3rd Quarter Results

Commercial Intnl Bank (Egypt) SAE 05 November 2006 Commercial International Bank (Egypt) S.A.E. Financial Statements September 30, 2006 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E FINANCIAL POSITION As 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 3,077,734,972 Due From Banks 5 4,350,114,935 3,405,644,961 Treasury Bills & Other Notes Discountable at CBE 6 2,677,961,367 3,494,296,707 Trading Financial Investments 7 1,040,268,150 1,839,129,492 Available for Sale Financial Investments 8 2,820,393,322 2,183,075,763 Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 16,683,834,088 14,039,137,208 Held to maturity Financial Investments 11 874,991,227 1,098,310,684 Financial Investments in Subsidiary and associated companies 12 138,437,001 114,592,987 Debit Balances and Other Assets 14 1,247,714,379 727,687,892 Deferred Tax 25 52,588,052 33,531,015 Fixed Assets (Net) 15 451,697,080 376,401,597 Total Assets 33,684,996,965 30,389,543,278 Liabilities & Shareholders' Equity Liabilities Due to Banks 16 354,130,453 719,680,104 Customer Deposits 17 28,664,841,462 24,870,258,033 Dividends & Profit Sharing 0 200,165,754 Credit Balances & Other Liabilities 18 560,436,001 1,025,908,291 Long Term Loans 19 106,825,314 98,271,001 Other Provisions 20 858,692,446 947,999,997 Total Liabilities 30,544,925,676 27,862,283,180 Shareholders' Equity Issued & Paid- in Capital 1,950,000,000 1,300,000,000 Reserves 575,380,521 1,227,260,098 Total Shareholders' Equity 21 2,525,380,521 2,527,260,098 Net Profit of the Period 614,690,768 - Total Shareholders' Equity & Net Profit 3,140,071,289 2,527,260,098 Total Liabilities & Shareholders' Equity 33,684,996,965 30,389,543,278 Contingent & commitments Liabilities 22 5,619,228,772 4,734,375,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT For 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 294,983,957 258,389,020 Share Dividends 34,319,519 34,274,646 Foreign Exchange Income 23 76,835,713 117,647,241 Profit from Selling Financial Investment 82,962,658 47,646,199 Trading Investment Revaluation Differences 15,291,106 (23,642,970) Other Income 78,131,294 7,015,554 Total Fee Income 582,524,246 441,329,690 Net 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 647,412,228 448,552,669 Non-Operating income 178,000 0 Net Profit Before Tax 647,590,228 448,552,669 Income Tax (51,956,497) 0 Deferred Tax 25 19,057,037 0 Net Profit After Tax 614,690,768 448,552,669 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1a For 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 647,590,228 448,552,669 Adjustments To Reconcile Net Income Total Net Cash Provided by operating Depreciation 67,267,917 46,922,388 Provisions (Additions during the period) 173,410,750 270,535,673 Trading Financial Investment Evaluation Diff. (15,291,106) 23,642,970 Other Financial Investment Evaluation Diff. 4,324,682 23,480,173 Utilization 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) 0 Profit From Selling of Investments (82,962,658) (47,646,199) Income Tax Paid (146,533,648) 0 FCY Revaluation Difference of Long Term Loans 1,602,829 1,151,368 Operating Profit Before Changes in Operating Assets and Liabilities 649,204,781 756,474,402 Net Decrease (Increase) in Assets Due from banks (920,209,740) 1,033,547,446 Treasury Bills & Other Notes Discountable at CBE 785,832,337 (762,844,054) Reverse Repos 0 0 Trading Financial Investments 814,152,448 (570,858,217) Available for Sale Financial Investments (558,679,583) 378,087,292 Loans & Overdrafts (2,706,606,981) (432,319,809) Debit Balances & Other Assets (538,496,569) (193,072,352) Net Increase (Decrease) In Liabilities Due to Banks (365,549,651) 681,993,930 Customer Deposits 3,794,583,429 334,909,291 Credit Balances & Other Liabilities (517,428,787) 51,360,670 Net Cash Provided from Operating Activities 436,801,684 1,277,278,599 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b For 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, 2005 Cash Flow From Investment Activities Purchase 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 Activities Decrease 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 3,325,602,325 Cash & Cash equivalent Balance At the End of the period 3,664,970,816 3,183,086,990 Cash & Cash Equivalent are Represented as Follows Cash and Due from Central Bank 3,346,997,364 2,717,158,149 Due From Banks 4,350,114,935 3,598,977,128 Treasury Bills 2,677,961,367 3,074,295,711 Due 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.E STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY As of September 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 2,123,115,558 Balance Transfer to 0 30,506,849 379,464,383 0 0 (409,971,232) 0 Reserves Distributed 0 0 0 0 0 (200,165,754) (200,165,754)) Profits Net Profit 0 0 0 0 0 610,136,986 610,136,986 Usage part 0 0 0 0 (5,826,692) 0 (5,826,692) of reserve Ending 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098 Balance 2006 Capital Legal General Special Reserves for Profits of the Total Reserves Reserves Reserves Inv. year Revaluation Beginning 1,300,000,000 331,128,634 723,775,555 162,709,903 9,646,006 0 2,527,260,098 Balance Net Profit for 0 0 0 0 0 614,690,768 614,690,768 the Period Usage part of 0 0 0 0 (1,879,577) 0 (1,879,577) reserve Capital 650,000,000 0 (650,000,000) 0 0 0 0 Increase Ending 1,950,000,000 331,128,634 73,775,555 162,709,903 7,766,429 614,690,768 3,140,071,289 Balance 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 2,625,442,656 Total 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 0 Total Due from central bank 14,450 0 (B) Local Banks - Current Accounts 6,765,236 2,859,408 - Time Deposits 0 0 Total 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 3,319,675,345 Total 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 Notes Discountable 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 50,231,002 Total Trading Financial Investments 1,040,268,150 1,839,129,492 The Financial Trading Investments are represented as follows :- - 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 2,183,075,763 Available for sale financial investments are 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 2,112,499,330 as 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 Investment in Subsidiary and Associated Co. to Available for Sale Investment as they meet rebooking conditions for that 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 1,119,485,425 Usage during the Year (170,584,913) 0 (170,584,913) Transferred from general to specific 66,076,306 (66,076,306) 0 Balance 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.E A. 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 25,000,000 LE 112.69 each - 50,000 Estesmar Fund Certificates with market value 5,000,000 0 of 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 - - 138,437,001 114,592,987 The 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 in Subsidiary 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 Asset Management Co. 13 -Capital Commitments (Financial Investments) The capital commitments for the financial investments reached in date of Financial position L.E 437,853,956 as follows: Investment Value Paid Remaining L.E L.E L.E Available 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.E Accrued Interest receivable 391,489,352 240,339,882 Prepaid Expenses 31,749,164 21,415,800 Advances for Purchase of Fixed Assets 142,527,132 106,748,875 Assets Acquired for Settlement of Debts 78,197,008 132,445,347 Investment in Co. Under Establishment* 320,000,000 - Accounts Receivable & Other Assets 283,751,723 226,737,988 Total 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 process in 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 10,552,113 142,563,400 period 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 67,267,917 Depreciation 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 27,606,313 451,697,080 assets(1-2) Beginning of period net 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597 assets(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 11,471,800 172,122,000 Total 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 288,476,056 487,375,410 Total 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 867,149,791 728,473,763 Total Customer Deposits 28,664,841,462 24,870,258,033 18 - Credit Balances and Other Liabilities Sep. 30, 2006 Dec. 31, 2005 - Accrued Interest Payable 118,596,767 109,102,166 - Accrued Expenses 69,328,920 24,077,927 - Accounts Payable 326,805,167 845,927,370 - Other Liabilities 45,705,147 46,800,828 Total Credit Balances And Other Liabilities 560,436,001 1,025,908,291 19 -Long Term Loans 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 19 March, 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 for each 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, 2006 and delegated the Board of Directors to establish the rewarding terms & conditions and increase the paid-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 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 decrease in the value of that investment, and the income statement will be carried with the difference according to the issued 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 Monitoring assets 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 financial Trading and Available for Sale Investments against an increase of EGP 64,796 and EGP 711,810 respectively in Financial 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 37,488,888 contingent liabilities &income tax provisions) - Other items (other inv. Revaluation diff.) 9,199,130 7,111,985 Total 52,588,052 33,531,015 26 - Other Income Other Income account reflects an extraordinary gain of EGP 56 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 73 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. 28 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One Year Assets - 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 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 6,128,981 4,343,985,954 2 - Loans & Overdrafts % Agriculture Sector 71,051,939 0.4 Industrial Sector 7,961,033,198 44.1 Trading Sector 892,222,889 4.9 Services Sector 6,769,160,738 37.5 Household Sector 1,772,008,357 9.9 Other Sectors 566,616,224 3.2 Total 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) 6.1 Unearned Interest & Commission (232,544,325) Net Loans & Overdrafts 16,683,834,088 Liabilities Local Currency Foreign Currency 1- Due to Banks 51,772,358 302,358,095 2 - Customers' Deposits % Agriculture Sector 36,161,666 0.10 Industrial Sector 3,107,358,555 10.8 Trading Sector 890,340,798 3.2 Services Sector 5,388,104,798 18.8 Household Sector 16,259,185,078 56.7 Other Sector 2,983,690,567 10.4 Total Customers' Deposits 28,664,841,462 100.00 Contingent 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 Market Authority 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 Capital Market 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

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