3rd Quarter Results - Net Profits Up 19%

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E.
25 October 1999


                  Commercial International Bank (Egypt) S.A.E.
                             Financial Position
                          As of September 30, 1999

Assets

                                           Sept, 30, 1999   December 31, 1998
                                                 LE               LE

- Cash & Due From Central Bank             1,879,508,927       1,470,139,915
- Due From Other Banks                     1,472,640,809         692,853,069
- Treasury Bills                             335,079,126         584,023,753
- Trading Investments (Net Of
  Provision For Trading Investments)         224,230,795          77,832,181
- Loans & Overdrafts
  (Net Of Provision for Doubtful Debts)    9,521,021,966       9,408,661,363
- Non-trading Investments                  1,077,964,793         765,695,846
- Debit Balances & Other Assets              246,443,920         168,953,990
- Fixed Assets (Net)                         112,795,968         109,129,926

Total Assets                              14,869,686,304      13,277,290,043

Liabilities & Shareholder's Equity
Liabilities

- Due to Banks                               419,553,848       1,213,025,411
- Customer Deposits                        9,776,528,925       8,729,695,577
- Credit Balances & Other Liabilities        594,693,314         336,006,953
- Dividends & Profit Sharing                           -         229,127,028
- Medium Term Bonds                          600,000,000         300,000,000
- Long Term Loans                          1,478,490,812         788,493,800
- Other provisions                           452,878,951         398,789,506

Total Liabilities                         13,322,145,850      11,995,138,275

Shareholders' Equity

- Issued & Paid -in Capital                  650,000,000         650,000,000
- Reserves                                   632,151,768         632,151,768

Total Shareholders' Equity                 1,282,151,768       1,282,151,768
Net Profit for the Period                    265,388,686                   -

Total Shareholders' Equity &
Net Profit for the period                  1,547,540,454       1,282,151,768

Total Liabilities & Shareholders' Equity  14,869,686,304      13,277,290,043

- Contra Accounts                          5,594,889,592       5,843,852,411



                   Commercial International Bank (Egypt) S.A.E.
                              Statement of Income
                      From January 1, 1999 to Sept. 30, 1999

                                           Sept. 30, 1999      Sept. 30, 1998

- Interest Received From
  Clients & Banks                           742,500,833         630,896,628

- Interest Received From
  Treasury & Corporate securities            98,832,925         102,733,066

Deduct

- Interest Paid to Clients
  & Banks                                  (555,943,838)       (517,107,652)

Net Interest Income                         285,389,920         216,522,042

- Banking Fee & Commissions                 142,758,508         130,797,528

- Dividend Income                            11,298,611          13,501,248

- Profit (losses) From Selling Investments   (1,283,296)         69,180,465

- Foreign Exchange Income                    42,132,862          31,963,482

- Other Income                               17,427,516          12,300,922

Total Fee Income                            212,334,201         257,743,645

Net Operating Income                        497,724,121         474,265,687

Deduct

- Provisions                               (100,607,977)       (129,498,451)

- General & Administrative Expense         (122,529,293)       (108,620,114)
  & Depreciation

- Other Expenses                             (9,198,165)        (13,668,471)

                                           (232,335,435)       (251,787,036)

Net Profit                                  265,388,686         222,478,651


                              Press Release
               Commercial International Bank (Egypt) S.A.E.
                    Third Quarter Financial Results
                             September 1999 

The third quarter of 1999 witnessed an increase of 19% in net profits from LE
222 Million ($ 65.1) in September 1998 to LE 265 ($ 77.7) in September 1999.

All key operating products lines performed well.  Interest income increased by
14.7% from LE 733.6 Million ($ 215.1) to LE 841.3 Million ($ 246.6) while
interest expense increased by only 7%.

Net Operating income increased by 5% from LE 474.3 Million ($ 139.0) in
September 1998 to LE 497.7 Million ($ 145.9) in September 1999.

In addition, Net Loans / Deposits ratio improved from 107% in September last
year to 97% during the same period this year due to a healthy 12% increase in
customer deposits.

If you have any questions, please do not hesitate to contact Mrs Maha Ragab,
Assistant General Manager, Marketing Support Group.

For full details, please visit our web site on www.cibeg.com.