Commercial Bank net income up 14pc
Dubai, November 2, 2011
UAE-based Commercial Bank International said its net interest income for the first nine months increased by 14.1 per cent to Dh290.64 million compared to Dh254.77 million achieved in the same period last year.
Announcing the results for the nine months ended September 30, the bank said its net profit soared to Dh62.9 million for the period. The assets totaled Dh11.6 billion at the end of September.
The loans and advances (net) stood at Dh7.7 billion, while the customer deposits touched Dh8.8 billion. The bank said the balance sheet liquidity continued to be healthy with liquid assets of Dh 834.08 million at the end of September 30.
The financial results were announced after a board meeting chaired by Mohamed Sultan Al Qadi. The members later reviewed the overall business strategies and performance of the Bank during the year.
Commenting on the results, CEO Kris Babicci said Commercial Bank has a commitment to sustainable growth in all its core businesses, and to deliver enhanced value to its shareholders, customers, employees and other partners.
"We will continue to invest in new products, technology and human resources, and align business strategy, systems and risk management practices," he added.-TradeArabia News Service