CIB's 2010 Consolidated year end financial result

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

Consolidated 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

4,179,256,489

Due From Banks

16

7,054,682,826

7,946,147,786

Treasury Bills & Other Notes Discountable at CBE

17

8,821,003,566

13,198,960,913

Trading Financial Assets

18

1,585,747,835

491,138,956

Loans & Overdrafts for Banks ( Net after Provision)

19

128,527,576

200,765,433

Loans & Overdrafts for Customers ( Net after Provision)

20

35,046,013,357

27,242,306,896

Financial Derivatives

21

139,263,948

225,347,220

Financial Investments

Available for Sale

22

13,613,839,805

7,429,977,151

Held to Maturity

22

299,250,313

590,057,209

Financial Investments in associated companies

23

87,751,097

83,827,281

Brokers-Debit Balances

180,368,320

80,154,770

Reconciliation Accounts- Debit Balances

8,185,474

20,302,650

Real Estate Investments

24

28,695,664

42,485,364

Debt Balances and other Assets

25

1,384,657,474

963,058,418

Goodwill

160,373,782

200,467,228

Intangible Assets

376,820,344

573,471,546

Deferred Tax

33

117,602,829

37,232,586

Fixed Assets (Net)

26

708,330,987

749,602,993

Total Assets

75,416,356,988

64,254,560,889

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

1,322,279,909

458,145,229

Customer Deposits

28

63,364,177,278

54,648,654,522

Brokers-Credit Balance

393,321,036

212,593,347

Financial Derivatives

21

113,551,040

150,526,830

Credit Balances & Other Liabilities

30

1,165,163,338

1,162,019,568

Long Term Loans

29

129,113,426

93,237,042

Other Provisions

31

318,889,536

450,056,493

Total Liabilities

66,806,495,564

57,175,233,031

Shareholders' Equity

Issued and Paid In Capital

32

5,901,443,600

2,925,000,000

Reserves

32

719,067,070

2,379,311,040

Reserve for employee stock ownership plan (ESOP)

149,520,858

161,728,984

Retained Earning

(212,681,247)

(176,287,838)

Total Shareholders' Equity

6,557,350,280

5,289,752,186

Net Profit of the Period/year

2,005,545,505

1,743,968,350

Total Shareholders' Equity & Net Profit

8,562,895,785

7,033,720,535

Minority Interest

46,965,639

45,607,323

Total Minority Interest and Shareholders' Equity

8,609,861,425

7,079,327,858

Total Liabilities & Shareholders' Equity & Minority Interest

75,416,356,988

64,254,560,889

Contingent liabilities & commitments

Letters of Credit, Guarantees and other commitments

37

11,879,698,713

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

4,525,477,709

4,032,638,862

Interest Expenses and Similar Charges

6

(2,267,786,715)

(2,002,606,660)

Net Interest Income

2,257,690,995

2,030,032,202

Fees & Commissions Income

7

939,363,185

830,270,817

Fees and Commissions Expense

7

(85,056,559)

(64,831,578)

Net Income from Fees and Commissions

854,306,626

765,439,239

Dividends Income

8

165,539,154

133,473,178

Net Trading Income

9

427,402,497

419,294,504

Profit from Financial Investments

22

261,754,102

65,796,382

Goodwill Amortization

(40,093,445)

-

Administrative Expenses

10

(1,324,853,724)

(1,170,802,794)

Other operating (Expenses) Income

11

(30,594,217)

(80,311,607)

Return (Losses) of impairment from loans

12

(6,163,496)

(9,184,858)

Intangible Assets Amortization

(196,651,202)

(67,467,240)

Bank's share in the profits of Associates

(4,365,556)

9,076,636.00

Net Profit before Tax

2,363,971,731

2,095,345,642

Income Tax

13

(435,838,152)

(366,109,247)

Deferred Tax

13&33

78,770,242

16,259,820

Net Profit After Tax

2,006,903,821

1,745,496,216

Minority Interest

1,358,316

1,527,866

Bank Shareholders

2,005,545,505

1,743,968,350

Earning per share

Basic

14

2.83

2.62

Diluted

14

2.78

2.57

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

2,363,971,731

2,095,345,642

Adjustments To Reconcile Net Income

To Net Cash Provided by operating Activities

Depreciation

184,081,368

193,535,184

Provisions (Formed during the period)

87,221,739

60,259,903

Trading Financial Investment Evaluation Differences

(76,970,503)

(11,988,038)

Intangible Assets Amortization

(196,651,202)

(67,467,240)

Goodwill Amortization

(40,093,445)

-

Impairment of Assets

100,496,321

22,423,516

Utilization of Provisions (Except Provision for Doubtful Debts)

(1,990,637)

(6,767,109)

Provisions no longer used

(178,520,239)

(4,016,965)

FCY Revaluation Differences of Provision Balances (except Doubtful Debts)

7,340,620

(724,579)

Profits From Selling Fixed Assets

(1,574,746)

15,797,710

Profits From Selling financial Investments

(209,478,369)

(113,051,948)

Losses from selling an Investment in Subsidiary

96

-

FCY Revaluation Difference of Long Term Loans

141,768

310,424

Share Based Payments

66,356,519

75,001,081

Operating Profits Before Changes in Operating Assets and Liabilities

2,104,331,021

2,258,657,581

Net Decrease (Increase) in Assets

Due from banks

1,108,771,731

(1,780,463,063)

Treasury Bills & Other Notes Discountable at CBE

492,012,203

1,410,950,308

Trading Financial Assets

(1,017,638,376)

162,476,513

Financial Derivatives (Net)

49,107,482

(6,844,342)

Loans & Overdrafts

(7,776,687,045)

(1,047,276,956)

Net Increase (Decrease) In Liabilities

Debit Balances and Other Assets

(171,969,013)

(20,764,886)

Due to Banks

864,134,680

229,151,007

Customer Deposits

8,715,522,756

5,858,624,713

Credit Balances & Other Liabilities

(168,410,846)

(377,288,176)

Net Cash Provided from Operating Activities

4,199,174,593

6,687,222,699

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 associated co.

(3,923,816)

(95,645,157)

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

(106,117,083)

(176,827,213)

Redemption of Held-to-Maturity Financial Investments

311,478,559

100,347,555

Held to Maturity financial Investment Purchases

(20,671,663)

(9,141,490)

Purchase of Available for Sale Financial Investments

(5,966,033,445)

(4,564,383,469)

Real Estate Investments

13,789,700

5,049,941

Net Cash (Used in) Provided from Investment Activities

(5,771,477,749)

(4,740,599,833)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

35,734,616

(16,347,315)

Dividends Paid

(661,806,331)

(478,236,553)

Capital Increase

25,721,800

-

Net Cash (Used in) Financing Activities

(600,349,915)

(494,583,868)

Net cash & cash equivalent changes

(2,172,653,071)

1,452,038,998

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

8,058,126,497

10,230,779,567

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

5,675,241,791

4,179,256,489

Due From Banks

7,054,682,826

7,946,147,786

Treasury Bills & other governmental notes

8,821,003,566

13,198,960,913

Due from Banks (Time Deposits) More than Three Months

(6,400,688,604)

(7,509,460,335)

Treasury Bills With maturity More than Three months

(7,092,113,082)

(7,584,125,286)

Total Cash & Cash Equivalent

8,058,126,497

10,230,779,567

Dec. 31, 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)

Minority Interest

(EGP)

Total

(EGP)

Beginning Balance

2,925,000,000

432,851,511

407,547,602

302,794,421

87,845,690

185,993,785

(20,985,045)

-

1,370,592,742

86,727,903

5,778,368,609

46,280,877

5,824,649,486

Effect of adjusting Accounting Standards

-

-

-

-

-

20,536,766

-

-

-

-

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

46,280,877

5,845,186,252

Transferred to reserves

-

80,755,023

1,056,108,883

-

-

-

-

-

(1,136,863,906)

-

-

-

-

Transferred to Retained earning

-

-

-

-

(244,507,717)

-

-

-

244,507,717

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

-

(478,236,553)

Net profits of the year

-

-

-

-

-

-

-

-

1, 743,968,350

-

1, 743,968,350

1,527,866

1,745,496,215

Change during the year

-

-

(152,185)

-

(1,023,965))

-

-

-

-

-

(1,176,150)

(2,201,420)

(3,377,570)

Addition from financial Investment revaluation

-

-

-

-

-

-

(86,139,721)

-

-

-

(86,139,721)

-

(86,139,721)

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

75,001,081

75,001,081

-

75,001,081

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

1,717,315,559

161,728,984

7,033,720,535

45,607,323

7,079,327,858

Dec. 31,2010

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

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

7,033,720,535

45,607,323

7,079,327,858

Capital Increase

2,976,443,600

(476,326,032)

(2,474,395,768)

-

-

-

-

-

-

-

25,721,800

-

25,721,800

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)

-

(8,000,000)

Dividends paid

-

-

-

-

-

-

-

-

(661,806,331)

-

(661,806,331)

-

(661,806,331)

Net Profits of the year

-

-

-

-

-

-

-

-

2,005,545,505

-

2,005,545,505

1,358,316

2,006,903,821

Change during the year

-

-

-

-

1,587,135

-

-

-

-

-

1,587,135

-

1,587,135

Addition from Financial Investments Revaluation

-

-

-

-

-

-

108,847,257

-

-

-

108,847,257

-

108,847,257

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

-

66,356,519

Balance at the end of the year

5,901,443,600

125,128,337

78,412,462

302,794,421

(212,681,247)

184,356,569

1,722,491

156,992,515

1,884,282,416

149,520,858

8,571,972,421

46,965,639

8,618,938,060