1st Quarter Results

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

Consolidated Financial Statements

March 31, 2013

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of March 31, 2013

Amounts in EGP

Note

March 31, 2013

Dec. 31, 2012

Assets

Cash & Balances with Central Bank

15

5,616,291,150

5,393,974,124

Due From Banks

16

9,682,102,706

8,047,820,388

Treasury Bills & Other Governmental Notes

17

13,751,041,752

8,017,754,432

Trading Financial Assets

18

1,153,287,713

1,515,325,502

Loans & Advances to Banks

19

464,317,683

1,178,867,739

Loans & Advances to Customers

20

42,103,378,012

40,698,313,773

Derivative Financial Instruments

21

116,336,336

137,459,761

Financial Investments

Available for Sale

22

20,272,834,132

21,177,427,597

Held to Maturity

22

4,207,712,369

4,215,787,960

Investments in Associates

23

171,730,364

165,198,634

Brokers-Debit Balances

133,446,396

134,944,510

Reconciliation Accounts- Debit Balances

360,521,858

-

Investment Property

24

10,395,686

10,395,686

Other Assets

25

2,565,522,014

2,474,945,065

Intangible Assets

40

31,333,514

33,422,415

Deferred Tax

33

137,848,014

129,356,874

Property, Plant and Equipment

26

673,543,738

683,455,846

Total Assets

101,451,643,437

94,014,450,306

Liabilities and Equity

Liabilities

Due to Banks

27

999,246,979

1,714,862,716

Due to Customers

28

86,077,376,220

78,729,121,488

Brokers-Credit Balance

431,020,730

124,759,011

Reconciliation accounts- credit balances

-

1,664,718

Derivative Financial Instruments

21

120,656,880

119,099,260

Dividends Payable

746,534,426

-

Other Liabilities

30

2,303,421,127

2,059,005,013

Long Term Loans

29

129,130,238

80,495,238

Other Provisions

31

356,789,467

315,488,382

Total Liabilities

Equity

Issued and Paid In Capital

32

5,972,275,410

5,972,275,410

Reserves

32

3,909,805,853

2,970,163,921

Reserve for Employee Stock Ownership Plan (ESOP)

188,722,799

164,761,121

Retained Earnings

(488,608,478)

(510,946,406)

Total Equity

9,582,195,584

8,596,254,046

Net Profit of the Period/Year After Tax

657,592,213

2,226,180,503

Total Equity And Net Profit For Period/Year

10,239,787,797

10,822,434,549

Minority Interest

47,679,573

47,519,931

Total Minority Interest and Equity

10,287,467,370

10,869,954,480

Total Liabilities, Equity and Minority Interest

101,451,643,437

94,014,450,306

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

14,732,557,169

14,897,739,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of March 31, 2013

Amounts in EGP.

Note

March 31, 2013

March 31, 2012

Interest and Similar Income

2,145,204,975

1,668,937,886

Interest and Similar Expenses

(1,007,611,145)

(799,348,535)

Net Interest Income

6

1,137,593,830

869,589,351

Fees & Commissions Income

317,107,277

236,641,466

Fees and Commissions Expense

(29,298,795)

(23,670,700)

Net Income from Fees and Commissions

7

287,808,482

212,970,766

Dividend Income

8

1,701,888

3,948,837

Net Trading Income

9

135,889,585

100,610,509

Profit (losses) from Financial Investments

22

1,919,767

(367,885)

Goodwill Amortization

-

(868,876)

Administrative Expenses

10

(471,234,006)

(380,677,854)

Other operating (Expenses) Income

11

40,405,178

(37,680,487)

Impairment (Charge) for Credit Losses

12

(226,326,368)

(16,542,204)

Intangible Assets Amortization

(2,088,901)

(6,349,773)

Bank's Share in the Profits of Associates

3,758,246

560,511

Net Profit Before Tax

909,427,701

745,192,895

Income Tax Expense

13

(260,196,315)

(248,259,945)

Deferred Tax

33 & 13

8,519,220

8,487,613

Net Profit of The period

657,750,606

505,420,563

Minority Interest

158,393

361,836

Bank Shareholders

657,592,213

505,058,727

Earning per share

14

Basic

1.00

0.79

Diluted

0.98

0.78

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of March. 31, 2013

Amounts in EGP.

March 31, 2013

March 31, 2012

Cash Flow from Operating Activities

Net Profit Before Tax

909,427,701

745,192,895

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

41,568,698

42,167,415

Assets Impairment Charges

226,326,368

16,560,299

Other Provisions Charges

34,710,014

67,087,237

Trading Financial Investment Revaluation Differences

25,349,735

(18,693,025)

Intangible Assets Amortization

2,088,901

6,349,773

Goodwill Amortization

-

868,876

Available for sale and held to maturity investments exchange revaluation differences

(96,308,651)

(3,344,835)

Financial Investments Impairment Charge (Release)

(3,062,279)

6,007,159

Utilization of Other Provisions

(3,265,332)

(8,253,610)

Other Provisions No Longer Used

(141,520)

(531,054)

Exchange Differences of Other Provisions

9,997,924

1,304,271

Profits From Selling Property, Plant and Equipment

(491,491)

(43,012)

Profits From Selling Financial Investments

(1,951,749)

(718,533)

Exchange Differences of Long Term Loans

-

90,904

Share Based Payments

23,961,679

22,235,018

Investments in Associates Revaluation

(6,531,730)

(587,031)

Operating Profits Before Changes in Operating Assets and Liabilities

1,161,678,268

872,305,360

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(1,187,126,786)

(1,025,354,198)

Treasury Bills & Other Governmental Notes

(2,179,687,466)

(2,799,053,252)

Trading Financial Assets

336,688,055

(61,229,351)

Derivative Financial Instruments

22,681,045

31,992,937

Loans and Advances to Banks and Customers

(916,840,550)

995,701,413

Other Assets

(364,050,710)

(457,703,493)

Due to Banks

(715,615,737)

(2,295,931,897)

Due to Customers

7,348,254,732

2,752,209,252

Other Liabilities

288,688,361

125,639,781

Net Cash Provided from Operating Activities

3,794,669,212

(1,858,036,061)

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of March. 31, 2013

March 31, 2012

March 31, 2011

Cash Flow From Investing Activities

Purchase of Property, Plant and Equipment

(116,687,001)

(76,489,984)

Redemption of Held-to-Maturity Financial Investments

8,075,590

-

Purchases of Held to Maturity Financial Investment

-

(2,928,843,650)

Purchases of Available for Sale Financial Investments

(737,071,950)

(3,237,264,572)

Proceeds from Selling Available For Sale Financial Investments

1,534,760,298

3,130,594,820

Proceeds from Real Estate Investments

-

750,000

Net Cash Generated from (Used in) Investing Activities

689,076,937

(3,111,253,387)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

48,635,000

2,507,384

Dividend Paid

(309,308,736)

(212,750,218)

Net Cash Generated from (Used in) Financing Activities

(260,673,736)

(210,242,834)

Net Increase (Decrease) in Cash and Cash Equivalent

4,223,072,413

(5,179,532,282)

Beginning Balance of Cash and Cash Equivalent

5,665,914,467

8,207,517,133

Cash & Cash Equivalent Balance At the End of the Period

9,888,986,880

3,027,984,851

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

5,616,291,150

5,395,158,277

Due From Banks

9,682,102,706

9,585,450,690

Treasury Bills and Other Governmental Notes

13,751,041,752

8,945,402,411

Obligatory Reserve Balance With CBE

(3,306,582,184)

(2,979,789,724)

Due from Banks (Time Deposits) More than Three Months

(5,611,100,817)

(6,297,816,068)

Treasury Bills With Maturity More than Three months

(10,242,765,727)

(11,620,420,735)

Total Cash & Cash Equivalent

9,888,986,880

3,027,984,851

March 31,

2012

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition (EGP)

Retained Earnings

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of the period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

5,934,562,990

231,344,896

1,234,122,776

302,794,421

(334,419,692)

185,931,315

(723,343,863)

281,689,619

1,490,041,219

137,354,418

8,740,078,098

46,356,546

8,786,434,644

Transferred to Reserves

-

87,306,567

743,027,060

-

-

2,716,747

-

-

(833,050,374)

-

-

-

-

Transferred to Retained Earnings

-

-

-

-

(134,109,753)

-

-

-

134,109,753

-

-

-

-

Dividend paid

-

-

-

-

(15,105,920)

-

-

-

(791,100,598)

-

(806,206,518)

-

(806,206,518)

Net Profit of the Year

-

-

-

-

-

-

-

-

505,058,727

-

505,058,727

361,836

505,420,563

Transfer from Special Reserve

-

61,697,292

8,143,225

-

1,001,979

(70,842,496)

-

-

-

-

-

-

-

Change during the period

-

-

-

-

(341,600)

-

-

-

-

-

(341,600)

341,600

-

Addition from Financial

-

-

-

-

-

-

87,078,521

-

-

-

87,078,521

-

87,078,521

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(22,811,813)

22,811,813

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

22,235,018

22,235,018

-

22,235,018

Settlement of Intangible Asset value for Bank Share Before Acquisition

-

-

-

(302,794,421)

-

-

-

-

-

-

(302,794,421)

-

(302,794,421)

Balance at the end of the period

5,934,562,990

380,348,755

1,985,293,061

-

(482,974,986)

117,805,566

(636,265,342)

258,877,806

527,870,540

159,589,436

8,245,107,825

47,059,982

8,292,167,807

March. 31,

2013

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition

Retained Earnings

(EGP)

Special Reserve

(EGP)

Reserve for A.F.S Investment Revaluation Diff.

(EGP)

Banking Risks Reserve

(EGP)

Profits of the period

(EGP)

Reserve for Employee Stock Ownership Plan ESOP

(EGP)

Total Shareholders' Equity

(EGP)

Minority Interest

(EGP)

Total

(EGP)

Beginning Balance

5,972,275,410

380,348,755

2,036,955,188

-

(510,946,406)

117,805,566

153,364,794

103,716,932

2,404,153,189

164,761,121

10,822,434,549

47,519,931

10,869,954,480

Transferred to Reserves

-

110,016,166

1,213,438,663

-

-

2,387,583

-

-

(1,325,842,412)

-

-

-

-

Transferred to Retained Earning

-

-

-

-

23,469,594

-

-

-

(23,469,594)

-

-

-

-

Dividend paid

-

-

-

-

(1,001,979)

-

-

-

(1,054,841,183)

-

(1,055,843,162)

-

(1,055,843,162)

Net Profit of the year

-

-

-

-

-

-

-

-

657,592,213

-

657,592,213

158,394

657,750,607

Transfer from special reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

Change During the period

-

-

-

-

(129,687)

-

-

-

-

-

(129,687)

1,248

(128,439)

Addition from Financial Investment revaluation

-

-

-

-

-

-

(208,227,794)

-

-

-

(208,227,794)

-

(208,227,794)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(19,199,133)

19,199,133

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

23,961,679

23,961,679

-

23,961,679

End of the period

5,972,275,410

490,364,921

3,250,393,851

-

(488,608,478)

120,193,149

(54,863,000)

84,517,799

676,791,347

188,722,799

10,239,787,798

47,679,573

10,287,467,370