Wednesday 19 January 2022

CBI H1 net profit surges 55pc to $22m

DUBAI, July 30, 2018

UAE-based Commercial Bank International (CBI) has posted a net profit of Dh81 million ($22 million) for the first six months (H1) of the year, compared to Dh52 million in H1 2017, marking an increase of 55 per cent.

Operating profit grew by 6 per cent to Dh194 million, from Dh183 million in H1 2017 while operating expenses decreased by 7 per cent to Dh206 million from Dh222 million in H1 2017, as a result of the bank’s expense efficiency strategy and focus, a bank statement said.

Mohammad Sultan Al Qadi, chairman of CBI, said: “The strong results that CBI was able to achieve in H1 2018 are a testament to our continued efforts to optimize the Bank’s balance sheet and implement a customer-focused strategy. We will continue to focus on fulfilling our customers’ demands and supporting the growth of their businesses and the UAE economy."

Mark T Robinson, CEO of CBI, added: “In the first half of this year, we continued to prioritize driving expense efficiency, while improving our core asset quality. As a result, our operating expenses have decreased by 7 per cent and provisions have decreased by 35 per cent compared to H1 2017, increasing our profitability."

CBI’s net interest income remained stable at Dh262 million. Operating profit in H1 2018 increased by 6 per cent to Dh194 million, compared to Dh183 million in H1 2017.

CBI’s Q2 net profit at Dh41 million was up 3 per cent from Q1 2018 and increased by 30 per cent versus Q2 2017. Net profit totalled Dh81 million for H1 2018, compared to Dh52 million in H1 2017.

Total assets increased by 2 per cent and total deposits increased by 1 per cent from H1 2017. – TradeArabia News Service

Tags: CBI | Commercial Bank International |

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