CIB's 1st Half Consolidated Financial Statements

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

Consolidated Financial Statements

June 30, 2011

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Jun. 30, 2011

Amounts in L.E.

Note

30-Jun-2011

31-Dec-2010

Assets

Cash & Due From Central Bank

15

6,075,170,048

5,675,241,791

Due From Banks

16

9,812,636,221

7,054,682,826

Treasury Bills & Other Governmental Notes

17

7,047,441,434

8,821,003,566

Trading Financial Assets

18

537,173,722

1,585,747,835

Loans & Overdrafts for Banks ( Net after Provision)

19

146,921,747

125,833,038

Loans & Overdrafts for Customers ( Net after Provision)

20

37,100,983,028

35,048,707,894

Financial Derivatives

21

161,806,648

139,263,948

Financial Investments

Available for Sale

22

14,127,065,717

13,613,839,805

Held to Maturity

22

133,973,919

299,250,313

Financial Investments in associated companies

23

119,235,956

96,827,733

Brokers-Debit Balances

123,400,733

180,368,320

Reconciliation Accounts- Debit Balances

-

8,185,474

Real Estate Investments

24

28,334,464

28,695,664

Debit Balances and other Assets

25

1,337,353,645

1,384,657,474

Goodwill

140,327,059

160,373,782

Intangible Assets

41

343,086,724

376,820,344

Deferred Tax

33

134,024,871

117,602,829

Fixed Assets (Net)

26

640,396,748

708,330,987

Total Assets

78,009,332,684

75,425,433,624

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

630,396,269

1,322,279,909

Customer Deposits

28

67,287,568,883

63,364,177,278

Brokers-Credit Balance

101,724,793

393,321,036

Reconciliation Accounts-Credit Balances

65,130,902

-

Financial Derivatives

21

94,617,313

113,551,039

Credit Balances & Other Liabilities

30

986,624,553

1,165,163,338

Long Term Loans

29

261,157,679

129,113,426

Other Provisions

31

316,801,255

318,889,536

Total Liabilities

69,744,021,646

66,806,495,563

Shareholders' Equity

Issued and Paid In Capital

32

5,901,443,600

5,901,443,600

Reserves

32

1,721,711,150

719,067,070

Reserve for employee stock ownership plan (ESOP)

190,930,486

149,520,858

Retained Earning

(346,601,295)

(203,604,610)

Total Shareholders' Equity

7,467,483,941

6,566,426,917

Net Profit of the Period/year after tax

750,795,396

2,005,545,505

Total Shareholders' Equity & Net Profit for the Period/year

8,218,279,337

8,571,972,423

Minority Interest

47,031,701

46,965,639

Total Minority interest and shareholders' equity

8,265,311,038

8,618,938,062

Total Liabilities & Shareholders' Equity and minority interest

78,009,332,684

75,425,433,625

Contingent liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,844,206,326

11,879,698,713

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Jun. 30 2011

Amounts in LE.

Note

Jun. 30, 2011

Jun. 30, 2010

Interest and Similar Income

6

2,587,280,676

2,173,625,359

Interest Expenses and Similar Charges

6

(1,324,813,156)

(1,081,606,785)

Net Interest Income

1,262,467,520

1,092,018,574

Fees & Commissions Income

7

447,969,895

471,853,605

Fees and Commissions Expense

7

(41,227,766)

(37,936,902)

Net Fees and Commissions Income

406,742,129

433,916,703

Dividends Income

8

57,164,372

94,796,974

Net Trading Income

9

178,883,837

173,657,204

Profit from Financial Investments

22

81,273,153

161,389,039

Goodwill Amortization

(20,046,723)

(20,046,723)

Administrative Expenses

10

(712,863,574)

(646,266,259)

Other operating (Expenses) Income

11

(78,927,185)

(32,929,863)

Losses of impairment from loans

12

(201,264,786)

2,072,511

Intangible Assets Amortization

41

(33,733,620)

(33,733,620)

Bank's share in the profits of Associates

10,896,229

11,392,763

Net Profit before Tax

950,591,353

1,236,267,034

Income Tax

13

(216,050,496)

(210,211,143)

Deferred Tax

13&33

16,422,042

(1,622,092)

Net Profit After Tax

750,962,898

1,024,433,799

Minority Interest

167,503

987,410

Bank Shareholders

750,795,396

1,023,446,389

Earning per share

Basic

14

1.22

1.40

Diluted

14

1.19

1.36

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT

As of Jun. 30 2011

Amounts in LE.

Jun. 30, 2011

Jun. 30, 2010

Cash Flow from Operating Activities

Net Income Before Tax

950,591,353

1,236,267,034

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

102,694,841

91,786,471

Provisions (Formed during the period)

204,097,392

42,704,627

Trading Financial Investment Evaluation Differences

32,976,379

(15,180,477)

Intangible Assets Amortization

33,733,620

33,733,620

Goodwill Amortization

20,046,723

20,046,723

Financial Investments Impairment

(49,775,434)

(29,504,655)

Utilization of Provisions (Except Provision for Doubtful Debts)

(5,218,667)

(1,539,864)

Provisions no longer used (Except Provision for Doubtful Debts)

(2,085,267)

(55,673,466)

FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)

4,010,666

4,669,062

Profits From Selling Fixed Assets

(2,661,678)

(2,048,472)

Profits From Selling Financial Investments

(90,782,148)

(142,299,409)

Profits From Selling an Investment in Associated

(1,873,813)

96

FCY Revaluation Difference of Long Term Loans

5,036,272

(1,064,016)

Share Based Payments

41,409,628

37,844,433

Investment in Subsidiary and Associated Company Evaluation Differences

(11,408,222)

(28,419,007)

Impairment of Real Estate Investments

361,200

2,750,500

Operating Profits Before Changes in Operating Assets and Liabilities

1,231,152,844

1,194,073,199

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(3,090,538,362)

467,843,381

Treasury Bills & Other Governmental Notes

3,218,771,820

4,014,793,870

Trading Financial Assets

1,015,597,733

(264,474,901)

Financial Derivatives (Net)

(41,476,427)

82,750,772

Loans & Overdrafts

(2,276,256,247)

(4,698,730,728)

Debit Balances and Other Assets

142,114,045

(257,619,944)

Due to Banks

(691,883,640)

307,419,205

Customer Deposits

3,923,391,605

4,931,471,005

Credit Balances & Other Liabilities

(622,420,045)

(616,199,591)

Net Cash Provided from Operating Activities

2,808,453,327

5,161,326,268

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT

As of Jun. 30 2011

Jun. 30, 2011

Jun. 30, 2010

Cash Flow From Investing Activities

Payments to purchase associated companies

(11,000,000)

-

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

(61,756,079)

(26,839,508)

Redemption of Held-to-Maturity Financial Investments

170,571,760

59,240,052

Held to Maturity financial Investments Purchases

-

(20,893,124)

Purchase of Available for Sale Financial Investments

(677,660,821)

(4,527,576,564)

Net Cash (Used in) Provided from Investment Activities

(579,845,140)

(4,516,069,145)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

127,007,982

14,429,961

Dividends Paid

(843,063,191)

(661,806,331)

Capital Increase

-

25,721,800

Net Cash (Used in) Financing Activities

(716,055,209)

(621,654,570)

Net cash & cash equivalent changes

1,512,552,977

23,602,553

Beginning Balance of cash and cash equivalent

8,058,126,497

10,230,779,568

Cash & Cash equivalent Balance At the End of the period

9,570,679,474

10,254,382,122

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

6,075,170,048

4,444,111,709

Due From Banks

9,812,636,221

7,450,054,044

Treasury Bills & other governmental notes

7,047,441,434

8,971,318,763

Obligatory Reserve balance with CBE

(2,811,219,930)

(2,501,850,088)

Due from Banks (Time Deposits) more than three months

(6,680,007,036)

(4,539,766,866)

Treasury Bills With maturity More than 3 months

(3,873,341,263)

(3,569,485,439)

Total Cash & Cash Equivalent

9,570,679,474

10,254,382,122

Jun 30,2010

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 for the period

(EGP)

Reserve for Employee Stock ownership plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Minority Interest (EGP)

Total

(EGP)

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

1,717,315,559

161,728,984

7,033,720,534

45,607,323

7,079,327,857

Capital Increase

25,721,800

-

-

-

-

-

-

-

-

-

25,721,800

-

25,721,800

Transferred to reserves

-

87,847,835

1,010,739,284

-

-

-

-

-

(1,098,587,119)

-

-

-

-

Transferred to Retained earning

-

-

-

-

(37,980,544)

(22,173,982)

-

-

52,154,526

-

(8,000,000)

-

(8,000,000)

Dividends paid

-

-

-

-

-

-

-

-

(661.806.331)

-

(661.806.331)

-

(661.806.331)

Net profits of the period

-

-

-

-

-

-

-

-

1,023,446,389

-

1,023,446,389

987,410

1,024,433,799

Changes during the period

-

-

-

-

1,594,467

-

-

-

-

-

1,594,467

-

1,594,467

Addition from financial Investment revaluation

-

-

-

-

-

-

59,847,721

-

-

-

59,847,721

-

59,847,721

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

99,419,052

(99,419,052)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

78,564,646

-

-

-

-

-

-

(40,720,212)

37,844,434

-

37,844,434

Balance at the end of the period

2,950,721,800

601,454,369

2,552,808,230

302,794,421

(212,673,915)

184,356,569

(47,277,045)

126,071,842

933,103,972

121,008,772

7,512,369,014

46,594,733

7,558,963,747

Jun. 30,

2011

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 period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

5,901,443,600

125,128,337

78,412,462

302,794,421

(203,604,610)

184,356,569

1,722,491

156,992,515

1,875,205,780

149,520,858

8,571,972,422

46,965,639

8,618,938,061

Transferred to Reserves

-

106,216,559

1,066,083,988

-

-

1,574,746

-

-

(1,173,875,293)

-

-

-

-

Transferred to Retained Earnings

-

-

-

-

(121,501,406)

-

-

-

121.501.406

-

-

-

-

Dividends paid

-

-

-

-

(20,231,298)

-

-

-

(822,831,893)

-

(843,063,191)

-

(843,063,191)

Net Profits of the Period

-

-

-

-

-

-

-

-

750,795,396

-

750,795,396

167,503

750,962,898

Change during the period

-

-

-

-

(1,263,981)

-

-

-

-

-

(1,263,981)

(101,441)

(1,365,422)

Addition from Financial Investments Revaluation

-

-

-

-

-

-

(301,570,937)

-

-

-

(301,570,937)

-

(301,570,937)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(62,694,093)

62,694,093

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

41,409,628

41,409,628

-

41,409,628

Balance at the end of the period

5,901,443,600

231,344,896

1,144,496,449

302,794,421

(346,601,295)

185,931,315

(299,848,446)

94,298,422

813,489,488

190,430,486

8,218,279,337

47,031,701

8,265,311,038