Interim Results - Amendment

COMMERCIAL INTERNATIONAL BANK (EGYPT) SAE
28 July 1999


The issuer has made the following alteration to the COMMERCIAL INTERNATIONAL
BANK (EGYPT) SAE 'INTERIM RESULTS' announcement released on 27th July 1999.

IN THE STATEMENT OF INCOME, THE 'OTHER INCOME' FIGURE FOR JUNE 30, 1998,
NOW READS '8,480,120' AND NOT '136,702,258' AS PREVIOUSLY STATED.

ALL OTHER INFORMATION REMAINS UNCHANGED.
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               Commercial International Bank (Egypt) S.A.E.
                       Mid-Year-Financial Results
                                June 1999

Results were extremely satisfactory for the mid-year period, well above plan.
All key operating product lines performed well.

Cross profit before tax was up 30.8% at LE 200.9 million compared to the first
half of 1998 and net profit after tax increased 38.6% to LE 176 million in the
period to June 30th, 1999 as compared to the first half of 1998.

Interest income was up by 11.5%, interest expense up by 4.8% while net interest
margin increased by 27.8% as compared to the same period of last year. Fees and
other income (excluding non - reoccurring items) grew by 9% to reach LE 141.8
million.

Total operating expenses (excluding provisions) grew by only 5.5%, while cost
income ratio decreased from 29.4% to 26.6% reflecting the effective cost -
containment plan and maximizing shareholders' value.

Total assets increased by 6.3% from LE 13.3 billion (US $ 3.9) in December 98 to
LE 14.1 billion (US $ 4.1) in June 1999. Customer deposits increased 5.4% thus
improving CIB's loans / customer deposits ratio.

For full details, please visit our web site on www.cibeg.com.



                  Commercial International Bank (Egypt) S.A.E.
                               Financial Position
                   From January 1st, 1999 to June 30th, 1999

Assets                          June 30, 1999    December 31, 1998
                                       LE                LE

Cash & Due from Central Bank   1,510,657,078    1,470,139,915
Due from other Banks             674,972,816      692,853,069
Treasury Bills                   690,725,059      584,023,753
Trading Investments
(Net of Provision for Trading 
Investments)                     209,600,280       77,832,181
Loans & Overdrafts
(Net of Provision for Doubtful 
Debts)                         9,824,589,034    9,408,661,363
Non-trading Investments          886,712,933      765,695,846
Debit Balances & Other Assets    203,255,528      168,953,990
Fixed Assets (Net)               110,539,139      109,129,926

Total Assets                  14,111,051,867   13,277,290,043

Liabilities & Shareholders' Equity
Liabilities

Due to Banks                   1,838,501,717    1,213,025,411
Customer Deposits              9,197,316,723    8,729,695,577
Credit Balances & Other 
Liabilities                      491,492,816      336,006,953
Dividends & Profit Sharing*         ---           229,127,028
Medium Term Bonds                600,000,000      300,000,000
Long Term Loans                   97,992,484      788,493,800
Other provisions                 428,974,080      398,789,506

Total Liabilities             12,654,277,820   11,995,138,275

Shareholders' Equity

Issued & Paid in Capital         650,000,000      650,000,000
Reserves                         632,151,768      632,151,768
Treasury Shares                   (1,547,268)        ---

Total Shareholders' Equity     1,280,604,500     1,282,151,768
Net Profit for the Period        176,169,547        ---

Total Shareholders' Equity &
Net Profit for the period      1,456,774,047    1,282,151,768

Total Liabilities & 
Shareholders' Equity          14,111,051,867   13,277,290,043

Contra Accounts                5,363,001,974    5,843,852,411


              Commercial International Bank (Egypt) S.A.E.
                           Statement of Income
                 From January 1st, 1999 to June 30th, 1999
                    
                                             
                                        June 30, 1999       June 30, 1998
                                                LE                  LE

Interest Received from Clients & Banks    477,630,026         406,444,077

Interest Received from Treasury &
Corporate Securities                       62,476,608          77,790,894

Deduct
Interest Paid to Banks & Clients         (359,652,558)       (343,058,934)

Net Interest Income                       180,454,076         141,176,037

Banking Fees & Commissions                 93,410,558          86,419,037
Dividend Income                            11,298,611          13,391,065
Profit from selling investments               388,115           6,932,197
Foreign Exchange Income                    26,413,049          21,479,839
Other Income                               10,338,091           8,480,120

Total Fee Income                          141,848,424         136,702,258

Net Operating Income                      322,302,500         277,878,295

Deduct
Provisions                                (60,444,019)        (69,094,660)
General & Administrative Expenses         (79,810,157)        (71,476,369)
& Depreciation
Other Expenses                             (5,878,777)        (10,244,190)

                                         (146,132,953)       (150,815,219)

Net Profits                               176,169,547         127,063,076