Final Results

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

Financial Statements

December 31, 2008

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION 

As of December 31, 2008

Amounts in L.E.

Note

Dec. 31, 2008

Dec. 31, 2007

restated

Assets

Cash & Due From Central Bank

4

6,493,358,437

4,953,205,430

Due From Banks

5

4,391,051,249

13,782,062,043

Treasury Bills & Other Notes Discountable at CBE

6

12,449,007,406

2,948,674,319

Trading Financial Investments

7

497,554,487

588,473,270

Loans & Overdrafts

10&11

26,330,327,878

20,478,590,841

Financial Derivatives

12

704,890,792

75,307,833

Financial Investments

Available for Sale

8

2,762,232,983

2,347,587,666

Held to Maturity 

8

681,263,274

443,894,166

Financial Investments in Subsidiary and associated companies

13

1,138,332,672

365,723,936

Debit Balances and Other Assets

15

942,621,482

1,020,565,573

Deferred Tax

21,840,568

52,819,475

Fixed Assets (Net)

16

715,251,587

607,104,820

Total Assets

57,127,732,815

47,664,009,372

Liabilities & Shareholders' Equity

Liabilities

Due to Banks

17

213,470,012

2,377,082,435

Customer Deposits

18

48,938,109,663

39,514,539,992

Financial Derivatives

12

636,914,744

63,166,763

Dividends & Profit Sharing

-

336,727,470

Credit Balances & Other Liabilities

19

1,194,593,545

735,103,795

Long Term Loans

20

109,273,933

161,356,219

Other Provisions

21

363,218,186

395,332,813

Total Liabilities

51,455,580,083

43,583,309,487

Shareholders' Equity

Issued & Paid- in Capital

22

2,925,000,000

1,950,000,000

Reserves

22

1,033,696,029

2,089,911,959

Reserve for employee stock ownership plan (ESOP) 

30

86,727,903

29,159,584

Retained Earning

11,628,342

11,628,342

Total Shareholders' Equity

4,057,052,274

4,080,699,885

Net Profit of the Year

1,615,100,458

0

Total Shareholders' Equity & Net Profit

5,672,152,732

4,080,699,885

Total Liabilities & Shareholders' Equity 

57,127,732,815

47,664,009,372

Contingent & commitments Liabilities

23

13,290,994,705

11,559,866,680

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

For Year Ended December 31, 2008

Amounts in LE.

Note

Dec. 31, 2008

Dec. 31, 2007

Restated

Interest and similar income

24

3,772,875,880

2,993,373,614

Interest and similar expenses

24

(1,963,661,240)

(1,796,702,031)

Net Interest Income

1,809,214,640

1,196,671,583

Fees and Commissions income

686,456,733

547,669,248

Fees and Commissions Expense

(73,587,145)

(25,286,540)

Net Income from Fees and Commissions

612,869,588

522,382,708

Dividends Income

141,572,634

66,158,925

Net Trading Income

25

337,579,386

276,191,855

Provisions

11&21

(394,545,539)

(250,416,667)

Profit (losses) from Financial Investments

8

115,831,055

226,135,001

Administrative Expenses

(949,681,007)

(636,363,618)

Other Operating Income

9

183,048,413

181,676

Net Profit before Tax

1,855,889,170

1,400,941,463

Income Tax

28

(209,809,805)

(180,303,950)

Deferred Tax

27

(30,978,907)

12,186,756

Net Profit After Tax

1,615,100,458

1,232,824,269

Earning per share

Basic

29

4.89

3.73

Diluted

29

4.84

3.71

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

For Year Ended Dec. 31, 2008

Amounts in LE.

Dec. 31, 2008

Dec. 31, 2007

Restated

Cash Flow From Operating Activities

Net Income Before Tax

1,855,889,170

1,400,941,463

Adjustments To Reconcile Net Income

Total Net Cash Provided by operating

Depreciation

153,818,325

120,918,839

Provisions (Additions during the period)

394,545,539

250,416,667

Trading Financial Investment Evaluation Diff.

87,784,923

(7,680,871)

Impairment of Assets

54,837,345

(4,185,378)

Utilization of Provision (Other than Provision for Doubtful Debts)

(10,943,385)

-

Provisions No Longer Used

(165,365,215)

(7,036,600)

Difference in revaluation of FCY Provision Balances

(Except Doubtful Debts)

516,745

(1,904,981)

Gains From Selling of Fixed Assets

(5,052,568)

(1,269,870)

Profit From Selling of Investments

(219,181,953)

(174,061,817)

Profits from Dispose part of a Subsidiary

(50,258,991)

(148,393,558)

FCY Revaluation Difference of Long Term Loans

(922,993)

1,733,674

Share based payments

57,568,319

29,159,584

Operating Profit Before Changes in Operating Assets and Liabilities

2,153,235,261

1,458,637,152

Net Decrease (Increase) in Assets

Due from banks

9,567,610,757

(7,960,703,701)

Treasury Bills & Other Governmental Notes 

(7,353,852,038)

2,266,818,190

Trading Financial Assets

3,133,860

306,349,739

Financial Derivatives (Net) 

80,117,118

(12,141,070)

Loans & Overdrafts

(6,220,116,065)

(3,054,288,046)

Debit Balances & Other Assets

(13,465,835)

(199,356,212)

Net Increase (Decrease) In Liabilities

Due to Banks

(2,163,612,423)

1,164,558,315

Customer Deposits

9,423,569,671

7,914,312,674

Credit Balances & Other Liabilities

237,857,404

(150,080,573)

Income Tax paid

(29,422,851)

(80,317,367)

Net Cash Provided from Operating Activities

5,685,054,859

1,653,789,221

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

For Year Ended Dec.31,2008

Dec. 31, 2008

Dec. 31, 2007

Restated

Cash Flow From Investment Activities

Sale (Purchase) of Subsidiaries & Associated Companies

(772,608,736)

107,524,396

Prepaid for Fixed Assets, premises and Fitting-out of Branches

(142,698,585)

(278,980,037)

Redemption of Held-to-Maturity Investments

276,189,303

-

Held to Maturity Financial Investment Purchases

(513,558,411)

378,390,172

Available for Sale Financial Investments

(281,257,648)

1,121,812,258

Net Cash (Used in) Investment Activities

(1,433,934,077)

1,328,746,789

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(51,159,293)

60,455,684

Dividends Paid

(336,727,470)

(287,235,147)

Net Cash (Used in) provided from Financing Activities

(387,886,763)

(226,779,463)

Net cash & cash equivalent Changes

3,863,234,019

2,755,756,547

Beginning Balance of cash and cash equivalent

6,779,152,548

4,023,396,001

Cash & Cash equivalent Balance At the End of the Year

10,642,386,576

6,779,152,548

Cash & Cash Equivalent are Represented as Follows

Cash and Due from Central Bank

6,493,358,437

4,953,205,430

Due From Banks

4,391,051,249

13,782,062,043

Treasury Bills & Other Governmental Notes

12,449,007,406

2,948,674,319

Due From Banks (Time Deposits)

(3,696,607,777)

(13,264,218,534)

Treasury Bills with Maturity More than Three Months

(8,994,422,748)

(1,640,570,710)

Total Cash & Cash Equivalent

10,642,386,567

6,779,152,548

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of December 31, 2008

2007

Capital

Legal Reserves

General Reserves

Retained Earning*

Special Reserves

Reserves for Inv. Rev.*

Profits of the year

Reserve for ESOP

Total

Beginning Balance

1,950,000,000

371,230,872

548,482,934

-

162,709,903

7,458,634

-

-

3,039,882,343

Effect of Adjusting Accounting Standards

-

-

 -

61,784,246

332,016

80,445,723

-

-

142,561,985

Beginning Balance After Adjustments

1,950,000,000

371,230,872

548,482,934

61,784,246

163,041,919

87,904,357

-

-

3,182,444,328

Effect of Adjusting Accounting Standard

-

-

-

(50,155,904)

50,567,396

-

(411,492)

-

-

Transfer to Reserves

-

61,620,639

834,064,668

-

-

-

(895,685,307)

-

-

Dividends Paid

-

-

-

-

-

-

(336,727,470)

-

(336,727,470)

Usage Part of Reserve

-

-

-

-

-

(27,000,826)

-

-

(27,000,826)

Adjusted Net Profits of the Year

-

-

-

-

-

-

1,232,824,269

-

1,232,824,269

Reserve for Employee Stock Ownership plan (ESOP)**

-

-

-

-

-

-

-

29,159,584

29,159,584

Ending Balance

1,950,000,000

432,851,511

1,382,547,602

11,628,342

213,609,315

60,903,531

0

29,159,584

4,080,699,885

2008

Capital

Legal Reserves

General Reserves

Retained Earning*

Special Reserves

Reserves for Inv. Rev.

Profits of the year

Reserve for ESOP

Total

Beginning Balance

1,950,000,000

432,851,511

1,382,547,602

11,628,342

213,609,315

60,903,531

0

29,159,584

4,080,699,885

Retained Earning

-

Net Profits of the Period

-

-

-

-

-

1,615,100,458

-

1,615,100,458

Capital Increase*

975,000,000

-

(975,000,000)

-

-

-

-

-

Usage Part of Reserve

-

-

-

-

(81,215,930)

-

-

(81,215,930)

Reserve for ESOP

-

-

-

-

-

-

57,568,319

57,568,319

Ending Balance

2,925,000,000

432,851,511

407,547,602

11,628,342

213,609,315

(20,312,399)

1,615,100,458

86,727,903

5,672,152,732