Commercial Bank International P S C : CBI Financial Statement September 2022 - English /Arabic

Commercial Bank International P.S.C.

Review report and interim financial information

For the nine months period ended 30 September 2022

Commercial Bank International P.S.C.

Table of contents

	Pages
Independent auditor's report on review of interim financial information	1
Condensed consolidated statement of financial position	2
Condensed consolidated income statement	3
Condensed consolidated statement of comprehensive income	4
Condensed consolidated statement of changes in equity	5
Condensed consolidated statement of cash flows	7
Notes to the condensed consolidated financial statements	9
Appendix: Glossary of abbreviations	38

Deloitte & Touche (M.E.)

Building 3, Level 6

Emaar Square

Downtown Dubai

P.O. Box 4254

Dubai

United Arab Emirates

Tel: [phone]

Fax:[phone]

www.deloitte.com

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

The Board of Directors

Commercial Bank International P.S.C.

Dubai

United Arab Emirates

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of Commercial Bank International P.S.C., Dubai, United Arab Emirates (the "Bank") and its Subsidiaries (together referred to as the "Group") as at 30 September 2022 and the related condensed consolidated income statement, comprehensive income, changes in equity and cash flows for the nine month period then ended. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects in accordance with IAS 34.

Deloitte & Touche (M.E.)

Musa Ramahi

Registration No.: 872

25 October 2022

Dubai

United Arab Emirates

Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.

3 Commercial Bank International P.S.C. Condensed consolidated income statement

		Three months period ended	Nine months period ended
	Note	30 Sep		30 Sep	30 Sep		30Sep
		2022	2021		2022	2021
		AED '000		AED '000	AED '000		AED '000
		(unaudited)		(unaudited)	(unaudited)		(unaudited)
Interest income		156,021	126,189		450,712	382,126
Income from Islamic financing and
investing assets		11,344	12,718		32,972	37,544
Total interest income and income from
Islamic financing and investing assets		167,365	138,907		483,684	419,670
Interest expense		(67,738)	(40,526)		(158,182)	(134,764)
Distribution to Islamic depositors		(9,243)	(2,164)		(21,372)	(5,028)
Net interest income and income from
Islamic financing and investing assets		90,384	96,217		304,130	279,878
Fee and commission income		23,816	28,509		77,477	101,570
Fee and commission expense		(3,578)		(3,550)		(10,674)		(11,144)
Net fee and commission income		20,238	24,959		66,803	90,426
Other operating income, net	17	77,997		36,726		86,078		49,576
Net operating income		188,619	157,902		457,011	419,880
General and administrative expenses		(97,382)	(75,526)		(252,272)	(228,502)
Net impairment loss on financial assets	18	(46,146)	(57,735)		(97,230)	(221,122)
Net impairment loss on non-financial
assets		-		-		(7,375)		(15,633)
Profit/(loss) for the period		45,091	24,641		100,134	(45,377)
Profit/(loss) for the period attributable to:
Owners of the Bank		10,928	25,258		67,208	(42,974)
Non-controlling interests		34,163		(617)		32,926		(2,403)
Profit/(loss) for the period		45,091	24,641		100,134	(45,377)
Basic and diluted earnings per share (AED)	19	0.006	0.015		0.039	(0.025)

The accompanying notes and appendix form an integral part of these condensed consolidated financial statements.