(ICB.L) ICB Financial Group Holdings AG Buy/Sell

Chairman's Statement 30 June 2009

In my report to shareholders at the end of 2008, I made reference to the testing economic climate being experienced throughout most of the world. The affect of this has been reflected in trading for the Group in the first half of the year. We have seen a contraction in customer demand, particularly for loan products, and with most of the countries in which the Group operates experiencing some contraction of economies there has been the inevitable increase in impairment charges.

The Group's results for the 6 month period ended June 2009 reflect a loss for the period amounting to USD3.8 million. This contrasts with a recorded profit of USD82.1 million for the corresponding period in 2008, although the June 2008 figure was exceptional as it included a one-off gain on the disposal of the Group's investment in Sorak Holdings Pte. Ltd. of USD 80.4 million.

Within the results for the first half of the current year, additional loan loss provisions have been raised within ICB Islamic Bank of Bangladesh, an investment in which the Group holds a 50.1% stake. This results from an in depth review by ICB Country and Global Management of the current portfolio and which has identified that recovery prospects in a number of advances had become doubtful. The impairment charges resulting amounted to USD5.8 million and represent 82% of the total Group charge of USD 7.1 million for the half year.

Net interest income for the half year at USD 22.9 million was 11% lower than the June 2008 result of USD 26.0 million. This reflects the reduction in customer demand mentioned above, coupled with strong pressure on margins, particularly in Indonesia (Bank Bumiputera). Commission earnings are also illustrative of the reduction in demand, the contribution here of USD 4.6 million representing 90% of the result achieved in June 2008 (USD 5.1 million). Customer loans now total USD 592.5 million, only marginally ahead of the December 2008 result of USD 588.0 million. The picture with customer deposits is very similar. Growth here has been a very modest 3.2% to USD 802.5 million (December 2008: USD 777.6 million).

In contrast to the June 2008 result, operating expenses have been well contained, increasing by only 3.5% to USD 27.1 million (June 2008: USD 26.2 million ). However, with the reduction in income, coupled with the fact that two investments are still in the `start-up' phase, the Group's Cost/Income ratio has weakened to 85.3%.

Viewing the results on the geographic basis, a sound net profit contribution of USD 3.1 million emerged from Africa. Europe contributed a further USD 0.6 million. However, these results were more than offset by the disappointing performance from Asia which sustained a loss amounting to USD 4.8 million, with the whole of this being attributable to the investment in Bangladesh.

The Group continues to expand its operations and range of services in line with strategy. A banking licence has been secured for the Zambian market with operations there scheduled to commence in December of this year. The recent investments in Laos and Malawi are progressing satisfactorily, both having reached that important milestone of profitable trading. Plans to expand the scope of the current retail banking capability across the Group have moved to the implementation phase. This will ensure that the network of banks is in a position to respond to the wider and changing financial needs of customers, and is forecast to deliver a significant increase to net income flows.

The Group's progress and development continues to achieve industry recognition, with ICB Albania and ICB Guinea receiving Global Finance Awards for 2009.

It is with much sadness that I inform shareholders of the death in May of Mr. Paul Bridges, a non Executive Director of the Group. Mr. Bridges joined the Board in early 2007 and was Chairman of the Group's Audit and Risk Management Committee. He made a significant contribution to the progress and development of the Group in the past two years and is going to be greatly missed. Mr. Lim Teong Liat, a non Executive Director, has been appointed to succeed Mr. Bridges as Chairman of the Audit and Risk Management Committee.

I should also advise shareholders that Mr. Prem Kumar, Group CEO, left the company in July. However, I am pleased to say that good progress has been made towards the identification of a successor and the Board anticipates being in a position to make a further announcement in this connection shortly.

Trading conditions in the immediate period ahead will remain challenging. However, the Board anticipates benefits from the change programmes will add strength to Group performance, although it will be 2010 before these start to deliver sound flows of incremental income.

Michael R Hanlon Chairman

ICB Financial Group Holdings AG (Incorporated in Switzerland)

Consolidated Income Statement For The 6 Month Period Ended 30 June 2009
6 months 6 months
ended ended
Note 30-Jun-09 30-Jun-08
USD'000 USD'000

Interest income 50,182 50,634
Interest expense (27,257) (24,603)
Net interest income 22,925 26,031

Net fee and commission income 4,638 5,123

Foreign currency gain/(loss) 1,418 (1,843)
Gains less losses from financial investments 1,583 678
Gain on disposal of associate - 80,379
Other operating income 1,299 2,290
Impairment charges for loans and advances to (7,107) (857)

customers
Fair value change in foreclosed properties (711) (1,303)
Operating expenses (27,177) (26,264)
Operating (loss)/profit (3,132) 84,234

Share of results of associates 62 37
(Loss)/profit before taxation (3,070) 84,271
Tax expense (807) (2,122)
(Loss)/profit for the period (3,877) 82,149

Attributable to:

Earnings per share attributable to shareholders of the Company

The accompanying notes form an integral part of the financial statements.

ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Balance Sheet As At 30 June 2009
30-Jun-09 31-Dec-08
Note USD'000 USD'000

ASSETS

Cash and bank balances 243,366 276,738
Loans and advances to customers 4 592,544 588,058
Financial investments 167,928 122,539
Foreclosed properties 18,109 17,728
Investment in associates 1,766 1,846
Goodwill and other intangible assets 61,732 55,036
Prepaid lease payments 92 107
Property and equipment 19,087 17,083
Other assets 35,035 36,443
Deferred tax assets 4,806 4,537
Total Assets 1,144,465 1,120,115

LIABILITIES

Deposits from other banks 128,482 133,470
Deposits from customers 5 802,593 777,652
Other liabilities 57,478 56,442
Tax liabilities 1,842 3,046
Deferred tax liabilities 544 303
Total Liabilities 990,939 970,913

EQUITY

Paid up share capital 6 145,960 145,960
Share premium 782 782
Retained earnings 40,445 45,012
Other reserves 7,040 (2,655)
Equity attributable to shareholders of the 194,227 189,099

Company
Minority interests (40,701) (39,897)
Total Equity 153,526 149,202

Total Equity and Liability 1,144,465 1,120,115

The accompanying notes form an integral part of the financial statements.

ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Cash Flow Statement For The 6 Month Period Ended 30 June 2009
6 months 6 months
ended ended
30-Jun-09 30-Jun-08
USD'000 USD'000

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss)/profit before taxation (3,070) 84,271

Adjustment for :
Impairment charges for loans and advances to 7,107 857

customers
Amortisation of prepaid lease rental 16 20
Amortisation of intangible assets 666 220
Depreciation of property and equipment 1,833 1,219
Fair value change in foreclosed properties 711 1,303
Gain on disposal of associate - (80,379)
Share of results of associates (62) (37)
Gain on foreign exchange translation (1,418) (761)
Operating profit before working capital changes 5,783 6,713
(Decrease)/increase in operating assets 17,142 (48,891)
(Decrease)/increase in operating liabilities (3,281) 33,764
Cash generated from/(used in) operations 19,644 (8,414)
Tax paid (1,574) (1,857)
Net cash from/(used in) operating activities 18,070 (10,271)

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of associate - 156,928
Acquisition of subsidiary, net of cash acquired - (38,525)
Purchase of property and equipment (4,179) (1,653)
Purchase of intangible assets (7,282) (202)
Net (increase)/decrease in financial investments (54,220) (28,866)
Net cash (used in)/from investing activities (65,681) 87,682

ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Cash Flow Statement (Cont'd.) For The 6 Month Period Ended 30 June 2009
6 months 6 months
ended ended
30-Jun-09 30-Jun-08
USD'000 USD'000

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid to minority interest - (183)
Net cash used in financing activities - (183)

Net (decrease)/increase in cash and cash equivalents (47,611) 77,228
Cash and cash equivalents at the beginning of the 228,644 194,224

period
Effect of exchange rate changes on cash and cash 14,976 2,391

equivalents
Cash and cash equivalents at the end of the period 196,009 273,843

Cash and Cash Equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise of cash and bank balances, items in the course of collection less mandatory reserve deposits with central banks.

The accompanying notes form an integral part of the financial statement.

ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Statement Of Changes in Equity For The 6 Month Period Ended 30 June 2009
< ---- Attributable to Shareholders of the Company --- >
Share Share Other Retained Minority
Capital Premium Reserves Earnings Interests Total
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2008 145,960 782 (2,341) 34,903 19,478 198,782

Currency translation differences arising from
translation to presentation currency - - 6,485 - 434 6,919
Gains in fair value on available-for-sale - - (826) - (406) (1,232)

securities Transfer of reserve to retained earnings arising
from disposal of associate - - 11,173 (11,173) - -

Net income and expenses recognised directly in
Equity - - 16,832 (11,173) 28 5,687
Profit for the period - - - 80,189 1,960 82,149

Total recognised income and expense for the
Period - - 16,832 69,016 1,988 87,836
Minority interest from business - - - - (54,586) (54,586)

combination
Dividend paid to minority interest - - - - (183) (183)
At 30 June 2008 145,960 782 14,491 103,919 (33,303) 231,849

ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Statement Of Changes in Equity (Cont'd.) For The 6 Month Period Ended 30 June 2009

< ---- Attributable to Shareholders of the Company --- >
Share Share Other Retained Minority
Capital Premium Reserves Earnings Interests Total
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2009 145,960 782 (2,655) 45,012 (39,897) 149,202

Currency translation differences arising from
translation to presentation currency - - 5,361 978 6,339
Gains in fair value on available-for-sale - - 1,249 613 1,862

securities Net income and expenses recognised directly in
Equity - - 6,599 - 1,591 8,190
Capitalization of retained earnings of - - 3,085 (3,085) - -

subsidiary
Loss for the period - - - (1,482) (2,395) (3,877)

Total recognised income and expense for the
Period - - 9,684 (4,567) (804) 4,313
At 30 June 2009 145,960 782 7,040 40,445 (40,701) 153,526

The accompanying notes form an integral part of the financial statements.

ICB Financial Group Holdings AG (Incorporated in Switzerland)

Notes To The Interim Financial Statements 1. Basis of Preparation

The interim financial statements of the Group are unaudited and have been prepared in accordance with International Financial Reporting Standards ("IFRS").

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. Due to the inherent uncertainty in making those estimates, actual results reported in future periods could differ from such estimates.

The interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2008.

The interim financial statements were approved by the board on 11 September 2009.

2. Basis of Accounting The interim financial statements of the Group have been prepared under the historical cost convention as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities held at fair value through profit or loss. The accounting policies and methods of computation adopted are consistent with those followed in the preparation of the Group's audited financial statements for the year ended 31 December 2008.

3. Earnings per share Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of shares in issue, in the 6 month period ended 30 June 2009 of 180,000,000 (2008: 180,000,000).

There are no options or other instruments in issue that would dilute the earnings per share.

4. Loans and Advances to Customers

As at As at
30-Jun-09 31-Dec-08
USD'000 USD'000

Gross loans and advances 721,752 713,674

Less: Allowance for losses on loans and advances (129,208) (125,616)
592,544 588,058

5. Deposits

As at As at
30-Jun-09 31-Dec-08
USD'000 USD'000

Current accounts 111,654 103,771
Saving accounts 128,232 106,367
Time deposits 547,915 522,583
Others 14,792 44,931
802,593 777,652

6. Paid-up Share Capital

No of Shares
As at As at As at As at
30-Jun-09 31-Dec-08 30-Jun-09 31-Dec-08
000 000 USD'000 USD'000

As at 1 January/30 June
Share of CHF1 each 180,000 180,000 145,960 145,960

7. Subsidiaries & Associates

Details of subsidiaries & Associates are as follows:

% effective
interest held
Country of As at As at Principal
Incorporation 30-Jun-09 31-Dec-08 Activities

Name of subsidiaries

International
Commercial Commercial
Bank (The Gambia) Ltd. Gambia 99.10 99.10 Bank

International
Commercial Commercial
Bank S. A. Guinea 97.00 97.00 Bank

International
Commercial Commercial
Bank (Sierra Leone) Sierra Leone 99.98 99.98 Bank

Ltd. International
Commercial Commercial
Bank SH. A Albania 100.00 100.00 Bank

ICB-Banco Internacional Commercial
De Comércio, S.A.R.L Mozambique 99.99 99.99 Bank

International
Commercial Commercial
Bank Limited Ghana 100.00 100.00 Bank

PT Bank Bumiputra Commercial
Indonesia Tbk Indonesia 67.07 67.07 Bank

International
Commercial Commercial
Bank (Djibouti) S.A. Djibouti 99.90 99.90 Bank

ICB Global Management Providing
Sdn. Bhd. Malaysia 100.00 100.00 Technical &
Management
Services

ICB Islamic Bank Ltd Bangladesh 50.10 50.10 Commercial
Bank

International Laos 100.00 100.00 Commercial
Commercial Bank Lao Ltd Bank

International Malawi 100.00 100.00 Commercial
Commercial Bank Ltd - Bank

Malawi

7. Subsidiaries & Associates (Cont'd.)

% effective
interest held
Country of As at As at Principal
Incorporation 30-Jun-09 31-Dec-08 Activities

Name of associates

International Commercial
Bank (Tanzania) Commercial
Limited Tanzania 20.00 20.00 Bank

International
Commercial Commercial
Bank Senegal S.A. Senegal 20.00 20.00 Bank

International
Commercial Commercial
Bank Zambia Limited Zambia 100% - Bank

The Company*s AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre on +61894802500.

END