Com.int.bk.regs Regulatory News (CBKD)

14 May 2007 07:00

Commercial Intnl Bank (Egypt) SAE13 May 2007 Commercial International Bank (Egypt) S.A.E. Financial Statements March 31, 2007 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EFINANCIAL POSITIONAs of March 31, 2006Amounts in L.E. Note 31-Mar-2007 31-Dec-2006Assets Cash & Due From Central Bank 4 4,168,574,347 3,742,876,516Due From Banks 5 6,050,326,978 5,432,677,413Treasury Bills & Other Notes Discountable at CBE 6 2,385,578,737 4,058,745,805Trading Financial Investments 7 845,387,162 887,142,138Available for Sale Financial Investments 8 2,324,141,581 3,178,163,512Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 18,879,484,865 17,464,675,855Held to Maturity Financial Investments 11 555,169,486 822,284,338Financial Investments in Subsidiary and associated companies 12 475,828,680 475,836,460Debit Balances and Other Assets 14 925,842,665 821,707,644Deferred Tax 25 41,450,386 40,632,719Fixed Assets (Net) 15 570,659,667 497,753,233Total Assets 37,222,444,554 37,422,495,623 Liabilities & Shareholders' EquityLiabilities Due to Banks 16 357,067,818 1,212,524,120Customer Deposits 17 32,082,468,547 31,600,227,198Dividends & Profit Sharing 0 287,235,147Credit Balances & Other Liabilities 18 988,442,189 843,634,576Long Term Loans 19 96,636,695 99,166,861Other Provisions 20 404,586,146 339,825,378 Total Liabilities 33,929,201,395 34,382,613,280 Shareholders' EquityIssued & Paid- in Capital 1,950,000,000 1,950,000,000Reserves 1,089,736,719 1,089,882,343Total Shareholders' Equity 21 3,039,736,719 3,039,882,343Net Profit of the Period 253,506,440 -Total Shareholders' Equity & Net Profit 3,293,243,159 3,039,882,343Total Liabilities & Shareholders' Equity 37,222,444,554 37,422,495,623Contingent & commitments Liabilities 22 10,651,666,938 6,864,843,585 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EINCOME STATEMENTFor 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 544,401,368 372,883,578Interest 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 90,927,315Share Dividends 19,643,970 410,621Foreign Exchange Income 23 21,424,699 19,695,858Profit from Selling Investment 28,856,813 26,169,824Trading Investment Revaluation Differences (1,855,885) 12,694,596Other Income 7,182,906 7,386,845Total Fee Income 213,621,976 157,285,059Net 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 275,873,666 207,325,995Non-Operating income - -Net Profit before Tax 275,873,666 207,325,995Income 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.ECASH FLOW STATEMENT 1aFor the Period from Jan. 1 2007 to Mar. 31 2007Amounts in LE. Mar. 31, 2007 Mar. 31, 2006Cash Flow From Operating Activities Net Income Before Tax 275,873,666 207,325,995Adjustments To Reconcile Net IncomeTotal Net Cash Provided by operatingDepreciation 28,136,532 20,896,464Provisions (Additions during the period) 81,750,000 39,732,000Trading Financial Investment Evaluation 1,855,885 (12,694,596)Other Financial Investment Evaluation (31,939,236) 2,135,438Utilization of Provision (Other than Provision for Doubtful Debts) - 900 FCY Revaluation Differences of Provision Balances except Doubtful Debt (112,232) 145,889Gains 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 199,581 484,438Operating Profit Before Changes in Operating Assets and Liabilities 326,907,383 231,856,703 Net Decrease (Increase) in AssetsDue from banks (613,996,981) (26,430,261)Treasury Bills & Other Notes Discountable at CBE 1,671,725,482 389,620,937Trading Financial Investments 39,899,091 309,288,989Available 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 LiabilitiesDue to Banks (855,456,302) (224,596,032)Customer Deposits 482,241,349 1,328,778,019Credit 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.ECASH FLOW STATEMENT 1bFor the Period from Jan. 1 2007 to Mar. 31, 2007 Mar. 31, 2007 Mar. 31, 2006Cash Flow From Investment ActivitiesPurchase 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 67,718,159Net Cash (Used in) Investment Activities 172,309,715 (15,509,130) Cash Flow From Financing ActivitiesDecrease in Long Term Loans (2,729,747) 3,022,306Dividends 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 427,908,830 282,645,466Beginning Balance of cash and cash equivalent 4,023,396,001 3,401,951,193Cash & Cash equivalent Balance At the End of the period 4,451,304,831 3,684,596,659 Cash & Cash Equivalent are Represented as FollowsCash and Due from Central Bank 4,168,574,347 3,041,036,153Due From Banks 6,050,326,978 3,386,367,207Treasury Bills 2,385,578,737 3,469,728,070Due 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.ESTATEMENT OF CHANGES IN SHAREHOLDERS EQUITYFor 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 RevaluationBeginning 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098BalanceCapital 650,000,000 0 (650,000,000) 0 0 0 0IncreaseTransfer to 0 40,102,238 474,707,379 0 0 (514,809,617) 0ReservesDistributed 0 0 0 0 0 (287,235,147) (287,235,147)ProfitsNet Profit 0 0 0 0 0 802,044,764 802,044,764Usage part 0 0 0 0 (2,187,372) 0 (2,187,372)of reserveEnding 1,950,000,000 371,230,872 548,482,934 162,709,903 7,458,634 0 3,039,882,343Balance 2007 Capital Legal General Special Reserves for Profits of Total Reserves Reserves Reserves Inv. the period RevaluationBeginning 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)reserveNet Profit for 0 0 0 0 0 253,506,440 253,506,440periodEnding 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 2,586,071,800 120,102,850Total 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 85,620,000Total 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 5,097,791,983Total 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 NotesDiscountable 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 73,606,841Total Trading Financial Investments 845,387,162 887,142,138 The Financial Trading Investments are represented asfollows :- - 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 3,178,163,512Available for sale financial investmentsare 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 3,178,163,512The market Value of Available for Investments listed on the Capital market reached L.E 1,665,715,444 as of31 Mar 2007, compared to LE. 2,288,247,619 as of December 31, 20069 - 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 1,063,580,260Usage during the period (26,234,294) 0 (26,234,294)Transferred from General to Specific (10,008,945) 10,008,945 0Balance 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 1,223,253,419Usage during the Year (228,447,476) 0 (228,447,476)Transferred from general to specific 44,102,078 0 44,102,078Balance 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.EA. Bonds - Housing Bonds (maturity Dec.2019) 215,000 215,000 - Corporate Bonds 522,454,486 789,569,338 - Treasury Bonds 0 0B. CIB Osoul Fund- 250,000 Osoul Fund Certificates /market value LE 25,000,000 25,000,000119.12 each- 50,000 Istethmar Fund Certificates / market value LE 5,000,000 0111.79 each- 25,000 Aman Fund Certificates / market value LE 2,500,000 0102.66 each 555,169,486 822,284,338The 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 %67B- 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 - 475,828,680 475,836,460The 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 asfollows: Investment Value Paid Remaining L.E L.E L.EAvailable for sale Financial investments 606,852,185 249,066,760 357,785,425Financial 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 440,469,980 286,829,442Prepaid Expenses 33,857,108 28,645,872Advances for Purchase of Fixed Assets 148,344,836 154,574,895Assets Acquired for Settlement of Debts 29,361,646 78,927,129Accounts Receivable & Other Assets 272,763,657 271,731,041Accrued Balances of Customer Loans 252,458,000 252,458,000 1,177,255,227 1,073,166,379Deduct: 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 abranch in violation of the bank's SOP, resulting in reclassifying these balancesunder "Other Debit Balances". Conservative provisions are adequately reallocatedfrom 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.EOpening 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 4,035,658 101,042,976the 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.Depreciationatbeginning of the - 78,567,600 191,346,450 15,797,804 65,270,769 66,977,497 24,850,216 442,810,336period (4) Current period - 3,157,821 13,803,663 511,236 4,881,156 3,785,093 1,997,563 28,136,532Depreciation Accu.Depreciation atend 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 34,829,172 570,659,667net Assets (1-2) Beginning of 6,720,577 179,548,277 165,513,900 4,973,463 36,272,246 71,933,683 32,791,077 497,753,223period 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 andregistrations procedures inprocess 16 - Due to Banks Mar. 31, 2007 Dec. 31, 2006(a) Central Bank - Current Accounts 18,800,229 20,044,409- Time Deposits 0 867,616,000Total 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 317,332,590 201,461,720Total 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 1,189,914,884Total 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 48,025,294Total Credit Balances 988,442,189 843,634,576And 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 9,461,379UNIDO 1 2011 3,038,252 9,578,265 10,483,577Ministry 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 dateMinistry of Agriculture 3.5 - 5.5 3-5 years 20,000 30,000 30,000(V.S.P) depends on maturity dateSocial Fund 3 months T 2010 2,850,000 8,099,643 8,574,821 /D or 9% which moreTotal 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 - - - - - 227,173,695Tax claims - Provision for Legal 1,126,794 - (217) - - - 1,126,577Claims - Provision for 111,524,889 64,873,000 (112,015) - - - 176,285,874contingent - 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) - 227,173,695Tax claims - Provision for Legal 1,728,828 178,750 (8,604) (772,180) - - 1,126,794Claims - Provision for 138,878,000 17,073,560 (324,593) - (44,102,078) - 111,524,889contingent - 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) -insuranceTotal 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 thepossible loss of value in certain assets resulting from violation of the bank'sSOPs that were reclassified from "Loans to Customers". Please refer toClarification 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 19Mar. 2006 - Paid - in capital is LE 1,950 million divided to 195 million shares with par value LE10 per each - The Extraordinary General Assembly approved in the meeting of June 26, 2006 to activate a motivating andrewarding program for the bank's employees & managers through employee share ownership plans (ESOPs) by issuing amaximum of 5% of issued and paid-in capital at par value through 5 years starting 31 December 2006 and delegated theBOD 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 decreasein the value of that investment, and the Income Statement will be carried with the difference according to theissued 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.EProfit from dealing with foreign currencies 31,790,583 22,191,299Profit of revaluation of Monitoringassets 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 FinancialInvestment Revaluation Differences items in the Income Statement24 - 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 50,517,106contingent liabilities and Income Tax Prov.)- Other Items (other investment revaluation 10,127,620 9,877,820difference) - Total Deferred Tax Assets (Liabilities) 41,450,386 40,632,719 26 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One YearAssets - 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 periodare 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 Committeedecision 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 Currency1 - Due From Banks 2,595,694,190 3,454,632,7882 - Loans & OverdraftsAgriculture Sector 64,393,312 0.3Industrial Sector 8,754,201,456 43.5Trading Sector 799,692,800 4.0Services Sector 7,969,617,486 39.5Household Sector 1,655,418,129 8.2Other Sectors 897,560,234 4.5Total Loans & Overdrafts(Including unearned interest) 20,140,883,417 100.00Unearned Discounted Bills (23,645,209)Provision for Doubtful Debts (1,037,345,966) 5.2Unearned 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 0.1Industrial Sector 3,230,154,632 10.1Trading Sector 1,220,554,657 3.8Services Sector 6,228,323,786 19.4Household Sector 17,812,251,600 55.5Other Sector 3,560,790,179 11.1Total Customers' Deposits 32,082,468,547 100.00Contingent 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 MarketAuthority 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 MarketAuthority 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 issuedfrom 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. This information is provided by RNS The company news service from the London Stock Exchange