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

6 Feb 2007 16:13

Commercial Intnl Bank (Egypt) SAE06 February 2007 The following replaces the Final Results announcement released today at 08:56under RNS number 7710Q. In the Cash Flow Statement 1b, the dates should have read Dec. 31, 2006 and notDec. 31, 2005 as previously stated. In note 11 - Held to maturity Investments, B. Mutual Funds, 250,000 Osoul Fund Certificates with market value LE 116.91 per certificates, the figure for Dec. 31, 2005 should have read 25,000,000 and not 0 as previously stated. In note 17 - Customers' Deposits, the Total Customer Deposits for Dec. 31, 2006should have read 31,600,227,198 and not 231,600,227,198 as previously stated. All other details remain unchanged. The full amended text is shown below. Commercial International Bank (Egypt) S.A.E. Financial Statements December 31, 2006 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EFINANCIAL POSITIONAs of December 31, 2006 Amounts in L.E. Note 31-Dec-2006 31-Dec-2005Assets Cash & Due From Central Bank 4 3,742,876,516 3,077,734,972Due From Banks 5 5,432,677,413 3,405,644,961Treasury Bills & Other Notes Discountable at CBE 6 4,058,745,805 3,494,296,707Trading Financial Investments 7 887,142,138 1,839,129,492Available for Sale Financial Investments 8 3,178,163,512 2,183,075,763Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 17,464,675,855 14,039,137,208Held to maturity Financial Investments 11 822,284,338 1,098,310,684Financial Investments in Subsidiary and associated companies 12 475,836,460 114,592,987Debit Balances and Other Assets 14 821,707,644 727,687,892Deferred Tax 25 40,632,719 33,531,015Fixed Assets (Net) 15 497,753,223 376,401,597Total Assets 37,422,495,623 30,389,543,278 Liabilities & Shareholders' EquityLiabilities Due to Banks 16 1,212,524,120 719,680,104Customer Deposits 17 31,600,227,198 24,870,258,033Dividends & Profit Sharing 0 200,165,754Credit Balances & Other Liabilities 18 843,634,575 1,025,908,291Long Term Loans 19 99,166,861 98,271,001Other Provisions 20 339,825,378 947,999,997 Total Liabilities 34,095,378,133 27,862,283,180 Shareholders' EquityIssued & Paid- in Capital 1,950,000,000 1,300,000,000Reserves 575,072,726 1,227,260,098Total Shareholders' Equity 21 2,525,072,726 2,527,260,098Net Profit of the Period 802,044,764 -Total Shareholders' Equity & Net Profit 3,327,117,490 2,527,260,098Total Liabilities & Shareholders' Equity 37,422,495,623 30,389,543,278Contingent & commitments Liabilities 22 6,864,843,585 4,734,375,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.EINCOME STATEMENTFor the Period from Jan. 1 2006 to Dec. 31 2006 Amounts in LE. Note Dec. 31, 2006 Dec. 31, 2005 Interest Received from clients & Banks 1,749,822,089 1,407,279,746Interest Received from Treasury Bills & Bonds 567,945,991 620,890,617 Interest Paid to Clients & Banks (1,378,162,881) (1,132,317,893) Net Interest Income 939,605,199 895,852,470 Banking Fees & Commissions 399,573,750 342,974,826Share Dividends 47,206,917 38,198,621Foreign Exchange Income 23 108,888,845 142,301,237Profit from Selling Investment 145,447,016 75,601,987Trading Investment Revaluation Differences 16,534,014 (20,191,624)Other Income 99,613,908 10,769,228Total Fee Income 817,264,450 589,654,275Net Operating Income 1,756,869,649 1,485,506,745 Provisions (194,312,570) (364,885,669)Other Investment Revaluation Differences 24 (15,812,507) (35,559,923)General & Administration Expenses & Depreciation (604,812,445) (425,119,403)Other Expenses (63,627,935) (49,296,365) (878,565,637) (874,861,360)Net Operating Profits 878,304,012 610,645,385Non-Operating income 418,000 10,080Net Profit before Tax 878,722,012 610,655,465Income Tax (83,778,952) (34,049,494)Deferred Tax 25 7,101,704 33,531,015Net Profit After Tax 802,044,764 610,136,986 Earnings per share 27 3.64 2.77 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ECASH FLOW STATEMENT 1aFor the Period from Jan. 1 2006 to Dec. 31 2006 Amounts in LE. Dec. 31, 2006 Dec. 31, 2005 Cash Flow From Operating Activities Net Income Before Tax 878,722,012 610,655,465Adjustments To Reconcile Net IncomeTotal Net Cash Provided by operatingDepreciation 93,436,004 68,239,568Provisions (Additions during the period) 194,312,750 364,885,669Trading Financial Investment Evaluation (16,534,014) 20,191,624Other Financial Investment Evaluation 15,812,507 35,559,923Utilization of Provision (Other than Provision for Doubtful Debts) (330,276,044) (310,555)FCY Revaluation Differences of Provision Balances except Doubtful Debt (333,197) (7,813,953)Gains From Selling of Fixed Assets (418,000) (10,080)Profit From Selling of Investments (145,447,016) (75,601,987)Paid Income Tax (34,049,494) 0FCY Revaluation Difference of Long Term Loans 1,928,090 (2,615,545)Operating Profit Before Changes in Operating Assets and Liabilities 657,153,598 1,013,180,129 Net Decrease (Increase) in AssetsDue from banks (1,983,839,488) 1,242,232,176Treasury Bills & Other Notes Discountable at CBE (651,338,798) 103,090,969Trading Financial Investments 968,521,368 (1,186,119,215)Available for Sale Financial Investments (865,453,240) 128,368,479Loans & Overdrafts (3,591,677,947) (841,926,079)Debit Balances & Other Assets (351,932,559) (82,271,212) Net Increase (Decrease) In LiabilitiesDue to Banks 492,844,016 495,030,762Customer Deposits 6,729,969,165 891,052,059Credit Balances & Other Liabilities (232,003,173) 536,710,553Net Cash Provided from Operating Activities 1,172,242,942 2,299,348,621 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ECASH FLOW STATEMENT 1bFor the Period from Jan. 1 2006 to Dec. 31, 2006 Dec. 31, 2006 Dec. 31, 2005Cash Flow From Investment ActivitiesPurchase of Subsidiaries (363,430,845) (118,019,679)Prepaid for Fixed Assets, premises and Fitting-out of Branches (262,195,650) (173,201,917)Purchase of Held-to-Maturity Investments 276,026,346 (943,035,406)Net Cash (Used in) Investment Activities (349,600,149) (1,234,257,002) Cash Flow From Financing ActivitiesDecrease in Long Term Loans (1,032,231) (20,155,711)Dividends Paid (200,165,754) (285,661,900) Net Cash (Used in) provided from Financing Activities (201,197,985) (305,817,611) Net cash & cash equivalent 621,444,808 759,274,008Beginning Balance of cash and cash equivalent 3,401,951,193 3,325,602,325Cash & Cash equivalent Balance At the End of the period 4,023,396,001 4,084,876,333 Cash & Cash Equivalent are Represented as FollowsCash and Due from Central Bank 3,742,876,516 3,077,734,972Due From Banks 5,432,677,413 3,405,644,961Treasury Bills & Notes Discountable at CBE 4,058,745,805 3,104,553,979Due to Banks (5,303,514,833) (3,319,675,345)Treasury Bills with Maturity More than Three Months (3,907,388,900) (2,183,382,234)Total Cash & Cash Equivalent 4,023,396,001 4,084,876,333 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ESTATEMENT OF CHANGES IN SHAREHOLDERS EQUITYFor the Period from Jan. 1 2006 to Dec. 31 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 2,123,115,558Balance Transfer to 0 30,506,849 379,464,383 0 0 (409,971,232) 0Reserves Distributed 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)Ending 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098Balance 2006 Capital Legal Reserves General Reserves Special Reserves Profits of Total Reserves for Inv. the year RevaluationBeginning Balance 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098 Net Profit 0 0 0 0 0 802,044,764 802,044,764 Usage Part 0 0 0 0 (2,187,372) 0 (2,187,372)Capital Increase 650,000,000 0 (650,000,000) 0 0 0 0Ending Balance 1,950,000,000 331,128,634 73,775,555 162,709,903 7,458,634 802,044,764 3,327,117,490 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ERecommended Appropriation Account for 2006 2006 2005 Net Profit 802,044,764 610,136,986 Profit Available for Distribution 802,044,764 610,136,986 To be distributed as follows: - Legal Reserves 40,102,238 30,506,849- First Dividends Share to Shareholders 97,500,000 65,000,000- Staff Profit Sharing 80,204,476 61,013,699- Board Members Bonus 12,030,671 9,152,055- Second Dividends Share to Shareholders 97,500,000 65,000,000- General Reserve 474,707,379 379,464,383 Total 802,044,764 610,136,986 4- Cash And Due From Central Bank Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Cash & Cash Items 684,845,076 452,292,316 - Reserve Balance with CBE (A) Current Accounts 1,489,221,888 1,387,524,020 (B) Time Deposits 1,568,809,552 1,237,918,636 Total Cash & Due From Central Bank 3,742,876,516 3,077,734,972 5- Due from Banks Dec. 31, 2006 Dec. 31, 2005 L.E L.E (A) Central Bank - Time Deposits 120,102,850 0Total Due from central bank 120,102,850 0 (B) Local Banks - Current Accounts 14,364,909 2,859,408 - Time Deposits 85,620,000 0Total Due from Local Banks 99,984,909 2,859,408 ( C ) Foreign Banks - Current Accounts 114,797,671 83,110,208 - Time Deposits 5,097,791,983 3,319,675,345Total Due From Foreign Banks 5,212,589,654 3,402,785,553 Total Due From Banks 5,432,677,413 3,405,644,961 6- Treasury Bills & Other NotesDiscountable at CBE Dec. 31, 2006 Dec. 31, 2005 L.E L.E - CBE Notes 0 692,000,000- CBE CD's 3,315,000,000 0- 91 Days Maturity 152,950,000 240,000,000- 182 Days Maturity 137,150,000 450,475,000- 364 Days Maturity 544,825,000 1,813,425,000 Total Treasury Bills 4,149,925,000 3,195,900,000- Issuance Discount (91,179,195) (91,346,021) Net Treasury Bills 4,058,745,805 3,104,553,979- Reverse Repos 0 438,990,328- Repos 0 (49,247,600) 4,058,745,805 3,494,296,707 7- Trading Financial Investments Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Portfolio Managed By other parties 478,500,215 489,821,335 - Mutual Funds 239,839,987 1,141,913,352 - Bonds 95,195,095 157,163,803 - Shares 73,606,841 50,231,002Total Trading Financial Investments 887,142,138 1,839,129,492 The Financial Trading Investments are represented asfollows :- - Financial Investments Quoted on Stock Exchange 647,302,151 697,216,140 - Financial Investments Un-quoted on Stock Exchange 239,839,987 1,141,913,352 887,142,138 1,839,129,492 8 - Available for sale financial investments Dec. 31, 2006 Dec. 31, 2005 (A) Shares L.E L.E - Bank's Shares 11,046,621 9,706,354 - Corporate Shares 1,108,735,974 596,954,547 (B)Bonds - Governmental Bonds 1,477,526,784 1,177,781,557 - Bank's Bonds 85,321,689 125,888,153 - Corporate Bonds 495,532,444 272,745,152 3,178,163,512 2,183,075,763Available for sale financial investmentsare represented as follows :- - Financial Investments Quoted on Stock Exchange 1,941,629,448 1,688,822,485 - Financial Investments Un-quoted on Stock Exchange 1,236,534,064 494,253,278 3,178,163,512 2,183,075,763 The market Value of Available for sale Investments listed on the Capital market is L.E 2,288,247,619 asof 31 Dec 2006 compared to LE. 1,856,718,818 as of December 31, 2005 An Investment value of L.E 43,217,435 in Middle East Turnaround fund transferred from Investment inSubsidiary and Associated to Available for Sale Investments as they meet the rebooking terms andconditions to that book 9 - Loans and Overdrafts Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Discounted Bills 345,178,132 262,258,958 - Loans & Overdrafts to Customer 17,719,608,802 14,130,676,293 - Loans & Overdraft to Banks 652,533,908 774,845,225 18,717,320,842 15,167,780,476 - Unearned Bills discount (6,134,160) (6,259,830) - Provision For Doubtful Debts (1,038,908,021) (948,900,512) - Unearned Interest & commission (207,602,806) (173,482,926) Net Loans & Overdrafts 17,464,675,855 14,039,137,208 10 - Provision For Doubtful Debts Dec. 31, 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 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 period (228,447,476) 0 (228,447,476)Transferred from Provisions of contingent 44,102,078 0 0liabilityBalance at the end of the period 551,958,000 486,950,021 1,038,908,021 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 Dec. 31, 2006 Dec. 31, 2005 L.E L.EA. Bonds - Housing Bonds (maturity Dec.2019) 215,000 215,000 - Corporate Bonds 789,569,338 928,840,360 - Treasury Bonds 0 144,255,324 B. Mutual Funds- 250,000 Osoul Fund Certificates with market value LE 25,000,000 25,000,000116.91 per certificates- 50,000 Istethmar Fund Certificates with market value 5,000,000 0LE 112.33 per certificates- 25,000 Aman Fund Certificates with market value LE 2,500,000 0102.80 per certificates 822,284,338 1,098,310,684 The held to maturity Financial Investments are represented as follows :- - Investments Quoted on Stock Exchange 667,740,018 1,073,095,684 - Investments Un-quoted on Stock Exchange 154,544,320 25,215,000 822,284,338 1,098,310,684 - The market value of Held to Maturity Financial Investments reached EGP 672,356,231 on31 Dec. 2006 while it reached EGP 1,071,811,698 on 31 Dec. 2005 12 - Financial Investments in subsidiary companies Dec. 31, 2006 Dec. 31, 2005 LE % LEA- Subsidiary Companies: - Commercial International Holding Co. 368,390,000 %67 0 0B- Associated Companies: - Commercial International Brokerage co. 0 %0 %40 16,000,000 - Contact for Cars Trading 31,000,000 %38.4 %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. 12,240,000 %40 %40 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 3,895,710 %39 0 0- Egypt Int'l Trade & Investment 0 %0 3,900,000 %97.5- International Co. for Appraisal & Collection 400,000 %40 0 0- International Co. for Security & Services 4,000,000 %40 0 0 475,836,460 114,592,987The Financial Investments in subsidiary companies are represented as follows :- - Financial Investments listed on Stock Exchange 0 16,000,000 - Financial Investments Unlisted on Stock Exchange 475,836,460 98,592,987 475,836,460 114,592,987 - An Investment Value of EGP 43,217,435 in Middle East Turnaround fund was transferred from Investment inSubsidiary and Associated to Available for Sale Investment as they meet the reclassifying terms - C.I Holding Co. acquired the bank share in the Commercial InternationalBrokerage Co., Concept Co., and C.I Asset Management Co., and CIB share in thesaid company reached 67% 13 -Capital Commitments (Financial Investments)The capital commitments for the financial investments reached in date of Financial position L.E 398,017,342 asfollows: Investments Value Paid Remaining L.E L.E L.EAvailable for sale Financial investments 608,984,428 228,308,226 380,676,202Financial Investments in subsidiaries co. 34,125,600 16,784,460 17,341,140 14 -Debit Balances and Other Assets Dec. 31, 2006 Dec. 31, 2005 L.E L.E Accrued Interest receivable 286,829,442 240,339,882Prepaid Expenses 28,645,872 21,415,800Advances for Purchase of Fixed Assets 154,574,895 106,748,875Assets Acquired for Settlement of Debts 78,927,129 132,445,347Accounts Receivable & Other Assets 271,731,041 226,737,988Accrued Balances of Customer Loans* 252,458,000 0 1,073,166,379 727,687,892Deduct: Provision for General Risk & Risk (251,458,735) 0Insurance**Total Debit Balances and Other Assets 821,707,644 727,687,892 * These balances represent certain advances to customers that were made at oneof the branches in violation of the bank's standard operating procedures,resulting in reclassifying these balances under "other debit balances". Conservative provisions were adequately reallocated from other provisions tomeet the relevant operation risk ** Refer to Note No. 20 15 - Fixed Assets (Net of Accumulated Depreciation) Dec. 31, 2006 Land Premises IT Vehicles Fitting Machines & Furniture & Total -Out Equipment Furnishing L.E L.E L.E L.E L.E L.E L.E L.E Opening Balance 6,720,577 206,848,325 274,223,883 18,866,067 68,339,857 110,689,818 40,087,402 725,775,929(3) Additional 0 51,267,552 82,636,467 1,905,200 33,203,158 28,221,362 17,553,891 214,787,630during the period Closing 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(1) Accu.Depreciationat beginning of the - 67,625,757 143,542,529 13,941,594 51,838,506 53,969,382 18,456,564 349,374,332period (4) Current period - 10,941,843 47,803,921 1,856,210 13,432,263 13,008,115 6,393,652 93,436,004Depreciation Accu.Depreciationat end of the 78,567,600 191,346,450 15,797,804 65,270,769 66,977,497 24,850,216 442,810,336period (2) End of period 6,720,577 179,548,277 165,513,900 4,973,463 36,272,246 71.933.683 32,791,077 497,753,223net Assets (1-2) Beginning of 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597period net assets(3-4) Depreciation rate 5% 20% 20% 33.3% 12.5% 10% - Net fixed assets in financial position date includes LE. 47,715,652 represents fixed assets not registered yet andregistrations procedures in process 16 - Due to Banks Dec. 31, 2006 Dec. 31, 2005 L.E L.E(a) Central Bank - Current Accounts 20,044,409 3,575,421- Time Deposits 867,616,000 172,122,000Total Due to Central Bank 887,660,409 175,697,421( b )Local Banks - Current Accounts 15,860,437 42,407,315 - Time Deposits 107,541,554 14,199,958 - Total Due to Local Banks 123,401,991 56,607,273( c )Foreign Banks - Current Accounts 201,260,025 487,375,410 - Time Deposits 201,695 0 - Total Due to foreign Banks 201,461,720 487,375,410Total Due to Banks 1,212,524,120 719,680,104 17 -Customers' Deposits Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Demand Deposits 8,836,825,720 6,919,662,686 - Time & Notice Deposits 11,033,225,620 6,918,653,016 - Saving & Deposits Certificates 5,190,298,212 5,618,281,210 - Saving Deposits 5,349,962,762 4,685,187,358 - Other Deposits 1,189,914,884 728,473,763Total Customer Deposits 31,600,227,198 24,870,258,033 18 - Credit Balances and Other Liabilities Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Accrued Interest Payable 109,691,056 109,102,166 - Accrued Expenses 34,131,526 24,077,927 - Accounts Payable 811,877,876 569,480,973 - Income Tax 82,305,727 34,049,494 - Other Liabilities 48,025,294 46,800,828Total Credit Balances And Other Liabilities 843,634,576 1,025,908,291 19 -Long Term Loans Rate Maturity date Maturing Balance on Balance on through % next year Dec. 31, 2006 Dec. 31, 2005 KFW Bank 10.5 - 9 ten years 4,301,157 9,461,379 11,722,854UNIDO 1 2011 2,958,082 10,483,577 11,765,933Ministry of Agriculture (F.S.D.P) 3.5 - 5.5 3-5 years 43,586,946 70,617,084 63,316,886 depends on maturity dateMinistry of Agriculture (V.S.P) 3.5 - 5.5 3-5 years 20,000 30,000 233,328 depends on maturity dateBarclays bank (P.S.F.S) - - - - 1,232,000Social Fund 3 months T 2010 3,325,000 8,574,821 10,000,000 /D or 9% which moreTotal 54,191,185 99,166,861 98,271,001 20 -Other Dec. 31,Provisions 2006 L.E Opening Addition FCY Balance Usage Transfer Transferred to Closing Balance During the Reval. During the Other Debit Balance period Difference period Balances - Provision for 621,677,559 - - (329,503,864) (65,000,000) - 227,173,695Income Tax claims - Provision for 1,728,828 178,750 (8,604) (772,180) - - 1,126,794Legal Claims - Provision for 138,878,000 17,073,560 (324,593) - (44,102,078) - 111,524,889contingent - Provision for 161,835,372 1,505,000 - - 65,000,000 (228,340,372) -General risk * - Provision for 23,880,238 0 (121,505) (640,370) 0 (23,118,363) -Bank Risk insurance Total Other 947,999,997 18,757,310 (454,702) (330,916,414) (44,102,078) (251,458,735) 339,825,378 Provisions* These balances were reclassified under "other debit balances" to meet the possible loss of value in certain assetsresulting from violation of the bank's standard operating procedures that were reclassified from "Loans to Customers". Please refer to clarification # 14 for further details. Dec. 31, 2005 L.E Opening Addition FCY Balance Usage Closing Balance During the Reval. During the Transfer Balance Year Difference Year - Provision for 506,791,890 114,885,669 0 0 0 - 621,677,559Income Tax claims - Provision for 2,111,720 0 (72,337) (310,555) 0 - 1,728,828Legal Claims - Provision for 99,584,497 43,312,306 (4,018,803) 0 0 - 138,878,000contingent - Provision for 154,043,142 10,000,000 (2,207,770) 0 0 - 161,835,372General risk- Provision for 25,395,281 0 (1,515,043) 0 0 - 23,880,238Bank Risk insuranceTotal Other 787,926,530 168,197,975 (7,813,953) (310,555) 0 - 947,999,997Provisions 21 - Capital & Reserves (a) Capital- The Authorized Capital reached LE 5000 Million according to the Extraordinary General Assembly decision on19 Mar. 2006 - Issued and Paid-in Capital reached EGP 1950 Million divided to 195 Million shares with par value of EGP 10each - Issued and Paid-in Capital has been increased from EGP 1300 Million to EGP 1950 Million on 31 Aug 2006according to the Extraordinary General Assembly Approval on 26 June 2006 by transferring EGP 650 Million from theGeneral Reserve - The Extraordinary General Assembly approved in the meeting of June 26, 2006 to activate a motivation &rewarding 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 Dec 2006 and delegated theBoard of Directors to establish the rewarding terms & conditions and increase the paid in capital according to theprogram (b) Reserves- According to the bank statues 5% of net profit is to increase legal reserve until it reaches 50% of thebank'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 difference revaluation for financialinvestment (available for sale) in foreign currency for preceding years (up to 2002), and this is used in case ofsale or decrease in the value of that investment, and the income statement will be carried with the differenceaccording to the issued instruction for such matter 22 - Contingent & Commitment Liabilities Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Letters of Guarantee 5,636,795,144 3,897,197,061 - Letters of Credit ( import & export ) 865,777,545 550,778,552 - Customers Acceptances 418,344,500 361,630,866 - Forward Foreign Exchange contracts (bought) 1,353,283,099 666,250,179 - Forward Foreign Exchange contracts (sold) (1,352,168,802) (665,289,043) - Swap Deals (bought) 1,048,742,044 1,240,421,184 - Swap Deals (sold) (1,105,929,945) (1,316,613,336) - Option (Bought) 60,744,244 116,901,958 - Option (sold) (60,744,244) (116,901,958) Total 6,864,843,585 4,734,375,463 23 - Foreign Exchange Profits (losses) Dec. 31, 2006 Dec. 31, 2005 L.E L.Eprofit from dealing with foreign currencies 103,752,327 105,101,970Profit of revaluation of Monitoringassets and Liabilities* 3,094,818 36,313,682Forward deals revaluation profits / losses 1,254,271 61,108profit revaluation of options 787,429 824,477 108,888,845 142,301,237 * Includes increase of L.E 5,223,316 due to the foreign currencies revaluation differences of the financialTrading and Available for Sale Investments against an increase of L.E 2,916,734 and L.E 2,306,582respectively in Financial Investments Revaluation Differences items in Income Statement 24 - Other Financial investments evaluation differences Dec. 31, 2006 Dec. 31, 2005 L.E L.E - Available for sale Financial investments (15,812,507) (35,559,923) Total (15,812,507) (68,518,066) 25 - Deferred Tax Assets & Liabilities Assets (Liabilities) Assets (Liabilities) Dec. 31, 2005 Dec. 31, 2006 L.E. 000 L.E. 000 - Fixed Assets Depreciation (19,762,207) (11,069,858) - Other Provisions (excluding Loan Loss, 50,517,106 37,488,888contingent liabilities and Income Tax Prov.)- Other Items (other investment revaluation 9,877,820 7,111,985difference) - Total Deferred Tax Assets (Liabilities) 40,632,719 33,531,015 26- Reconciliation of Effective Tax Rate Dec. 31, 2006 Dec. 31, 2005 L.E. L.E. - Profit Before Tax 878,722,012 610,655,465 - Tax Rate 20% 20% - Income Tax 175,744,402 122,131,093 - Non-Deductible Expenses 9,773,223 891,924 - Tax Exemptions (127,760,292) (138,950,159) - Effect of Provisions 18,919,914 16,445,621Income Tax 76,677,248 518,479Effective Tax Rate 8.73% 0.08% 27 - Earning Per Share Dec. 31, 2006 Dec. 31, 2005 L.E. L.E. - Net Profit for the Year 802,044,764 610,136,986- Board Members' Bonus (12,030,671) (9,152,055)- Staff Profit Sharing (80,204,476) (61,013,699)- Shareholders' Share in Profits 709,809,616 539,971,232 - Number of Shares 195,000,000 195,000,000Earning Per Share 3.64 2.77 28 - Other IncomeOther Income account reflects an extraordinary gain of EGP 71.7 million related to the sale of some assets acquired in settlement of debts over its historical cost 29 - General, Administrative Expenses & DepreciationThe General & Administrative Expense accounts reflect non-recurring expenses of EGP 79 millionresulting from cancellation of the employee provident fund to improve and simplify the employeeremuneration policy without future burden on the bank's administrative expenses, in addition tosettlement part of staff loans of CIB shares to employees. 30 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One YearAssets - Cash and Due from Central Bank 3,742,876,516 - - Due from Banks 5,432,677,413 - - Treasury Bills & Notes Discountable at CBE 4,149,925,000 - - Trading Investments 887,142,138 - - Available for sale investments 3,178,163,512 - - Customers' Loans & Overdrafts 7,884,826,655 9,972,357,473 - Banks' Loans & Overdrafts 760,089 651,773,819 - Held to maturity Investments - 822,284,338 - Investments in subsidiary companies - 475,836,460 - Debit Balances and Other Assets 821,707,644 - 26,098,078,967 11,922,252,090Liabilities - Due to Banks 1,212,524,120 - - Customer Deposits 25,519,665,229 6,080,561,969 - Long Term Loans 54,191,185 44,975,676 - Credit Balances and Other Liabilities 843,634,576 - 27,630,015,110 6,125,537,64531 -Interest Rate The average interest rates applied for Assets and Liabilities during the period are 6.58 % & 3.76 % respectively . 32 -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 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 2001 up to 2002. - Corporate Income Tax for the years from 2003 up to 2004 were paid according to the appealcommittee decision & 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 . 33 - Distribution of Assets, Liabilities and Contingent Accounts Assets Local Currency Foreign Currency1 - Due From Banks 134,459,726 5,298,217,687 2 - Loans & Overdrafts %Agriculture Sector 66,717,811 0.4Industrial Sector 8,473,712,963 45.3Trading Sector 699,970,060 3.7Services Sector 7,068,165,160 37.8Household Sector 1,448,619,186 7.7Other Sectors 960,135,662 5.1Total Loans & Overdrafts(Including unearned interest) 18,717,320,842 100.00 Unearned Discounted Bills (6,134,160)Provision for Doubtful Debts (1,038,908,021) 5.6Unearned Interest & Commission (207,602,806)Net Loans & Overdrafts 17,464,675,855Liabilities Local Currency Foreign Currency 1- Due to Banks 164,822,033 1,047,702,087 2 - Customers' Deposits %Agriculture Sector 37,147,013 0.1Industrial Sector 3,278,846,058 10.4Trading Sector 1,322,064,847 4.2Services Sector 6,842,344,799 21.7Household Sector 17,065,943,122 54Other Sector 3,053,881,359 9.7Total Customers' Deposits 31,600,227,198 100.00Contingent Accounts Local Currency Foreign Currency - Letters of Guarantee 1,742,629,625 3,894,165,519 - Letter of Credit ( import & export ) 4,628,734 861,148,811 - Customers Acceptances 93,711,557 324,632,943 - Forward Foreign Exchange Contracts 366,323,877 986,959,222(bought) - Forward Foreign Exchange Contracts (234,021,777) (1,118,147,025)(sold) - Swap Deals (bought) 19,752,320 1,028,989,724 - Swap Deals (sold) (692,887,663) (413,042,283) - Option (bought) - 60,744,244 - Option (sold) - (60,744,244) 1,300,136,674 5,564,706,911 34- Foreign Currencies Positions Dec. 31, 2006 Dec. 31, 2005 in thousand L.E in thousand L.E - Egyptian Pound 5,550 19,852 - US Dollar (54,691) (32,337) - Sterling pound 2,408 (3,095) - Japanese Yen 27,721 (1,133) - Swiss Franc 369 227 - Euro 14,894 16,850 35- 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 39,322,629 with redeemed value L.E 4,597,208,556- The market value per certificate reached L.E 116.91 on 28/12/2006- The Bank portion got 2,139,588 certificates with redeemed value of L.E 250,139,233 (2) Istethmar Fund - The bank established the second accumulated return mutual fund under license no. 344 issued fromCapital Market Authority on 26/02/2006. CI Asset Management Co. - joint stock co- manages the fund- The number of certificates reached 2,160,804 with redeemed value LE 242,723,113- The market value per certificate reached LE 112.33 on 28/12/2006- The Bank portion got 108,044 certificates with redeemed value LE 12,136,583 (3) Aman Fund (CIB & Faisal Islamic Bank Mutual Fund) - The bank & Faisal Islamic Bank established an accumulated return mutual fund under licenseno. 365 issued from Capital Market Authority on 30/07/2006. CI Assets Management Co. -joint stock co.- managedthe fund - The number of certificates reached 2,150,217 with redeemed value LE 221,042,308- The market value per certificate reached LE 102.80 on 28/12/2006- The Bank portion got 53,760 certificates with redeemed value LE 5,526,528 36- 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 167,409,569 Loans & Overdrafts 518,729,815 Investment in subsidiary companies 475,836,460 Due to banks 3,078,591 Customer Deposits 103,777,092 Contingent Accounts 77,501,203 37- Comparative Figures The Comparative Figures are amended to confirm with the reclassification of the current year and General Assembly held in 19 Mar, 2006 decisions, for ratifying the Appropriation account of year 2005. 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