|
Balance Sheet
as of December 31, 2003
(Zo El-Keada 7,1424 H)
( Amounts in LE-thousands)
| Assets |
Note |
December 31, 2003 |
December 31, 2002 |
|
Cash and balances with the
Central Bank of Egypt
|
(4)
|
686,730
|
676,723
|
|
Balances with banks
|
(5)
|
215,077
|
265,777
|
|
Financial investments for
trading purpose
|
(6)
|
172,727
|
73,241
|
|
Financial Investments
available for sale
|
(7)
|
313,057
|
185,904
|
|
Musharaka, Modaraba,
Commercial and Productive Morabaha, and Real estate
Investments (Net)
|
(8)
|
11,164,216
|
10,403,530
|
|
Financial investments held
to maturity date
|
(11)
|
651,000
|
322,066
|
|
Financial investments in
Subsidiaries & mutual interests companies
|
(12)
|
204,602
|
171,401
|
|
Debit balances and other
assets
|
(13)
|
215,006
|
206,443
|
|
Fixed assets (after
depreciation)
|
(14)
|
324,071
|
294,948
|
|
Total Assets
|
|
13,946,486
|
12,600,033
|
|
Liabilities and
Shareholders Equity
|
|
|
|
|
Due to banks
|
(15)
|
475,077
|
791,042
|
|
Current accounts
|
(16)
|
226,193
|
227,467
|
|
Investment accounts
|
(16)
|
10,122,944
|
9,192,095
|
|
3 years saving
certificates
|
(16)
|
1,975,199
|
1,398,441
|
|
Other deposits
|
(16)
|
80,308
|
90,612
|
|
Credit balances and other
liabilities
|
(17)
|
437,660
|
466,738
|
|
Subordinated loan
|
|
60,000
|
60,000
|
|
Total Liabilities
|
|
13,377,381
|
12,226,395
|
|
Shareholders' Equity
|
|
|
|
|
Paid up capital
|
(18/2)
|
263,698
|
263,698
|
|
Reserves
|
(18/3)
|
92,689
|
92,689
|
|
Retained Profits
|
|
17,251
|
17,251
|
|
Total
|
|
373,638
|
373,638
|
|
Special Reserve (for
Financial Investments)
|
(18/3)
|
69,043
|
--
|
|
Total Shareholders' Equity
|
|
442,681
|
373,638
|
|
Net Profit of The Year
|
|
126,424
|
--
|
|
Total Shareholders' Equity
& Net Profit of The Year
|
|
569,105
|
373,638
|
|
Total Liabilities and
Shareholders' Equity
|
|
13,946,486
|
12,600,033
|
|
Contingent Liabilities and
commitments
|
|
|
|
|
Commitments for letters of
guarantee, letters of credit & others
|
(19)
|
185,293
|
206,588
|
| Auditors |
Governor |
Chairman of the Board of Directors |
|
Mohamed Salah
|
Hafez M. Ragheb
|
Abdel Hamid Aboumoussa
|
Mohamed Al-Faisal Al Saud
|
Statement of Income
For the year ended December 31, 2003 (Zo El-Keada 7,1424 H)
( Amounts in LE-thousands)
|
|
Note |
December 31, 2003
|
December 31, 2002 |
|
Income
from Musharaka, Modaraba, Commercial
and Productive Morabaha, Realestate
Investments, and others
|
|
494,537
|
495,522
|
|
Less:
|
|
|
|
|
Return
on saving Accounts.
|
|
(490,387)
|
(465,091)
|
|
Net
income
|
|
4,150
|
30,431
|
|
Commissions
and banking services fees
|
|
22,428
|
28,907
|
|
Shares
dividends
|
|
41,827
|
19,048
|
|
Profits
of foreign currency operations.
|
(21)
|
113,208
|
2,181
|
|
Profits
of financial investments sales
|
|
44,897
|
50,000
|
|
Valuation
differences of financial investments for
trading purpose
|
(22)
|
(16)
|
(146)
|
|
Valuation
differences of other financial investments
|
(23)
|
47,561
|
--
|
|
Net
Operating Revenue
|
|
274,055
|
130,421
|
|
Less:
|
|
|
|
|
Zakat
due
|
|
(1,343)
|
(695)
|
|
Provisions
|
(9,10)
|
(60,121)
|
(31, 575)
|
|
General
and Managerial expenses and depreciation
|
|
(86,167)
|
(80,900)
|
|
Net
profit of the year
|
|
126,424
|
17,251
|
| Dividend per share from net profit |
|
L.E. 12.31
|
L.E. 10. 87
|
Statement of Cash Flows
For the year ended December 31, 2003 (Zo El-Keada 7,1424 H)
( Amounts in LE-thousands)
|
|
|
December 31, 2003
|
December 31, 2002 |
|
Cash flows from operating activities:
Net profit of the year before Taxes
|
|
126,424
|
17,251
|
|
|
|
126,424
|
17,251 |
|
Adjustments to settle net income with cash flows from operating activities:
|
|
|
|
|
Depreciation
|
|
4,625
|
3,707
|
|
Provisions
|
|
60,121
|
31,575
|
| Operating income before the change inAssets & Liabilities used in operatingactivities: |
|
191,170
|
52,533
|
|
Net Decrease (Increase) in assets
|
|
|
|
|
Financial investments for trading
purpose
|
|
(99,486)
|
(219) |
|
Financial investment available for
sale
|
|
(127,153)
|
(13,422)
|
|
Musharaka, Modaraba, commercial and
productive
|
|
|
|
|
Morabaha, and Real estate investments
|
|
(805,807)
|
(775,596)
|
|
Debit balances and other Assets
|
|
(23,563)
|
(63,303)
|
|
Net Increase (Decrease) in
liabilities
|
|
|
|
|
Due to banks
|
|
(315,965)
|
(107,763)
|
|
Customer's deposits
|
|
919,271
|
(529,733)
|
|
Three years saving certificates
|
|
576,758
|
619,946
|
|
Credit balances and other liabilities
|
|
(29,078)
|
(117,557)
|
|
Net cash flows provided by operating
activities
|
(1)
|
286,147
|
339,878
|
|
Cash flows from investing activities
|
|
|
|
|
Purchase of financial investments
held till maturity date
|
|
(328,934)
|
(322,066)
|
|
Purchase of financial investments in
subsidiaries & mutual
|
|
|
|
|
interests companies
|
|
(33,201)
|
(10,106)
|
|
Purchase of fixed assets and branches
improvements
|
|
(33,748)
|
(38,202)
|
|
Net cash flows (used in) investing
activities
|
(2)
|
(395,883)
|
(370,374)
|
|
Cash flows from financing activities
|
|
|
|
|
Increase in Reserves
|
|
69,043
|
12,131
|
|
Increase in Subordinated loan
|
|
|
60,000
|
|
Dividends paid
|
|
|
(48,255)
|
|
Net cash flows provided by financing
activities
|
(3)
|
69,043
|
23,876
|
|
Net (decrease) in cash and cash
equivalent during the year
|
|
(40,693)
|
(6,620)
|
|
Cash & cash equivalent opening
balance
|
|
942,500
|
949,120
|
|
Cash & cash equivalent closing
balance
|
|
901,807
|
942,500
|
|
Cash & cash equivalent
represented in the following:
|
|
|
|
|
Cash and balances with the Central
Bank of Egypt
|
|
686,730
|
676,723
|
|
Balances with banks
|
|
215,077
|
265,777
|
|
Total Cash & cash equivalent
|
|
901,807
|
942,500:
|
Valuation is conducted according to the following exchange rate :
U.S.$ = 4.596 Euro = 4.679 Gbp = 6.669
|
|
