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Chairman's Letter History Mission Board of Directores Financials

Unaudited Consolidated Balance Sheet
		30-Jun-02			30-Jun-03
In LBP Million	LBP	C/V LBP	Total	LBP	C/V LBP	Total
ASSETS
Cash & Central Bank	162,194	620,055	782,249	1,148,642	1,080,757	2,229,399
Lebanese Government Securities	1,554,283	1,206,764	2,761,047	1,651,952	1,244,806	2,896,758
Bonds & Other Fixed Income Securities	0	67,421	67,421	0	55,106	55,106
Equities & Securities With Variable Income	5,677	1,956	7,633	5,418	2,113	7,531
Banks & Financial Institutions	26,424	1,336,438	1,362,862	92,626	1,179,515	1,272,141
- Current Accounts	(22)	(81,900)	(81,922)	(28)	(61,975)	(62,003)
- Time Deposits	(26,402)	(1,254,538)	(1,280,940)	(92,598)	(1,117,540)	(1,210,138)
Head Office & Branches, Parent Companies,	0	19,573	19,573	0	0	0
and Foreign Sister Financial Institutions
- Current Accounts	0	(19,573)	(19,573)	0	0	0
- Time Deposits	0	0	0	0	0	0
Net Advances To Customers (*)	184,881	1,362,905	1,547,786	214,331	1,618,811	1,833,142
- Commercial Loans	(47,070)	(915,656)	(962,726)	(31,779)	(894,942)	(926,721)
- Other Loans Granted to Customers	(135,228)	(348,206)	(483,434)	(185,835)	(658,132)	(843,967)
- Overdrafts	(1,763)	(51,461)	(53,224)	(1,547)	(18,334)	(19,881)
- Related Parties	0	0	0	0	0	0
- Net Non Performing Loans	(7,201)	(69,776)	(76,977)	(5,051)	(71,350)	(76,401)
- General Provisions on the Loan Portfolio	6,381	22,194	28,575	9,881	23,947	33,828
- Debtor Accounts Against Creditor Accounts	0	0	0	0	0	0
Bank Acceptances	0	107,268	107,268	0	95,730	95,730
Investment in Companies Under the Cost Method			0	0	0	0
Investment in Companies Under the Equity Method	8,838	0	8,838	12,806	0	12,806
Tangible Fixed Assets	85,522	22,329	107,851	104,196	25,449	129,645
Intangible Fixed Assets	0	45	45	0	2,441	2,441
Sundry Debtor	353	186	539	451	3,382	3,833
Regularization & Miscellaneous Debtor Accounts	23,839	12,683	36,522	17,531	15,293	32,824
Goodwill	2,730		2,730	(2,423)	20,982	18,559
TOTAL ASSETS	2,054,741	4,757,623	6,812,364	3,245,530	5,344,385	8,589,915
	30/Jun/2002	30/Jun/2003
(*) Loans that are not classified doubtful and nonperforming include:
- Substandard loans net of reserved interest	70,595	74,433
Reserved Interest on Substandard Loans	35,097	46,482
(*) After deduction of:
- Specific provisions of doubtful and non-performing loans	86,520	100,129
- Reserved Interest	96,822	138,964
CONTRA ACCOUNTS
Commitments by signature received - Financial institutions	2,601	60,287	62,888	0	71,904	71,904
Commitments by signature received - Customers	120,300	1,859,695	1,979,995	136,470	3,143,480	3,279,950
TOTAL CONTRA ACCOUNTS	122,901	1,919,982	2,042,883	136,470	3,215,384	3,351,854

UNAUDITED CONSOLIDATED BALANCE SHEET
		30-Jun-02			30-Jun-03
In LBP Million	LBP	C/V LBP	Total	LBP	C/V LBP	Total
LIABILITIES
Central Bank	111,022	468	111,490	98,646	7,229	105,875
Banks & Financial Institutions	1,425	477,062	478,487	767	480,653	481,420
- Current Accounts	(1,425)	(85,473)	(86,898)	(767)	(112,884)	(113,651)
- Time Deposits	0	(391,589)	(391,589)	0	(367,769)	(367,769)
Head Office & Branches, Parent Companies,	0	0	0	0	1,710	1,710
and Foreign Sister Financial Institutions
- Current Accounts	0	0	0	0	(1,710)	(1,710)
- Time Deposits	0	0	0	0	0	0
Customer Deposits	1,553,118	3,972,376	5,525,494	2,691,551	4,296,130	6,987,681
- Sight Deposits	(120,279)	(521,472)	(641,751)	(210,171)	(508,877)	(719,048)
- Time Deposits	(40,745)	(860,627)	(901,372)	(399,226)	(1,152,854)	(1,552,080)
- Saving Deposits	(1,391,840)	(2,532,100)	(3,923,940)	(2,080,739)	(2,584,806)	(4,665,545)
- Related Parties	(254)	(35,011)	(35,265)	(1,415)	(26,240)	(27,655)
- Creditor Accounts Against Debtor Accounts	0	(23,166)	(23,166)	0	(23,353)	(23,353)
Bank Acceptances	0	107,268	107,268	0	95,730	95,730
Bonds & Other Short Term Debt Instruments	0	33,431	33,431	0	0	0
- Certificates of Deposits	0	(33,431)	(33,431)	0	0	0
- Debt Securities	0	0	0	0	0	0
Sundry Liabilities	12,836	62,086	74,922	27,305	82,754	110,059
Regularization & Miscellaneous Creditor Accounts	6,200	5,519	11,719	14,555	5,860	20,415
Provisions For Risk & Charges	15,602	73	15,675	14,356	174	14,530
Subordinated loans	0	9,460	9,460	0	157,861	157,861
Issued & Paid Up Capital	246,028	0	246,028	247,228	0	247,228
Reserves for General Banking Risk	16,633	3,910	20,543	17,073	9,170	26,243
Reserves and Premiums	122,491	0	122,491	130,594	163,299	293,893
Profit Carried Forward	951	0	951	1,440	123	1,563
Net Income for the Year	31,050	3,037	34,087	35,460	1,758	37,218
Revaluation Variance Accepted in Tier Two Capital	5,689	0	5,689	5,689	0	5,689
Negative Goodwill	4,702	9,906	14,608	0	0	0
Translation Adjustment			0	0	2,775	2,775
Minority Interest	21	0	21	0	25	25
TOTAL LIABILITIES  AND  EQUITY	2,127,768	4,684,596	6,812,364	3,284,664	5,305,251	8,589,915
CONTRA ACCOUNTS
Engagements by Signature - Financial institutions	0	169,386	169,386	0	197,810	197,810
Engagements by Signature - Customers	30,296	262,702	292,998	43,490	340,484	383,974
Engagement by Financial Instruments	0	3,769	3,769	0	3,015	3,015
TOTAL CONTRA ACCOUNTS	30,296	435,857	466,153	43,490	541,309	584,799