3rd Quarter 2004 Financials
Commercial Intnl Bank (Egypt) SAE
25 October 2004
Commercial International Bank (Egypt) S.A.E.
Financial Statements
September, 30 2004
CIB 3rd Quarter 2004 Results and Brief Analysis
With record breaking profits LE. 348.9 MM in September 2004, CIB achieved a
52.5% growth over 2003 figures.
Interest Before Provision reached LE. 604.7 MM. This increase in profitability
was mainly due to CIB's core business, as( (Interest Income +T-bill income
+commissions) -Interest Expense) grew to reach LE. 1.4 BN, up from LE. 1.3 BN .
Consequently operating margins reached 54.8% up from 47.6% in September 2003.
Total Assets exceeded LE. 27 BN, which represents a YTD unannualized growth of
11.7%. Minimum risk assets reached LE. 11 BN, while net loans recorded LE.13 bn
with a growth of 4%.
Customer Deposits reached LE.23 BN, representing an unannualized YTD growth of
12.9%.
Provision Breakdown:
Tax Provision LE. 70 MM
Bank General Risk LE. 15.7 MM
CIB Investor Relations Team
For any further information contact :
Suha Awny
Investor Relations Officer
Direct : 00 202 747 2776
Fax : 00 202 747 5421
e-mail : suha.awny@cibeg.com
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2004
Amounts in L.E. Note 30-Sept-2004 31-Dec-2003
Assets
Cash & Due From Central Bank 4 2,775,725,475 2,674,292,801
Due From Banks 5 4,515,364,199 3,782,015,348
Treasury Bills 6 2,173,392,281 1,427,181,491
Reverse Repos 7 723,962,742
Trading Investments 8 654,144,984 476,223,229
Available for Sale Investments 9 1,686,279,372 1,638,846,363
Loans & Overdrafts(Net of Provision for Doubtful Debts) 10&11 13,020,042,862 12,505,238,953
Held to maturity Investments 12 533,120,120 933,562,940
Investments in Subsidiary and associated companies 13 76,400,000 65,660,000
Debit Balances and Other Assets 15 536,071,859 418,384,985
Fixed Assets (Net) 16 286,105,157 232,046,863
Total Assets 26,980,609,051 24,153,452,973
Liabilities & Shareholders' Equity
Liabilities
Due to Banks 17 260,420,767 163,305,925
Customer Deposits 18 23,043,339,752 20,414,684,038
Credit Balances & Other Liabilities 19 490, 645,806 445,762,619
Long Term Loans 20 116,797,558 270,408,918
Other Provisions 21 812,295,710 708,676,979
Total Liabilities 24,743,764,793 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 348,941,788 412,581,083
Total Shareholders' Equity & Net Profit 2,257,109,458 2,150,614,494
Total Liabilities & Shareholders' Equity 26,980,609,051 24,153,452,973
Contra Accounts 23 4,855,031,146 5,175,378,396
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of September 30, 2004
Amounts in LE. Note 30-Sept-2004 30-Sept-2003
Interest Received from clients & Banks 910,482,487 885,430,891
Interest Received from Treasury Bills & Bonds 245,946,512 203,611,034
Interest Paid to Clients & Banks (643,301,940) (659,839,533)
Net Interest Income 513,127,059 429,202,392
Banking Fees & Commissions 267,104,651 189,061,144
Share Dividends 20,395,759 10,225,751
Foreign Exchange Income 24 81,234,011 (16,071,307)
Profit from Selling Investment 10,688,319 15,528,357
Trading Investment Revaluation Differences 3,780,470 98,409,978
Other Income 40,524,255 20,759,123
Total Fee Income 423,727,465 317,913,046
Net Operating Income 936,854,524 747,115,438
Provisions (275,963,378) (274,514,861)
Other Investment Revaluation Differences 25 (39,821,992) (27,594,274)
General & Administration Expenses & Depreciation (239,119,060) (195,604,030)
Other Expenses (33,047,696) (20,849,425)
(587,952,126) (518,562,590)
Net Operating income 348,902,398 228,552,848
Non-Operating income 39,390 313,255
Net Profit 348,941,788 228,866,103
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2004
Amounts in LE. 30-September-2004 30-September-2003
Cash Flow From Operating Activities
Net Income Before Tax 348,941,788 228,866,104
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation 33,337,705 29,450,386
Provisions (Additions during the period) 275,963,378 274,514,861
Trading Investment Evaluation (3,780,470) (98,409,978)
Other Investment Evaluation 39,821,992 27,594,274
Utilization of Provision (Other than Provision for doubtful (78,754) (8,498)
debts)
Difference in revaluation of FCY Provision Balances 1,470,195 50,393,105
Gain(Loss) From Selling of Fixed Assets (39,390) (313,255)
Gain(Loss) From Selling of Investments (10,688,319) (15,528,357)
Paid Income Tax (14,470,888) (121,000,000)
Difference in Revaluation of Long Term Loans (217,816) 84,416,762
Operating Profit Before Changes in Operating Assets and 649,994,221 459,975,404
Liabilities
Net Decrease (Increase) in Assets
Due from banks (661,823,567) (1,596,361,782)
Treasury Bills Over Three Months (593,721,268) (492,241,737)
Reverse Repos (723,962,742) 0
Trading Investments (174,141,285) (277,858,174)
Available for Sale Investments (76,566,682) 311,774,387
Loans & Overdrafts (673,122,229) (1,161,303,943)
Debit Balances & Other Liabilities (140,192,863) (107,762,386)
Net Increase (Decrease) In Liabilities
Due to Banks 97,114,842 (59,954,376)
Customer Deposits 2,628,655,714 4,479,614,432
Credit Balances & Other Liabilities 44,883,187 114,473,673
Net Cash Provided from Operating Activities 397,382,528 1,670,355,498
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2004 30-September-2004 30-September-2003
Cash Flow From Investment Activities
Purchase of Subsidiaries (10,740,000) (20,160,000)
Prepaid for Fixed Assets, premises and Fitting-out of (65,797,500) (58,076,285)
Branches
Purchase of Held-to-Maturity Investments 400,442,820 (778,775,742)
Net Cash (Used in) Investment Activities (323,905,320) (857,012,027)
Cash Flow From Financing Activities
Decrease in Long Term Loans (153,393,544) (76,555,310)
Dividends Paid (242,446,824) (238,801,908)
Net Cash (Used in) provided from Financing Activities (395,840,368) (315,357,218)
Net Increase in cash & cash equivalent 325,447,480 497,986,253
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 3,402,718,924 3,033,602,720
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank 2,775,725,475 2,594,839,270
Due From Banks 4,515,364,199 4,501,749,521
Treasury Bills 2,173,392,281 1,762,930,698
Due to Banks (4,319,253,707) (4,433,981,929)
Treasury Bills More than Three Months (1,742,509,324) (1,391,934,840)
Total Cash& Cash Equivalent 3,402,718,924 3,033,602,720
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of September 30, 2004
30-Sept-2004 Capital Legal General Special Reserves Profits of Total
Reserves Reserves Reserves for Inv. the year
Revaluation
Beginning 1,300,000,000 254,704,948 0 162,709,903 20,618,560 412,581,083 2,150,614,494
Balance
Transfer to 0 20,629,054 149,505,205 0 0 (170,134,259) 0
Reserves
Distributed 0 0 0 0 0 (242,446,824) (242,446,824)
Profits
Net Profit 0 0 0 0 0 348,941,788 348,941,788
Ending 1,300,000,000 275,334,002 149,505,205 162,709,903 20,618,560 348,941,788 2,257,109,458
Balance
30-September Capital Legal General Special Reserves Profits of Total
-2003 Reserves Reserves Reserves for Inv. the year
Revaluation
Beginning 650,000,000 308,719,566 453,901,139 162,709,903 0 380,886,150 1,956,216,758
Balance
Transfer 0 16,280,434 125,803,809 0 0 (142,084,243) 0
to
Reserves
Distributed 0 0 0 0 0 (238,801,907) (238,801,907)
Profits
Capital 650,000,000 (70,295,052) (579,704,948) 0 0 0 0
Increase
Net Profit 0 0 0 0 0 412,581,083 412,581,083
Increase 0 0 0 0 20,618,560 0 20,618,560
in
Reserves
Ending 1,300,000,000 254,704,948 0 162,709,903 20,618,560 412,581,083 2,150,614,494
Balance
4- Cash And Due From Central Bank
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Cash & Cash Items 413,662,735 371,929,838
- Reserve Balance with CBE 2,362,062,740 2,302,362,963
Total Cash & Due From
Central Bank 2,775,725,475 2,674,292,801
5- Due from Banks
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
(A) Central Bank
- Time Deposits 273,821,164 633,928,379
Total Due from central bank 273,821,164 633,928,379
(B) Local Banks
- Current Accounts 4,593,422 4,990,327
- Time Deposits 243,035,247 396,425,251
Total Due from Local Banks 247,628,669 401,415,578
(C) Foreign Banks
- Current Accounts 191,517,070 119,594,881
- Time Deposits 3,802,397,296 2,627,076,510
Total Due From Foreign Banks 3,993,914,366 2,746,671,391
Total Due From Banks 4,515,364,199 3,782,015,348
6- Treasury Bills
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- 91 Days Maturity 436,525,000 280,000,000
- 182 Days Maturity 1,490,875,000 1,166,000,000
- 364 Days Maturity 313,525,000 -
Total Treasury Bills 2,240,925,000 1,446,000,000
- Issuance Discount (67,532,719) (18,818,509)
Net Treasury Bills 2,173,392,281 1,427,181,491
Sep. 30, 2004 Dec. 31, 2003
7- Reverse Repos L.E L.E
- Maturity within one week 66,227,775
- Maturity within three months 497,494,178
- Maturity within six months 114,500,241
- Maturity within one year 45,740,548
723,962,742 -
8- Trading Financial Investments
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Portfolio Managed By other parties 461,257,292 290,361,988
- Bonds 175,631,867 178,259,906
- Shares 17,255,825 7,601,335
Total Trading Financial Investments 654,144,984 476,223,229
The Financial Trading Investments are
represented as follows :-
- Financial Investments Quoted on
Stock Exchange 654,144,984 476,223,229
- Financial Investments
Un-quoted on Stock Exchange 0 0
654,144,984 476,223,229
9- Available for sale financial
investments Sep. 30, 2004 Dec. 31, 2003
L.E L.E
(A) Shares
- Bank's Shares 8,048,122 6,890,735
- Corporate Shares 634,920,353 614,867,372
(B) Bonds
- Governmental Bonds 322,792,232 330,072,337
- Bank's Bonds 115,184,353 115,184,353
- Corporate Bonds 605,334,312 571,831,566
1,686,279,372 1,638,846,363
Available for sale financial
investments
are represented as follows :-
- Financial Investments Quoted on
Stock Exchange 1,267,194,014 1,316,598,355
- Financial Investments Un-quoted
on Stock Exchange 419,085,358 322,248,008
1,686,279,372 1,638,846,363
- The market Value of Available for sale Investments listed on the Capital
market is LE 1,307,401,807 as of sep, 30,2004 compared to LE 1,360,090,790
as of December 31,2003
10- Loans and Overdrafts
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Discounted Bills 234,587,882 287,242,050
- Loans & Overdrafts to Customer 13,026,578,492 12,279,166,995
- Loans & Overdraft to Banks 770,401,942 746,428,550
14,031,568,316 13,312,837,595
- Unearned Bills discount (4,168,231) (6,343,819)
- Provision For Doubtful Debts (892,020,151) (718,723,704)
- Unearned Interest & commission (115,337,072) (82,531,119)
Net Loans & Overdrafts 13,020,042,862 12,505,238,953
11- Provision For Doubtful Debts
Sep. 30, 2004
Specific General Total
LE LE LE
- Balance at beginning of the period 333,106,251 385,617,453 718,723,704
- Addition during the period 125,029,000 34,236,200 159,265,200
- written off debts recoveries 13,754,187 - 13,754,187
- Foreign currency revaluation diff. 3,986,418 0 3,986,418
475,875,856 419,853,653 895,729,509
Usage during the period -3,709,358 -3,709,358
Balance at the end of the period 472,166,498 419,853,653 892,020,151
Dec. 31, 2003
Specific General Total
LE LE LE
- Balance at beginning of the year 165,087,738 289,197,873 454,285,611
- Addition during the year 199,677,510 0 199,677,510
- written off debts recoveries 13,392,724 0 13,392,724
- Transferred from general to specific 3,128,362 -3,128,362 0
- Transferred from provision for income tax 41,618,560 0 41,618,560
- Foreign currency revaluation diff. 42,229,943 107,937,335 150,167,278
465,134,837 394,006,846 859,141,683
- Usage during the Year -132,028,586 0 -132,028,586
- Transfer to provision for contingent 0 -8,389,393 -8,389,393
Balance at the end of the Year 333,106,251 385,617,453 718,723,704
-12 Held to maturity Investments
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Housing Bonds (maturity 215,000 215,000
Dec.2019)
- Treasury Bonds 532,905,120 933,347,940
533,120,120 933,562,940
The held to maturity Financial
Investments are represented as
follows :-
- Investments Quoted on Stock 532,905,120 933,347,940
Exchange
- Investments Un-quoted on 215,000 215,000
Stock Exchange
533,120,120 933,562,940
- The market value of Held to Maturity Financial 540,725,694 as of sep. 30,2004
Investment is LE
13- Financial Investments in
subsidiary companies
Sep. 30, 2004 Dec. 31, 2003
LE % LE %
- Commercial International 10,000,000 %40 10,000,000 %40
Brokerage co.
- Contact for Cars Trading 27,500,000 %40 20,000,000 %40
- Commercial International life 32,000,000 %40 32,000,000 %40
insurance co.
- Fleming C I Assets Management 1,500,000 %30 1,500,000 %30
- Corplease co. 5,400,000 %40 2,160,000 %40
76,400,000 65,660,000
The Financial Investments in subsidiary companies are represented as follows :-
- Financial Investments Quoted 10,000,000 10,000,000
on Stock Exchange
- Financial Investments 66,400,000 55,660,000
Un-quoted on Stock Exchange
76,400,000 65,660,000
- The market value of The Financial investments in subsidiary companies quoted on stock Exchange is LE 10,000,000 as
of both sep.30, 2004 and Dec. 31,2003
14- Capital Commitments (Financial Investments)
The capital commitments for the financial investments reached in date of Financial position L.E 46,571,881
as follow :-
Gross Investment Paid Remaining
L.E L.E L.E
- Available for sale Financial investments 87,826,730 60,954,849 26,871,881
- Financial Investments in subsidiaries co. 52,600,000 32,900,000 19,700,000
15- Debit Balances and Other Assets
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Accrued Interest receivable 184,818,894 104,492,257
- Prepaid Expenses 18,056,880 12,573,959
- Advances for Purchase of Fixed Assets 61,664,430 83,223,539
- Assets Acquired for Settlement of Debts 119,908,954 120,855,834
- Accounts receivable & Other Assets 151,622,701 97,239,396
Total Debit Balances and Other Assets 536,071,859 418,384,985
16- Fixed Assets (Net of Accumulated Depreciation)
Land Premises E.D.P Vehicles Fitting Machines Furniture total
-Out & &
Equipment Furnishing
L.E L.E L.E L.E L.E L.E L.E L.E
Opening Balance 2,247,073 162,708,373 154,336,833 14,886,683 47,083,795 60,733,711 24,445,319 466,441,787
(3)
Additional 2,400,504 43,167,811 23,876,312 974,326 5,145,767 9,523,791 2,307,488 87,395,999
during the
period
Closing Balance 4,647,577 205,876,184 178,213,145 15,861,009 52,229,562 70,257,502 26,752,807 553,837,786
(1)
Accu.Depreciation
at
beginning of - 48,765,007 84,512,136 10,882,589 39,392,485 38,257,980 12,584,727 234,394,924
the period (4)
Current period - 6,532,742 17,129,149 777,328 3,296,559 4,093,319 1,508,608 33,337,705
Depreciation
Accu.Depreciation
at
end of the - 55,297,749 101,641,285 11,659,917 42,689,044 42,351,299 14,093,335 267,732,629
period (2)
End of period 4,647,577 150,578,435 76,571,860 4,201,092 9,540,518 27,906,203 12,659,472 286,105,157
net asstes(1-2)
Beginning of 2,247,073 113,943,366 69,824,697 4,004,094 7,691,310 22,475,731 11,860,592 232,046,863
period net
assets (3-4)
- Net fixed assets in financial 33,882,342 represents fixed assets not registered yet
position date includes and registrations
procedures in
process
17- Due to Banks
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
(a) Central Bank
- Current Accounts 2,358,480 2,832,636
- Time Deposits 0 9,211,072
Total Due to Central Bank 2,358,480 12,043,708
(b) Local Banks
- Current Accounts 44,861,202 23,241,936
- Time Deposits 4,452,844 19,062,452
- Total Due to Local Banks 49,314,046 42,304,388
(c) Foreign Banks
- Current Accounts 208,748,241 108,957,829
- Time Deposits 0 0
- Total Due to foreign Banks 208,748,241 108,957,829
Total Due to Banks 260,420,767 163,305,925
18- Customers' Deposits
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Demand Deposits 5,812,491,142 4,339,557,816
- Time & Notice Deposits 7,268,751,033 7,967,313,845
- Saving & Deposits Certificates 4,407,705,418 3,456,461,428
- Saving Deposits 4,314,930,746 3,753,395,330
- Other Deposits 1,239,461,413 897,955,619
Total Customer Deposits 23,043,339,752 20,414,684,038
19- Credit Balances and Other Liabilities
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Accrued Interest Payable 73,298,036 106,739,344
- Accrued Expenses 49,321,747 15,472,209
- Accounts Payable 360,901,769 313,560,350
- Other Liabilities 7,124,254 9,990,716
Total Credit Balances
And Other Liabilities 490,645,806 445,762,619
20- Long Term Loans
Rate Maturity date Maturing through Balance at
% next year Sep. 30, 2004
- Sumitomo bank
- European Investment Bank - Dec-2012 0 30,926,553
- KFW Bank ten years 10,169,453
- Ministry of Agriculture 3.5 - 5.5 3-5 years 7,843,823 13,680,465
(F.S.D.P) depends on maturity date
- Ministry of Agriculture 3.5 - 5.5 3-5 years 425,740 448,100
(V.S.P) depends on maturity date
- Ministry of Agriculture 3.5 - 5.5 3-5 years 13,422,154 45,455,987
(M.S.S.P) depends on maturity date
Ministry of Agriculture 3.5 one year 120,000 120,000
(P.S.B)
- Barclays bank (P.S.F.S) 6.62 ten years 4,765,000 5,997,000
from 1996
- Social Fund 3 months T/D 2010 0 10,000,000
or 9% which more
Total 26,576,717 116,797,558
21- Other Sep. 30, 2004
Provisions
L.E
Opening Addition FCY Balance Usage Transfer Closing
Balance During the Reval. During the period Balance
period Difference
- Provision for 474,262,778 70,000,000 0 -14,470,888 0 529,791,890
Income Tax
claims
- Provision for 1,883,088 0 21,316 -78,754 0 1,825,650
Legal Claims
- Provision for 68,147,300 31,000,000 654,497 0 0 99,801,797
contingent
- Provision for 151,066,860 15,698,178 551,134 0 -12,377,304 154,938,868
General risk
- Provision for 13,316,953 0 243,248 0 12,377,304 25,937,505
Bank Risk
insurance
Total Other 708,676,979 116,698,178 1,470,195 -14,549,642 0 812,295,710
Provisions
Dec. 31, 2003
L.E
Opening Addition FCY Balance Usage Closing
Balance During the Reval. During the Transfer Balance
Year Difference Year
- Provision for 558,632,242 81,249,096 0 -124,000,000 -41,618,560 474,262,778
Income Tax
claims
- Provision for 1,433,328 0 449,760 0 0 1,883,088
Legal Claims
- Provision for 27,968,646 22,512,195 9,277,066 0 8,389,393 68,147,300
contingent
- Provision for 113,558,729 0 37,508,131 0 0 151,066,860
General risk
- Provision for 10,000,000 0 3,316,953 0 0 13,316,953
Bank Risk
insurance
- Provision for 8,498 0 0 -8,498 0 0
Real Estate
Tax
Total Other 711,601,443 103,761,291 50,551,910 -124,008,498 -33,229,167 708,676,979
Provisions
22- Capital & Reserves
(a) Authorized Capital
The Authorized Capital reached LE 1500 Million
(b) Paid - In Capital
paid - in capital reached to LE 1300 million divided to 130 million shares with
par value LE 10 per each .
(c) Reserves
According to the bank statues 5% of net profit is to increase legal reserve until legal Reserve
reaches 50% of the bank's issued and paid -in capital
Concurrence of Central Bank of Egypt for usage of Special Reserve is required .
23- Contingent Accounts
Sep. 30, 2004 Dec. 31, 2003
L.E L.E
- Letters of Guarantee 3,823,194,015 4,022,808,535
- Letters of Credit ( import & export ) 618,412,007 693,273,659
- Customers Acceptances 481,204,921 457,896,303
- Forward Foreign Exchange contracts 13,082,001 79,099
- Swap Deals -80,861,798 1,320,800
Total 4,855,031,146 5,175,378,396
24- Foreign Exchange Profits (losses)
Sep. 30, 2004 Sep. 30, 2003
L.E L.E
- profit from dealing with foreign currencies 68,189,996 48,288,379
- Profit (loss) of revaluation of Monitoring
assets and Liabilities -1,538,022 -65,281,793
- profit (loss) forward deals revaluation 12,904,738 -3,943,216
- profit revaluation of options 1,677,299 4,865,323
81,234,011 (16,071,307)
25- Other Financial investments evaluation differences
Sep. 30, 2004 Sep. 30, 2003
L.E L.E
+( - ) +( - )
- Available for sale Financial investments -39,821,992 -27,594,274
- Held to maturity Financial Investments - -
- Investments in subsidiary and associated companies - -
-39,821,992 (27,594,274)
26- Assets & Liabilities Maturities
Maturity Maturity
Within one year Over One Year
Assets
- Cash and Due from Central Bank 2,775,725,475 -
- Due from Banks 4,515,364,199 -
- Treasury Bills 2,240,925,000 -
- Reverse repos 723,962,742 -
- Trading Investments 654,144,984 -
- Available for sale investments 1,686,279,372 -
- Customers' Loans & Overdrafts 5,898,422,098 7,247,407,204
- Banks' Loans & Overdrafts 124,728,065 645,673,877
- Held to maturity Investments - 533,120,120
- Investments in subsidiary companies - 76,400,000
- Debit Balances and Other Assets 490,450,806 -
19,405,684,041 8,502,601,201
Liabilities
- Due to Banks 260,420,767 -
- Customer Deposits 18,628,040,751 4,415,299,001
- Long Term Loans 26,576,717 90,220,841
- Credit Balances and Other Liabilities 510,911,006 -
19,425,949,241 4,505,519,842
27- Interest Rate
The average interest rates applied for Assets and Liabilities during the period are 5.82 % & 3.17 %
Respectively
28- Corporate 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 1993 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 1994 up to 2000 and the final settlement is under discussion in the court of law
- Corporate income Tax for the years from 2001 up to 2002 were examined and under discussion
with the tax Authority.
29- Distribution of Assets, Liabilities and Contingent Accounts
Assets
Local Currency Foreign Currency
1- Due From Banks 33,978,965 4,481,385,234
2- Loans & Overdrafts
%
Agriculture Sector 120,849,020 0.86
Industrial Sector 6,501,139,548 46.33
Trading Sector 1,051,904,326 7.50
Services Sector 4,306,102,901 30.69
Household Sector 1,028,026,691 7.33
Other Sectors 1,023,545,830 7.29
Total Loans & Overdrafts
(Including unearned interest) 14,031,568,316 100.00
Unearned Discounted Bills -4,168,231
Provision for Doubtful Debts -892,020,151 6.21
Unearned Interest & Commission -115,337,072
Net Loans & Overdrafts 13,020,042,862
Liabilities
Local Currency Foreign Currency
1- Due to Banks 46,069,139 214,351,628
2- Customers' Deposits %
Agriculture Sector 18,267,123 0.08
Industrial Sector 2,482,808,571 10.78
Trading Sector 769,937,428 3.34
Services Sector 3,783,248,792 16.42
Household Sector 14,399,934,572 62.48
Other Sector 1,589,143,268 6.90
Total Customers' Deposits 23,043,339,754 100.00
Contingent Accounts
Local Currency Foreign Currency
- Letters of Guarantee 1,212,780,713 2,610,413,302
- Letter of Credit ( import & export ) 36,338,048 582,073,959
- Customers Acceptances 234,131,112 247,073,809
- Forward Foreign Exchange Contracts 199,947,700 (186,865,699)
- Swap Deals (806,261,083) 725,399,285
876,936,490 3,978,094,656
30- Foreign Currencies Positions
Sep. 30, 2004 Dec. 31, 2003
in thousand L.E in thousand L.E
- Egyptian Pound 46,631 (5,480)
- US Dollar (40,563) (1,200)
- Sterling pound (186) 1,630
- Japanese Yen (363) (407)
- Swiss Franc 447 208
- Euro 5,961 6,302
31- 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 152,135,244
Loans & Overdrafts 139,157,529
Bank's Loans 124,633,460
Investment in subsidiary companies 76,400,000
Due to banks 24,199,724
Customer Deposits 131,465,922
Contingent Accounts 66,990,088
32- Comparative Figures
The Comparative Figures are amended to confirm with the reclassification.
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