1st Quarter Consolidated Results

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

Consolidated Financial Statements

March 31, 2010

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Mar. 31, 2010

Amounts in L.E.

Note

31-Mar-2010

31-Dec-2009

(Restated)

Assets

Cash & Due From Central Bank

15

4,098,896,337

4,179,256,489

Due From Banks

16

8,080,344,588

7,946,147,786

Treasury Bills & Other Notes Discountable at CBE

17

13,575,742,969

13,198,960,913

Trading Financial Assets

18

565,803,757

491,138,956

Loans & Overdrafts for Banks ( Net after Provision)

19

191,260,819

200,765,433

Loans & Overdrafts for Customers ( Net after Provision)

20

29,337,106,271

27,242,306,869

Financial Derivatives

21

158,429,339

225,347,220

Financial Investments

Available for Sale

22

8,971,680,580

7,429,977,151

Held to Maturity

22

567,682,491

590,057,209

Financial Investments in associated companies

23

86,863,558

74,750,645

Brokers-Debit Balances

178,931,462

80,154,770

Reconciliation Accounts- Debit Balances

-

20,302,650

Real Estate Investments

24

42,485,364

42,485,364

Debt Balances and other Assets

25

1,176,681,129

963,058,418

Goodwill

190,443,866

200,467,228

Intangible Assets

556,604,736

573,471,546

Deferred Tax

24

45,280,919

37,232,586

Fixed Assets (Net)

25

745,043,219

749,602,993

Total Assets

68,569,281,403

64,245,484,253

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

1,061,560,353

458,145,229

Customer Deposits

28

58,162,948,569

54,648,654,522

Brokers-Credit Balance

286,673,337

212,593,347

Reconciliation Accounts-Credit Balances

16,138,275

-

Financial Derivatives

21

107,471,850

150,526,830

Credit Balances & Other Liabilities

30

1,400,047,942

1,162,019,568

Long Term Loans

29

89,230,051

93,237,042

Other Provisions

31

411,278,468

450,056,493

Total Liabilities

61,535,348,845

57,175,233,031

Shareholders' Equity

Issued and Paid In Capital

29

2,925,000,000

2,925,000,000

Reserves

31

3,566,504,525

2,379,311,040

Reserve for employee stock ownership plan (ESOP)

180,651,201

161,728,984

Retained Earning

(212,673,915)

(176,287,838)

Total Shareholders' Equity

6,459,481,810

5,289,752,186

Net Profit of the Period/year

528,380,846

1,734,891,714

Total Shareholders' Equity & Net Profit

6,987,862,656

7,024,643,900

Minority Interest

46,069,902

45,607,323

Total Liabilities & Shareholders' Equity

68,569,281,403

64,245,484,253

Contingent liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,757,591,390

12,637,872,568

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Mar. 31 2010

Amounts in LE.

Note

Mar. 31, 2010

Mar. 31, 2009

Interest and Similar Income

6

1,035,830,917

1,049,573,089

Interest Expenses and Similar Charges

6

(516,009,902)

(531,339,572)

Net Interest Income

519,821,015

518,233,517

Fees & Commissions Income

7

231,363,496

167,843,388

Fees and Commissions Expense

7

(17,151,477)

(16,029,590)

Net Income from Fees and Commissions

214,212,019

151,813,798

Dividends Income

8

64,123,657

99,707,405

Net Trading Income

9

83,597,485

151,005,723

(Losses) Profit from Financial Investments

22

58,397,638

(2,454,862)

Goodwill Amortization

(10,023,361)

-

Administrative Expenses

10

(320,782,046)

(281,267,506)

Other operating (Expenses) Income

11

23,157,996

(54,123,142)

Return (Losses) of impairment from loans

12

(1,911,080)

(11,765,527)

Intangible Assets Amortization

(16,866,810)

(16,866,810)

Bank's share in the profits of Associates

12,073,718

-

Net Profit before Tax

625,800,230

554,282,597

Income Tax

13

(103,405,138)

(86,848,070)

Deferred Tax

13&33

6,448,333

4,583,409

Net Profit After Tax

528,843,425

572,017,936

Minority Interest

462,579

324,363

Bank Shareholders

528,380,846

471,693,573

Earning per share

Basic

14

1.46

1.43

Diluted

14

1.42

1.39

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Mar. 31 2010

Amounts in LE.

Mar. 31, 2010

Mar. 31, 2009

Cash Flow from Operating Activities

Net Income Before Tax

625,800,230

554,282,597

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

46,300,428

47,517,609

Provisions (Formed during the period)

33,833,418

37,566,244

Trading Financial Investment Evaluation Differences

(14,065,167)

(9,294,939)

Intangible Assets Amortization

(16,866,810)

(16,866,810)

Goodwill Amortization

(10,023,361)

-

Impairment of Assets

(1,296,453)

(2,329,265)

Utilization of Provisions (Except Provision for Doubtful Debts)

(1,361,150)

(5,012,830)

Provisions no longer used

(37,914,910)

-

FCY Revaluation Differences of Provision Balances (except Doubtful Debts)

409,559

2,899,477

Losses From Selling Fixed Assets

(1,833,430)

(609,735)

Losses From Selling financial Investments

(62,495,543)

(7,567,855)

FCY Revaluation Difference of Long Term Loans

(886,352)

(560,550)

Share Based Payments

18,922,217

20,419,257

Operating Profits Before Changes in Operating Assets and Liabilities

578,522,774

620,443,200

Net Decrease (Increase) in Assets

Due from banks

(24,633,442)

(2,414,402,063)

Treasury Bills & Other Notes Discountable at CBE

1,454,236,087

202,115,319

Trading Financial Assets

(60,599,634)

(254,653,950)

Financial Derivatives (Net)

23,862,901

(55,017,097)

Loans & Overdrafts

(2,087,309,696)

(434,661,139)

Net Increase (Decrease) In Liabilities

Debit Balances and Other Assets

(247,822,932)

194,345,944

Due to Banks

603,415,124

1,916,074,630

Customer Deposits

3,514,294,047

2,374,571,801

Credit Balances & Other Liabilities

244,539,821

(333,067,366)

Net Cash Provided from Operating Activities

4,047,798,934

1,815,749,279

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Mar. 31 2009

Mar. 31, 2009

Mar. 31, 2008

Cash Flow From Investing Activities

Investments in associated companies

(12,112,913)

(245,505)

Purchase of Fixed Assets, premises and Fitting-out of Branches

(5,707,103)

(64,857,088)

Redemption of Held-to-Maturity Financial Investments

33,318,731

33,520,654

Held to Maturity financial Investments Purchases

10,944,014

(9,181,620)

Available for Sale Financial Investments

(1,477,911,433)

(2,755,596,086)

Real Estate Investments

-

3,839,052

Net Cash (Used in) Provided from Investment Activities

(1,473,356,731)

(2,792,520,593)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(3,120,639)

7,041,206

Dividends Paid

(661,806,331)

(478,236,553)

Net Cash (Used in) Financing Activities

(664,926,970)

(471,195,347)

Net cash & cash equivalent changes

1,909,515,233

(1,447,966,661)

Beginning Balance of cash and cash equivalent

10,230,779,568

8,778,740,569

Cash & Cash equivalent Balance At the End of the period

12,140,294,802

7,330,773,908

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

4,098,896,337

5,118,485,646

Due From Banks

8,080,344,588

8,456,786,434

Treasury Bills & other governmental notes

13,575,742,969

10,699,658,592

Due from Banks (Time Deposits)

(7,484,826,893)

(8,143,399,335)

Treasury Bills With maturity More than 3 months

(6,129,862,199)

(8,800,757,429)

Total Cash & Cash Equivalent

12,142,294,802

7,330,773,908

2009

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank share before acquisition

Retained Earning

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Inv. Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of the Year

(EGP)

Reserve for Employee Stock ownership plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Beginning Balance

2,925,000,000

432,851,511

507,547,602

302,794,421

87,845,690

185,993,785

(20,985,045)

-

1,370,592,742

86,727,903

5,778,368,609

Effect of adjusting Accounting Standards

-

-

-

-

-

20,536,766

-

-

-

-

20,536,766

Beginning Balance after adjustments

2,925,000,000

432,851,511

407,547,602

302,794,421

87,845,690

206,530,551

(20,985,045)

-

1,370,592,742

86,727,903

5,798,905,375

Transfer to reserves

-

80,755,023

1,056,108,883

-

-

-

-

-

(1,136,863,906)

-

-

Transfer to Retained earning

-

-

-

-

(244,507,717)

-

-

-

244,507,717

-

-

Dividends paid

-

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

Net profits of the year

-

-

-

-

-

-

-

-

1,734,891,714

-

1,734,891,714

Change during the year

-

-

(152,185)

-

(1,023,965)

-

-

-

-

-

(1,176,150)

Addition from financial Investment revaluation

-

-

-

-

-

-

(86,139,721)

-

-

-

(86,139,721)

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

75,001,081

75,001,081

Effect of adjusting accounting standards

-

-

-

-

(18,601,847)

-

-

26,652,790

(26,652,790)

-

(18,601,847)

Balance at the end of the year

2,925,000,000

513,606,534

1,463,504,300

302,794,421

(176,287,838)

206,530,551

(107,124,766)

26,652,790

1,708,238,924

161,728,984

7,024,643,899

2010

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank share before acquisition

Retained Earnings

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Inv. Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of the Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Beginning Balance

2,925,000,000

513,606,534

1,463,504,300

302,794,421

(176,287,838)

206,530,551

(107,124,766)

26,652,790

1,708,238,924

161,728,984

7,024,643,899

Transfer to Reserves

-

87,847,835

1,010,739,284

-

-

-

-

-

(1,098,587,119)

-

-

Transfer to Retained Earnings

-

-

-

-

(37,980,544)

(22,173,982)

-

-

52,154,526

-

(8,000,000)

Dividends paid

-

-

-

-

-

-

-

-

(661,806,331)

-

(661,806,331)

Net Profits of the Period

-

-

-

-

-

-

-

-

528,380,846

-

528,380,846

Change during the year

-

-

-

-

1,594,467

-

-

-

-

-

1,594,467

Addition from Financial Investments Revaluation

-

-

-

-

-

-

84,127,558

-

-

-

84,127,558

Effects of adjusting accounting standards

-

-

-

-

-

-

-

44,378,643

(44,378,643)

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

18,922,217

18,922,217

Revaluation Differences of Fixed Assets

-

-

-

-

-

-

-

-

-

-

-

Balance at the end of the period

2.925,000,000

601,454,369

2,474,243,584

302,794,421

(212,673,915)

184,356,569

22,997,208

71,031,433

484,002,203

180,651,201

6,987,862,656