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

8 Aug 2006 14:02

Commercial Intnl Bank (Egypt) SAE08 August 2006 Commercial International Bank (Egypt) S.A.E. Financial Statements June 30, 2006 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E FINANCIAL POSITION As of June 30, 2006 Amounts in L.E. Note Jun. 30, 2006 Dec. 31, 2005 Assets Cash & Due From Central Bank 4 3,512,511,903 3,077,734,972Due From Banks 5 4,296,465,241 3,405,644,961Treasury Bills & Other Notes Discountable at CBE 6 2,995,386,147 3,494,296,707Trading Financial Investments 7 1,225,141,582 1,839,129,492Available for Sale Financial Investments 8 2,868,788,891 2,163,075,763 Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 15,300,242,364 14,039,137,208Held to maturity Financial Investments 11 1,030,914,778 1,098,310,684 Financial Investments in Subsidiary and associated companies 12 180,099,372 134,592,987Debit Balances and Other Assets 14 758,389,689 727,687,892Deferred Tax 25 50,975,274 33,531,015Fixed Assets (Net) 15 419,695,549 376,401,597Total Assets 32,638,610,790 30,389,543,287 Liabilities & Shareholders' EquityLiabilities Due to Banks 16 507,143,147 719,680,104Customer Deposits 17 27,567,482,696 24,870,258,033Dividends & Profit Sharing 0 200,165,754Credit Balances & Other Liabilities 18 521,506,654 1,025,908,291Long Term Loans 19 108,598,847 98,271,001Other Provisions 20 1,019,440,196 947,999,997 Total Liabilities 29,724,171,540 27,862,283,180 Shareholders' EquityIssued & Paid- in Capital 1,300,000,000 1,300,000,000Reserves 1,227,083,342 1,227,260,098Total Shareholders' Equity 21 2,527,083,342 2,527,260,098Net Profit of the Period 387,355,908 - Total Shareholders' Equity & Net Profit 2,914,439,250 2,527,260,098Total Liabilities & Shareholders' Equity 32,638,610,790 30,389,543,278Contingent & commitments Liabilities 22 6,063,314,352 4,734,375,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT For the Period from Jan. 1 2006 to Jun. 30 2006 Amounts in LE. Note From Jan. 1, 2006 From Jan. 1, 2005 To Jun. 30, 2006 To Jun. 30, 2005 Interest Received from clients & Banks 802,900,205 636,378,259 Interest Received from Treasury Bills & Bonds 291,670,881 330,670,665 Interest Paid to Clients & Banks (629,863,927) (546,311,746) Net Interest Income 464,707,159 420,737,178 Banking Fees & Commissions 200,230,097 172,005,653Share Dividends 28,443,153 19,294,065Foreign Exchange Income 23 46,328,174 83,298,803Profit from Selling Financial Investment 39,645,037 27,306,131Trading Investment Revaluation Differences (2,755,207) (24,378,298)Other Income 66,784,592 4,885,558Total Fee Income 378,675,846 282,411,912Net Operating Income 843,383,005 703,149,090 Provisions (135,732,000) (171,000,000)Other Investment Revaluation Differences 12,143,346 (23,563,234) General & Administration Expenses & Depreciation (281,465,163) (201,900,812)Other Expenses (29,604,782) (24,015,922) (434,658,599) (420,479,968)Net Operating Profits 408,724,406 282,669,122Non-Operating income 0 0Net Profit Before Tax 408,724,406 282,669,122Income Tax (38,812,757) 0Deferred Tax 25 17,444,259 0Net Profit After Tax 387,355,908 282,669,122 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.ECASH FLOW STATEMENT 1a For the Period from Jan. 1 2006 to Jun. 30 2006 Amounts in LE. From Jan. 1, 2006 From Jan. 1, 2005 To Jun. 30, 2006 To Jun. 30, 2005Cash Flow From Operating ActivitiesNet Income Before Tax 408,724,406 282,669,122Adjustments To Reconcile Net IncomeTotal Net Cash Provided by operatingDepreciation 43,292,204 29,629,071Provisions (Additions during the period) 135,732,000 171,000,000Trading Financial Investment Evaluation Diff. 2,755,207 24,378,298Other Financial Investment Evaluation Diff. (12,143,346) 23,563,234 Utilization of Provision (Other than Provision for Doubtful Debts) 900 310,555 Difference in revaluation of FCY Provision Balances 314,299 (7,108,494)Gains From Selling of Fixed Assets 0 0Profit From Selling of Investments (39,645,037) (27,306,131)Paid Income Tax 0 0FCY Revaluation Difference of Long Term Loans 1,413,625 0 Operating Profit Before Changes in Operating Assets and Liabilities 540,444,258 496,514,545 Net Decrease (Increase) in AssetsDue from banks (872,727,789) 1,086,549,981Treasury Bills & Other Notes Discountable at CBE 596,491,364 (679,292,314)Reverse Repos 0 (298,835,756)Trading Financial Investments 611,232,703 (417,273,309)Available for Sale Financial Investments (653,924,745) (409,509,968)Loans & Overdrafts (1,271,578,887) (13,406,209)Debit Balances & Other Liabilities (39,984,311) (113,824,252) Net Increase (Decrease) In LiabilitiesDue to Banks (212,536,957) (618,446)Customer Deposits 2,697,224,663 198,268,191Credit Balances & Other Liabilities (543,214,394) 108,857,980Net Cash Provided from Operating Activities 851,425,905 391,793,257 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b For the Period from Jan. 1 2006 to Jun. 30 2006 From Jan. 1, 2006 From Jan. 1, 2005 To Jun. 30, 2006 To Jun. 30, 2005Cash Flow From Investment ActivitiesPurchase of Subsidiaries (45,506,385) (5,442,237) Prepaid for Fixed Assets, premises and Fitting-out of Branches (131,436,911) (77,285,552)Purchase of Held-to-Maturity Investments 67,395,906 (41,101,022)Net Cash (Used in) Investment Activities (109,547,390) (123,828,811) Cash Flow From Financing ActivitiesDecrease in Long Term Loans 8,914,221 (28,994,418)Dividends Paid (200,165,754) (285,661,900)Reverse for financial investment revaluation Diff (176,756) (5,058,663) Net Cash (Used in) provided from Financing Activities (191,428,289) (319,714,981) Net cash & cash equivalent 550,450,226 (51,750,535)Beginning Balance of cash and cash equivalent 3,401,951,193 3,325,602,325 Cash & Cash equivalent Balance At the End of the period 3,952,401,419 3,273,851,790 Cash & Cash Equivalent are Represented as FollowsCash and Due from Central Bank 3,512,511,903 3,084,430,598Due From Banks 4,296,465,241 3,664,705,256Treasury Bills 2,995,386,147 2,681,295,759Due to Banks (4,192,403,134) (3,475,357,540)Treasury Bills with Maturity More than Three Months (2,659,558,738) (2,681,222,283)Total Cash & Cash Equivalent 3,952,401,419 3,273,851,790 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY As of June 30, 2006 2005 Capital Legal General Special Reserves for Profits of the Total Reserves Reserves Reserves Inv. year Revaluation Beginning 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 0 610,136,986 610,136,986Reverse part 0 0 0 0 (5,826,692) 0 (5,826,692)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 Inv. Profits of the Total Reserves Reserves Reserves Revaluation year Beginning Balance 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098 Net Profit for the 0 0 0 0 0 387,355,908 387,355,908Period Reverse part of 0 0 0 0 (176,756) 0 (176,756)reserveEnding Balance 1,300,000,000 331,128,634 723,775,555 162,709,903 9,469,250 387,355,908 2,914,439,250 4- Cash And Due From Central Bank Jun. 30, 2006 Dec. 31, 2005 L.E L.E - Cash & Cash Items 823,543,335 452,292,316 - Reserve Balance with CBE 2,688,968,568 2,625,442,656 Total Cash & Due From Central Bank 3,512,511,903 3,077,734,972 5- Due from Banks Jun. 30, 2006 Dec. 31, 2005 L.E L.E (A) Central Bank - Time Deposits 0 0Total Due from central bank 0 0(B) Local Banks - Current Accounts 5,980,563 2,859,408 - Time Deposits 142,579,000 0Total Due from Local Banks 148,559,563 2,859,408( C ) Foreign Banks - Current Accounts 98,081,544 83,110,208 - Time Deposits 4,049,824,134 3,319,675,345Total Due From Foreign Banks 4,147,905,678 3,402,785,553 Total Due From Banks 4,296,465,241 3,405,644,961 6- Treasury Bills & Other NotesDiscountable at CBE Jun. 30, 2006 Dec. 31, 2005 L.E L.E- CBE Notes - 692,000,000- CBE CD's 868,000,000 -- 91 Days Maturity 339,225,000 240,000,000- 182 Days Maturity 610,700,000 450,475,000- 364 Days Maturity 1,231,075,000 1,813,425,000 Total Treasury Bills 3,049,000,000 3,195,900,000- Issuance Discount (53,613,853) (91,346,021) Net Treasury Bills 2,995,386,147 3,104,553,979- Reverse Repos - 438,990,328- Repos - (49,247,600) 2,995,386,147 3,494,296,707 7- Trading Financial Investments Jun. 30, 2006 Dec. 31, 2005 L.E L.E - Portfolio Managed By other parties 493,507,002 489,821,335 - Mutual Funds 484,617,650 1,141,913,352 - Bonds 182,982,356 157,163,803 - Shares 64,034,574 50,231,002Total Trading Financial Investments 1,225,141,582 1,839,129,492 The Financial Trading Investments are represented asfollows :- - Financial Investments Quoted on Stock Exchange 740,523,932 697,216,140 - Financial Investments Un-quoted on Stock Exchange 484,617,650 1,141,913,352 1,225,141,582 1,839,129,492 8 - Available for sale financial investments Jun. 30, 2006 Dec. 31, 2005(A) Shares L.E L.E - Bank's Shares 13,372,058 9,706,354 - Corporate Shares 639,983,796 576,954,547 (B)Bonds - Governmental Bonds 1,551,770,772 1,177,781,557 - Bank's Bonds 149,089,011 125,888,153 - Corporate Bonds 514,573,254 272,745,152 2,868,788,891 2,163,075,763Available for sale financial investmentsare represented as follows :- - Financial Investments Quoted on Stock Exchange 2,042,309,000 1,688,822,485 - Financial Investments Un-quoted on Stock Exchange 826,479,891 474,253,278 2,868,788,891 2,163,075,763 The market Value of Available for Sale Investments listed on the Capital market is L.E 2,180,435,333 asof 30 Jun 2006 compared to LE. 1,856,718,818 as of December 31, 2005 9 - Loans and Overdrafts Jun. 30, 2006 Dec. 31, 2005 L.E L.E - Discounted Bills 297,790,042 262,258,958 - Loans & Overdrafts to Customer 15,546,684,251 14,130,676,293 - Loans & Overdraft to Banks 702,553,530 774,845,225 16,547,027,823 15,167,780,476 - Unearned Bills discount (6,473,853) (6,259,830) - Provision For Doubtful Debts (1,035,497,879) (948,900,512) - Unearned Interest & commission (204,813,727) (173,482,926)Net Loans & Overdrafts 15,300,242,364 14,039,137,208 10 - Provision For Doubtful Debts Jun. 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 - 64,607,000 64,607,000 - written off debts recoveries 21,222,121 0 21,222,121 - Foreign currency revaluation diff. 769,860 0 769,860 605,664,484 429,835,009 1,035,499,493 Usage during the period (1,614) 0 (1,614)Transferred from specific to general (25,745,000) 25,745,000 0 Balance at the end of the period 579,917,870 455,580,009 1,035,497,879 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 Jun. 30, 2006 Dec. 31, 2005 L.E L.EA. Bonds - Housing Bonds (maturity Dec.2019) 215,000 215,000 - Corporate Bonds 856,713,282 928,840,360 - Treasury Bonds 143,986,496 144,255,324 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 1,030,914,778 1,098,310,684 The held to maturity Financial Investments are represented as follows :- - Investments Quoted on Stock Exchange 868,553,800 1,073,095,684 - Investments Un-quoted on Stock Exchange 162,360,978 25,215,000 1,030,914,778 1,098,310,684 The market value of Held to Maturity Financial Investment is LE 868,202,085 in 30 Jun. 2006 12 - Financial Investments in subsidiary companies Jun. 30, 2006 Dec. 31, 2005 LE % LE % - Commercial International Brokerage co. 12,000,000 %40 16,000,000 %40 - Commercial International Holding Co. * 28,150,000 %56 0 - - Contact for Cars Trading 31,000,000 %40 31,000,000 %40 - Commercial International life insurance co. 32,000,000 %40 32,000,000 %40 - C I Assets Management 2,942,237 %94 2,942,237 %94 - Corplease co. 12,240,000 %40 8,640,000 %40 - Concept co. 500,000 %40 500,000 %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 %40 300,000 %40 - Royal & Sun Alliance 10,872,000 %20 6,872,000 %20 - Middle East Turnaround 31,456,385 %23 20,000,000 %40 - Egypt Int'l Trade & Investment 3,900,000 %98 3,900,000 %98 - International Securities & Services 2,000,000 %40 - - 180,099,372 134,592,987 The Financial Investments in subsidiary companies are represented as follows :- - Financial Investments Quoted on Stock Exchange 12,000,000 16,000,000 - Financial Investments Un-quoted on Stock Exchange 168,099,372 118,592,987 180,099,372 134,592,987 - The market value of the financial investments in subsidiary companies quoted on the stock exchange is LE 12,000,000 as of 30 Jun. 2006 And 16,000,000 as of 31 Dec 2005 - CI Holding is in process of acquiring the bank's share in Commercial International Brokerage Co., Concept Co.and CI Asset Management Co., and CIB share in this holding company will be around 75% 13 -Capital Commitments (Financial Investments) The capital commitments for the financial investments reached in date of Financial position L.E 441,554,224 asfollows: Investment Value Paid Remaining L.E L.E L.E Available for sale Financial investments 532,463,969 165,954,360 366,509,609 Financial Investments in subsidiaries co. 121,389,750 46,345,135 75,044,615 14 -Debit Balances and Other Assets Jun. 30, 2006 Dec. 31, 2005 L.E L.E Accrued Interest receivable 289,176,212 240,339,882 Prepaid Expenses 41,972,817 21,415,800 Advances for Purchase of Fixed Assets 151,599,630 106,748,875 Assets Acquired for Settlement of Debts 78,312,078 132,445,347 Accounts Receivable & Other Assets 197,328,952 226,737,988 Total Debit Balances and Other Assets 758,389,689 727,687,892 15 - Fixed Assets (Net of Accumulated Depreciation) Jun. 30, 2006 Land Premises IT Vehicles Fitting Machines & Furniture total -Out Equipment & Furnishing EGP EGP EGP EGP EGP EGP EGP EGP 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 during the period - 18,155,126 34,139,789 - 10,738,613 15,438,833 8,113,795 86,586,156 Closing Balance 6,720,577 225,003,451 308,363,672 18,866,067 79,078,470 126,128,651 48,201,197 812,362,085 (1) Accu.Depreciation at beginning of the period (4) - 67,625,757 143,542,529 13,941,594 51,836,506 53,969,382 18,456,564 349,374,332 Current period Depreciation - 5,200,975 22,864,226 877,805 5,400,174 6,018,320 2,930,704 43,292,204 Accu.Depreciation at end of the period (2) 72,826,732 166,406,755 14,819,399 57,238,680 59,987,702 21,387,268 392,666,536 End of period net asstes(1-2) 6,720,577 152,176,719 141,956,917 4,046,668 21,839,680 66,140,949 26,813,929 419,695,549 Beginning of period net assets (3-4) 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597 Depreciation rate 5% 20% 20% 33.3% 12.5% 10% - Net fixed assets in financial position date includes EGP 52,075,465 non registered assets and registrations procedures in process 16 - Due to Banks Jun. 30, 2006 Dec. 31, 2005 L.E L.E(a) Central Bank - Current Accounts 32,464,794 3,575,421 - Time Deposits 11,515,800 172,122,000 Total Due to Central Bank 43,980,594 175,697,421 ( b )Local Banks - Current Accounts 27,159,939 42,407,315 - Time Deposits 6,933,034 14,199,958 - Total Due to Local Banks 34,092,973 56,607,273 ( c )Foreign Banks - Current Accounts 428,012,385 487,375,410 - Time Deposits 1,057,195 0 - Total Due to foreign Banks 429,069,580 487,375,410 Total Due to Banks 507,143,147 719,680,104 17 -Customers' Deposits Jun. 30, 2006 Dec. 31, 2005 L.E L.E - Demand Deposits 7,655,062,344 6,919,662,686 - Time & Notice Deposits 9,116,239,442 6,918,653,016 - Saving & Deposits Certificates 5,161,353,084 5,618,281,210 - Saving Deposits 4,949,909,660 4,685,187,358 - Other Deposits 684,918,166 728,473,763 Total Customer Deposits 27,567,482,696 24,870,258,033 18 - Credit Balances and Other Liabilities Jun. 30, 2006 Dec. 31, 2005 - Accrued Interest Payable 113,140,865 109,102,166 - Accrued Expenses 104,241,902 24,077,927 - Accounts Payable 244,829,444 845,927,370 - Other Liabilities 59,294,443 46,800,828 Total Credit BalancesAnd Other Liabilities 521,506,654 1,025,908,291 19 -Long Term Loans Rate Maturity date Maturing Balance on Balance on % through Jun. 30, 2006 Dec. 31, 2005 next year KFW Bank 10.5 - 9 ten years 6,387,621 12,175,356 11,722,854 UNIDO 1 2011 2,915,587 11,505,230 11,765,933 Ministry of 3.5 - 5.5 depends 3-5 years 44,979,333 74,882,021 63,316,886 Agriculture on maturity date (F.S.D.P) Ministry of 3.5 - 5.5 depends 3-5 years 59,240 79,240 233,328 Agriculture on maturity date (V.S.P) Barclays bank 6.62 2006 432,000 432,000 1,232,000 (P.S.F.S) Social Fund 3 months T/D 2010 3,325,000 9,525,000 10,000,000 or 9% which more Total 58,098,781 108,598,847 98,271,001 20 -Other Provisions Jun. 30, 2006 L.E Opening Addition FCY Balance Usage Transfer Closing Balance During the Reval. Difference During the Balance period period - Provision for Income Tax claims 621,677,559 - - - (65,000,000) 556,677,559 - Provision for Legal Claims 1,728,828 - 2,638 900 - 1,732,366 - Provision for contingent 138,878,000 3,125,000 226,336 - - 170,229,336 - Provision for General risk * 161,835,372 40,000,000 - - 65,000,000 266,835,372 - Provision for Bank Risk insurance 23,880,238 - 85,325 - - 23,965,563 Total Other Provisions 947,999,997 171,125,000 314,299 900 0 1,019,440,196 Dec. 31, 2005 L.E Opening Addition FCY Balance Usage Closing Balance During the Reval. Difference During the Transfer Balance Year Year - Provision for Income Tax claims 506,791,890 114,885,669 - - - 621,677,559 - Provision for Legal Claims 2,111,720 - (72,337) (310,555) - 1,728,828 - Provision for contingent 99,584,497 43,312,306 (4,018,803) - - 138,878,000 - Provision for General risk 154,043,142 10,000,000 (2,207,770) - - 161,835,372 - Provision for Bank Risk insurance 25,495,281 - (1,515,043) - - 23,880,238 Total Other Provisions 787,926,530 168,197,975 (7,813,953) (310,555) 0 947,999,997 21 - Capital & Reserves (a) Capital - The Authorized Capital reached EGP 5000 Million according to the Extraordinary General Assembly decision on 19 March, 2006 - Paid-in capital reached to EGP 1300 million divided to 130 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 5000 million by issuing one free share foreach two original shares by transferring EGP 650 million from General Reserve, and necessary governmentalapprovals & conditions are under consents process to issue such increase 2) Activate a motivating and rewarding program for the Bank's employees & managers through employee ownershipplans (ESOPs) by issuing a maximum of 5% of issued and paid-in capital at par value through 5 years starting Dec31, 2006 and delegated the Board of Directors to establish the rewarding terms & conditions and increase thepaid-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 difference revaluation 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 Jun. 30, 2006 Dec. 31, 2005 L.E L.E - Letters of Guarantee 4,836,116,341 3,897,197,061 - Letters of Credit ( import & export ) 822,795,232 550,778,552 - Customers Acceptances 469,58,631 361,630,866 - Forward Foreign Exchange contracts 1,915,340 961,136 - Swap Deals (67,031,192) (76,192,152) Total 6,063,314,352 4,734,375,463 23 - Foreign Exchange Profits (losses) Jun. 30, 2006 Jun. 30, 2005 L.E L.E - Profit from dealing with foreign currencies 49,022,784 54,960,933 - Profit of revaluation of Monitoring assets and Liabilities* (4,293,459) 28,352,576 - Forward deals revaluation losses 1,099,505 (654,499) - Profit revaluation of options 499,344 639,793 46,328,174 83,298,803 * Includes decrease of EGP 5,729,630 due to the foreign currencies revaluation differences of the financial Trading and Available for Sale Investments against an increase of EGP 2,634,340 and EGP 3,095,290 respectively in Financial Investments Revaluation Differences items in Income Statement 24 - Other Financial investments revaluation differences Jun. 30, 2006 Jun. 30, 2005 L.E L.E - Available for sale Financial investments 12,143,346 (23,563,234) 12,143,346 (23,563,234) 25 - Deferred Tax Assets & Liabilities Assets (Liabilities) Assets (Liabilities) Jun. 30, 2006 Jun. 30, 2005 L.E L.E - Fixed Assets Depreciation (12,214,703) (11,069,858) - Other Provisions (excluding loan loss, contingent liabilities &income tax provisions) 58,506,661 37,488,888 - Other items (other inv. Revaluation diff.) 4,683,316 7,111,985 Total 50,975,274 33,531,015 26 - Other Income Other Income account reflects an extraordinary gain of EGP 51 million related to the sale of some assets acquired in settlement of debts over its historical cost 27 - Provisions and General, Administrative Expenses and Depreciation The General and Administrative Expenses and General Provision accounts reflect non-recurring expenses of EGP 65 million related to the cancellation of the employee provident fund and the accelerated award of CIB shares to employees. These measures were designed to improve and simplify the employee remuneration policy without placing future burden on the bank's administrative expenses. 28 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One YearAssets - Cash and Due from Central Bank 3,512,511,903 - - Due from Banks 4,296,465,241 - - Treasury Bills 3,049,000,000 - - Trading Investments 1,225,141,582 - - Available for sale investments 2,868,788,891 - - Customers' Loans & Overdrafts 7,025,308,551 8,614,352,014 - Banks' Loans & Overdrafts 27,094 702,526,436 - Held to maturity Investments 143,986,496 886,928,282 - Investments in subsidiary companies - 180,099,372 - Debit Balances and Other Assets 758,389,689 - 20,223,852,599 10,383,906,104 Liabilities - Due to Banks 507,143,147 - - Customer Deposits 21,460,784,338 6,106,699,358 - Long Term Loans 58,098,781 50,500,066 - Credit Balances and Other Liabilities 521,506,654 - 22,547,532,920 6,157,198,42429 -Interest Rate The average interest rates applied for Assets and Liabilities during the period are 6.65 % & 3.67 % 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 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 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 Currency 1 - Due From Banks 90,327,362 4,206,137,879 2 - Loans & Overdrafts %Agriculture Sector 65,884,165 0.4 Industrial Sector 7,570,688,256 45.8 Trading Sector 747,874,821 4.5 Services Sector 5,974,953,997 36.1 Household Sector 1,635,373,756 9.9 Other Sectors 552,252,828 3.3 Total Loans & Overdrafts(Including unearned interest) 16,547,027,823 100.00 Unearned Discounted Bills (6,473,853) Provision for Doubtful Debts (1,035,497,879) 6.26 Unearned Interest & Commission (204,813,727) Net Loans & Overdrafts 15,300,242,364 Liabilities Local Currency Foreign Currency 1- Due to Banks 62,359,495 446,567,939 2 - Customers' Deposits % Agriculture Sector 25,864,806 0.10 Industrial Sector 2,855,987,010 10.40 Trading Sector 834,022,858 3.0 Services Sector 5,111,179,988 18.50 Household Sector 15,582,584,222 56.5 Other Sector 3,157,843,812 11.5 Total Customers' Deposits 27,567,482,696 100.00 Contingent Accounts Local Currency Foreign Currency - Letters of Guarantee 1,585,905,530 3,250,210,811 - Letter of Credit ( import & export ) 3,117,080 819,678,152 - Customers Acceptances 103,925,909 365,592,722 - Forward Foreign Exchange Contracts 144,568,831 (142,653,491) - Swap Deals (757,442,667) 690,411,475 1,080,074,683 4,983,239,669 32- Foreign Currencies Positions Jun. 30, 2006 Dec. 31, 2005 in thousand L.E in thousand L.E - Egyptian Pound 54,297 19,852 - US Dollar (79,487) (32,337) - Sterling pound (1,944) (3,095) - Japanese Yen (266) (1,133) - Swiss Franc 337 227 - Euro 22,172 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 54,163,640 with redeemed value EGP 6,103,700,592 The market value per certificate reached EGP 112.69 on 30/06/2006 The Bank portion got 4,449,256 certificates with redeemed value of EGP 501,386,659 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 3,338,323 with redeemed value EGP 333,465,084 The market value per certificate reached EGP 99.89 on 30/06/2006 The Bank portion got 166,951 certificates with redeemed value of EGP 16,676,735 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 164,056,451 Loans & Overdrafts 466,637,258 Investment in subsidiary companies 180,099,372 Due to banks 10,536,597 Customer Deposits 160,764,934 Contingent Accounts 64,166,974 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