1st Half 2004 Results Part 2

Commercial Intnl Bank (Egypt) SAE 27 July 2004 Commercial International Bank (Egypt) S.A.E. Financial Statements June, 30 2004 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E FINANCIAL POSITION As of JUNE 30, 2004 Amounts in L.E. Note 30-June-2004 31-Dec-2003 Assets Cash & Due From Central Bank 4 2,841,739,726 2,674,292,801 Due From Banks 5 3,828,375,910 3,782,015,348 Treasury Bills 6 1,647,180,293 1,427,181,491 Reverse Repos 7 390,409,551 Trading Investments 8 645,280,099 476,223,229 Available for Sale Investments 9 1,687,001,710 1,638,846,363 Loans & Overdrafts(Net of Provision for Doubtful Debts) 10&11 12,676,177,933 12,505,238,953 Held to maturity Investments 12 935,362,845 933,562,940 Investments in Subsidiary and associated companies 13 72,900,000 65,660,000 Debit Balances and Other Assets 15 550,271,336 418,384,985 Fixed Assets (Net) 16 241,321,920 232,046,863 Total Assets 25,516,021,323 24,153,452,973 Liabilities & Shareholders' Equity Liabilities Due to Banks 17 164,989,697 163,305,925 Customer Deposits 18 21,820,764,552 20,414,684,038 Credit Balances & Other Liabilities 19 498,635,453 445,762,619 Long Term Loans 20 106,778,504 270,408,918 Other Provisions 21 785,951,300 708,676,979 Total Liabilities 23,377,119,506 22,002,838,479 Shareholders' Equity Issued & Paid- in Capital 1,300,000,000 1,300,000,000 Reserves 608,167,670 438,033,411 Total Shareholders' Equity 22 1,908,167,670 1,738,033,411 Net Profit of the Period 230,734,147 412,581,083 Total Shareholders' Equity & Net Profit 2,138,901,817 2,150,614,494 Total Liabilities & Shareholders' Equity 25,516,021,323 24,153,452,973 Contra Accounts 23 4,780,007,909 5,175,378,396 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT As of JUNE 30, 2004 Amounts in LE. Note 30-June-2004 30-June-2003 Interest Received from clients & Banks 601,592,595 578,906,690 Interest Received from Treasury Bills & Bonds 142,749,699 127,438,918 Interest Paid to Clients & Banks (410,482,903) (430,678,360) Net Interest Income 333,859,391 275,667,248 Banking Fees & Commissions 171,349,415 126,720,015 Share Dividends 10,072,478 4,232,914 Foreign Exchange Income 24 48,169,136 (27,386,339) Profit from Selling Investment 5,018,746 7,783,586 Trading Investment Revaluation Differences (5,084,574) 92,097,416 Other Income 35,272,891 11,458,695 Total Fee Income 264,798,092 214,906,287 Net Operating Income 598,657,483 490,573,535 Provisions (175,000,000) (171,791,596) Other Investment Revaluation Differences 25 (15,838,420) (2,935,600) General & Administration Expenses & Depreciation (155,372,873) (128,685,495) Other Expenses (21,751,433) (13,493,708) (367,962,726) (316,906,399) Net Operating income 230,694,757 173,667,136 Non-Operating income 39,390 312,915 Net Profit 230,734,147 173,980,051 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1a As of JUNE 30, 2004 Amounts in LE. 30-June-2004 30-June-2003 Cash Flow From Operating Activities Net Income Before Tax 230,734,147 173,980,051 Adjustments To Reconcile Net Income Total Net Cash Provided by operating Depreciation 21,089,523 19,296,802 Provisions (Additions during the period) 175,000,000 171,791,596 Trading Investment Evaluation 5,084,574 (92,097,416) Other Investment Evaluation 15,838,420 2,935,600 Utilization of Provision (Other than Provision for doubtful debts) (71,330) (8,498) Difference in revaluation of FCY Provision Balances 816,539 46,523,180 Gain(Loss) From Selling of Fixed Assets (39,390) (312,915) Gain(Loss) From Selling of Investments (5,018,746) (7,783,586) Paid Income Tax (9,470,888) (100,000,000) Difference in Revaluation of Long Term Loans (892,668) 78,563,262 Operating Profit Before Changes in Operating Assets and Liabilities 433,070,181 292,888,076 Net Decrease (Increase) in Assets Due from banks (58,264,323) (1,230,313,291) Treasury Bills Over Three Months (161,201,759) (255,736,227) Reverse Repos (390,409,551) 0 Trading Investments (174,141,444) (275,305,159) Available for Sale Investments (58,975,021) 385,640,792 Loans & Overdrafts (258,992,100) (1,213,219,718) Debit Balances & Other Liabilities (130,077,621) (117,871,170) Net Increase (Decrease) In Liabilities Due to Banks 1,683,772 (74,402,104) Customer Deposits 1,406,080,514 3,113,110,715 Credit Balances & Other Liabilities 52,872,834 51,427,093 Net Cash Provided from Operating Activities 661,645,482 676,219,007 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b As of JUNE 30, 2004 Cash Flow From Investment Activities Purchase of Subsidiaries (7,240,000) (10,000,000) Prepaid for Fixed Assets, premises and Fitting-out of Branches (33,080,800) (42,477,423) Purchase of Held-to-Maturity Investments (1,799,905) (155,755,201) Net Cash (Used in) Investment Activities (42,120,705) (208,232,624) Cash Flow From Financing Activities Decrease in Long Term Loans (162,737,746) 7,656,426 Dividends Paid (242,446,824) (238,801,908) Net Cash (Used in) provided from Financing Activities (405,184,570) (231,145,482) Net Increase in cash & cash equivalent 214,340,207 236,840,901 Beginning Balance of cash and cash equivalent 3,077,271,444 2,535,616,467 Cash & Cash equivalent Balance At the End of the period 3,291,611,651 2,772,457,368 Cash & Cash Equivalent are Represented as Follows Cash and Due from Central Bank 2,841,739,726 2,357,821,806 Due From Banks 3,828,375,910 4,122,191,751 Treasury Bills 1,647,180,293 1,515,806,579 Due to Banks (3,715,694,463) (4,067,933,438) Treasury Bills More than Three Months (1,309,989,815) (1,155,429,330) Total Cash & Cash Equivalent 3,291,611,651 2,772,457,368 This information is provided by RNS The company news service from the London Stock Exchange

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