CIB's 1st Half Unconsolidated Financial Statements

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

Unconsolidated 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

6,075,140,629

5,675,241,791

Due From Banks

16

9,717,298,929

6,769,607,397

Treasury Bills & Other Governmental Notes

17

7,019,754,673

8,821,003,566

Trading Financial Assets

18

396,430,078

1,422,038,841

Loans & Overdrafts for Banks (Net after provisions)

19

146,921,747

125,833,038

Loans & Overdrafts for Customers (Net after provisions)

20

37,100,983,028

35,048,707,894

Financial Derivatives

21

161,806,648

139,263,948

Financial Investments

Available for Sale

22

14,115,408,829

13,605,347,030

Held to Maturity Financial Investments

22

123,891,335

289,151,745

Financial Investments in Subsidiary and associated companies

23

1,007,829,530

996,317,538

Real Estate investments

24

28,334,464

28,695,664

Debit Balances and Other Assets

25

1,330,331,410

1,375,945,140

Deferred Tax

33

95,478,072

79,656,694

Fixed Assets (Net)

26

649,042,879

716,071,158

Total Assets

77,968,652,251

75,092,881,445

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

630,396,269

1,322,279,909

Customer Deposits

28

67,392,176,057

63,479,883,624

Financial Derivatives

21

94,617,313

113,551,040

Credit Balances & Other Liabilities

30

958,880,150

1,123,883,898

Long Term Loans

29

261,157,679

129,113,425

Other Provisions

31

310,249,379

310,238,930

Total Liabilities

69,647,476,847

66,478,950,827

Shareholders' Equity

Issued & Paid- in Capital

32

5,901,443,600

5,901,443,600

Reserves

32

1,419,407,488

416,828,938

Reserve for employee stock ownership plan (ESOP)

190,930,487

149,520,859

Retained Earning

-

20,231,298

Total Shareholders' Equity

7,511,781,575

6,488,024,964

Net Profit of the Period/Year after tax

809,393,829

2,125,905,924

Total Shareholders' Equity & Net Profit of the period/year

8,321,175,404

8,613,930,618

Total Liabilities & Shareholders' Equity

77,968,652,251

75,092,881,445

Contingent Liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,844,256,326

11,879,748,713

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

2,582,638,079

2,171,823,754

Interest Expense and Similar Charges

6

(1,324,330,260)

(1,080,940,095)

Net Interest Income

1,258,307,819

1,090,883,659

Fees & Commissions Income

7

410,961,489

413,742,057

Fees and Commissions Expense

7

(40,772,114)

(37,936,902)

Net Income from Fees and Commissions

370,189,375

375,805,155

Dividends Income

8

57,031,906

114,614,465

Net Trading Income

9

171,803,224

167,524,037

Profit from Financial Investments

22

81,338,683

161,353,260

Administrative Expenses

10

(655,264,752)

(580,477,568)

Other operating (Expenses) Income

11

(75,510,487)

(25,019,975)

Losses of impairment of loans

12

(201,264,786)

2,072,511

Net Profit before Tax

1,006,630,982

1,306,755,545

Income Tax

13

(213,058,530)

(203,771,886)

Deferred Tax

13&33

15,821,378

(1,838,962)

Net Profit After Tax

809,393,829

1,101,144,697

Earning per share

Basic

14

1.31

1.50

Diluted

14

1.27

1.46

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

1,006,630,981

1,306,755,545

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

100,272,978

89,779,487

Provisions (Formed during the period)

203,918,097

4,421,035

Trading Financial Investment Evaluation Differences

39,576,450

(15,180,477)

Financial Investments Impairment

(49,775,434)

(29,504,655)

Utilization of Provisions (except Provisions for Doubtful Debts)

(2,940,642)

(1,539,864)

Provisions no longer used (except provisions for doubtful debts)

(2,085,267)

(55,312,726)

FCY Revaluation Differences of Provision Balances (except Doubtful Debt)

4,010,666

4,669,062

Profits From Selling of Fixed Assets

(2,661,678)

(2,048,472)

Profits From Selling of 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

(1,064,017)

Share Based Payments

41,409,628

37,844,433

Investment in subsidiary and associated co evaluation differences

(511,992)

(570,645)

Impairment from Real estate investments

361,200

2,750,500

Operating Profits Before Changes in Operating Assets and Liabilities

1,250,585,298

1,198,699,893

Net Decrease (Increase) in Assets and liabilities

Due from banks

(3,092,558,727)

467,843,381

Treasury Bills & Other Governmental Notes

3,241,726,931

4,014,639,846

Trading Financial Assets

986,032,312

(129,477,489)

Financial Derivatives (Net)

(41,476,427)

82,750,772

Loans & Overdrafts

(2,276,256,247)

(4,698,730,728)

Debit Balances and Other Assets

75,270,885

(254,897,996)

Due to Banks

(691,883,640)

307,419,205

Customer Deposits

3,912,292,433

4,790,519,202

Credit Balances & Other Liabilities

(378,062,278)

(505,870,768)

Net Cash Provided from Operating Activities

2,985,670,540

5,272,895,318

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 Subsidiary and Associated Co.

(11,000,000)

(16,455,599)

Purchase of fixed assets, premises and fitting out of branches

(60,240,176)

(101,580,048)

Redemption of Held-to-Maturity Financial Investments

170,555,777

49,226,583

Held to Maturity Financial investment purchases

-

(10,895,619)

Purchase of Available for sale financial Investment

(674,562,238)

(4,465,290,295)

Net Cash (Used in) Provided from Investing Activities

(575,246,637)

(4,544,994,978)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

127,007,982

14,429,961

Dividends Paid

(841,922,204)

(658,369,589)

Capital Increase

-

25,721,800

Net Cash (Used in) provided from Financing Activities

(714,914,222)

(618,217,828)

Net cash & cash equivalent changes

1,695,509,681

109,682,511

Beginning Balance of cash and cash equivalent

7,778,944,041

10,062,335,630

Cash & Cash equivalent Balance At the End of the period

9,474,453,722

10,172,018,141

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

6,075,140,629

4,443,419,294

Due From Banks

9,717,298,929

7,373,216,564

Treasury Bills & other governmental notes

7,019,754,673

8,966,484,676

Obligatory reserve balance with CBE

(2,811,219,930)

(2,440,347,638)

Due from Banks (time deposits) More than three months

(6,676,134,428)

(4,601,269,316)

Treasury Bills with Maturity More than Three Months

(3,850,386,151)

(3,569,485,439)

Total Cash & Cash Equivalent

9,474,453,722

10,172,018,141

30 June

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 Period

(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

1,756,956,708

161,728,985

6,945,599,768

Capital Increase

25,721,800

-

-

-

-

-

-

-

-

25,721,800

Transferred 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 period

-

-

-

-

-

-

-

1,101,144,697

-

1,101,144,697

Transferred to retained earning

-

-

-

22,173,982

(22,173,982)

-

-

-

-

-

Addition from financial investment revaluation

-

-

-

-

-

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

Balance at the end of Period

2,950,721,800

601,454,369

2,552,960,414

20,231,298

184,356,569

(46,741,879)

126,071,842

1,001,725,645

121,008,773

7,511,788,830

30 June

2011

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 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

2,126,596

156,992,515

1,995,566,199

149,520,859

8,613,930,618

Transferred to Reserves

-

106,216,559

1,066,083,988

-

1,574,746

-

-

(1,173,875,293)

-

-

Dividends 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 from bank risk Reserves

-

-

-

-

-

-

(62,694,093)

62,694,093

-

-

Reserve for Employee Stock ownership plan ESOP

-

-

-

-

-

-

-

-

41,409,628

41,409,628

Balance at the end of period

5,901,443,600

231,344,896

1,144,648,633

-

185,931,315

(299,509,871)

94,298,422

872,087,922

190,930,487

8,321,175,404