Final Results

Commercial Intnl Bank (Egypt) SAE
27 July 2005


                 Commercial International Bank (Egypt) S.A.E.
                              Financial Statements
                                 June 30,  2005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2005

Amounts in L.E.                                                            Note        30-Jun-2005        31-Dec-2004

Assets

Cash & Due From Central Bank                                                  4      3,084,430,598      2,970,806,011
Due From Banks                                                                5      3,664,705,256      4,649,962,623
Treasury Bills                                                                6      2,681,295,759      2,268,671,181
Reverse Repos                                                                 7        973,121,718        674,285,962
Trading Financial Investments                                                 8      1,066,096,912        673,201,901
Available for Sale Financial
Investments                                                                   9      2,664,655,043      2,251,402,178
Loans & Overdrafts(Net of
Provision for Doubtful Debts)                                            10& 11     13,317,884,080     13,394,477,871
Held to maturity Financial Investments                                       12        196,376,300        155,275,278
Financial Investments in Subsidiary and associated companies                 13         87,842,237         82,400,000
Debit Balances and Other Assets                                              15        681,722,177        561,476,616
Fixed Assets (Net)                                                           16        336,025,356        294,790,184
Total Assets                                                                        28,754,155,436        27976749805

Liabilities & Shareholders' Equity
Liabilities

Due to Banks                                                                 17        224,030,896        224,649,342
Repos                                                                        18        434,362,814                  0
Customer Deposits                                                            19     24,177,474,165     23,979,205,974
Dividends  & Profit Sharing                                                                      0        285,661,900
Credit Balances & Other Liabilities                                          20        564,006,224        455,148,244
Long Term Loans                                                              21         92,047,839        121,042,257
Other Provisions                                                             22        861,507,481        787,926,530

Total Liabilities                                                                   26,353,429,419     25,853,634,247

Shareholders' Equity
Issued & Paid- in Capital                                                            1,300,000,000      1,300,000,000
Reserves                                                                               818,056,895        823,115,558
Total Shareholders' Equity                                                   23      2,118,056,895      2,123,115,558
Net Profit of the Period                                                               282,669,122                  -
                                                     
Total Shareholders' Equity & Net Profit                                              2,400,726,017      2,123,115,558
Total Liabilities &
Shareholders' Equity                                                                28,754,155,436     27,976,749,805
Contingent & commitments Liabilities                                         24      4,430,361,009      4,848,267,166


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2005

Amounts in L.E.                                                            Note        30-Jun-2005        31-Dec-2004


Interest Received from clients & Banks                                                 636,378,259        579,068,551

Interest Received from Treasury Bills & Bonds                                          330,670,665        142,749,699
- Deduct
Interest Paid to Clients  & Banks                                                     (546,311,746)      (387,958,859)

Net Interest Income                                                                    420,737,178        333,859,391
Banking Fees & Commissions                                                             149,673,218        176,956,446
Share Dividends                                                                         19,294,065         10,072,478
Foreign Exchange Income                                                      25         83,298,803         48,169,136
Profit from Selling Investment                                                          27,306,131          5,018,746
Trading Investment Revaluation
Differences                                                                            (24,378,298)        (5,084,574)
Other Income                                                                            27,217,993         29,665,860

Total Fee Income                                                                       282,411,912        264,798,092
Net Operating Income                                                                   703,149,090        598,657,483

Provisions                                                                            (171,000,000)      (175,000,000)

Other Financial Investment Evaluation Differences                                      (23,563,234)       (15,838,420)
General & Administration Expenses & 
Depreciation                                                                          (201,900,812)      (155,372,873)
Other Expenses                                                                         (24,015,922)       (21,751,433)
                        
                                                                                      (420,479,968)      (367,962,726)
Net Operating Profits                                                                  282,669,122        230,694,757
Non-Operating income                                                                             0             39,390
Net Profit                                                                             282,669,122        230,734,147



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of  June 30, 2005

Amounts in L.E.                                                                        30-Jun-2005        31-Dec-2004

Cash Flow From Operating Activities
Net Income Before Tax                                                                  282,669,122        230,734,147
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating 
Depreciation                                                                            29,629,071         21,089,523
Provisions (Additions during the period)                                               171,000,000        175,000,000
Trading Financial Investment Evaluation                                                 24,378,298          5,084,574
Other Financial  Investment Evaluation                                                  23,563,234         15,838,420

Provisions Used during the period                                                         (310,555)           (71,330)
FCY revaluation Differences of Provisions
Balances except doubtful debts                                                          (7,108,494)           816,539
Gains From Selling of Fixed Assets                                                               0            (39,390)
Profit From Selling of Investments                                                     (27,306,131)        (5,018,746)
Paid Income Tax                                                                                  0         (9,470,888)
FCY Revaluation Difference of  Long Term
Loans                                                                                            0           (892,668)

Operating Profit Before Changes in Operating Assets and Liabilities                    496,514,545        433,070,181

Net Decrease (Increase) in Assets
Due from banks                                                                       1,086,549,981        (58,264,323)
Treasury Bills                                                                        (679,292,314)      (161,201,759)
Reverse Repos                                                                         (298,835,756)      (390,409,551)
Trading Financial Investments                                                         (417,273,309)      (174,141,441)
Available for Sale Financial Investments                                              (409,509,968)       (58,975,021)
Loans & Overdrafts                                                                     (13,406,209)      (258,992,100)
Debit Balances &  Other Liabilities                                                   (113,824,252)      (130,077,621)

Net Increase (Decrease) In Liabilities
Due to Banks                                                                              (618,446)         1,683,772
Repos                                                                                  434,362,814                  0
Customer Deposits                                                                      198,268,191      1,406,080,514
Credit Balances & Other Liabilities                                                    108,857,980         52,872,834
Net Cash Provided from Operating Activities                                           (391,793,257)       661,645,482



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June 30, 2005                                                                    30-June-2005       30-June-2004

Cash Flow From Investment Activities
Purchase of Subsidiaries                                                                 (5,442,237)        (7,240,000)
Prepaid for Fixed Assets, premises and Fitting-out of Branches                          (77,285,552)       (33,080,800)
Purchase of Held-to-Maturity Investments                                                (41,101,022)        (1,799,905)
Net Cash (Used in) Investment Activities                                               (123,828,811)       (42,120,705)

Cash Flow From Financing Activities
Decrease in Long Term Loans                                                             (28,994,418)      (162,737,746)
Dividends Paid                                                                         (285,661,900)      (242,446,824)
Reverse for financial investment revaluation Diff                                        (5,058,663)                 0

Net Cash (Used in) provided from Financing Activities                                  (319,714,981)      (405,184,570)

Net cash & cash equivalent                                                              (51,750,535)       214,340,207

Beginning Balance of cash and cash equivalent                                         3,325,602,325      3,077,271,444
Cash & Cash equivalent Balance At the End of the period                               3,273,851,790      3,291,611,651

Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank                                                        3,084,430,598      2,841,739,726
Due From Banks                                                                        3,664,705,256      3,828,375,910
Treasury Bills                                                                        2,681,295,759      1,647,180,293
Due from Banks (Time Deposits)                                                       (3,475,357,540)    (3,715,694,463)
Treasury Bills with Maturity More than Three Months                                  (2,681,222,283)    (1,309,989,815)
Total Cash & Cash Equivalent                                                          3,273,851,790      3,291,611,651

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of June 30, 2005                                                          Reserves 
                                      Legal        General      Special      for Inv.      Profits of            
2004                   Capital        Reserves     Reserves     Reserves     Revaluation   the year        Total

Beginning Balance      1,300,000,000  275,334,002  149,505,205  162,709,903  20,618,560    0               1,908,167,670

Transfer to Reserves   0              25,287,783   194,805,967  0            0             (220,093,750)   0

Distributed Profits    0              0            0            0            0             (285,661,900)   (285,661,900)

Net Profit             0              0            0            0            0             505,755,650     505,755,650

Reverse part reserve   0              0            0            0            (5,145,862)   0               (5,145,862)

Ending Balance         1,300,000,000  300,621,785  344,311,172  162,709,903  15,472,698    -               2,123,115,558


                                                                             Reserves
                                      Legal        General      Special      for Inv.      Profits of            
2005                   Capital        Reserves     Reserves     Reserves     Revaluation   the year        Total

Beginning Balance      1,300,000,000  300,621,785  344,311,172  162,709,903  15,472,698    0               2,123,115,558
Net Profit             
for the Period         0              0            0            0            0             282,669,122     282,669,122
Reverse part             
of reserve             0              0            0            0            (5,058,663)   0               (5,058,663)

Ending Balance         1,300,000,000  300,621,785  344,311,172  162,709,903  10,414,035    282,669,122     2,400,726,017



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