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

6 Nov 2006 07:00

Commercial Intnl Bank (Egypt) SAE05 November 2006 Commercial International Bank (Egypt) S.A.E. Financial Statements September 30, 2006 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EFINANCIAL POSITIONAs 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 3,077,734,972Due From Banks 5 4,350,114,935 3,405,644,961Treasury Bills & Other Notes Discountable at CBE 6 2,677,961,367 3,494,296,707Trading Financial Investments 7 1,040,268,150 1,839,129,492Available for Sale Financial Investments 8 2,820,393,322 2,183,075,763Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 16,683,834,088 14,039,137,208Held to maturity Financial Investments 11 874,991,227 1,098,310,684Financial Investments in Subsidiary and associated companies 12 138,437,001 114,592,987Debit Balances and Other Assets 14 1,247,714,379 727,687,892Deferred Tax 25 52,588,052 33,531,015Fixed Assets (Net) 15 451,697,080 376,401,597Total Assets 33,684,996,965 30,389,543,278 Liabilities & Shareholders' EquityLiabilities Due to Banks 16 354,130,453 719,680,104Customer Deposits 17 28,664,841,462 24,870,258,033Dividends & Profit Sharing 0 200,165,754Credit Balances & Other Liabilities 18 560,436,001 1,025,908,291Long Term Loans 19 106,825,314 98,271,001Other Provisions 20 858,692,446 947,999,997 Total Liabilities 30,544,925,676 27,862,283,180 Shareholders' EquityIssued & Paid- in Capital 1,950,000,000 1,300,000,000Reserves 575,380,521 1,227,260,098Total Shareholders' Equity 21 2,525,380,521 2,527,260,098Net Profit of the Period 614,690,768 -Total Shareholders' Equity & Net Profit 3,140,071,289 2,527,260,098Total Liabilities & Shareholders' Equity 33,684,996,965 30,389,543,278Contingent & commitments Liabilities 22 5,619,228,772 4,734,375,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EINCOME STATEMENTFor 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 294,983,957 258,389,020Share Dividends 34,319,519 34,274,646Foreign Exchange Income 23 76,835,713 117,647,241Profit from Selling Financial Investment 82,962,658 47,646,199Trading Investment Revaluation Differences 15,291,106 (23,642,970)Other Income 78,131,294 7,015,554Total Fee Income 582,524,246 441,329,690Net 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 647,412,228 448,552,669Non-Operating income 178,000 0Net Profit Before Tax 647,590,228 448,552,669Income Tax (51,956,497) 0Deferred Tax 25 19,057,037 0Net Profit After Tax 614,690,768 448,552,669 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ECASH FLOW STATEMENT 1aFor 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 647,590,228 448,552,669Adjustments To Reconcile Net IncomeTotal Net Cash Provided by operatingDepreciation 67,267,917 46,922,388Provisions (Additions during the period) 173,410,750 270,535,673Trading Financial Investment Evaluation Diff. (15,291,106) 23,642,970Other Financial Investment Evaluation Diff. 4,324,682 23,480,173Utilization 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) 0Profit From Selling of Investments (82,962,658) (47,646,199)Income Tax Paid (146,533,648) 0FCY Revaluation Difference of Long Term Loans 1,602,829 1,151,368Operating Profit Before Changes in Operating Assets and Liabilities 649,204,781 756,474,402 Net Decrease (Increase) in AssetsDue from banks (920,209,740) 1,033,547,446Treasury Bills & Other Notes Discountable at CBE 785,832,337 (762,844,054)Reverse Repos 0 0Trading Financial Investments 814,152,448 (570,858,217)Available for Sale Financial Investments (558,679,583) 378,087,292Loans & Overdrafts (2,706,606,981) (432,319,809)Debit Balances & Other Assets (538,496,569) (193,072,352) Net Increase (Decrease) In LiabilitiesDue to Banks (365,549,651) 681,993,930Customer Deposits 3,794,583,429 334,909,291Credit Balances & Other Liabilities (517,428,787) 51,360,670Net Cash Provided from Operating Activities 436,801,684 1,277,278,599 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1bFor 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, 2005Cash Flow From Investment ActivitiesPurchase 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 ActivitiesDecrease 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 3,325,602,325Cash & Cash equivalent Balance At the End of the period 3,664,970,816 3,183,086,990 Cash & Cash Equivalent are Represented as FollowsCash and Due from Central Bank 3,346,997,364 2,717,158,149Due From Banks 4,350,114,935 3,598,977,128Treasury Bills 2,677,961,367 3,074,295,711Due 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.ESTATEMENT OF CHANGES IN SHAREHOLDERS EQUITYAs of September 30, 2006 2005 Capital Legal General Special Reserves for Profits of the Total Reserves Reserves Reserves Inv. year RevaluationBeginning 1,300,000,000 300,621,785 344,311,172 162,709,903 15,472,698 0 2,123,115,558BalanceTransfer to 0 30,506,849 379,464,383 0 0 (409,971,232) 0ReservesDistributed 0 0 0 0 0 (200,165,754) (200,165,754))ProfitsNet Profit 0 0 0 0 0 610,136,986 610,136,986Usage part 0 0 0 0 (5,826,692) 0 (5,826,692)of reserveEnding 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098Balance 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 2,527,260,098Balance Net Profit for 0 0 0 0 0 614,690,768 614,690,768the Period Usage part of 0 0 0 0 (1,879,577) 0 (1,879,577)reserveCapital 650,000,000 0 (650,000,000) 0 0 0 0IncreaseEnding 1,950,000,000 331,128,634 73,775,555 162,709,903 7,766,429 614,690,768 3,140,071,289Balance 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 2,625,442,656Total 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 0Total Due from central bank 14,450 0(B) Local Banks - Current Accounts 6,765,236 2,859,408 - Time Deposits 0 0Total 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 3,319,675,345Total 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 NotesDiscountable 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 50,231,002Total Trading Financial Investments 1,040,268,150 1,839,129,492 The Financial Trading Investments are represented asfollows :- - 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 2,183,075,763Available for sale financial investmentsare 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 2,112,499,330as 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 Investmentin Subsidiary and Associated Co. to Available for Sale Investment as they meet rebooking conditions forthat 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 1,119,485,425Usage during the Year (170,584,913) 0 (170,584,913)Transferred from general to specific 66,076,306 (66,076,306) 0Balance 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.EA. 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 25,000,000LE 112.69 each- 50,000 Estesmar Fund Certificates with market value 5,000,000 0of 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 - - 138,437,001 114,592,987The 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 inSubsidiary 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 AssetManagement Co. 13 -Capital Commitments (Financial Investments) The capital commitments for the financial investments reached in date of Financial position L.E 437,853,956 asfollows: Investment Value Paid Remaining L.E L.E L.EAvailable 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.EAccrued Interest receivable 391,489,352 240,339,882Prepaid Expenses 31,749,164 21,415,800Advances for Purchase of Fixed Assets 142,527,132 106,748,875Assets Acquired for Settlement of Debts 78,197,008 132,445,347Investment in Co. Under Establishment* 320,000,000 -Accounts Receivable & Other Assets 283,751,723 226,737,988Total 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 processin 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 10,552,113 142,563,400period 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 67,267,917Depreciation 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 27,606,313 451,697,080assets(1-2) Beginning of period net 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597assets(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 11,471,800 172,122,000Total 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 288,476,056 487,375,410Total 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 867,149,791 728,473,763Total Customer Deposits 28,664,841,462 24,870,258,033 18 - Credit Balances and Other Liabilities Sep. 30, 2006 Dec. 31, 2005 - AccruedInterest Payable 118,596,767 109,102,166 - AccruedExpenses 69,328,920 24,077,927 - AccountsPayable 326,805,167 845,927,370 - OtherLiabilities 45,705,147 46,800,828Total CreditBalancesAnd Other Liabilities 560,436,001 1,025,908,291 19 -Long TermLoans 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 19March, 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 foreach 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, 2006and delegated the Board of Directors to establish the rewarding terms & conditions and increase the paid-in capitalaccording 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 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 Monitoringassets 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 financialTrading and Available for Sale Investments against an increase of EGP 64,796 and EGP 711,810 respectively inFinancial 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 37,488,888contingent liabilities &income tax provisions)- Other items (other inv. Revaluation diff.) 9,199,130 7,111,985Total 52,588,052 33,531,015 26 - Other IncomeOther Income account reflects an extraordinary gain of EGP 56 million related to the sale of someassets acquired in settlement of debts over its historical cost 27 - Provisions and General, Administrative Expenses and DepreciationThe General and Administrative Expenses and General Provision accounts reflect non-recurring expensesof EGP 73 million related to the cancellation of the employee provident fund and the acceleratedaward of CIB shares to employees. These measures were designed to improve and simplify the employeeremuneration policy. 28 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One YearAssets - 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 appealCommittee 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 Currency1 - Due From Banks 6,128,981 4,343,985,954 2 - Loans & Overdrafts %Agriculture Sector 71,051,939 0.4Industrial Sector 7,961,033,198 44.1Trading Sector 892,222,889 4.9Services Sector 6,769,160,738 37.5Household Sector 1,772,008,357 9.9Other Sectors 566,616,224 3.2Total 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) 6.1Unearned Interest & Commission (232,544,325)Net Loans & Overdrafts 16,683,834,088Liabilities Local Currency Foreign Currency 1- Due to Banks 51,772,358 302,358,095 2 - Customers' Deposits %Agriculture Sector 36,161,666 0.10Industrial Sector 3,107,358,555 10.8Trading Sector 890,340,798 3.2Services Sector 5,388,104,798 18.8Household Sector 16,259,185,078 56.7Other Sector 2,983,690,567 10.4Total Customers' Deposits 28,664,841,462 100.00Contingent 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 MarketAuthority 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 CapitalMarket 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. This information is provided by RNS The company news service from the London Stock Exchange