CIB 2010 Unconsolidated Year end financial results

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

Unconsolidated Financial Statements

December 31, 2010

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Dec. 31, 2010

Amounts in EGP.

Note

Dec. 31 ,2010

Dec.31, 2009 (Restated)

Assets

Cash & Due From Central Bank

15

5,675,241,791

4,179,212,739

Due From Banks

16

6,769,607,397

7,785,042,557

Treasury Bills & Other Notes Discountable at CBE

17

8,821,003,566

13,191,665,954

Trading Financial Assets

18

1,422,038,841

380,620,682

Loans & Overdrafts for Banks (Net after provisions)

19

128,527,576

200,765,433

Loans & Overdrafts for Customers (Net after provisions)

20

35,046,013,357

27,242,306,896

Financial Derivatives

21

139,263,948

225,347,220

Financial Investments

Available for Sale

22

13,605,347,030

7,420,529,606

Held to Maturity Financial Investments

22

289,151,745

579,926,673

Financial Investments in Subsidiary and associated companies

23

996,317,538

1,138,277,487

Real Estate investments

24

28,695,664

42,485,364

Debit Balances and Other Assets

25

1,375,945,140

918,003,882

Deferred Tax

33

79,656,694

39,799,318

Fixed Assets (Net)

26

716,071,158

718,847,964

Total Assets

75,092,881,445

64,062,831,775

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

1,322,279,909

458,145,229

Customer Deposits

28

63,479,883,624

54,842,629,843

Financial Derivatives

21

113,551,040

150,526,830

Credit Balances & Other Liabilities

30

1,123,883,898

1,128,964,485

Long Term Loans

29

129,113,426

93,237,042

Other Provisions

31

310,238,930

443,728,578

Total Liabilities

66,478,950,828

57,117,232,007

Shareholders' Equity

Issued & Paid- in Capital

32

5,901,443,600

2,925,000,000

Reserves

32

416,828,938

2,077,203,969

Reserve for employee stock ownership plan (ESOP)

149,520,859

161,728,985

Retained Earnings

20,231,298

(1,942,684)

Total Shareholders' Equity

6,488,024,694

5,161,990,269

Net Profit of the Period

2,125,905,924

1,783,609,499

Total Shareholders' Equity & Net Profit

8,613,930,617

6,945,599,768

Total Liabilities & Shareholders' Equity

75,092,881,445

64,062,831,775

Contingent Liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,879,748,713

12,637,872,568

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Dec. 31, 2010

Amounts in EGP.

Note

Dec.31, 2010

Dec. 31, 2009

(Restated)

Interest and Similar Income

6

4,521,390,287

4,026,337,183

Interest Expense and Similar Charges

6

(2,266,569,515)

(2,000,868,483)

Net Interest Income

2,254,820,773

2,025,468,700

Fees & Commissions Income

7

835,154,241

704,436,353

Fees and Commissions Expense

7

(84,876,559)

(67,147,458)

Net Income from Fees and Commissions

750,277,682

637,288,895

Dividends Income

8

184,309,092

126,062,373

Net Trading Income

9

413,109,812

404,153,055

Profit from Financial Investments

22

102,559,206

65,220,692

Administrative Expenses

10

(1,187,939,938)

(1,040,787,351)

Other operating (Expenses) Income

11

1,771,329

(84,879,302)

Return (Losses) of impairment of loans

12

(6,163,496)

(9,184,858)

Net Profit before Tax

2,512,744,460

2,123,342,204

Income Tax

13

(426,695,912)

(357,691,456)

Deferred Tax

13&33

39,857,376

17,958,750

Net Profit After Tax

2,125,905,924

1,783,609,499

Earning per share

Basic

14

2.99

2.63

Diluted

14

2.93

2.59

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Dec. 31, 2010

Amounts in EGP.

Dec. 31, 2010

Dec. 31, 2009

(Restated)

Cash Flow From Operating Activities

Net Income Before Tax

2,512,744,460

2,123,342,204

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

179,021,238

184,283,445

Provisions (Formed during the year)

84,416,535

59,026,765

Trading Financial Investment Evaluation Differences

(76,970,503)

(11,988,038)

Impairment of Assets

100,496,321

22,423,516

Utilization of Provision (except Provisions for Doubtful Debts)

(1,990,637)

(5,934,246)

Provisions no longer used

(178,037.726)

(517,078)

FCY Revaluation Differences of Provision Balances (except Doubtful Debt)

7,340,620

(724,579)

Profits From Selling of Fixed Assets

(1,574,746)

(15,797,710)

Profits From Selling of financial Investments

(209,478,369)

(113,051,948)

Losses from selling an investment in Associated

96

-

FCY Revaluation Difference of Long Term Loans

141,768

310,424

Share Based Payments

66,356,519

75,001,082

Operating Profits Before Changes in Operating Assets and Liabilities

2,482,465,576

2,316,373,837

Net Decrease (Increase) in Assets

Due from banks

1,114,664,704

(1,792,506,063)

Treasury Bills & Other Governmental Notes

492,012,203

1,410,297,463

Trading Financial Assets

(964,447,656)

128,921,843

Financial Derivatives (Net)

49,107,482

(6,844,342)

Loans & Overdrafts

(7,776,687,045)

(1,047,276,957)

Net Increase (Decrease) In Liabilities

Debit Balances and Other Assets

(452,877,544)

(69,428,725)

Due to Banks

864,134,680

244,675,217

Customer Deposits

8,637,253,781

5,904,520,180

Credit Balances & Other Liabilities

(431,776,495)

(475,728,332)

Net Cash Provided from Operating Activities

4,013,849,685

6,613,004,121

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Dec. 31, 2010

Dec. 31, 2010

Dec. 31, 2009

(Restated)

Cash Flow From Investing Activities

(Payments) Incomings from (Purchase) selling Subsidiary & Associated companies

141,959,949

(86,222,016)

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

(179,733,400)

(130,621,033)

Redemption of Held-to-Maturity Financial Investments

311,446,590

100,347,556

Held to Maturity financial Investments Purchases

(20,671,663)

989,046

Purchase of available for Sale Financial Investments

(5,967,119,276)

(4,567,668,190)

Real Estate investments

13,789,700

5,049,941

Net Cash (Used in) Provided from Investing Activities

(5,700,328,100)

(4,678,124,696)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

35,734,616

(16,347,315)

Dividends Paid

(658,369,589)

(478,236,553)

Capital Increase

25,721,800

-

Net Cash (Used in) provided from Financing Activities

(596,913,173)

(494,583,868)

Net cash & cash equivalent changes

(2,283,391,588)

1,440,295,557

Beginning Balance of cash and cash equivalent

10,062,335,629

8,622,040,072

Cash & Cash equivalent Balance At the End of the Year

7,778,944,041

10,062,335,629

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

5,675,241,791

4,179,212,739

Due From Banks

6,769,607,397

7,785,042,557

Treasury Bills & other governmental notes

8,821,003,566

13,191,665,954

Due from Banks (time deposits) More than Three Months

(6,394,795,631)

(7,509,460,335)

Treasury Bills with Maturity More than Three Months

(7,092,113,082)

(7,584,125,286)

Total Cash & Cash Equivalent

7,778,944,041

10,062,335,629

Dec.31, 2009

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(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

Total

(EGP)

Beginning Balance

2,925,000,000

432,851,511

407,547,602

(1,942,684)

185,993,785

(20,312,399)

-

1,615,100,458

86,727,903

5,630,966,176

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

(1,942,684)

206,530,551

(20,312,399)

-

1,615,100,458

86,727,903

5,651,502,942

Transferred to Reserves

-

80,755,023

1,056,108,882

-

-

-

-

(1,136,863,905)

-

-

Dividends Paid

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

Net Profit of the Year

-

-

-

-

-

-

-

1,783,609,499

-

1,783,609,499

Addition from financial investment revaluation

-

-

-

-

-

(86,277,201)

-

-

-

(86,277,201)

Effect of adjusting accounting standards

-

-

-

-

-

-

26,652,790

(26,652,790)

-

-

Reserve for Employee Stock ownership plan ESOP

-

-

-

-

-

-

-

-

75,001,082

75,001,082

Balance at the end of the Year

2,925,000,000

513,606,534

1,463,656,484

(1,942,684)

206,530,551

(106,589,600)

26,652,790

1,756,956,709

161,728,985

6,945,599,768

Dec.31, 2010

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings

(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

Total

(EGP)

Beginning Balance

2,925,000,000

513,606,534

1,463,656,484

(1,942,684)

206,530,551

(106,589,600)

26,652,790

1,756,956,709

161,728,985

6,945,599,768

Capital Increase

2,976,443,600

(476,326,032)

(2,474,395,768)

-

-

-

-

-

-

25,721,800

Transfer to Reserves

-

87,847,835

1,010,739,284

-

-

-

-

(1,098,587,119)

-

-

Dividends Paid

-

-

-

-

-

-

-

(658,369,589)

-

(658,369,589)

Net Profit of the Year

-

-

-

-

-

-

-

2,125,905,924

-

2,125,905,924

Transfer to retained earnings

-

-

-

22,173,982

(22,173,982)

-

-

-

-

-

Addition from financial investment revaluation

-

-

-

-

-

108,716,196

-

-

-

108,716,196

Transferred to bank risk reserve

-

-

-

-

-

-

130,339,725

(130,339,725)

-

-

Reserve for Employee Stock ownership plan ESOP

-

-

78,564,646

-

-

-

-

-

(12,208,126)

66,356,519

Balance at the end of year

5,901,443,600

125,128,337

78,564,646

20,231,298

184,356,569

2,126,596

156,992,515

1,995,566,199

149,520,859

8,613,930,618