1st Half 2012 unconsolidated financial statements

Commercial International Bank (Egypt) S.A.E.

Unconsolidated Financial Statements

June 30, 2012

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of June 30, 2012

Amounts in EGP.

Note

June 30, 2012

Dec. 31 ,2011

Assets

Cash and Due with Central Bank

15

5,542,320,904

7,492,064,510

Due From Banks

16

9,711,796,359

8,449,298,705

Treasury Bills and Other Governmental Notes

17

9,365,804,058

9,213,390,067

Trading Financial Assets

18

1,289,766,113

561,084,273

Loans and Advances to Banks

19

1,076,710,388

1,395,594,609

Loans and Advances to Customers

20

39,693,994,592

39,669,785,864

Derivative Financial Investments

21

134,310,943

146,544,656

Financial Investments

Available for Sale

22

15,393,118,811

15,412,566,069

Held to Maturity

22

3,663,239,152

29,092,920

Investments in Subsidiary and Associates

23

1,012,221,400

995,595,778

Investment Property

24

10,024,686

12,774,686

Other Assets

25

2,212,511,968

1,518,509,876

Deferred Tax

33

106,794,693

95,141,726

Property, Plant and Equipment

26

676,644,615

636,775,294

Total Assets

89,889,258,682

85,628,219,033

Liabilities and Equity

Liabilities

Due to Banks

27

1,785,014,708

3,340,794,517

Due to Customers

28

76,801,652,804

71,574,047,530

Derivative Financial Instruments

21

130,111,395

114,287,990

Other Liabilities

30

1,428,502,182

1,313,785,436

Long Term Loans

29

91,074,960

99,333,376

Other Provisions

31

278,358,377

264,625,909

Total Liabilities

80,514,714,426

76,706,874,758

Equity

Issued & Paid- in Capital

32

5,972,275,410

5,934,562,990

Reserves

32

2,223,792,443

1,085,472,868

Reserve for Employee Stock Ownership Plan (ESOP)

129,828,074

137,354,419

Retained Earnings

1,001,979

15,105,920

Total Equity

8,326,897,906

7,172,496,197

Net Profit of the Period/Year After Tax

1,047,646,350

1,748,848,078

Total Equity and Net Profit for the Period/Year

9,374,544,256

8,921,344,275

Total Liabilities and Equity

89,889,258,682

85,628,219,033

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and other commitments

37

13,384,366,950

12,559,603,516

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of June 30, 2012

Amounts in EGP.

Note

June 30, 2012

June 30, 2011

Interest and Similar Income

3,595,247,156

2,582,638,079)

Interest and Similar Expense

(1,801,001,713)

(1,324,330,260

Net Interest Income

6

1,794,245,443

1,258,307,819

Fee and Commissions Income

435,644,889

410,961,489

Fee and Commissions Expense

(47,766,855)

(40,772,114)

Net Income from Fees and Commissions

7

387,878,034

370,189,375

Dividend Income

8

21,744,400

57,031,906

Net Trading Income

9

201,385,483

219,028,451

Profit from Financial Investments

22

(23,195,737)

37,232,004

Administrative Expenses

10

(701,569,640)

(655,264,752)

Other Operating (Expenses) Income

11

(57,626,545)

(78,629,036)

Impairment Charge for Credit Losses

12

(159,244,620)

(201,264,786)

Net Profit before Tax

1,463,616,818

1,006,630,981

Income Tax Expense

13

(427,623,435)

(213,058,530)

Deferred Tax

33 & 13

11,652,967

15,821,378

Net Profit of the Period

1,047,646,350

809,393,829

Earning per share

14

Basic

1.78

1.31

Diluted

1.75

1.29

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of June 30, 2012

Amounts in EGP.

June 30, 2012

June 30, 2011

Cash Flow From Operating Activities

Net Profit Before Tax

1,463,616,818

1,006,630,981

Adjustments To Reconcile Net Profit to Net Cash

Provided by Operating Activities

Depreciation

83,198,082

100,272,978

Assets Impairment Charges

159,244,620

202,892,406

Other Provisions Charges

86,724,165

1,025,691

Trading Financial Investment Revaluation Differences

(24,186,619)

39,576,450

Financial Investments Impairment Charge (Release)

10,587,453

(49,775,434)

Utilization of Other Provisions

(71,749,072)

(2,940,642)

Other Provisions No Longer Used

(531,054)

(2,085,267)

Exchange Differences of Other Provisions

(711,571)

4,010,666

Profits From Selling Property, Plant and Equipment

(1,633,796)

(2,661,678)

Profits From Selling Financial Investments

(8,421,272)

(90,782,148)

Profits from Selling Associates

-

(1,873,813)

Exchange Difference of Long Term Loans

(20,812)

5,036,272

Share Based Payments

44,135,782

41,409,628

Investments in Subsidiary and Associates Revaluation

-

(511,992)

Real Estate Investments Impairment Charges

-

361,200

Operating Profits Before Changes in Operating Assets and Liabilities

1,740,252,724

1,250,585,298

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(962,139,101)

(3,092,558,727)

Treasury Bills & Other Governmental Notes

(1,601,411,260)

3,241,726,931

Trading Financial Assets

(704,495,221)

986,032,312

Derivative Financial Instruments

28,057,118

(41,476,427)

Loans and Advances to Banks and Customers

135,430,874

(2,276,256,247)

Other Assets

(708,987,508)

75,270,885

Due to Banks

(1,555,779,809)

(691,883,640)

Due to Customers

5,227,605,274

3,912,292,433

Other Liabilities

(312,906,688)

(378,062,278)

Net Cash Provided from Operating Activities

1,285,626,402

2,985,670,540

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of June 30, 2012

June 30, 2012

June 30, 2011

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(16,625,622)

(11,000,000)

Purchases of Property, Plant and Equipment

(106,448,191)

(60,240,176)

Redemption of Held-to-Maturity Financial Investments

-

170,555,777

Purchases of Held to Maturity Financial Investments

(3,634,146,232)

-

Purchases of Available for Sale Financial Investments

(4,841,916,012)

(1,920,459,094)

Proceeds from Selling Available for Sale Financial Investments

4,989,109,038

1,245,896,856

Proceeds from Selling Real Estate Investments

2,750,000

-

Net Cash Generated from (Used in) Investing Activities

(3,607,277,019)

(575,246,637)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(8,237,604)

127,007,982

Dividend Paid

(806,206,521)

(841,922,204)

Capital Increase

37,712,420

-

Net Cash Generated from (Used in) Financing Activities

(776,731,705)

(714,914,222)

Net Increase (Decrease) in Cash and Cash Equivalent

(3,098,382,322)

1,695,509,681

Beginning Balance of Cash and Cash Equivalent

8,081,134,203

7,778,944,041

Cash and Cash Equivalent Balance At the End of the Period

4,982,751,881

9,474,453,722

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

5,542,320,904

6,075,140,629

Due From Banks

9,711,796,359

9,717,298,929

Treasury Bills and Other Governmental Notes

9,365,804,058

7,019,754,673

Obligatory Reserve Balance With CBE

(3,028,051,899)

(2,811,219,930)

Due from Banks (Time Deposits) More than Three Months

(6,186,338,796)

(6,676,134,428

Treasury Bills with Maturity More than Three Months

(10,422,778,745)

(3,850,386,151)

Total Cash & Cash Equivalent

4,982,751,881

9,474,453,722

June 30,

2011

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(EGP)

Special Reserves

(EGP)

Reserve for A.F.S Investments Revaluation Difference

(EGP)

Banking

Risks Reserve

(EGP)

Net Profits of the Period

(EGP)

Reserve for Employee Stock Ownership Plan (ESOP)

Total

(EGP)

Beginning Balance

5,901,443,600

125,128,337

78,564,646

20,231,298

184,356,569

(18,014,631)

156,992,515

2,010,672,119

149,520,859

8,608,895,311

Transferred to Reserves

-

106,216,559

1,155,710,314

-

1,574,746

-

-

(1,173,875,293)

(89,626,327)

-

Dividend Paid

-

-

-

(20,231,298)

-

-

-

(821,690,906)

-

(841,922,204)

Net Profit of the Period

-

-

-

-

-

-

-

809,393,829

-

809,393,829

Addition from Financial Investment Revaluation

-

-

-

-

-

(301,636,467)

-

-

-

(301,636,467)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

(62,694,093)

62,694,093

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

41,409,628

41,409,628

Balance at the end of the Period

5,901,443,600

231,344,896

1,234,274,960

-

185,931,315

(319,651,098)

94,298,422

887,193,843

101,304,160

8,316,140,097

June 30,

2012

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(EGP)

Special Reserves

(EGP)

Reserve for A.F.S

Revaluation Diff.

(EGP)

Banking Risk Reserve

(EGP)

Net Profit of the Period

(EGP)

Reserve for Employee Stock Ownership Plan (ESOP)

Total

(EGP)

Beginning Balance

5,934,562,990

231,344,896

1,234,274,960

15,105,920

185,931,315

(723,070,818)

281,689,619

1,624,150,975

137,354,419

8,921,344,275

Capital Increase

37,712,420

-

-

-

-

-

-

-

-

37,712,420

Transferred to Reserves

-

87,306,567

794,689,187

-

2,716,747

-

-

(833,050,374)

(51,662,127)

-

Dividend Paid

-

-

-

(15,105,920)

-

-

-

(791,100,601)

-

(806,206,521)

Net Profit of the Period

-

-

-

-

-

-

-

1,047,646,350

-

1,047,646,350

Transfer from Special Reserve

-

61,697,292

8,143,225

1,001,979

(70,842,496)

-

-

-

-

-

Addition from Financial Investment Revaluation

-

-

-

-

-

129,911,949

-

-

-

129,911,949

Transferred to Bank Risk Reserve

-

-

-

-

-

-

(153,575,808)

153,575,808

-

-

Reserve for Employee Stock ownership plan ESOP

-

-

-

-

-

-

-

-

44,135,782

44,135,782

Balance at the End of Period

5,972,275,410

380,348,755

2,037,107,372

1,001,979

117,805,566

(593,158,869)

128,113,810

1,201,222,158

129,828,074

9,374,544,256