May 14, 2009
CIB - 1
Quarter 2009 Results
Commercial International Bank-Egypt
CIB released its first quarter results with the following comments from management:
CIB management believes that while there has been a recent revival of the capital markets and lowering
of interbank rates, we are not out of the danger zone yet. Hence, our strategy in the first quarter was to
remain prudent by focusing on both short-term sustainability and long-term success. In a recent article,
the Financial Times (German version) highlighted CIB as one of a few banks globally that remains solid
and safe. This nomination was primarily due to our conservative and proactive risk management and
disciplined business model.
CIB enjoyed another successful quarter. On a stand-alone basis, the bank generated net profit of EGP 498
million, return on average equity (ROAE) of 34.87% and return on average assets (ROAA) of 3.37%. The
bank’s net interest margin rose to 4.27%, compared to 3.67% for Q1 2008, despite a decrease in the
prevailing interest rates.
On a consolidated basis, CIB generated net profit of EGP 471 million, ROAE of 32% and ROAA of
3.17%. Adjusted net profit for the quarter showed an increase of 40% compared to the first quarter 2008.
(Adjusted net profit excludes the impact of unusual items, taxation on T bills & T bonds, Impact of
accruals on expenses and non-cash amortization of intangible assets related to the acquisition of CI-CH).
The management is pleased to announce that the Bank has strengthened its liquidity position, with its net
loans/deposits ratio at the end of the first quarter at 54.85% against 56.68% in December 2008. This was
achieved by our traditional focus on deposit-gathering through our retail and corporate customer franchise
and our long-term relationships with our clients.
• The Bank, on a stand-alone basis, achieved an NPAT for YTD 2009 of EGP 498 million, an increase
of 11.54% a