1st Quarter Results
Commercial Intnl Bank (Egypt) SAE
13 May 2007
Commercial International Bank (Egypt) S.A.E.
Financial Statements
March 31, 2007
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2006
Amounts in L.E. Note 31-Mar-2007 31-Dec-2006
Assets
Cash & Due From Central Bank 4 4,168,574,347 3,742,876,516
Due From Banks 5 6,050,326,978 5,432,677,413
Treasury Bills & Other Notes
Discountable at CBE 6 2,385,578,737 4,058,745,805
Trading Financial Investments 7 845,387,162 887,142,138
Available for Sale Financial Investments 8 2,324,141,581 3,178,163,512
Loans & Overdrafts (Net of Provision
for Doubtful Debts) 9&10 18,879,484,865 17,464,675,855
Held to Maturity Financial Investments 11 555,169,486 822,284,338
Financial Investments in Subsidiary
and associated companies 12 475,828,680 475,836,460
Debit Balances and Other Assets 14 925,842,665 821,707,644
Deferred Tax 25 41,450,386 40,632,719
Fixed Assets (Net) 15 570,659,667 497,753,233
Total Assets 37,222,444,554 37,422,495,623
Liabilities & Shareholders' Equity
Liabilities
Due to Banks 16 357,067,818 1,212,524,120
Customer Deposits 17 32,082,468,547 31,600,227,198
Dividends & Profit Sharing 0 287,235,147
Credit Balances & Other Liabilities 18 988,442,189 843,634,576
Long Term Loans 19 96,636,695 99,166,861
Other Provisions 20 404,586,146 339,825,378
Total Liabilities 33,929,201,395 34,382,613,280
Shareholders' Equity
Issued & Paid- in Capital 1,950,000,000 1,950,000,000
Reserves 1,089,736,719 1,089,882,343
Total Shareholders' Equity 21 3,039,736,719 3,039,882,343
Net Profit of the Period 253,506,440 -
Total Shareholders' Equity & Net Profit 3,293,243,159 3,039,882,343
Total Liabilities & Shareholders' Equity 37,222,444,554 37,422,495,623
Contingent & commitments Liabilities 22 10,651,666,938 6,864,843,585
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
For the Period from Jan. 1 2007 to Mar. 31 2007
Amounts in LE.
Note Mar. 31, 2007 Mar. 31, 2006
Interest Received from clients & Banks 544,401,368 372,883,578
Interest Received from Treasury Bills & Bonds 144,035,811 152,176,495
Interest Paid to Clients & Banks (433,369,129) (309,937,303)
Net Interest Income 255,068,050 215,122,770
Banking Fees & Commissions 138,369,473 90,927,315
Share Dividends 19,643,970 410,621
Foreign Exchange Income 23 21,424,699 19,695,858
Profit from Selling Investment 28,856,813 26,169,824
Trading Investment Revaluation Differences (1,855,885) 12,694,596
Other Income 7,182,906 7,386,845
Total Fee Income 213,621,976 157,285,059
Net Operating Income 468,690,026 372,407,829
Provisions (81,750,000) (39,732,000)
Other Investment Revaluation Differences 24 31,939,236 (2,135,438)
General & Administration Expenses & Depreciation (124,710,399) (106,389,603)
Other Expenses (18,295,197) (16,824,793)
(192,816,360) (165,081,834)
Net Operating Profits 275,873,666 207,325,995
Non-Operating income - -
Net Profit before Tax 275,873,666 207,325,995
Income Tax (23,184,893) (19,621,647)
Deferred Tax 25 817,667 (141,488)
Net Profit After Tax 253,506,440 187,562,860
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
For the Period from Jan. 1 2007 to Mar. 31 2007
Amounts in LE. Mar. 31, 2007 Mar. 31, 2006
Cash Flow From Operating Activities
Net Income Before Tax 275,873,666 207,325,995
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation 28,136,532 20,896,464
Provisions (Additions during the period) 81,750,000 39,732,000
Trading Financial Investment Evaluation 1,855,885 (12,694,596)
Other Financial Investment Evaluation (31,939,236) 2,135,438
Utilization of Provision (Other than
Provision for Doubtful Debts) - 900
FCY Revaluation Differences of Provision Balances
except Doubtful Debt (112,232) 145,889
Gains From Selling of Fixed Assets - -
Profit From Selling of Investments (28,856,813) (26,169,824)
Paid Income Tax - -
FCY Revaluation Difference of Long Term Loans 199,581 484,438
Operating Profit Before Changes in Operating
Assets and Liabilities 326,907,383 231,856,703
Net Decrease (Increase) in Assets
Due from banks (613,996,981) (26,430,261)
Treasury Bills & Other Notes Discountable at CBE 1,671,725,482 389,620,937
Trading Financial Investments 39,899,091 309,288,989
Available for Sale Financial Investments 914,817,980 (782,624,198)
Loans & Overdrafts (1,382,120,527) (319,236,990)
Debit Balances & Other Liabilities (159,930,563) (210,239,099)
Net Increase (Decrease) In Liabilities
Due to Banks (855,456,302) (224,596,032)
Customer Deposits 482,241,349 1,328,778,019
Credit Balances & Other Liabilities 121,622,720 (331,013,658)
Net Cash Provided from Operating Activities 545,709,633 365,404,411
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
For the Period from Jan. 1 2007 to Mar. 31, 2007
Mar. 31, 2007 Mar. 31, 2006
Cash Flow From Investment Activities
Purchase of Subsidiaries 7,780 (6,290,000)
Prepaid for Fixed Assets, premises and
Fitting-out of Branches (94,812,917) (76,937,289)
Purchase of Held-to-Maturity Investments 267,114,852 67,718,159
Net Cash (Used in) Investment Activities 172,309,715 (15,509,130)
Cash Flow From Financing Activities
Decrease in Long Term Loans (2,729,747) 3,022,306
Dividends Paid (287,235,147) (70,165,754)
Reverse for financial investment revaluation Diff (145,624) (106,366)
Net Cash (Used in) provided from
Financing Activities (290,110,518) (67,249,814)
Net cash & cash equivalent 427,908,830 282,645,466
Beginning Balance of cash and cash equivalent 4,023,396,001 3,401,951,193
Cash & Cash equivalent Balance At the
End of the period 4,451,304,831 3,684,596,659
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank 4,168,574,347 3,041,036,153
Due From Banks 6,050,326,978 3,386,367,207
Treasury Bills 2,385,578,737 3,469,728,070
Due to Banks (5,917,511,814) (3,346,105,606)
Treasury Bills with Maturity
More than Three Months (2,235,663,417) (2,866,429,165)
Total Cash & Cash Equivalent 4,451,304,831 3,684,596,659
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
For the Period from Jan. 1 2007to Mar. 31 2007
2006 Capital Legal General Special Reserves for Profits of the Total
Reserves Reserves Reserves Inv. year
Revaluation
Beginning 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098
Balance
Capital 650,000,000 0 (650,000,000) 0 0 0 0
Increase
Transfer to 0 40,102,238 474,707,379 0 0 (514,809,617) 0
Reserves
Distributed 0 0 0 0 0 (287,235,147) (287,235,147)
Profits
Net Profit 0 0 0 0 0 802,044,764 802,044,764
Usage part 0 0 0 0 (2,187,372) 0 (2,187,372)
of reserve
Ending 1,950,000,000 371,230,872 548,482,934 162,709,903 7,458,634 0 3,039,882,343
Balance
2007 Capital Legal General Special Reserves for Profits of Total
Reserves Reserves Reserves Inv. the period
Revaluation
Beginning Balance 1,950,000,000 371,230,872 548,482,934 162,709,903 7,458,634 0 3,039,882,343
Usage part of 0 0 0 0 (145,624) 0 (145,624)
reserve
Net Profit for 0 0 0 0 0 253,506,440 253,506,440
period
Ending Balance 1,950,000,000 371,230,872 548,482,934 162,709,903 7,313,010 253,506,440 3,293,243,159
4- Cash And Due From Central Bank
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Cash & Cash Items 764,356,710 684,845,076
- Reserve Balance with CBE
(A) Current Account 1,723,640,885 1,489,221,888
(B) Time Deposit 1,680,576,752 1,568,809,552
Total Cash & Due From Central Bank 4,168,574,347 3,742,876,516
5- Due from Banks Mar. 31, 2007 Dec. 31, 2006
L.E L.E
(A) Central Bank
- Time Deposits 2,586,071,800 120,102,850
Total Due from central bank 2,586,071,800 120,102,850
(B) Local Banks
- Current Accounts 9,622,390 14,364,909
- Time Deposits 0 85,620,000
Total Due from Local Banks 9,622,390 99,984,909
( C ) Foreign Banks
- Current Accounts 123,192,774 114,797,671
- Time Deposits 3,331,440,014 5,097,791,983
Total Due From Foreign Banks 3,454,632,788 5,212,589,654
Total Due From Banks 6,050,326,978 5,432,677,413
6- Treasury Bills & Other Notes
Discountable at CBE
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- CBE Notes 2,316,000,000 3,315,000,000
- 91 Days Maturity 151,025,000 152,950,000
- 182 Days Maturity 6,125,000 137,150,000
- 364 Days Maturity 21,425,000 544,825,000
Total Treasury Bills 2,494,575,000 4,149,925,000
- Issuance Discount (39,088,543) (91,179,195)
Net Treasury Bills 2,455,486,457 4,058,745,805
- Repos (69,907,720) 0
2,385,578,737 4,058,745,805
7- Trading Financial Investments
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Portfolio Managed By other parties 482,089,431 478,500,215
- Mutual Funds 238,535,372 239,839,987
- Bonds 54,308,969 95,195,095
- Shares 70,453,390 73,606,841
Total Trading Financial Investments 845,387,162 887,142,138
The Financial Trading Investments are represented as
follows :-
- Financial Investments Quoted on Stock Exchange 578,065,731 647,302,151
- Financial Invest. Un-quoted on Stock Exchange 267,321,431 239,839,987
845,387,162 887,142,138
8 - Available for sale financial investments
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
(A) Shares
- Bank's Shares 10,783,717 11,046,621
- Corporate Shares 828,304,763 1,108,735,974
(B)Bonds
- Governmental Bonds 922,206,087 1,477,526,784
- Bank's Bonds 82,192,089 85,321,689
- Corporate Bonds 480,654,925 495,532,444
2,324,141,581 3,178,163,512
Available for sale financial investments
are represented as follows :-
- Financial Investments Quoted on Stock Exchange 1,378,701,946 1,941,629,448
- Financial Invest. Un-quoted on Stock Exchange 945,439,635 1,236,534,064
2,324,141,581 3,178,163,512
The market Value of Available for Investments listed on the Capital market reached L.E 1,665,715,444 as of
31 Mar 2007, compared to LE. 2,288,247,619 as of December 31, 2006
9 - Loans and Overdrafts
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Discounted Bills 368,689,063 345,178,132
- Loans & Overdrafts to Customers 18,971,217,491 17,719,608,802
- Loans & Overdraft to Banks 800,976,863 652,533,908
20,140,883,417 18,717,320,842
- Unearned Bills discount (23,645,209) (6,134,160)
- Provision For Doubtful Debts (1,037,345,966) (1,038,908,021)
- Unearned Interest & commission (200,407,377) (207,602,806)
Net Loans & Overdrafts 18,879,484,865 17,464,675,855
10 - Provision For Doubtful Debts
Mar. 31, 2007
Specific General Total
LE LE LE
- Balance at beginning of the year 551,958,000 486,950,021 1,038,908,021
- Addition during the period 0 16,877,000 16,877,000
- written off debts recoveries 8,272,665 0 8,272,665
- Foreign currency revaluation diff. (477,426) 0 (477,426)
559,753,239 503,827,021 1,063,580,260
Usage during the period (26,234,294) 0 (26,234,294)
Transferred from General to Specific (10,008,945) 10,008,945 0
Balance at the end of the period 523,510,000 513,835,966 1,037,345,966
Dec. 31, 2006
Specific General Total
LE LE LE
- Balance at beginning of the year 583,672,503 365,228,009 948,900,512
- Addition during the year 53,833,428 121,722,012 175,555,440
- written off debts recoveries 100,062,106 0 100,062,106
- Foreign currency revaluation diff. (1,264,639) 0 (1,264,639)
736,303,398 486,950,021 1,223,253,419
Usage during the Year (228,447,476) 0 (228,447,476)
Transferred from general to specific 44,102,078 0 44,102,078
Balance at the end of the Year 551,958,000 486,950,021 1,038,908,021
11 - Held to maturity Investments
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
A. Bonds
- Housing Bonds (maturity Dec.2019) 215,000 215,000
- Corporate Bonds 522,454,486 789,569,338
- Treasury Bonds 0 0
B. CIB Osoul Fund
- 250,000 Osoul Fund Certificates /market value LE 25,000,000 25,000,000
119.12 each
- 50,000 Istethmar Fund Certificates / market value LE 5,000,000 0
111.79 each
- 25,000 Aman Fund Certificates / market value LE 2,500,000 0
102.66 each
555,169,486 822,284,338
The held to maturity Financial Investments are represented as follows :-
- Investments Quoted on Stock Exchange 404,906,106 667,740,018
- Investments Un-quoted on Stock Exchange 150,263,380 154,544,320
555,169,486 822,284,338
The market value of Held to Maturity Financial Investment is LE 420,013,920 in 31 Mar. 2007
12 - Financial Investments in subsidiary companies
Mar. 31, 2007 Dec. 31, 2006
LE % LE %
A- Subsidiary Companies:
- Commercial International Holding Company* 368,390,000 %67 368,390,000 %67
B- Associated Companies:
- Contact for Cars Trading 31,000,000 %38.4 31,000,000 %38.4
- Commercial International Life Insurance co. 32,000,000 %40 32,000,000 %40
- Corplease co. 12,240,000 %40 12,240,000 %40
- Giro-Nil 12,390,000 %30 12,390,000 %30
- Cotecna Trade Support 48,750 %40 48,750 %40
- Haykala for Investment 600,000 %40 600,000 %40
- Royal & Sun Alliance 10,872,000 %20 10,872,000 %20
- Egypt Factors 3,887,930 %39 3,895,710 %39
- International Co. for Appraisal & Collection 400,000 %40 400,000 %40
- International Co. for Security & Services 4,000,000 %40 0 -
475,828,680 475,836,460
The Financial Investments in subsidiary companies are represented as follows :-
- Financial Investments Quoted on Stock Exchange 368,390,000 0
- Financial Investments Un-quoted on Stock Exchange 107,438,680 475,836,460
475,828,680 475,836,460
* According to the shareholders agreement dated 29 October 2006:
- The bank direct investment will be 50.09%
- CIB share will be diluted to 47.5% after executing a shareholders swap
- The company is jointly controlled by CIB and other investors
13 -Capital Commitments (Financial Investments)
The capital commitments for the financial investments reached in date of Financial position L.E 375,712,114 as
follows:
Investment Value Paid Remaining
L.E L.E L.E
Available for sale Financial investments 606,852,185 249,066,760 357,785,425
Financial Investment in subsidiaries co. 35,103,370 17,176,680 17,926,690
14 -Debit Balances and Other Assets
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
Accrued Interest receivable 440,469,980 286,829,442
Prepaid Expenses 33,857,108 28,645,872
Advances for Purchase of Fixed Assets 148,344,836 154,574,895
Assets Acquired for Settlement of Debts 29,361,646 78,927,129
Accounts Receivable & Other Assets 272,763,657 271,731,041
Accrued Balances of Customer Loans 252,458,000 252,458,000
1,177,255,227 1,073,166,379
Deduct: Provision for General Risk** (251,412,562) (251,458,735)
Total Debit Balances and Other Assets
925,842,665 821,707,644
* These balances represent certain advances to customers that were made at a
branch in violation of the bank's SOP, resulting in reclassifying these balances
under 'Other Debit Balances'. Conservative provisions are adequately reallocated
from Other Provisions to meet the operation risk
** Refer to Note 20
15 - Fixed Assets (Net of Accumulated Depreciation)
Mar. 31, 2007
Land Premises E.D.P Vehicles Fitting-Out Machines & Furniture & Total
Equipment Furnishing
L.E L.E L.E L.E L.E L.E L.E L.E
Opening Balance 6,720,577 258,115,877 356,860,350 20,771,267 101,543,015 138,911,180 57,641,293 940,563,559
(3)
Additional during 53,065,483 6,295,225 16,749,033 - 11,940,633 8,956,944 4,035,658 101,042,976
the period
Closing Balance 59,786,060 264,411,102 373,609,383 20,771,267 113,483,648 147,868,124 61,676,951 1,041,606,535
(1)
Accu.Depreciation
at
beginning of the - 78,567,600 191,346,450 15,797,804 65,270,769 66,977,497 24,850,216 442,810,336
period (4)
Current period - 3,157,821 13,803,663 511,236 4,881,156 3,785,093 1,997,563 28,136,532
Depreciation
Accu.
Depreciation at
end of the period 81,725,421 205,150,113 16,309,040 70,151,925 70,762,590 26,847,779 470,946,868
(2)
End of period 59,786,060 182,685,681 168,459,270 4,462,227 43,331,723 77,105,534 34,829,172 570,659,667
net Assets (1-2)
Beginning of 6,720,577 179,548,277 165,513,900 4,973,463 36,272,246 71,933,683 32,791,077 497,753,223
period net assets
(3-4)
Depreciation rate 5% 20% 20% 33.3% 12.5% 10%
- Net fixed assets in financial position date includes LE. 49,195,696 represents fixed assets not registered yet and
registrations
procedures in
process
16 - Due to Banks
Mar. 31, 2007 Dec. 31, 2006
(a) Central Bank
- Current Accounts 18,800,229 20,044,409
- Time Deposits 0 867,616,000
Total Due to Central Bank 18,800,229 887,660,409
( b ) Local Banks
- Current Accounts 19,720,461 15,860,437
- Time Deposits 1,214,538 107,541,554
Total Due to Local Banks 20,934,999 123,401,991
( c ) Foreign Banks
- Current Accounts 314,497,455 201,260,025
- Time Deposits 2,835,135 201,695
Total Due to foreign Banks 317,332,590 201,461,720
Total Due to Banks 357,067,818 1,212,524,120
17 -Customers' Deposits
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Demand Deposits 8,745,320,013 8,836,825,720
- Time & Notice Deposits 10,976,888,614 11,033,225,620
- Saving & Deposits Certificates 5,491,963,792 5,190,298,212
- Saving Deposits 5,661,800,936 5,349,962,762
- Other Deposits 1,206,495,192 1,189,914,884
Total Customer Deposits 32,082,468,547 31,600,227,198
18 - Credit Balances and Other Liabilities
Mar. 31, 2007 Dec. 31, 2006
- Accrued Interest Payable 119,642,159 109,691,056
- Accrued Expenses 27,182,294 34,131,526
- Accounts Payable 690,035,809 569,480,973
- Tax Payable 105,490,620 82,305,727
- Other Liabilities 46,091,307 48,025,294
Total Credit Balances 988,442,189 843,634,576
And Other Liabilities
19 -Long Term Loans
Rate Maturity date Maturing Balance on Balance on
through
% next year Mar 31, 2007 Dec. 31, 2006
F.I.S.C. 7 3-5 years - 10,000,000 -
KFW 10.5 - 9 10 years 5,177,358 9,462,825 9,461,379
UNIDO 1 2011 3,038,252 9,578,265 10,483,577
Ministry of Agriculture 3.5 - 5.5 3-5 years 32,304,822 59,465,962 70,617,084
(F.S.D.P) depends on
maturity
date
Ministry of Agriculture 3.5 - 5.5 3-5 years 20,000 30,000 30,000
(V.S.P) depends on
maturity
date
Social Fund 3 months T 2010 2,850,000 8,099,643 8,574,821
/D
or 9%
which more
Total 43,390,432 96,636,695 99,166,861
20 -Other Provisions Mar. 31,
2007
L.E
Opening Addition FCY Balance Usage Transfer Transferred to Closing
Other Debit
Balances
Balance During the Reval. During the Balance
period Difference period
- Provision for Income 227,173,695 - - - - - 227,173,695
Tax claims
- Provision for Legal 1,126,794 - (217) - - - 1,126,577
Claims
- Provision for 111,524,889 64,873,000 (112,015) - - - 176,285,874
contingent
- Provision for General - - - - - - -
risk *
- Provision for Bank - - - - - - -
Risk insurance
Total Other Provisions 339,825,378 64,873,000 (112,232) - - - 404,586,146
Dec. 31,
2006
L.E
Opening Addition FCY Balance Usage Transferred Closing
Balance During the Reval. During the Transfer to Other Debit Balance
Year Difference Year Balances
- Provision for Income 621,677,559 - - (329,503,864) (65,000,000) - 227,173,695
Tax claims
- Provision for Legal 1,728,828 178,750 (8,604) (772,180) - - 1,126,794
Claims
- Provision for 138,878,000 17,073,560 (324,593) - (44,102,078) - 111,524,889
contingent
- Provision for General 161,835,372 1,505,000 - - 65,000,000 (228,340,372) -
risk *
- Provision for Bank Risk 23,880,238 - (121,505) (640,370) - (23,118,363) -
insurance
Total Other Provisions 947,999,997 18,757,310 (454,702) (330,916,414) (44,102,078) (251,458,735) 339,825,378
* These balances were reclassified under 'other debit balances' to meet the
possible loss of value in certain assets resulting from violation of the bank's
SOPs that were reclassified from 'Loans to Customers'. Please refer to
Clarification No. 14 for further details.
21 - Capital & Reserves
(a) Capital
- The Authorized Capital reached LE 5,000 Million according to the Extra-Ordinary General Assembly decision on 19
Mar. 2006
- Paid - in capital is LE 1,950 million divided to 195 million shares with par value LE
10 per each
- The Extraordinary General Assembly approved in the meeting of June 26, 2006 to activate a motivating and
rewarding program for the bank's employees & managers through employee share ownership plans (ESOPs) by issuing a
maximum of 5% of issued and paid-in capital at par value through 5 years starting 31 December 2006 and delegated the
BOD to establish the rewarding terms and conditions and increase the paid-in capital according to the program
(b) Reserves
- According to the bank statues 5% of net profit is to increase legal reserve until
reaches 50% of the bank's issued and paid -in capital
- Concurrence of Central Bank of Egypt for usage of Special Reserve is required
- According to CBE regulations, a reserve has been formed for Revaluation Difference for Financial Investment
(Available for Sale) in FCY for preceding years (up to 2002), and this reserve is used in case of sale or decrease
in the value of that investment, and the Income Statement will be carried with the difference according to the
issued instruction for such matter.
22 - Contingent Accounts
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Letters of Guarantee 8,058,432,518 5,636,795,144
- Letters of Credit ( import & export ) 2,130,093,645 865,777,545
- Customers Acceptances 521,629,129 418,344,500
- Forward Foreign Exchange Contracts (bought) 1,805,468,579 1,353,283,099
- Forward Foreign Exchange Contracts (sold) (1,804,669,461) (1,352,168,802)
- Swap Deals (bought) 1,831,546,344 1,048,742,044
- Swap Deals (sold) (1,890,833,815) (1,105,929,945)
- Option (bought) 302,654,801 60,744,244
- Option (sold) (302,654,801) (60,744,244)
Total 10,651,666,938 6,864,843,585
23 - Foreign Exchange Profits (losses)
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
Profit from dealing with foreign currencies 31,790,583 22,191,299
Profit of revaluation of Monitoring
assets and Liabilities* 1,444,655 (2,004,224)
Forward deals revaluation losses (11,937,876) (527,497)
profit revaluation of options 127,337 36,280
21,424,699 19,695,858
* Inclusive of a decrease of EGP 2,447,413 due to the FCY revaluation differences of the Financial Trading &
Available for Sale Investments against an increase of EGP 1,239,833 & EGP 1,207,580 respectively in Financial
Investment Revaluation Differences items in the Income Statement
24 - Other Financial investments evaluation differences
Mar. 31, 2007 Dec. 31, 2006
L.E L.E
- Available for sale Financial investments 31,939,236 (2,135,438)
31,939,236 (2,135,438)
25 - Deferred Tax Assets & Liabilities
Assets (Liabilities) Assets (Liabilities)
Mar. 2007 Dec. 2006
- Fixed Assets Depreciation (19,185,062) (19,762,207)
- Other Provisions (excluding Loan Loss, 50,507,828 50,517,106
contingent liabilities and Income Tax Prov.)
- Other Items (other investment revaluation 10,127,620 9,877,820
difference)
- Total Deferred Tax Assets (Liabilities) 41,450,386 40,632,719
26 - Assets & Liabilities Maturities
Maturity Maturity
Within one year Over One Year
Assets
- Cash and Due from Central Bank 4,168,574,347 -
- Due from Banks 6,050,326,978 -
- Treasury Bills 2,424,667,280 -
- Trading Investments 845,387,162 -
- Available for sale investments 2,324,141,581 -
- Customers' Loans & Overdrafts 8,134,381,042 11,005,118,134
- Banks' Loans & Overdrafts 4,000 800,972,863
- Held to maturity Investments 72,089 555,097,397
- Investments in subsidiary companies - 475,828,680
- Debit Balances and Other Assets 925,842,665 -
Liabilities 24,873,397,144 12,837,017,074
- Due to Banks 357,067,818 -
- Customer Deposits 25,820,658,959 6,261,809,588
- Long Term Loans 43,390,432 53,246,263
- Credit Balances and Other Liabilities 988,442,189 -
27,209,559,398 6,315,055,851
27 -Interest Rate
The average interest rates applied for Assets and Liabilities during the period
are 6.77% & 4.05% respectively.
28 -Tax Status
- The bank's corporate income tax position has been examined and settled with the Tax
Authority from the start up of operations up to the end of year 1984.
- Corporate income tax for the years from 1985 up to 2000 were paid according to the Tax appeal
Committee decision and the final settlement is under discussion in the court of law .
- The bank's corporate income tax position has been examined and settled with the Tax
Authority from 2000 up to 2001.
The bank's corporate income tax for the years from 2003 up to 2004 were paid according to the Appeal Committee
decision and the final settlement is under discussion with the Tax Appeal Committee
- The bank pay salary tax according to concerning domestic regulations and laws,
and the final settlement is under discussion in the court of law .
- The bank pay stamp duty tax according to concerning domestic regulations and laws,
and the final settlement is under discussion in the court of law .
29 - Distribution of Assets, Liabilities and Contingent Accounts
Assets
Local Currency Foreign Currency
1 - Due From Banks 2,595,694,190 3,454,632,788
2 - Loans & Overdrafts
Agriculture Sector 64,393,312 0.3
Industrial Sector 8,754,201,456 43.5
Trading Sector 799,692,800 4.0
Services Sector 7,969,617,486 39.5
Household Sector 1,655,418,129 8.2
Other Sectors 897,560,234 4.5
Total Loans & Overdrafts
(Including unearned interest) 20,140,883,417 100.00
Unearned Discounted Bills (23,645,209)
Provision for Doubtful Debts (1,037,345,966) 5.2
Unearned Interest & Commission (200,407,377)
Net Loans & Overdrafts 18,879,484,865
Liabilities
Local Currency Foreign Currency
1- Due to Banks 50,101,190 306,966,628
2 - Customers' Deposits %
Agriculture Sector 30,393,693 0.1
Industrial Sector 3,230,154,632 10.1
Trading Sector 1,220,554,657 3.8
Services Sector 6,228,323,786 19.4
Household Sector 17,812,251,600 55.5
Other Sector 3,560,790,179 11.1
Total Customers' Deposits 32,082,468,547 100.00
Contingent Accounts
Local Currency Foreign Currency
- Letters of Guarantee 2,164,938,770 5,893,493,748
- Letter of Credit ( import & export ) 33,648,398 2,096,445,247
- Customers Acceptances 107,020,733 414,608,396
- Forward Foreign Exchange Contracts 573,003,339 1,232,465,240
(bought)
- Forward Foreign Exchange Contracts (383,264,447) (1,421,405,015)
(sold)
- Swap Deals (bought) - 1,831,546,344
- Swap Deals (sold) (1,234,809,572) (656,024,243)
- Option (bought) - 302,654,801
- Option (sold) - (302,654,801)
1,260,537,222 9,391,129,717
30- Foreign Currencies Positions
Mar. 31, 2007 Dec. 31, 2006
in thousand L.E in thousand L.E
- Egyptian Pound (1,990) 5,550
- US Dollar (22,507) (54,691)
- Sterling pound 2,106 2,408
- Japanese Yen (799) 27,721
- Swiss Franc 349 369
- Euro 17,510 14,894
31- Mutual Funds
(1) Osoul Fnud
- The bank established an accumulated return mutual fund under license no. 331 issued from Capital Market
Authority on 22/02/2005. CI-Asset Management Co. - joint stock co.- manages the Fund.
- The number of certificates reached 41,225,493 with redeemed value L.E 4,910,780,726
- The market value per certificate reached L.E 119.12 on 31/3/2007
- The Bank portion got 2,185,133 certificates with redeemed value of L.E 260,293,043
(2) Istethmar Fund
- The bank established an accumulated return mutual fund under license no. 344 issued from Capital Market
Authority on 26/02/2006. CI-Asset Management Co. - joint stock co.- manages the Fund.
- The number of certificates reached 1,997,554 with redeemed value L.E 223,306,562
- The market value per certificate reached L.E 111.79 on 29/3/2007
- The Bank portion got 100,451 certificates with redeemed value of L.E 11,229,417
(3) Aman fund (CIB & Faisal Islamic Bank Mutual Fnud)
- The bank & Faisal Islamic Bank established an accumulated return mutual fund under license no. 365 issued
from Capital Market Authority on 30/07/2006. CI-Asset Management Co. - joint stock co.- manages the Fund.
- The number of certificates reached 1,865,443 with redeemed value L.E 191,506,378
- The market value per certificate reached L.E 102.66 on 29/3/2007
- The Bank portion got 49,842 certificates with redeemed value of L.E 4,721,949
32- Transactions With Related Parties
All Banking transactions with related parties are conducted in accordance with the normal
banking practices and regulations applied to all other customers without any discrimination.
Due from Banks 126,859,354
Loans & Overdrafts 108,062,514
Investment in subsidiary companies 475,828,680
Due to banks 11,461,119
Customer Deposits 320,697,226
Contingent Accounts 54,963,812
Income Expenses
- International Co. for Security & Services 45,000 588,412
- International Co. for Appraisal & Collection - 16,500
- Corplease Co. - 929,694
- Commercial International Life Insurance Co. 920,081 -
- Commercial International Brokerage Co. 157,713 -
33- Comparative Figures
The Comparative Figures are amended to confirm with the reclassification of the current period and
General Assembly hold in Mar 19th, 2007 decisions, For ratifying the Appropriation account of year
2006.
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