Final Results - Replacement

Commercial Intnl Bank (Egypt) SAE 06 February 2007 The following replaces the Final Results announcement released today at 08:56 under RNS number 7710Q. In the Cash Flow Statement 1b, the dates should have read Dec. 31, 2006 and not Dec. 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, 2006 should 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.E FINANCIAL POSITION As of December 31, 2006 Amounts in L.E. Note 31-Dec-2006 31-Dec-2005 Assets Cash & Due From Central Bank 4 3,742,876,516 3,077,734,972 Due From Banks 5 5,432,677,413 3,405,644,961 Treasury Bills & Other Notes Discountable at CBE 6 4,058,745,805 3,494,296,707 Trading Financial Investments 7 887,142,138 1,839,129,492 Available for Sale Financial Investments 8 3,178,163,512 2,183,075,763 Loans & Overdrafts (Net of Provision for Doubtful Debts) 9&10 17,464,675,855 14,039,137,208 Held to maturity Financial Investments 11 822,284,338 1,098,310,684 Financial Investments in Subsidiary and associated companies 12 475,836,460 114,592,987 Debit Balances and Other Assets 14 821,707,644 727,687,892 Deferred Tax 25 40,632,719 33,531,015 Fixed Assets (Net) 15 497,753,223 376,401,597 Total Assets 37,422,495,623 30,389,543,278 Liabilities & Shareholders' Equity Liabilities Due to Banks 16 1,212,524,120 719,680,104 Customer Deposits 17 31,600,227,198 24,870,258,033 Dividends & Profit Sharing 0 200,165,754 Credit Balances & Other Liabilities 18 843,634,575 1,025,908,291 Long Term Loans 19 99,166,861 98,271,001 Other Provisions 20 339,825,378 947,999,997 Total Liabilities 34,095,378,133 27,862,283,180 Shareholders' Equity Issued & Paid- in Capital 1,950,000,000 1,300,000,000 Reserves 575,072,726 1,227,260,098 Total Shareholders' Equity 21 2,525,072,726 2,527,260,098 Net Profit of the Period 802,044,764 - Total Shareholders' Equity & Net Profit 3,327,117,490 2,527,260,098 Total Liabilities & Shareholders' Equity 37,422,495,623 30,389,543,278 Contingent & commitments Liabilities 22 6,864,843,585 4,734,375,463 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT For 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 1,407,279,746 Interest 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 399,573,750 342,974,826 Share Dividends 47,206,917 38,198,621 Foreign Exchange Income 23 108,888,845 142,301,237 Profit from Selling Investment 145,447,016 75,601,987 Trading Investment Revaluation Differences 16,534,014 (20,191,624) Other Income 99,613,908 10,769,228 Total Fee Income 817,264,450 589,654,275 Net 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 878,304,012 610,645,385 Non-Operating income 418,000 10,080 Net Profit before Tax 878,722,012 610,655,465 Income Tax (83,778,952) (34,049,494) Deferred Tax 25 7,101,704 33,531,015 Net Profit After Tax 802,044,764 610,136,986 Earnings per share 27 3.64 2.77 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1a For 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 878,722,012 610,655,465 Adjustments To Reconcile Net Income Total Net Cash Provided by operating Depreciation 93,436,004 68,239,568 Provisions (Additions during the period) 194,312,750 364,885,669 Trading Financial Investment Evaluation (16,534,014) 20,191,624 Other Financial Investment Evaluation 15,812,507 35,559,923 Utilization 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) 0 FCY 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 Assets Due from banks (1,983,839,488) 1,242,232,176 Treasury Bills & Other Notes Discountable at CBE (651,338,798) 103,090,969 Trading Financial Investments 968,521,368 (1,186,119,215) Available for Sale Financial Investments (865,453,240) 128,368,479 Loans & Overdrafts (3,591,677,947) (841,926,079) Debit Balances & Other Assets (351,932,559) (82,271,212) Net Increase (Decrease) In Liabilities Due to Banks 492,844,016 495,030,762 Customer Deposits 6,729,969,165 891,052,059 Credit Balances & Other Liabilities (232,003,173) 536,710,553 Net Cash Provided from Operating Activities 1,172,242,942 2,299,348,621 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b For the Period from Jan. 1 2006 to Dec. 31, 2006 Dec. 31, 2006 Dec. 31, 2005 Cash Flow From Investment Activities Purchase 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 Activities Decrease 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 621,444,808 759,274,008 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 4,023,396,001 4,084,876,333 Cash & Cash Equivalent are Represented as Follows Cash and Due from Central Bank 3,742,876,516 3,077,734,972 Due From Banks 5,432,677,413 3,405,644,961 Treasury Bills & Notes Discountable at CBE 4,058,745,805 3,104,553,979 Due 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.E STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY For 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 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) 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 Reserves General Reserves Special Reserves Profits of Total Reserves for Inv. the year Revaluation 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 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 0 Ending 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.E Recommended 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 0 Total Due from central bank 120,102,850 0 (B) Local Banks - Current Accounts 14,364,909 2,859,408 - Time Deposits 85,620,000 0 Total 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 3,319,675,345 Total 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 Notes Discountable 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 50,231,002 Total Trading Financial Investments 887,142,138 1,839,129,492 The Financial Trading Investments are represented as follows :- - 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 2,183,075,763 Available for sale financial investments are 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 as of 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 in Subsidiary and Associated to Available for Sale Investments as they meet the rebooking terms and conditions 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 1,223,253,419 Usage during the period (228,447,476) 0 (228,447,476) Transferred from Provisions of contingent 44,102,078 0 0 liability Balance 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 1,119,485,425 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 Dec. 31, 2006 Dec. 31, 2005 L.E L.E A. 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 25,000,000 116.91 per certificates - 50,000 Istethmar Fund Certificates with market value 5,000,000 0 LE 112.33 per certificates - 25,000 Aman Fund Certificates with market value LE 2,500,000 0 102.80 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 on 31 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 % LE A- Subsidiary Companies: - Commercial International Holding Co. 368,390,000 %67 0 0 B- 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 0 475,836,460 114,592,987 The 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 in Subsidiary and Associated to Available for Sale Investment as they meet the reclassifying terms - C.I Holding Co. acquired the bank share in the Commercial International Brokerage Co., Concept Co., and C.I Asset Management Co., and CIB share in the said 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 as follows: Investments Value Paid Remaining L.E L.E L.E Available for sale Financial investments 608,984,428 228,308,226 380,676,202 Financial 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 286,829,442 240,339,882 Prepaid Expenses 28,645,872 21,415,800 Advances for Purchase of Fixed Assets 154,574,895 106,748,875 Assets Acquired for Settlement of Debts 78,927,129 132,445,347 Accounts Receivable & Other Assets 271,731,041 226,737,988 Accrued Balances of Customer Loans* 252,458,000 0 1,073,166,379 727,687,892 Deduct: Provision for General Risk & Risk (251,458,735) 0 Insurance** Total Debit Balances and Other Assets 821,707,644 727,687,892 * These balances represent certain advances to customers that were made at one of 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 to meet 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 17,553,891 214,787,630 during 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.Depreciation at beginning of the - 67,625,757 143,542,529 13,941,594 51,838,506 53,969,382 18,456,564 349,374,332 period (4) Current period - 10,941,843 47,803,921 1,856,210 13,432,263 13,008,115 6,393,652 93,436,004 Depreciation Accu.Depreciation at end of the 78,567,600 191,346,450 15,797,804 65,270,769 66,977,497 24,850,216 442,810,336 period (2) End of period 6,720,577 179,548,277 165,513,900 4,973,463 36,272,246 71.933.683 32,791,077 497,753,223 net Assets (1-2) Beginning of 6,720,577 139,222,568 130,681,354 4,924,473 16,501,351 56,720,436 21,630,838 376,401,597 period 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 and registrations 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 867,616,000 172,122,000 Total 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 201,461,720 487,375,410 Total 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 1,189,914,884 728,473,763 Total 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 46,800,828 Total 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 11,722,854 UNIDO 1 2011 2,958,082 10,483,577 11,765,933 Ministry 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 date Ministry of Agriculture (V.S.P) 3.5 - 5.5 3-5 years 20,000 30,000 233,328 depends on maturity date Barclays bank (P.S.F.S) - - - - 1,232,000 Social Fund 3 months T 2010 3,325,000 8,574,821 10,000,000 /D or 9% which more Total 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) - 227,173,695 Income Tax claims - Provision for 1,728,828 178,750 (8,604) (772,180) - - 1,126,794 Legal Claims - Provision for 138,878,000 17,073,560 (324,593) - (44,102,078) - 111,524,889 contingent - 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 assets resulting 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 - 621,677,559 Income Tax claims - Provision for 2,111,720 0 (72,337) (310,555) 0 - 1,728,828 Legal Claims - Provision for 99,584,497 43,312,306 (4,018,803) 0 0 - 138,878,000 contingent - Provision for 154,043,142 10,000,000 (2,207,770) 0 0 - 161,835,372 General risk - Provision for 25,395,281 0 (1,515,043) 0 0 - 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 LE 5000 Million according to the Extraordinary General Assembly decision on 19 Mar. 2006 - Issued and Paid-in Capital reached EGP 1950 Million divided to 195 Million shares with par value of EGP 10 each - Issued and Paid-in Capital has been increased from EGP 1300 Million to EGP 1950 Million on 31 Aug 2006 according to the Extraordinary General Assembly Approval on 26 June 2006 by transferring EGP 650 Million from the General 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 a maximum of 5% of issued and paid-in capital at par value, through 5 years starting 31 Dec 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 it 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 foreign currency for preceding years (up to 2002), and this 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 & 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.E profit from dealing with foreign currencies 103,752,327 105,101,970 Profit of revaluation of Monitoring assets and Liabilities* 3,094,818 36,313,682 Forward deals revaluation profits / losses 1,254,271 61,108 profit 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 financial Trading and Available for Sale Investments against an increase of L.E 2,916,734 and L.E 2,306,582 respectively 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 37,488,888 contingent liabilities and Income Tax Prov.) - Other Items (other investment revaluation 9,877,820 7,111,985 difference) - 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 16,445,621 Income Tax 76,677,248 518,479 Effective 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 195,000,000 195,000,000 Earning Per Share 3.64 2.77 28 - Other Income Other 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 & Depreciation The General & Administrative Expense accounts reflect non-recurring expenses of EGP 79 million resulting from cancellation of the employee provident fund to improve and simplify the employee remuneration policy without future burden on the bank's administrative expenses, in addition to settlement part of staff loans of CIB shares to employees. 30 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One Year Assets - 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 11,922,252,090 Liabilities - 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 6,125,537,645 31 -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 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 2001 up to 2002. - Corporate Income Tax for the years from 2003 up to 2004 were paid according to the appeal committee 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 Currency 1 - Due From Banks 134,459,726 5,298,217,687 2 - Loans & Overdrafts % Agriculture Sector 66,717,811 0.4 Industrial Sector 8,473,712,963 45.3 Trading Sector 699,970,060 3.7 Services Sector 7,068,165,160 37.8 Household Sector 1,448,619,186 7.7 Other Sectors 960,135,662 5.1 Total 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) 5.6 Unearned Interest & Commission (207,602,806) Net Loans & Overdrafts 17,464,675,855 Liabilities Local Currency Foreign Currency 1- Due to Banks 164,822,033 1,047,702,087 2 - Customers' Deposits % Agriculture Sector 37,147,013 0.1 Industrial Sector 3,278,846,058 10.4 Trading Sector 1,322,064,847 4.2 Services Sector 6,842,344,799 21.7 Household Sector 17,065,943,122 54 Other Sector 3,053,881,359 9.7 Total Customers' Deposits 31,600,227,198 100.00 Contingent 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 Market Authority 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 from Capital 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 license no. 365 issued from Capital Market Authority on 30/07/2006. CI Assets Management Co. -joint stock co.- managed the 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. This information is provided by RNS The company news service from the London Stock Exchange RL

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