Consolidated Financials

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

Consolidated Financial Statements

March 31, 2009

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION 

As of Mar. 31, 2009

Amounts in L.E.

Note

31-Mar-2009

31-Dec-2008

Assets

Cash & Due From Central Bank

5

5,118,485,646

4,473,013,600

Due From Banks

6

8,456,786,434

6,572,191,780

Treasury Bills & Other Notes Discountable at CBE

7

10,699,658,592

12,456,955,210

Trading Financial Assets

8

905,576,320

641,627,430

Loans & Overdrafts 

11&12

26,727,428,671

26,330,327,878

Financial Derivatives

13

697,768,236

704,890,792

Financial Investments

Available for Sale

9

5,662,578,125

2,774,965,250

Held to Maturity Financial Investments

9

656,924,240

681,263,274

Financial Investments in Subsidiary and associated companies

14

93,168,720

92,923,215

Brokers-Debit Balance

129,372,367

151,604,732

Debit Balances and Other Assets

16

793,080,991

972,855,164

Goodwill 

39

200,523,251

200,523,251

Intangible Assets

39

624,071,976

640,938,786

Deferred Tax

28

25,541,274

19,372,767

Fixed Assets (Net)

17

766,272,406

748,340,702

Total Assets

61,557,237,249

57,461,793,831

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

18

2,145,068,852

228,994,222

Customer Deposits

19

51,164,601,610

48,790,029,809

Brokers-Credit Balance

216,747,408

200,921,933

Reconciliation Accounts-Credit Balance

4,420,500

27,897,554

Financial Derivatives

13

574,775,091

636,914,744

Credit Balances & Other Liabilities

20

1,007,151,415

1,270,466,914

Long Term Loans

21

115,754,589

109,273,933

Other Provisions

22

372,031,296

372,645,236

Total Liabilities

55,600,550,761

51,637,144,345

Shareholders' Equity

Paid-in Capital

23

2,925,000,000

2,925,000,000

Reserves

23

2,567,185,847

1,308,202,274

Reserve for employee stock ownership plan (ESOP)

107,147,160

86,727,903

Retained Earning

(176,653,249)

71,546,625

Total Shareholders' Equity

5,422,679,758

4,391,476,802

Net Profit of the Period

471,102,424

1,370,592,741

Total Shareholders' Equity & Net Profit

5,893,782,182

5,762,069,544

Minority Interest

62,904,306

62,579,942

Total Shareholders Equity & Minority Interest

5,956,686,488

5,824,649,486

Total Liabilities & Shareholders' Equity 

61,557,237,249

57,461,793,831

Contingent & commitments Liabilities

Letters of Credit, Guarantees and other commitments

24

13,721,541,672

13,290,994,705

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of Mar. 31 2009

Amounts in LE.

Note

Mar. 31, 2009

Mar. 31, 2008

Interest and Similar Income

25

1,023,464,594

845,057,605

Interest and Similar Expenses

25

(531,339,571)

(459,155,445)

Net Interest Income

492,125,023

385,902,160

Fees & Commissions Income

167,843,388

231,967,821

Fees and Commissions Expense

(16,029,590)

(10,667,364)

Net Income from Fees and Commissions

151,813,798

221,300,457

Dividends Income

99,707,405

57,068,109

Net Trading Income

26

177,114,218

129,119,614

Provisions

12 & 22

(42,898,811)

(163,354,750)

(Losses) Profit from Financial Investments

9

(2,454,862)

16,109,009

Administrative Expenses

(281,267,506)

(204,464,564)

Other operating (Expenses) Income

10

(28,322,424)

94,577,031

Intangible Assets Amortization

(16,866,810)

-

Net Profit before Tax

548,950,031

536,257,066

Income Tax

29

(82,106,651)

(34,917,169)

Deferred Tax

28

4,583,407

(36,223,115)

Net Profit After Tax

471,426,787

465,116,782

Minority Interest

324,363

763,160

Bank Shareholders 

471,102,424

464,353,622

Earning per share

Basic

30

1.43

1.41

Diluted

30

1.39

1.39

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of Mar. 31 2009

Amounts in LE.

Mar. 31, 2009

Mar. 31, 2008

Cash Flow From Operating Activities

Net Income Before Tax

548,950,031

536,257,066

Adjustments To Reconcile Net Income

Total Net Cash Provided by operating Activities

Depreciation

47,517,609

32,711,421

Provisions (Additions during the period)

42,898,811

163,354,750

Trading Financial Investment Evaluation Differences

(9,294,939)

(6,573,629)

Intangible Assets Amortization

(16,866,810)

-

Impairment of Assets

(2,329,265)

39,596,737

Utilization of Provision (Other than Provision for Doubtful Debts)

(5,012,830)

(504,570)

Provisions no longer used

-

(94,769,464)

FCY Revaluation Differences of Provision Balances except Doubtful Debt

2,899,477

(619,241)

Losses From Selling of Fixed Assets

(609,735)

(29,524)

Losses From Selling of financial Investments

(7,567,855)

(8,020,930)

Losses from dispose part of a subsidiary

-

(50,258,991)

FCY Revaluation Difference of Long Term Loans

(560,550)

1,320,333

Share Based Payments

20,419,257

13,792,481

Operating Profit Before Changes in Operating Assets and Liabilities

620,443,200

626,256,257

Net Decrease (Increase) in Assets

Due from banks

(2,414,402,063)

(6,430,655,979)

Treasury Bills & Other Notes Discountable at CBE

202,115,319

(185,450,722)

Trading Financial Assets

(254,653,950)

42,442,669

Financial Derivatives (Net)

(55,017,097)

(54,487,847)

Loans & Overdrafts

(434,661,139)

(3,090,458,189)

Net Increase (Decrease) In Liabilities

Debit Balances and Other Assets

198,184,996

(84,320,207)

Due to Banks

1,916,074,630

1,596,942,250

Customer Deposits

2,374,571,801

8,417,291,458

Credit Balances & Other Liabilities

(333,067,366)

418,310,059

Net Cash Provided from Operating Activities

1,819,588,331

1,255,869,748

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of Mar. 31 2009

Mar. 31, 2009

Mar. 31, 2008

Cash Flow From Investment Activities

Sales (Purchases) of subsidiaries & associated companies

121,874,163

29,912,140

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

(64,857,088)

(53,088,579)

Redemption of Held-to-Maturity Financial Investments

33,520,654

145,248,747

Held to Maturity financial Investments Purchases

(9,181,620)

-

Available for Sale Financial Investments

(2,877,715,754)

15,955,127

Net Cash (Used in) Provided from Investment Activities

(2,796,359,645)

138,027,435

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

7,041,206

6,422,990

Dividends Paid

(478,236,553)

(391,927,618)

Net Cash (Used in) provided from Financing Activities

(471,195,347)

(385,504,628)

Net cash & cash equivalent changes

(1,447,966,661)

1,008,392,555

Beginning Balance of cash and cash equivalent

8,778,740,569

6,879,374,080

Cash & Cash equivalent Balance At the End of the period

7,330,773,908

7,887,766,635

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

5,118,485,646

6,434,125,884

Due From Banks

8,456,786,434

19,996,211,940

Treasury Bills & other notes discountable at the CBE

10,699,658,592

2,982,220,428

Due from Banks (Time Deposits)

(8,143,399,335)

(19,695,823,441)

Treasury Bills With maturity More than 3 months

(8,800,757,429)

(1,828,968,176)

Total Cash & Cash Equivalent

7,330,773,908

7,887,766,635

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Mar. 31 2009

2008

Capital 

Legal Reserve

General Reserve

Intangible Assets Value for Bank share before acquisition

Retained Earnings

Special Reserves

Reserves for A.F.S Inv. Revaluation Diff.

Profits of the Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest

Total

Beginning Balance

1,950,000,000

371,230,872

548,482,934

-

41,349,498

185,993,785

60,903,531

1,285,775,354

29,159,584

4,472,895,558

5,263,160

4,478,158,718

Derivatives Revaluations Settlement

-

-

-

-

(13,571,026)

-

-

-

-

(13,571,026)

-

(13,571,026)

Capital Increase

975,000,000

-

(975,000,000)

-

-

-

-

-

-

-

-

-

Transfer to reserves

-

61,620,639

834,064,668

-

-

-

-

(895,685,307)

-

-

-

-

Dividends paid

-

-

-

-

(5,997,898)

-

-

(336,709,547)

-

(342,707,445)

(3,338,247)

(346,045,692)

Net Profits for period

-

-

-

-

-

-

-

1,370,592,742

-

1,370,592,742

(5,177,543)

1,365,415,199

Usage part of reserve

-

-

-

-

-

-

(81,888,576)

-

-

(81,888,576)

-

(81,888,576)

Change during the Period

-

-

-

-

(13,951,462)

-

-

-

-

(13,951,462)

13,951,462

-

Transferred to Retained Earnings

-

-

-

-

53,380,500

-

-

(53,380,500)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

57,568,319

57,568,319

-

57,568,319

Adjustments on Income Tax

-

-

-

-

(461,324)

-

-

-

-

(461,324)

-

(461,324)

Minority Share for Retained Earnings

-

-

-

-

(4,927,294)

-

-

-

-

(4,927,294)

4,927,294

-

Majority Share in Intangible Assets

-

-

-

302,794,421

15,725,631

-

-

-

-

318,520,052

46,953,816

365,473,868

Ending Balance

2,925,000,000

432,851,511

407,547,602

302,794,421

71,546,625

185,993,785

(20,985,045)

1,370,592,741

86,727,903

5,762,069,544

62,579,942

5,824,649,486

2009

Capital 

Legal Reserve

General Reserve

Intangible Assets Value for Bank share before acquisition

Retained Earnings

Special Reserves

Reserves for A.F.S Inv. Revaluation Diff.

Profits of the Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest

Total

Beginning Balance

2,925,000,000

432,851,511

407,547,602

302,794,421

71,546,625

185,993,785

(20,985,045)

1,370,592,741

86,727,903

5,762,069,544

62,579,942

5,824,649,486

Transfer to Reserves

-

80,755,023

1,056,108,882

-

-

-

-

(1,136,863,905)

-

-

-

-

Transfer to Retained Earnings

-

-

-

-

(244,507,717)

-

-

244,507,717

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

-

(478,236,553)

Net Profits of the Period

-

-

-

-

-

-

-

471,102,424

-

471,102,424

324,363,26

471,426,787

Change during the Period

-

-

-

-

(3,692,157)

-

-

-

-

(3,692,157)

-

(3,692,157)

Addition from Financial Investments Revaluation

-

-

-

-

-

-

122,119,668

-

-

122,119,668

-

122,119,668

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

20,419,257

20,419,257

-

20,419,257

Ending Balance

2.925,000,000

513,606,534

1,463,656,484

302,794,421

(176,653,249)

185,993,785

101,134,623

471,102,424

107,147,160

5,893,782,183

62,904,306

5,956,686,488