cash flow statement for the year ended  December 31, 2018

(Cont.)

 

 

 

 

 

 

 

 

Dec. 31, 2018

 

Dec. 31, 2017

 

 

 

 

EGP Thousands

 

EGP Thousands

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

Increase in long term loans

 

46,793

 

3,524,063

 

 

Dividend paid

 

(2,143,177)

 

(1,350,204)

 

 

Capital increase

 

50,315

 

79,351

 

 

Payment related to finance lease

 

-

 

(3,588)

 

 

Net cash used in financing activities

 

(2,046,069)

 

2,249,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(18,679,850)

 

(12,880,187)

 

 

Beginning balance of cash and cash equivalent

 

39,795,504

 

52,675,691

 

 

Cash and cash equivalent at the end of the year

 

21,115,654

 

39,795,504

 

 

 

 

 

 

 

 

 

Cash and cash equivalent comprise:

 

 

 

 

 

 

Cash and balances with central bank

13

20,058,974

 

14,663,289

 

 

Due from banks

14

46,511,579

 

45,319,766

 

 

Treasury bills and other governmental  notes

21

41,999,252

 

54,478,202

 

 

Obligatory reserve balance with CBE

13

(13,526,763)

 

(8,878,986)

 

 

Due from banks with maturities more than three months

 

(23,914,064)

 

(11,132,919)

 

 

Treasury bills with maturity more than three months

 

(50,013,324)

 

(54,653,848)

 

 

Total cash and cash equivalent

 

21,115,654

 

39,795,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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