Q1'2012 Consolidated Financials

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

Consolidated Financial Statements

March 31, 2012

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of March 31, 2012

Amounts in EGP

Note

March 31, 2012

Dec. 31, 2011

Assets

Cash & Balances with Central Bank

15

5,395,158,277

7,492,064,510

Due From Banks

16

9,585,450,690

8,528,229,519

Treasury Bills & Other Governmental Notes

17

8,945,402,411

9,260,842,183

Trading Financial Assets

18

755,247,826

675,325,450

Loans & Advances to Banks

19

1,256,754,859

1,395,594,609

Loans & Advances to Customers

20

38,796,381,998

39,669,785,864

Derivative Financial Instruments

21

100,130,748

146,544,656

Financial Investments

Available for Sale

22

15,613,350,760

15,421,546,277

Held to Maturity

22

2,968,003,170

39,159,520

Investments in Associates

23

107,263,197

106,676,167

Brokers-Debit Balances

165,281,827

24,185,525

Reconciliation Accounts- Debit Balances

64,521,040

42,507,905

Investment Property

24

12,024,686

12,774,686

Other Assets

25

1,828,667,924

1,534,819,491

Goodwill

41

9,557,635

120,280,337

Intangible Assets

41

110,062,726

309,353,104

Deferred Tax

33

132,465,311

123,977,698

Property, Plant and Equipment

26

665,619,294

630,508,089

Total Assets

86,511,344,379

85,534,175,590

Liabilities and Equity

Liabilities

Due to Banks

27

1,044,862,620

3,340,794,517

Due to Customers

28

74,220,144,511

71,467,935,259

Brokers-Credit Balance

167,469,743

111,851,855

Derivative Financial Instruments

21

99,867,019

114,287,990

Dividends Payable

593,456,300

-

Other Liabilities

30

1,661,017,866

1,342,736,040

Long Term Loans

29

101,931,664

99,333,376

Other Provisions

31

330,426,849

270,801,909

Total Liabilities

78,219,176,572

76,747,740,946

Equity

Issued and Paid In Capital

32

5,934,562,990

5,934,562,990

Reserves

32

2,128,871,658

1,387,842,060

Reserve for Employee Stock Ownership Plan (ESOP)

159,589,436

137,354,418

Retained Earnings

(482,974,986)

(334,419,692)

Total Equity

7,740,049,098

7,125,339,776

Net Profit of the Period/Year After Tax

505,058,727

1,614,738,322

Total Equity And Net Profit For Period/Year

8,245,107,825

8,740,078,098

Minority Interest

47,059,982

46,356,546

Total Minority Interest and Equity

8,292,167,807

8,786,434,644

Total Liabilities, Equity and Minority Interest

86,511,344,379

85,534,175,590

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

37

13,743,186,274

12,559,553,516

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of March 31, 2012

Amounts in EGP.

Note

March 31, 2012

March 31, 2011

Interest and Similar Income

1,668,937,886

1,286,398,794

Interest and Similar Expenses

(799,348,535)

(653,625,132)

Net Interest Income

6

869,589,351

632,773,663

Fees & Commissions Income

236,641,466

209,255,454

Fees and Commissions Expense

(23,670,700)

(18,812,529)

Net Income from Fees and Commissions

7

212,970,766

190,442,925

Dividend Income

8

3,948,837

574,699

Net Trading Income

9

100,610,509

152,595,764

Profit from Financial Investments

22

(367,885)

1,188,453

Goodwill Amortization

(868,876)

(10,023,361)

Administrative Expenses

10

(380,677,854)

(383,,154,796)

Other operating (Expenses) Income

11

(37,680,487)

(68,326,206)

Impairment Charge for Credit Losses

12

(16,542,204)

(122,800,880)

Intangible Assets Amortization

(6,349,773)

(16,866,810)

Bank's Share in the Profits of Associates

560,511

12,280,486

Net Profit Before Tax

745,192,895

388,683,936

Income Tax Expense

13

(248,259,945)

(90,219,908)

Deferred Tax

33 & 13

8,487,613

9,404,735

Net Profit of The Year

505,420,563

307,868,763

Minority Interest

361,836

(75,261)

Bank Shareholders

505,058,727

307,944,024

Earning per share

14

Basic

0.18

0.52

Diluted

0.78

0.51

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of March. 31 2012

Amounts in EGP.

March 31, 2012

March 31, 2011

Cash Flow from Operating Activities

Net Profit Before Tax

745,192,895

388,683,936

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

42,167,415

57,879,734

Assets Impairment Charges

16,560,299

(48,065,735)

Other Provisions Charges

67,087,237

129,239,762

Trading Financial Investment Revaluation Differences

(18,693,025)

41,629,180

Intangible Assets Amortization

6,349,773

(16,866,810)

Goodwill Amortization

868,876

(10,023,361)

Financial Investments Impairment Charge (Release)

(2,080,949)

-

Utilization of Other Provisions

(8,253,610)

(2,939,853)

Other Provisions No Longer Used

(531,054)

(656,595)

Exchange Differences of Other Provisions

1,304,271

3,969,911

Profits From Selling Property, Plant and Equipment

(43,012)

(942,513)

Profits From Selling Financial Investments

637,353

(48,401,288)

Profits from Selling Associates

-

(1,873,813)

Exchange Differences of Long Term Loans

90,904

5,076,685

Share Based Payments

22,235,018

20,703,739

Investments in Associates Revaluation

(587,031)

(7,676,650)

Real Estate Investments Impairment Charges

-

361,200

Operating Profits Before Changes in Operating Assets and Liabilities

872,305,360

510,097,529

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(1,025,354,198)

(3,279,200,104)

Treasury Bills & Other Governmental Notes

(2,799,053,252)

2,022,307,742

Trading Financial Assets

(61,229,351)

913,773,498

Derivative Financial Instruments

31,992,937

(35,963,064)

Loans and Advances to Banks and Customers

995,701,413

(1,333,938,801)

Other Assets

(457,703,493)

132,257,746

Due to Banks

(2,295,931,897)

1,841,027,396

Due to Customers

2,752,209,252

1,899,564,493

Other Liabilities

125,639,781

(44,880,016)

Net Cash Provided from Operating Activities

(1,861,423,448)

2,625,045,419

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of March. 31, 2012

March 31, 2012

March 31, 2011

Cash Flow From Investing Activities

Proceeds from Selling Subsidiary and Associates

-

1,529,580

Purchase of Property, Plant and Equipment

(76,489,984)

(26,508,211)

Redemption of Held-to-Maturity Financial Investments

-

34,617,947

Purchases of Held to Maturity Financial Investment

(2,928,843,650)

-

Purchases of Available for Sale Financial Investments

(3,237,264,572)

(1,899,829,040)

Proceeds from Selling Available For Sale Financial Investments

3,133,982,206

(2,722,780,311)

Proceeds from Real Estate Investments

750,000

-

Net Cash Generated from (Used in) Investing Activities

(3,107,866,001)

(813,311,955)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

2,507,384

130,760,790

Dividend Paid

(212,750,218)

(252,918,831)

Net Cash Generated from (Used in) Financing Activities

(210,242,834)

(122,158,041)

Net Increase (Decrease) in Cash and Cash Equivalent

(5,179,532,283)

1,707,511,853

Beginning Balance of Cash and Cash Equivalent

8,207,517,133

8,058,126,497

Cash & Cash Equivalent Balance At the End of the Period

3,027,984,849

9,765,638,350

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

5,395,158,277

5,168,990,444

Due From Banks

9,585,450,690

10,037,292,508

Treasury Bills and Other Governmental Notes

8,945,402,411

9,309,050,446

Obligatory Reserve Balance With CBE

(2,979,789,724)

(2,551,784,030)

Due from Banks (Time Deposits) More than Three Months

(6,297,816,068)

(7,128,104,678)

Treasury Bills With Maturity More than Three months

(8,821,367,483)

(7,092,113,082)

Total Cash & Cash Equivalent

3,027,984,849

9,765,638,350

March. 31,

2011

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Intangible Assets Value for Bank Share before Acquisition

Retained Earnings

(EGP)

Special Reserve

(EGP)

Reserve for A.F.S Investment Revaluation Diff.

(EGP)

Banking Risks Reserve

(EGP)

Profits of the period

(EGP)

Reserve for Employee Stock Ownership Plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Minority Interest

(EGP)

Total

(EGP)

Beginning Balance

5,901,443,660

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

Transferred to Reserves

-

106,216,559

1,066,083,988

-

-

1,574,746

-

-

(1,173,875,293)

-

-

-

-

Transferred to Retained Earning

-

-

-

-

(121,501,406)

-

-

-

121,501,406

-

-

-

-

Dividend paid

-

-

-

-

(20,231,298)

-

-

-

(822,831,893)

-

(843,063,191)

-

(843,063,191)

Net Profit of the year

-

-

-

-

-

-

-

-

307,944,024

-

307,944,024

(75,261)

307,868,763

Change During the period

-

-

-

-

(1,262,583)

-

-

-

-

-

(1,262,583)

(102,844)

(,1365,427)

Financial Investment

-

-

-

-

-

-

(285,330,326)

-

-

-

(285,330,326)

-

(285,330,326)

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(2,648,019)

2,648,019

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

20,703,739

20,703,739

-

20,703,739

End of the period

5,901,443,600

231,344,896

1,144,496,450

302,794,421

(346,599,897)

185,931,315

(303,749,062)

154,344,496

325,697,963

170,224,597

7,765,928,778

46,787,534

7,812,716,312

March 31,

2012

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 Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Profits of the period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

5,934,562,990

231,344,896

1,234,122,776

302,794,421

(334,419,692)

185,931,315

(723,343,863)

281,689,619

1,490,041,219

137,354,418

8,740,078,098

46,356,546

8,786,434,644

Transferred to Reserves

-

87,306,567

743,027,060

-

-

2,716,747

-

-

(833,050,374)

-

-

-

-

Transferred to Retained Earnings

-

-

-

-

(134,109,753)

-

-

-

134,109,753

-

-

-

-

Dividend paid

-

-

-

-

(15,105,920)

-

-

-

(791,100,598)

-

(806,206,518)

-

(806,206,518)

Net Profit of the Year

-

-

-

-

-

-

-

-

505,058,727

-

505,058,727

361,836

505,420,563

Transfer from Special Reserve

-

61,697,292

8,143,225

-

1,001,979

-

-

-

-

-

-

-

-

Change during the period

-

-

-

-

(341,600)

-

-

-

-

-

(341,600)

341,600

-

Addition from Financial

-

-

-

-

-

-

87,078,521

-

-

-

87,078,521

-

87,078,521

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

(22,811,813)

22,811,813

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

-

22,235,018

22,235,018

-

22,235,018

Settlement of Intangible Asset value for Bank Share Before Acquisition

-

-

-

(302,794,421)

-

-

-

-

-

-

(302,794,421)

-

(302,794,421)

Balance at the end of the period

5,934,562,990

380,348,755

1985,293,061

-

(482,974,986)

117,805,566

(636,265,343)

285,877,806

527,870,540

159,589,436

8,245,107,825

47,059,982

8,292,167,807