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: +971 (0) 4 376 8888
Fax:+971 (0) 4 376 8899
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.
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Commercial Bank International PSC published this content on 25 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 17:37:08 UTC.