3rd Quarter Results
Commercial Intnl Bank (Egypt) SAE
05 November 2006
Commercial International Bank (Egypt) S.A.E.
Financial Statements
September 30, 2006
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2006
Amounts in L.E. Note Sep. 30, 2006 Dec. 31, 2005
Assets
Cash & Due From Central Bank 4 3,346,997,364 3,077,734,972
Due From Banks 5 4,350,114,935 3,405,644,961
Treasury Bills & Other Notes Discountable at CBE 6 2,677,961,367 3,494,296,707
Trading Financial Investments 7 1,040,268,150 1,839,129,492
Available for Sale Financial Investments 8 2,820,393,322 2,183,075,763
Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 16,683,834,088 14,039,137,208
Held to maturity Financial Investments 11 874,991,227 1,098,310,684
Financial Investments in Subsidiary and associated companies 12 138,437,001 114,592,987
Debit Balances and Other Assets 14 1,247,714,379 727,687,892
Deferred Tax 25 52,588,052 33,531,015
Fixed Assets (Net) 15 451,697,080 376,401,597
Total Assets 33,684,996,965 30,389,543,278
Liabilities & Shareholders' Equity
Liabilities
Due to Banks 16 354,130,453 719,680,104
Customer Deposits 17 28,664,841,462 24,870,258,033
Dividends & Profit Sharing 0 200,165,754
Credit Balances & Other Liabilities 18 560,436,001 1,025,908,291
Long Term Loans 19 106,825,314 98,271,001
Other Provisions 20 858,692,446 947,999,997
Total Liabilities 30,544,925,676 27,862,283,180
Shareholders' Equity
Issued & Paid- in Capital 1,950,000,000 1,300,000,000
Reserves 575,380,521 1,227,260,098
Total Shareholders' Equity 21 2,525,380,521 2,527,260,098
Net Profit of the Period 614,690,768 -
Total Shareholders' Equity & Net Profit 3,140,071,289 2,527,260,098
Total Liabilities & Shareholders' Equity 33,684,996,965 30,389,543,278
Contingent & commitments Liabilities 22 5,619,228,772 4,734,375,463
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
For the Period from Jan. 1 2006 to Sep. 30 2006
Amounts in LE. From Jan. 1, 2006 From Jan. 1, 2005
Note To Sep. 30, 2006 To Sep. 30, 2005
Interest Received from clients & Banks 1,261,921,115 996,068,219
Interest Received from Treasury Bills & Bonds 423,566,913 480,375,890
Interest Paid to Clients & Banks (980,517,046) (827,204,897)
Net Interest Income 704,970,982 649,239,212
Banking Fees & Commissions 294,983,957 258,389,020
Share Dividends 34,319,519 34,274,646
Foreign Exchange Income 23 76,835,713 117,647,241
Profit from Selling Financial Investment 82,962,658 47,646,199
Trading Investment Revaluation Differences 15,291,106 (23,642,970)
Other Income 78,131,294 7,015,554
Total Fee Income 582,524,246 441,329,690
Net Operating Income 1,287,495,228 1,090,568,902
Provisions (173,410,750) (270,535,673)
Other Investment Revaluation Differences (4,324,682) (23,480,173)
General & Administration Expenses & Depreciation (416,961,786) (312,962,289)
Other Expenses (45,385,782) (35,038,098)
(640,083,000) (642,016,233)
Net Operating Profits 647,412,228 448,552,669
Non-Operating income 178,000 0
Net Profit Before Tax 647,590,228 448,552,669
Income Tax (51,956,497) 0
Deferred Tax 25 19,057,037 0
Net Profit After Tax 614,690,768 448,552,669
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
For the Period from Jan. 1 2006 to Sep. 30 2006
Amounts in LE. From Jan. 1, 2006 From Jan. 1, 2005
To Sep. 30, 2006 To Sep. 30, 2005
Cash Flow From Operating Activities
Net Income Before Tax 647,590,228 448,552,669
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation 67,267,917 46,922,388
Provisions (Additions during the period) 173,410,750 270,535,673
Trading Financial Investment Evaluation Diff. (15,291,106) 23,642,970
Other Financial Investment Evaluation Diff. 4,324,682 23,480,173
Utilization of Provision (Other than Provision for Doubtful Debts) 900 (310,555)
Difference in revaluation of FCY Provision Balances (27,113) (7,551,349)
Gains From Selling of Fixed Assets (178,000) 0
Profit From Selling of Investments (82,962,658) (47,646,199)
Income Tax Paid (146,533,648) 0
FCY Revaluation Difference of Long Term Loans 1,602,829 1,151,368
Operating Profit Before Changes in Operating Assets and Liabilities 649,204,781 756,474,402
Net Decrease (Increase) in Assets
Due from banks (920,209,740) 1,033,547,446
Treasury Bills & Other Notes Discountable at CBE 785,832,337 (762,844,054)
Reverse Repos 0 0
Trading Financial Investments 814,152,448 (570,858,217)
Available for Sale Financial Investments (558,679,583) 378,087,292
Loans & Overdrafts (2,706,606,981) (432,319,809)
Debit Balances & Other Assets (538,496,569) (193,072,352)
Net Increase (Decrease) In Liabilities
Due to Banks (365,549,651) 681,993,930
Customer Deposits 3,794,583,429 334,909,291
Credit Balances & Other Liabilities (517,428,787) 51,360,670
Net Cash Provided from Operating Activities 436,801,684 1,277,278,599
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
For the Period from Jan. 1 2006 to Sep. 30 2006
From Jan. 1, 2006 From Jan. 1, 2005
To Sep. 30, 2006 To Sep. 30, 2005
Cash Flow From Investment Activities
Purchase of Subsidiaries (23,844,014) (18,180,987)
Prepaid for Fixed Assets, premises and Fitting-out of Branches (178,163,657) (128,682,188)
Purchase of Held-to-Maturity Investments 223,319,457 (948,192,795)
Net Cash (Used in) Investment Activities 21,311,786 (1,095,055,970)
Cash Flow From Financing Activities
Decrease in Long Term Loans 6,951,484 (33,580,985)
Dividends Paid (200,165,754) (285,661,900)
Reverse for financial investment revaluation Diff (1,879,577) (5,495,079)
Net Cash (Used in) provided from Financing Activities (195,093,847) (324,737,964)
Net cash & cash equivalent 263,019,623 (142,515,335)
Beginning Balance of cash and cash equivalent 3,401,951,193 3,325,602,325
Cash & Cash equivalent Balance At the End of the period 3,664,970,816 3,183,086,990
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank 3,346,997,364 2,717,158,149
Due From Banks 4,350,114,935 3,598,977,128
Treasury Bills 2,677,961,367 3,074,295,711
Due to Banks (4,239,885,085) (3,528,360,075)
Treasury Bills with Maturity More than Three Months (2,470,217,765) (2,678,983,923)
Total Cash & Cash Equivalent 3,664,970,816 3,183,086,990
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of September 30, 2006
2005 Capital Legal General Special Reserves for Profits of the Total
Reserves Reserves Reserves Inv. year
Revaluation
Beginning 1,300,000,000 300,621,785 344,311,172 162,709,903 15,472,698 0 2,123,115,558
Balance
Transfer to 0 30,506,849 379,464,383 0 0 (409,971,232) 0
Reserves
Distributed 0 0 0 0 0 (200,165,754) (200,165,754))
Profits
Net Profit 0 0 0 0 0 610,136,986 610,136,986
Usage part 0 0 0 0 (5,826,692) 0 (5,826,692)
of reserve
Ending 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098
Balance
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
Net Profit for 0 0 0 0 0 614,690,768 614,690,768
the Period
Usage part of 0 0 0 0 (1,879,577) 0 (1,879,577)
reserve
Capital 650,000,000 0 (650,000,000) 0 0 0 0
Increase
Ending 1,950,000,000 331,128,634 73,775,555 162,709,903 7,766,429 614,690,768 3,140,071,289
Balance
4- Cash And Due From Central Bank
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- Cash & Cash Items 780,060,698 452,292,316
- Reserve Balance with CBE 2,566,936,666 2,625,442,656
Total Cash & Due From Central Bank 3,346,997,364 3,077,734,972
5- Due from Banks Sep. 30, 2006 Dec. 31, 2005
L.E L.E
(A) Central Bank
- Time Deposits 14,450 0
Total Due from central bank 14,450 0
(B) Local Banks
- Current Accounts 6,765,236 2,859,408
- Time Deposits 0 0
Total Due from Local Banks 6,765,236 2,859,408
( C ) Foreign Banks
- Current Accounts 103,464,614 83,110,208
- Time Deposits 4,239,870,635 3,319,675,345
Total Due From Foreign Banks 4,343,335,249 3,402,785,553
Total Due From Banks 4,350,114,935 3,405,644,961
6- Treasury Bills & Other Notes
Discountable at CBE
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- CBE Notes - 692,000,000
- CBE CD's 1,648,000,000 -
- 91 Days Maturity 208,525,000 240,000,000
- 182 Days Maturity 59,375,000 450,475,000
- 364 Days Maturity 796,575,000 1,813,425,000
Total Treasury Bills 2,712,475,000 3,195,900,000
- Issuance Discount (34,513,633) (91,346,021)
Net Treasury Bills 2,677,961,367 3,104,553,979
- Reverse Repos - 438,990,328
- Repos - (49,247,600)
2,677,961,367 3,494,296,707
7- Trading Financial Investments
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- Portfolio Managed By other parties 516,797,633 489,821,335
- Mutual Funds 362,618,023 1,141,913,352
- Bonds 95,717,836 157,163,803
- Shares 65,134,658 50,231,002
Total Trading Financial Investments 1,040,268,150 1,839,129,492
The Financial Trading Investments are represented as
follows :-
- Financial Investments Quoted on Stock Exchange 677,650,127 697,216,140
- Financial Investments Un-quoted on Stock Exchange 362,618,023 1,141,913,352
1,040,268,150 1,839,129,492
8 - Available for sale financial investments
Sep. 30, 2006 Dec. 31, 2005
(A) Shares L.E L.E
- Bank's Shares 12,330,243 9,706,354
- Corporate Shares 668,903,489 596,594,547
(B)Bonds
- Governmental Bonds 1,549,409,353 1,177,781,557
- Bank's Bonds 94,454,241 125,888,153
- Corporate Bonds 495,295,996 272,745,152
2,820,393,322 2,183,075,763
Available for sale financial investments
are represented as follows :-
- Financial Investments Quoted on Stock Exchange 1,986,582,156 1,688,822,485
- Financial Investments Un-quoted on Stock Exchange 833,811,166 494,253,278
2,820,393,322 2,183,075,763
- The market Value of Available for Sale Investments listed on the Capital market is L.E 2,112,499,330
as of 30 Sep 2006 compared to LE. 1,856,718,818 as of December 31, 2005
- An Investment value of EGP 43,217,435 in Middle East Turnaround Fund was transferred from Investment
in Subsidiary and Associated Co. to Available for Sale Investment as they meet rebooking conditions for
that book
9 - Loans and Overdrafts
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- Discounted Bills 301,042,625 262,258,958
- Loans & Overdrafts to Customer 16,987,361,605 14,130,676,293
- Loans & Overdraft to Banks 743,689,115 774,845,225
18,032,093,345 15,167,780,476
- Unearned Bills discount (6,950,932) (6,259,830)
- Provision For Doubtful Debts (1,108,764,000) (948,900,512)
- Unearned Interest & commission (232,544,325) (173,482,926)
Net Loans & Overdrafts 16,683,834,088 14,039,137,208
10 - Provision For Doubtful Debts
Sep. 30, 2006
Specific General Total
LE LE LE
- Balance at beginning of the period 583,672,503 365,228,009 948,900,512
- Addition during the period 41,350,450 74,807,990 116,158,440
- written off debts recoveries 43,763,412 0 43,763,412
- Foreign currency revaluation diff. (56,751) 0 (56,751)
668,729,614 440,035,999 1,108,765,613
Usage during the period (1,613) 0 (1,613)
Transferred from specific to general (25,745,000) 25,745,000 0
Balance at the end of the period 642,983,001 465,780,999 1,108,764,000
Dec. 31, 2005
Specific General Total
LE LE LE
- Balance at beginning of the year 551,469,932 360,445,315 911,915,247
- Addition during the year 125,828,694 70,859,000 196,687,694
- written off debts recoveries 28,837,571 0 28,837,571
- Foreign currency revaluation diff. (17,955,087) 0 (17,955,087)
688,181,110 431,304,315 1,119,485,425
Usage during the Year (170,584,913) 0 (170,584,913)
Transferred from general to specific 66,076,306 (66,076,306) 0
Balance at the end of the Year 583,672,503 365,228,009 948,900,512
11 - Held to maturity Investments
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
A. Bonds
- Housing Bonds (maturity Dec.2019) 215,000 215,000
- Corporate Bonds 844,776,227 928,840,360
- Treasury Bonds 0 144,255,324
B. CIB Osoul Fund
- 250,000 Osoul Fund Certificates with market value of 25,000,000 25,000,000
LE 112.69 each
- 50,000 Estesmar Fund Certificates with market value 5,000,000 0
of LE 99.89 each
874,991,227 1,098,310,684
The held to maturity Financial Investments are represented as follows :-
- Investments Quoted on Stock Exchange 716,918,904 1,073,095,684
- Investments Un-quoted on Stock Exchange 158,072,323 25,215,000
874,991,227 1,098,310,684
The market value of Held to Maturity Financial Investment is LE 721,806,631 in 30 Sep. 2006
12 - Financial Investments in subsidiary companies
Sep. 30, 2006 Dec. 31, 2005
LE % LE %
A- Subsidiary Companies:
- Commercial International Holding Co. * 3,490,000 %67 0 -
B- Associate Companies:
- Commercial International Brokerage Co. 0 %0 16,000,000 %40
- Contact for Cars Trading 31,000,000 %38 %40
31,000,000
- Commercial International life insurance Co. 32,000,000 %40 %40
32,000,000
- C I Assets Management 0 %0 %94
2,942,237
- Corplease Co. %40 %40
12,240,000 8,640,000
- Concept co. 0 %0 %40
500,000
- Giro-Nil 12,390,000 %30 12,390,000 %30
- Cotecna Trade Support 48,750 %40 48,750 %40
- Haykala for Investment 600,000 %40 300,000 %40
- Royal & Sun Alliance 10,872,000 %20 6,872,000 %20
- Egypt Factors 2,796,251 %39 - -
- Egypt Int'l Trade & Investment - %0 3,900,000 %98
- International Co. for Securities & Services 3000,000 %40 - -
138,437,001 114,592,987
The Financial Investments in subsidiary companies are represented as follows :-
- Financial Investments Quoted on Stock Exchange -
16,000,000
- Financial Investments Unquoted on Stock Exchange
138,437,001 98,592,987
138,437,001 114,592,987
- An Investment value of EGP 43,217,435 in Middle East Turnaround Fund was transferred from Investment in
Subsidiary and Associated Co. to Available for Sale Investment as they meet rebooking conditions for that book
- CI Holding Co. acquired the bank's share in Commercial International Brokerage Co., Concept Co. and CI Asset
Management Co.
13 -Capital Commitments (Financial Investments)
The capital commitments for the financial investments reached in date of Financial position L.E 437,853,956 as
follows:
Investment Value Paid Remaining
L.E L.E L.E
Available for sale Financial investments 611,538,568 215,989,615 395,548,953
Financial Investments in subsidiaries co. 94,480,005 52,175,001 42,305,004
14 -Debit Balances and Other Assets
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
Accrued Interest receivable 391,489,352 240,339,882
Prepaid Expenses 31,749,164 21,415,800
Advances for Purchase of Fixed Assets 142,527,132 106,748,875
Assets Acquired for Settlement of Debts 78,197,008 132,445,347
Investment in Co. Under Establishment* 320,000,000 -
Accounts Receivable & Other Assets 283,751,723 226,737,988
Total Debit Balances and Other Assets 1,247,714,379 727,687,892
* The Bank's share in the third mobile company while declaration is in process
in the name of ITESALAT Egypt S.A.E.
15 - Fixed Assets (Net of Accumulated Depreciation)
Sep. 30, 2006
Land Premises IT Vehicles Fitting Machines & Furniture total
-Out &
Equipment Furnishing
EGP EGP EGP EGP EGP EGP EGP EGP
Opening Balance (3) 6,720,577 206,848,325 274,223,883 18,866,067 68,339,857 110,689,818 40,087,402 725,775,929
Additional during the - 28,532,198 60,513,091 827,200 22,256,526 19,882,272 10,552,113 142,563,400
period
Closing Balance (1) 6,720,577 235,380,523 334,736,974 19,693,267 90,596,383 130,572,090 50,639,515 868,339,329
Accu.Depreciation at
beginning of the period (4)- 67,625,757 143,542,529 13,941,594 51,838,506 53,969,382 18,456,564 349,374,332
Current period - 7,988,292 34,802,634 1,357,641 9,196,944 9,345,768 4,576,638 67,267,917
Depreciation
Accu.Depreciation at
end of the period (2) 75,614,049 178,345,163 15,299,235 61,035,450 63,315,150 23,033,202 416,642,249
End of period net 6,720,577 159,766,474 156,391,811 4,394,032 29,560,933 67,256,940 27,606,313 451,697,080
assets(1-2)
Beginning of period net 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597
assets(3-4)
Depreciation rate 5% 20% 20% 33.3% 12.5% 10%
- Net fixed assets in financial position date includes EGP 48,352,541 non registered assets and registrations
procedures in process
16 - Due to Banks
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
(a) Central Bank
- Current Accounts 13,246,588 3,575,421
- Time Deposits 11,471,800 172,122,000
Total Due to Central Bank 24,718,388 175,697,421
( b )Local Banks
- Current Accounts 36,874,352 42,407,315
- Time Deposits 4,061,657 14,199,958
- Total Due to Local Banks 40,936,009 56,607,273
( c )Foreign Banks
- Current Accounts 288,275,961 487,375,410
- Time Deposits 200,095 0
- Total Due to foreign Banks 288,476,056 487,375,410
Total Due to Banks 354,130,453 719,680,104
17 -Customers' Deposits
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- Demand Deposits 7,950,172,929 6,919,662,686
- Time & Notice Deposits 9,677,994,468 6,918,653,016
- Saving & Deposits Certificates 5,068,059,621 5,618,281,210
- Saving Deposits 5,101,464,653 4,685,187,358
- Other Deposits 867,149,791 728,473,763
Total Customer Deposits 28,664,841,462 24,870,258,033
18 - Credit Balances and Other Liabilities
Sep. 30, 2006 Dec. 31, 2005
- Accrued
Interest Payable 118,596,767 109,102,166
- Accrued
Expenses 69,328,920 24,077,927
- Accounts
Payable 326,805,167 845,927,370
- Other
Liabilities 45,705,147 46,800,828
Total Credit
Balances
And Other
Liabilities 560,436,001 1,025,908,291
19 -Long Term
Loans
Rate Maturity date Maturing Balance on Balance on
through
% next year Sep. 30, 2006 Dec. 31, 2005
KFW Bank 10.5 - 9 ten years 3,240,212 12,533,500 11,722,854
UNIDO 1 2011 2,935,857 10,641,557 11,765,933
Ministry of 3.5 - 5.5 depends 3-5 years 44,095,782 74,554,137 63,316,886
Agriculture on maturity date
(F.S.D.P)
Ministry of 3.5 - 5.5 depends 3-5 years 26,120 46,120 233,328
Agriculture on maturity date
(V.S.P)
Barclays bank 6.62 2006 0 0 1,232,000
(P.S.F.S)
Social Fund 3 months T/D 2010 3,325,000 9,050,000 10,000,000
or 9% which more
Total 53,622,971 106,825,314 98,271,001
20 -Other Sep. 30, 2006
Provisions
L.E
Opening Addition FCY Balance Usage Transfer Closing
Balance During the Reval. Difference During the Balance
period period
- Provision for 621,677,559 - - (146,533,648) (65,000,000) 410,143,911
Income Tax claims
- Provision for 1,728,828 178,750 (4,309) 900 - 1,904,169
Legal Claims
- Provision for 138,878,000 17,073,560 (16,560) - - 155,935,000
contingent
- Provision for 161,835,372 40,000,000 - - 65,000,000 266,835,372
General risk *
- Provision for 23,880,238 - (6,244) - - 23,873,994
Bank Risk
insurance
Total Other 947,999,997 57,252,310 (27,113) (146,532,748) 0 858,692,446
Provisions
Dec. 31, 2005
L.E
Opening Addition FCY Balance Usage Closing
Balance During the Year Reval. Difference During the Transfer Balance
Year
- Provision for 506,791,890 114,885,669 - - - 621,677,559
Income Tax claims
- Provision for 2,111,720 - (72,337) (310,555) - 1,728,828
Legal Claims
- Provision for 99,584,497 43,312,306 (4,018,803) - - 138,878,000
contingent
- Provision for 154,043,142 10,000,000 (2,207,770) - - 161,835,372
General risk
- Provision for 25,395,281 - (1,515,043) - - 23,880,238
Bank Risk
insurance
Total Other 787,926,530 168,197,975 (7,813,953) (310,555) 0 947,999,997
Provisions
21 - Capital & Reserves
(a) Capital
- The Authorized Capital reached EGP 5000 Million according to the Extraordinary General Assembly decision on 19
March, 2006
- Paid-in capital reached EGP 1950 million divided to 195 million shares with par value LE 10 per each
- The Extraordinary General Assembly in the meeting of June 26, 2006 approved to:
1) Increase the issued and paid-in capital from EGP 1300 million to EGP 1950 million by issuing one free share for
each two original shares by transferring EGP 650 million from General Reserve, and necessary governmental approvals
& conditions are under consents process to issue such increase
2) Activate a motivating and rewarding program for the Bank's employees & managers through employee ownership plans
(ESOPs) by issuing a maximum of 5% of issued and paid-in capital at par value through 5 years starting Dec 31, 2006
and delegated the Board of Directors to establish the rewarding terms & 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
Sep. 30, 2006 Dec. 31, 2005
L.E L.E
- Letters of Guarantee 4,551,715,193 3,897,197,061
- Letters of Credit ( import & export ) 657,967,462 550,778,552
- Customers Acceptances 471,006,403 361,630,866
- Forward Foreign Exchange contracts 808,122 961,136
- Swap Deals (62,268,408) (76,192,152)
Total 5,619,228,772 4,734,375,463
23 - Foreign Exchange Profits (losses)
Sep. 30, 2006 Sep. 30, 2005
L.E L.E
- Profit from dealing with foreign currencies 76,007,493 83,075,102
- Profit of revaluation of Monitoring
assets and Liabilities* (573,228) 34,031,418
- Forward deals revaluation gains / losses 846,849 (144,618)
- Profit revaluation of options 554,599 685,339
76,835,713 117,647,241
* Includes decrease of EGP 776,606 due to the foreign currencies revaluation differences of the financial
Trading and Available for Sale Investments against an increase of EGP 64,796 and EGP 711,810 respectively in
Financial Investments Revaluation Differences items in Income Statement
24 - Other Financial investments revaluation differences
Sep. 30, 2006 Sep. 30, 2005
L.E L.E
- Available for sale Financial investments (4,324,682) (23,480,173)
(4,324,682) (23,480,173)
25 - Deferred Tax Assets & Liabilities Assets (Liabilities) Assets (Liabilities)
Sep. 30, 2006 Dec. 30, 2005
L.E L.E
- Fixed Assets Depreciation (15,098,036) (11,069,858)
- Other Provisions (excluding loan loss, 58,486,958 37,488,888
contingent liabilities &income tax provisions)
- Other items (other inv. Revaluation diff.) 9,199,130 7,111,985
Total 52,588,052 33,531,015
26 - Other Income
Other Income account reflects an extraordinary gain of EGP 56 million related to the sale of some
assets acquired in settlement of debts over its historical cost
27 - Provisions and General, Administrative Expenses and Depreciation
The General and Administrative Expenses and General Provision accounts reflect non-recurring expenses
of EGP 73 million related to the cancellation of the employee provident fund and the accelerated
award of CIB shares to employees. These measures were designed to improve and simplify the employee
remuneration policy.
28 - Assets & Liabilities Maturities
Maturity Maturity
Within one year Over One Year
Assets
- Cash and Due from Central Bank 3,346,997,364 -
- Due from Banks 4,350,114,935 -
- Treasury Bills 2,712,475,000 -
- Trading Investments 1,040,268,150 -
- Available for sale investments 2,820,393,322
- Customers' Loans & Overdrafts 7,670,591,890 9,385,267,924
- Banks' Loans & Overdrafts 23,873 743,665,242
- Held to maturity Investments - 874,991,227
- Investments in subsidiary companies - 138,437,001
- Debit Balances and Other Assets 1,247,714,379 -
23,188,579,003 11,142,361,394
Liabilities
- Due to Banks 354,130,453 -
- Customer Deposits 22,637,190,212 6,027,651,250
- Long Term Loans 53,622,971 53,202,343
- Credit Balances and Other Liabilities 560,436,001 -
23,605,379,637 6,080,853,593
29 -Interest Rate
The average interest rates applied for Assets & Liabilities during the period are 6.61 % & 3.71 % respectively.
30 -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.
- The bank's corporate income tax position has been examined and settled with the Tax
Authority from 2000 up to 2002 and the final settlement is under discussion with Appeal Committee.
- 2003 and 2004 have been examined and are under discussion with the Tax Authority
- 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 .
31 - Distribution of Assets, Liabilities and Contingent Accounts
Assets
Local Currency Foreign Currency
1 - Due From Banks 6,128,981 4,343,985,954
2 - Loans & Overdrafts
%
Agriculture Sector 71,051,939 0.4
Industrial Sector 7,961,033,198 44.1
Trading Sector 892,222,889 4.9
Services Sector 6,769,160,738 37.5
Household Sector 1,772,008,357 9.9
Other Sectors 566,616,224 3.2
Total Loans & Overdrafts
(Including unearned interest) 18,032,093,345 100.00
Unearned Discounted Bills (6,950,932)
Provision for Doubtful Debts (1,108,764,000) 6.1
Unearned Interest & Commission (232,544,325)
Net Loans & Overdrafts 16,683,834,088
Liabilities
Local Currency Foreign Currency
1- Due to Banks 51,772,358 302,358,095
2 - Customers' Deposits %
Agriculture Sector 36,161,666 0.10
Industrial Sector 3,107,358,555 10.8
Trading Sector 890,340,798 3.2
Services Sector 5,388,104,798 18.8
Household Sector 16,259,185,078 56.7
Other Sector 2,983,690,567 10.4
Total Customers' Deposits 28,664,841,462 100.00
Contingent Accounts
Local Currency Foreign Currency
- Letters of Guarantee 1,374,408,011 3,177,307,182
- Letter of Credit ( import & export ) 3,268,314 654,699,148
- Customers Acceptances 101,285,154 369,721,249
- Forward Foreign Exchange Contracts 206,834,438 (206,026,316)
- Swap Deals (772,922,909) 710,654,501
912,873,008 4,706,355,764
32- Foreign Currencies Positions
Sep. 30, 2006 Dec. 31, 2005
in thousand L.E in thousand L.E
- Egyptian Pound 10,878 19,852
- US Dollar (62,969) (32,337)
- Sterling pound 1,080 (3,095)
- Japanese Yen 23,696 (1,133)
- Swiss Franc 467 227
- Euro 21,961 16,850
33- Mutual Funds
1) Osoul Fund
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 54,749,065 with redeemed value EGP 6,284,097,681
The market value per certificate reached EGP 114.78 on 30/09/2006
The Bank portion got 3,340,553 certificates with redeemed value of EGP 383,428,673
2) Istesmar Fund
The bank established the second 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 2,362,247 with redeemed value EGP 253,752,573
The market value per certificate reached EGP 107.42 on 30/09/2006
The Bank portion got 123,334 certificates with redeemed value of EGP 13,248,538
34- 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.
EGP
Due from Banks 124,065,009
Loans & Overdrafts 558,426,826
Investment in subsidiary companies 138,437,001
Due to banks 4,251,967
Customer Deposits 212,184,218
Contingent Accounts 65,213,056
35- Comparative Figures
The Comparative Figures are amended to confirm with the reclassification of the current period and
General Assembly held in Mar, 2006 decisions, For ratifying the Appropriation account of year 2005.
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