1st Half 2004 Results Part 2

Commercial Intnl Bank (Egypt) SAE
27 July 2004


                                                                                                                     
                                     Commercial International Bank (Egypt) S.A.E.                                     
                                                 Financial Statements                                                 
                                                     June, 30 2004     
                                               

  COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E                                                                         

  FINANCIAL POSITION                                                                                                  
  As of JUNE 30, 2004                                                                                                 

  Amounts in L.E.                                                    Note    30-June-2004             31-Dec-2003 

  Assets                                                                                                              

  Cash & Due From Central Bank                                          4   2,841,739,726           2,674,292,801     
  Due From Banks                                                        5   3,828,375,910           3,782,015,348     
  Treasury Bills                                                        6   1,647,180,293           1,427,181,491     
  Reverse Repos                                                         7     390,409,551                            
  Trading Investments                                                   8     645,280,099             476,223,229       
  Available for Sale Investments                                        9   1,687,001,710           1,638,846,363     
  Loans & Overdrafts(Net of Provision for Doubtful Debts)           10&11  12,676,177,933          12,505,238,953    
  Held to maturity Investments                                         12     935,362,845             933,562,940       
  Investments in Subsidiary and associated companies                   13      72,900,000              65,660,000       
  Debit Balances and Other Assets                                      15     550,271,336             418,384,985       
  Fixed Assets (Net)                                                   16     241,321,920             232,046,863       
                                                                                                                      
  Total Assets                                                             25,516,021,323          24,153,452,973    


  Liabilities & Shareholders' Equity                                                                                  
  Liabilities                                                                                                         

  Due to Banks                                                         17     164,989,697             163,305,925       
  Customer Deposits                                                    18  21,820,764,552          20,414,684,038    
  Credit Balances & Other Liabilities                                  19     498,635,453             445,762,619       
  Long Term Loans                                                      20     106,778,504             270,408,918       
  Other Provisions                                                     21     785,951,300             708,676,979       
                                                                                                                      
  Total Liabilities                                                        23,377,119,506          22,002,838,479    

  Shareholders' Equity                                                                                                
  Issued & Paid- in Capital                                                 1,300,000,000           1,300,000,000     
  Reserves                                                                    608,167,670             438,033,411       
  Total Shareholders' Equity                                           22   1,908,167,670           1,738,033,411     
  Net Profit of the Period                                                    230,734,147             412,581,083       

  Total Shareholders' Equity & Net Profit                                   2,138,901,817           2,150,614,494     

  Total Liabilities & Shareholders' Equity                                 25,516,021,323          24,153,452,973    

  Contra Accounts                                                      23   4,780,007,909           5,175,378,396     




  COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E                                                                         

  INCOME STATEMENT                                                                                                    
  As of JUNE 30, 2004                                                                                                 

  Amounts in LE.                                                     Note    30-June-2004            30-June-2003 

  Interest Received from clients & Banks                                      601,592,595             578,906,690       

  Interest Received from Treasury Bills & Bonds                               142,749,699             127,438,918       
  Interest Paid to Clients & Banks                                           (410,482,903)           (430,678,360)     

  Net Interest Income                                                         333,859,391             275,667,248       

  Banking Fees & Commissions                                                  171,349,415             126,720,015       

  Share Dividends                                                              10,072,478               4,232,914       
  Foreign Exchange Income                                              24      48,169,136             (27,386,339)      
  Profit from Selling Investment                                                5,018,746               7,783,586       
  Trading Investment Revaluation Differences                                   (5,084,574)             92,097,416       
  Other Income                                                                 35,272,891              11,458,695       

  Total Fee Income                                                            264,798,092             214,906,287       

  Net Operating Income                                                        598,657,483             490,573,535       

  Provisions                                                                 (175,000,000)           (171,791,596)     
  Other Investment Revaluation Differences                             25     (15,838,420)             (2,935,600)      
  General & Administration Expenses & Depreciation                           (155,372,873)           (128,685,495)     
  Other Expenses                                                              (21,751,433)            (13,493,708)      
                                                                             (367,962,726)           (316,906,399)     
  Net Operating income                                                        230,694,757             173,667,136       

  Non-Operating income                                                             39,390                 312,915       
  Net Profit                                                                  230,734,147             173,980,051       
                                                                                                                      
                                                                                                                      
                                                                                                                      
  COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E                                                                         

  CASH FLOW STATEMENT 1a                                                                                              
  As of JUNE 30, 2004                                                                                                 

  Amounts in LE.                                                             30-June-2004            30-June-2003 

  Cash Flow From Operating Activities                                                                                 

  Net Income Before Tax                                                       230,734,147             173,980,051       
  Adjustments To Reconcile Net Income                                                                                 
  Total Net Cash Provided by operating                                                                                
  Depreciation                                                                 21,089,523              19,296,802       
  Provisions (Additions during the period)                                    175,000,000             171,791,596       
  Trading Investment Evaluation                                                 5,084,574             (92,097,416)      
  Other Investment Evaluation                                                  15,838,420               2,935,600       
  Utilization of Provision (Other than Provision for doubtful               
  debts)                                                                          (71,330)                 (8,498)      
   Difference in revaluation of FCY Provision Balances                            816,539              46,523,180       
 Gain(Loss) From Selling of Fixed Assets                                          (39,390)               (312,915)      
   Gain(Loss) From Selling of Investments                                      (5,018,746)             (7,783,586)      
  Paid Income Tax                                                              (9,470,888)           (100,000,000)     
  Difference in Revaluation of Long Term Loans                                   (892,668)             78,563,262       

  Operating Profit Before Changes in Operating Assets and                     
  Liabilities                                                                 433,070,181             292,888,076       

  Net Decrease (Increase) in Assets                                                                                   
  Due from banks                                                              (58,264,323)         (1,230,313,291)   
  Treasury Bills Over Three Months                                           (161,201,759)           (255,736,227)     
  Reverse Repos                                                              (390,409,551)                      0       
  Trading Investments                                                        (174,141,444)           (275,305,159)     
  Available for Sale Investments                                              (58,975,021)            385,640,792       
  Loans & Overdrafts                                                         (258,992,100)         (1,213,219,718)   
  Debit Balances & Other Liabilities                                         (130,077,621)           (117,871,170)     

  Net Increase (Decrease) In Liabilities                                                                              
  Due to Banks                                                                  1,683,772             (74,402,104)      
  Customer Deposits                                                         1,406,080,514           3,113,110,715     
  Credit Balances & Other Liabilities                                          52,872,834              51,427,093       

  Net Cash Provided from Operating Activities                                 661,645,482             676,219,007       





  COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E                                                                         

  CASH FLOW STATEMENT 1b                                                                                              
  As of JUNE 30, 2004                                                                                                 

  Cash Flow From Investment Activities                                                                                

  Purchase of Subsidiaries                                                     (7,240,000)            (10,000,000)      
  Prepaid for Fixed Assets, premises and Fitting-out of Branches              (33,080,800)            (42,477,423)      
  Purchase of Held-to-Maturity Investments                                     (1,799,905)           (155,755,201)     

  Net Cash (Used in) Investment Activities                                    (42,120,705)           (208,232,624)     

  Cash Flow From Financing Activities                                                                                 
  Decrease in Long Term Loans                                                (162,737,746)              7,656,426       
  Dividends Paid                                                             (242,446,824)           (238,801,908)     

  Net Cash (Used in) provided from Financing Activities                      (405,184,570)           (231,145,482)     

  Net Increase in cash & cash equivalent                                      214,340,207             236,840,901       
  Beginning Balance of cash and cash equivalent                             3,077,271,444           2,535,616,467     

  Cash & Cash equivalent Balance At the End of the period                   3,291,611,651           2,772,457,368     

  Cash & Cash Equivalent are Represented as Follows                                                                   
  Cash and Due from Central Bank                                            2,841,739,726           2,357,821,806     
  Due From Banks                                                            3,828,375,910           4,122,191,751     
  Treasury Bills                                                            1,647,180,293           1,515,806,579     
  Due to Banks                                                             (3,715,694,463)         (4,067,933,438)   
  Treasury Bills More than Three Months                                    (1,309,989,815)         (1,155,429,330)   

  Total Cash & Cash Equivalent                                              3,291,611,651           2,772,457,368     


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