Further re Final Results

Commercial Intnl Bank (Egypt) SAE
24 February 2008


                               Commercial International Bank (Egypt) S.A.E.
                                           Financial Statements
                                            December 31, 2007
                                                                                        
                                                                                        
                                                                                                          
                                                                                                           
                                                                                                           
        COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
        FINANCIAL POSITION (STAND-ALONE)                                                  
        As of December 31, 2007                                                           
        Amounts in L.E.                          Note       31-Dec-2007                  31-Dec-2006
        Assets                                                                            
                                                                                          
        Cash & Due From Central Bank             4          4,953,205,430                3,742,876,516
        Due From Banks                           5          13,782,062,043               5,432,677,413
        Treasury Bills & Other Notes                                                                       
        Discountable at CBE                      6          2,948,674,319                4,058,745,805
        Trading Financial Investments            7          588,473,270                  887,142,138
        Available for Sale Financial                                                                       
        Investments                              8          2,382,992,007                3,178,163,512
        Loans & Overdrafts (Net of Provision                                                               
        for Doubtful Debts)                      9&10       20,375,525,133               17,464,675,855
        Held to maturity Financial Investments   11         443,894,166                  822,284,338
        Financial Investments in Subsidiary                                                                
        and associated companies                 12         365,723,936                  475,836,460
        Debit Balances and Other Assets          14         1,020,565,573                821,707,644
        Deferred Tax                             26         52,819,475                   40,632,719
        Fixed Assets (Net)                       15         607,104,820                  497,753,223
        Total Assets                                        47,521,040,172               37,422,495,623
                                                                                          
        Liabilities & Shareholders' Equity                                                
        Liabilities                                                                       
                                                                                          
        Due to Banks                             16         2,377,082,435                1,212,524,120
        Customer Deposits                        17         39,514,539,992               31,600,227,198
        Dividends  & Profit Sharing                         0                            287,235,147
        Credit Balances & Other Liabilities      18         773,862,137                  843,634,576
        Long Term Loans                          19         161,356,219                  99,166,861
        Other Provisions                         20         395,332,813                  339,825,378
                                                                                          
        Total Liabilities                                   43,222,173,596               34,382,613,280
                                                                                          
        Shareholders' Equity                                                              
        Issued & Paid- in Capital                           1,950,000,000                1,950,000,000
        Reserves                                            1,087,294,215                1,089,882,343
        Reserve for Employee Stock Ownership                                                               
        Plan                                     29         29,159,584                   -
        Total Shareholders' Equity               21         3,066,453,799                3,039,882,343
        Net Profit of the Period                            1,232,412,777                -
        Total Shareholders' Equity & Net Profit             4,298,866,576                3,039,882,343
        Total Liabilities &  Shareholders'                                                                 
        Equity                                              47,521,040,172               37,422,495,623
        Contingent & commitments Liabilities     22         11,529,010,709               6,864,843,585
                                                                                                           
                                                                                                           
        COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E                                                        
        INCOME  STATEMENT (STAND-ALONE)                                                         
        For the Period from Jan. 1 2007 to                                                                 
        Dec. 31 2007                                                                                       
                                                                                                
                                                                                                
                                                                  
        Amounts in LE.                                 Note       Dec. 31, 2007                Dec. 31, 2006            
                
                                                                                                
                                                                                         
        Interest Received from clients & Banks                    2,592,817,080                1,749,822,089
        Interest Received from Treasury Bills                                                              
        & Bonds                                                   400,845,143                  567,945,991
                                                                                                
                                                                                         
        Interest Paid to Clients  & Banks                         (1,796,702,031)              (1,378,162,881)
                                                                                                
        Net Interest Income                                       1,196,960,192                939,605,199
                                                                                                
        Banking Fees & Commissions                                547,669,248                  399,573,750
        Share Dividends                                           66,158,925                   47,206,917
        Foreign Exchange Income                        23         167,687,637                  108,888,845
        Profit from Selling Investment                            174,061,817                  145,447,016
                                                       24         148,393,558                  -
        Trading Investment Revaluation                                                                     
        Differences                                               7,680,871                    16,534,014
        Other Income                                              38,433,610                   99,613,908
        Total Fee Income                                          1,150,085,666                817,264,450
                                                                                         
        Net Operating Income                                      2,347,045,858                1,756,869,649
                                                                                                
                                                                                         
        Provisions                                                (250,416,667)                (194,312,570)
        Other Investment Revaluation                                                     
        Differences                                    25         4,185,378                    (15,812,507)
        General & Administration Expenses &                                              
        Depreciation                                              (636,363,618)                (604,812,445)
                                                                                         
        Other Expenses                                            (77,832,699)                 (63,627,935)
                                                                                         
                                                                  (960,427,606)                (878,565,637)
        Net Operating Profits                                     1,386,618,252                878,304,012
        Non-Operating income                                      1,269,870                    418,000
        Net Profit before Tax                                     1,387,888,122                878,722,012
        Income Tax                                     27         (167,662,101)                (83,778,952)
        Deferred Tax                                 27 & 26      12,186,756                   7,101,704
        Net Profit After Tax                                      1,232,412,777                802,044,764
                                                                                                
        Earnings per share                             28         5.59                         3.64
                                                                                                           
                                                                                                           
                                                                                                           
        COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
        CASH FLOW STATEMENT 1a (STAND-ALONE)                                                    
        For the Period from Jan. 1 2007 to                                                                 
        Dec. 31 2007                                                                                       
                                                                                               
        Amounts in LE.                                            Dec. 31, 2007                Dec. 31, 2006
        Cash Flow from Operating                                                                           
        Activities                                                                                         
        Net Income Before Tax                                     1,387,888,122                878,722,012
        Adjustments To Reconcile Net Income                                                     
        Total Net Cash Provided by operating                                                    
        Depreciation                                             120,918,839                  93,436,004
        Provisions (Additions during the                                                                   
        period)                                                  250,416,667                  194,312,750
        Trading Financial Investment Evaluation                  (7,680,871)                 (16,534,014)
        Other Financial  Investment Evaluation                   (4,185,378)                  15,812,507
        Utilization of Provision (Other than                                             
        Provision for Doubtful Debts)                            -                            (330,916,414)
        Provisions No Longer Needed                              (7,036,600)                  -
        FCY Revaluation Differences of                                                                     
        Provision Balances except Doubtful Debt                  (1,904,981)                  (333,197)
        Gains From Selling of Fixed Assets                       (1,269,870)                  (418,000)
                                                                                         
        Profit From Selling of Investments                       (174,061,817)                (145,447,016)
        Profit from Disposed Part of Subsidiary                  (148,393,558)                 -
        Paid Income Tax                                          (80,317,367)                 (34,049,494)
        FCY Revaluation Difference of  Long Term Loans           1,733,674                    1,928,090
        Reserve for employee ownership stock plan (ESOP)         29,159,584                   -
        Operating Profit Before Changes in                                                                 
        Operating Assets and Liabilities                         1,365,266,444                656,513,228
                                                                                               
        Net Decrease (Increase) in Assets                                                      
                                                                                         
        Due from banks                                           (7,960,703,701)               (1,983,839,488)
        Treasury Bills & Other Notes                                                     
        Discountable at CBE                                      2,266,818,190                 (651,338,798)
        Trading Financial Investments                            306,349,739                  968,521,368
        Available for Sale Financial                                                     
        Investments                                              1,121,812,258                 (865,453,240)
                                                                                         
        Loans & Overdrafts                                       (3,054,288,046)               (3,591,677,947)
                                                                                         
        Debit Balances &  Other Assets                           (198,443,941)                 (351,932,559)
                                                                                               
        Net Increase (Decrease) In Liabilities                                                 
        Due to Banks                                             1,164,558,315                492,844,016
                                                                                         
        Customer Deposits                                        7,914,312,794                 6,729,969,165
                                                                                         
        Credit Balances & Other Liabilities                      (150,080,573)                 (231,362,804)
                                                                                         
        Net Cash Provided from Operating Activities              2,775,601,479                 1,172,242,941
                                                                                                           
                                                                                                           
                                                                                                           
                                                                                                           
                                                                                                           
                                                                                                           
                                                                                                           
                                                                                                           
        COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
        CASH FLOW STATEMENT 1b (STAND-ALONE)                                                    
        For the Period from Jan. 1 2007 to                                                     
        Dec. 31, 2007                                             Dec. 31, 2007                Dec. 31, 2006
        Cash Flow From Investment Activities                                                    
                                                                                         
        Purchase of Subsidiaries                                  107,524,396                  (363,430,845)
        Prepaid for Fixed Assets, premises and                                           
        Fitting-out of Branches                                   (278,980,037)                (262,195,650)
        Purchase of Held-to-Maturity                                                                       
        Investments                                               378,390,172                  276,026,346
        Net Cash (Used in) Investment                                                    
        Activities                                                206,934,531                  (349,600,149)
                                                                                                
        Cash Flow From Financing Activities                                                     
        Decrease in Long Term Loans                               60,455,684                   (1,032,231)
                                                                                         
        Dividends Paid                                            (287,235,147)                (200,165,754)
                                                                                                
        Net Cash (Used in) provided from                                                 
        Financing Activities                                      (226,779,463)                (201,197,985)
                                                                                                
        Net cash & cash equivalent                                2,755,756,547                621,444,808
        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                                         6,779,152,548                4,023,396,001
                                                                                                
        Cash & Cash Equivalent are Represented                                                             
        as Follows                                                                                         
                                                                                         
        Cash and Due from Central Bank                            4,953,205,430                3,742,876,516
                                                                                         
        Due From Banks                                            13,782,062,043               5,432,677,413
        Treasury Bills & Notes Discountable at                                           
        CBE                                                       2,948,674,319                4,058,745,805
                                                                                         
        Due to Banks                                              (13,264,218,534)             (5,303,514,833)
        Treasury Bills with Maturity  More                                               
        than Three Months                                         (1,640,570,710)              (3,907,388,900)
                                                                                         
        Total Cash & Cash Equivalent                              6,779,152,548                4,023,396,001
                                                                                                
         
         
         
         
         
         
         
         
         
         
         
 
         
         
           COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
           STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (STAND-ALONE)
           For the Period from Jan. 1 2006 to Dec. 31 2006





2006        Capital        Legal       General        Special     Reserves    Profits of the Reserve    Total
                           Reserves    Reserves       Reserves    for Inv.    year           for ESOP*
                                                                  Revaluation
Beginning   1,300,000,000  331,128,634  723,775,555   162,709,903  9,646,006        0            0      2,527,260,098
Balance

Capital      650,000,000        0      (650,000,000)       0           0            0            0            0
Increase
Transfer to       0        40,102,238   474,707,379        0           0      (514,809,617)      0            0
Reserves

Distributed       0             0            0             0           0      (287,235,147)      0      (287,235,147)
Profits
Net Profit        0             0            0             0           0       802,044,764       0       802,044,764
Usage Part        0             0            0             0      (2,187,372)       0            0       (2,187,372)
Ending      1,950,000,000  371,230,872  548,482,934   162,709,903  7,458,634        0            0      3,039,882,343
Balance





2007         Capital        Legal       General     Special     Reserves for Profits of the Reserve    Total
                            Reserves    Reserves    Reserves    Inv.         year           for ESOP*
                                                                Revaluation
Beginning    1,950,000,000  371,230,872 548,482,934 162,709,903  7,458,634         0            0      3,039,882,343
Balance

Usage Part         0             0           0           0      (2,588,128)        0            0       (2,588,128)
Net Profit         0             0           0           0           0       1,232,412,777      0      1,232,412,777


Capital            0             0           0           0           0             0        29,159,584   29,159,584
Increase
Ending       1,950,000,000  371,230,872 548,482,934 162,709,903  4,870,506   1,232,412,777  29,159,584 4,298,866,576
Balance







* ESOP: Employee Stock Ownership Plan. Refer to note number (29)




           COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
           Recommended Appropriation Account for 2007
 
 
                                                              2007                      2006
 
 Net Profit                                                   1,232,412,777             802,044,764
 Profit Available for Distribution                            1,232,412,777             802,044,764
 
 To be distributed as follows:
 
-        Legal Reserves                                       61,620,639                40,102,238
-        First Dividends Share to Shareholders                97,500,000                97,500,000
-        Staff Profit Sharing                                 123,241,278               80,204,476
-        Board Members Bonus                                  18,486,192                12,030,671
-        Second Dividends Share to Shareholders               97,500,000                97,500,000
-        General Reserve                                      834,064,668               474,707,379
  
 Total                                                        1,232,412,777             802,044,764


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