CIB's 2011 Year-end Consolidated Financials

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

Consolidated Financial Statements

December 31, 2011

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of Dec. 31, 2011

Amounts in EGP

Note

Dec. 31, 2011

Dec. 31, 2010

(Restated)

Assets

Cash & Due From Central Bank

15

7,492,064,510

5,675,241,791

Due From Banks

16

8,528,229,519

7,054,682,826

Treasury Bills & Other Governmental Notes

17

9,260,842,183

8,821,003,566

Trading Financial Assets

18

675,325,450

1,585,747,835

Loans & Advances to Banks ( Net after Provision)

19

1,395,594,609

125,833,038

Loans & Advances to Customers ( Net after Provision)

20

39,669,785,864

35,048,707,895

Derivative Financial Instruments

21

146,544,656

139,263,948

Financial Investments

Available for Sale

15,421,546,277

13,613,839,805

Held to Maturity

39,159,520

299,250,313

Investments in Associates

23

106,676,167

96,827,733

Brokers-Debit Balances

24,185,525

180,368,320

Reconciliation Accounts- Debit Balances

42,507,905

8,185,474

Real Estate Investments

24

12,774,686

28,695,664

Other Assets

25

1,534,819,491

1,384,657,473

Goodwill

120,280,337

160,373,782

Intangible Assets

41

309,353,104

376,820,344

Deferred Tax

33

123,977,698

117,602,829

Property, Plant and Equipment

26

630,508,089

708,330,987

Total Assets

85,534,175,590

75,425,433,623

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

27

3,340,794,517

1,322,279,909

Due to Customer

28

71,467,935,259

63,364,177,278

Brokers-Credit Balance

111,851,855

393,321,036

Derivative Financial Instruments

21

114,287,990

113,551,040

Other Liabilities

30

1,342,737,623

1,170,198,643

Long Term Loans

29

99,333,376

129,113,426

Other Provisions

31

270,800,326

318,889,536

Total Liabilities

76,747,740,946

66,811,530,868

Equity

Issued and Paid In Capital

32

5,934,562,990

5,901,443,600

Reserves

32

1,387,842,060

698,925,842

Reserve for Employee Stock Ownership Plan (ESOP)

137,354,418

149,520,858

Retained Earnings

(334,419,692)

(203,604,610)

Total Equity

7,125,339,776

6,546,285,690

Net Profit of the Year After Tax

1,614,738,322

2,020,651,426

Total Equity And Net Profit For Year

8,740,078,098

8,566,937,116

Minority Interest

46,356,546

46,965,639

Total Minority Interest and Equity

8,786,434,644

8,613,902,755

Total Liabilities, Equity and Minority Interest

85,534,175,590

75,425,433,623

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

12,559,553,516

11,879,698,713

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Dec. 31, 2011

Amounts in EGP.

Note

Dec. 31, 2011

Dec. 31, 2010

(Restated)

Interest and Similar Income

5,470,990,831

4,525,477,709

Interest and Similar Expenses

(2,781,039,268)

(2,267,786,715)

Net Interest Income

6

2,689,951,563

2,257,690,994

Fees & Commissions Income

930,569,533

939,363,185

Fees and Commissions Expense

(87,622,734)

(85,056,559)

Net Income from Fees and Commissions

7

842,946,799

854,306,626

Dividend Income

8

61,506,980

165,539,152

Net Trading Income

9

343,738,953

447,543,725

Profit from Financial Investments

22

93,933,572

261,754,102

Goodwill Amortization

(40,093,445)

(40,093,445)

Administrative Expenses

10

(1,449,718,695)

(1,324,853,723)

Other operating (Expenses) Income

11

(89,850,283)

(30,594,217)

Impairment Charge for Credit Loans

12

(320,648,863)

(6,163,496)

Intangible Assets Amortization

41

(67,467,240)

(196,651,202)

Bank's Share in the Profits of Associates

(7,859,808)

(4,365,556)

Net Profit Before Tax

2,056,439,533

2,384,112,959

Income Tax Expense

13

(448,586,285)

(440,873,459)

Deferred Tax

13 & 33

6,374,868

78,770,242

Net Profit of The Year

1,614,228,116

2,020,009,742

Minority Interest

(510,206)

1,358,316

Bank Shareholders

1,614,738,322

2,020,651,426

Earning per share

14

Basic

2.19

2.79

Diluted

2.14

2.74

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Dec. 31 2011

Amounts in EGP.

Dec.31, 2011

Dec.31, 2010

Restated

Cash Flow from Operating Activities

Net Profit Before Tax

2,056,439,533

2,384,112,959

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

188,125,507

184,081,368

Assets Impairment Charges

322,276,483

6,783,757

Other Provisions Charges

4,217,707

80,437,982

Trading Financial Investment Revaluation Differences

49,692,862

(76,970,503)

Intangible Assets Amortization

67,467,240

(196,651,202)

Goodwill Amortization

40,093,445

40,093,445

Financial Investments Impairment Charge (Release)

(60,754,172)

84,837,159

Utilization of Other Provisions

(4,068,833)

(1,990,637)

Other Provisions No Longer Used

(50,567,704)

(178,520,239)

Exchange Differences of Other Provisions

2,329,620

7,340,620

Profits From Selling Property, Plants and Equipment

(2,716,747)

(1,574,746)

Profits From Selling financial Investments

(100,273,310)

(209,478,369)

Losses from Selling Associates

(1,873,813)

96

Exchange Differences of Long Term Loans

164,818

141,768

Share Based Payments

77,459,887

66,356,519

Investments in Associates Revaluation

7,151,567

3,406,397

Real Estate Investments Impairment Charges

400,000

7,800,000

Operating Profits Before Changes in Operating Assets and Liabilities

2,595,564,090

2,593,508,778

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(1,851,562,990)

1,108,771,731

Treasury Bills & Other Governmental Notes

(1,729,254,403)

492,012,203

Trading Financial Assets

860,729,523

(1,017,638,376)

Derivative Financial Instruments

(6,543,758)

49,107,482

Loans and Advances to Banks and Customers

(6,213,116,023)

(7,776,687,046)

Other Assets

21,744,773

(171,969,013)

Due to Banks

2,018,514,608

864,134,680

Due to Customers

8,103,757,981

8,715,522,756

Other Liabilities

(560,452,284)

(637,858,814)

Net Cash Provided from Operating Activities

3,239,381,517

4,218,904,381

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2010

Restated

Cash Flow From Investing Activities

Purchase of Associates

(18,000,000)

(16,455,599)

Proceeds from Selling Associates

1,000,000

48,750

Purchase of Property, Plant and Equipment

(157,632,289)

(106,117,083)

Redemption of Held-to-Maturity Financial Investments

270,207,161

311,478,559

Purchases of Held to Maturity Financial Investment

(5,000,000)

(5,012,497)

Purchases of Available for Sale Financial Investments

(4,536,303,691)

(9,474,625,202)

Proceeds from Selling Available For Sale Financial Investments

2,181,457,020

3,493,485,835

Proceeds from Real Estate Investments

15,520,978

5,989,700

Net Cash Generated from (Used in) Investing Activities

(2,248,750,821)

(5,791,207,537)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(29,944,868)

35,734,616

Dividend Paid

(844,414,580)

(661,806,331)

Capital Increase

33,119,390

25,721,800

Net Cash Generated from (Used in) Financing Activities

(841,240,058)

(600,349,915)

Net Increase (Decrease) in Cash and Cash Equivalent

149,390,638

(2,172,653,071)

Beginning Balance of Cash and Cash Equivalent

8,058,126,497

10,230,779,568

Cash & Cash Equivalent Balance At the End of the Year

8,207,517,135

8,058,126,497

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

7,492,064,510

5,675,241,791

Due From Banks

8,528,229,519

7,054,682,826

Treasury Bills and Other Governmental Notes

9,260,842,183

8,821,003,566

Obligatory Reserve Balance With CBE

(3,014,779,811)

(2,496,478,514)

Due from Banks (Time Deposits) More than Three Months

(5,237,471,783)

(3,904,210,090)

Treasury Bills With Maturity More than Three months

(8,821,367,483)

(7,092,113,082)

Total Cash & Cash Equivalent

8,207,517,135

8,058,126,497

Dec. 31, 2010

Restated

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

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

2,976,443,600

(476,326,032)

(2,474,395,768)

-

-

-

-

-

-

-

25,721,800

-

25,721,800

Transferred to Reserves

-

87,847,835

1,089,303,930

-

-

-

-

-

(1,098,587,119)

(78,564,646)

-

-

-

Transferred to Retained Earning

-

-

-

-

(28,903,907)

(22,173,982)

-

-

43,077,890

-

(7,999,999)

-

(7,999,999)

Dividend paid

-

-

-

-

-

-

-

-

(661,806,331)

-

(661,806,331)

-

(661,806,331)

Net Profit of the year

-

-

-

-

-

-

-

-

2,020,651,426

-

2,020,651,426

1,358,316

2,022,009,742

Change During the Year

-

-

-

-

1,587,135

-

-

-

-

-

1,587,135

-

1,587,135

Addition from Financial Investment 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

-

-

-

-

-

-

-

-

-

66,356,519

66,356,519

-

66,356,519

The Effect of Changing Accounting Policies

-

-

-

-

-

-

(20,141,227)

-

-

-

(20,141,227)

-

(20,141,227)

Balance at the End of the Year

5,901,443,600

125,128,337

78,412,462

302,794,421

(203,604,610)

184,356,569

(18,418,736)

156,992,515

1,890,311,700

149,520,858

8,566,937,115

46,965,639

8,613,902,754

Dec. 31,2011

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 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

5,901,443,600

125,128,337

78,412,462

302,794,421

(203,604,610)

184,356,569

(18,418,736)

156,992,515

1,890,311,700

149,520,858

8,566,937,115

46,965,639

8,613,902,754

Capital Increase

33,119,390

-

-

-

-

-

-

-

-

-

33,119,390

-

33,119,390

Transfer to Reserves

-

106,216,559

1,155,710,314

-

-

1,574,746

-

-

(1,173,875,293)

(89,626,327)

-

-

-

Transferred to Retained Earnings

-

-

-

-

(122,852,795)

-

-

-

122,852,795

-

-

-

-

Dividend paid

-

-

-

-

(20,231,298)

-

-

-

(824,183,282)

-

(844,414,580)

-

(844,414,580)

Net Profit of the Year

-

-

-

-

-

-

-

-

1,614,738,322

-

1,614,738,322

(510,206)

1,614,228,116

The Effect of Changing Accounting Policies

-

-

-

-

15,105,920

-

-

-

(15,105,920)

-

-

-

-

Change during the Year

-

-

-

-

(2,836,909)

-

-

-

-

-

(2,836,909)

(98,887)

(2,935,796)

Addition from Financial Investments Revaluation

-

-

-

-

-

-

(704,925,127)

-

-

-

(704,925,127)

-

(704,925,127)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

124,697,104

(124,697,104)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

77,459,887

77,459,887

-

77,459,887

Balance at the end of the year

5,934,562,990

231,344,896

1,234,122,776

302,794,421

(334,419,692)

185,931,3156

(723,343,863)

281,689,619

1,490,041,219

137,354,418

8,740,078,099

46,356,546

8,786,434,644