CBI reports 55% increase in net profit in H1 2018

  

Dubai: Commercial Bank International (‘CBI’ or ‘the Bank’) today announced its financial results for the first six months (H1) of 2018.

Financial highlights – six months ending 30 June 2018:

  • Net profit up by 55% to AED 81 million, compared to AED 52 million in H1 2017
  • Operating profit up by 6% to AED 194 million, from AED 183 million in H1 2017
  • Operating expenses down by 7% compared to H1 2017

Mohammad Sultan Al Qadi, Chairman of CBI, commented on the Bank’s performance: “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% and provisions have decreased by 35% compared to H1 2017, increasing our profitability." 

Financial Summary 

CBI had a strong first half of the year, as a result of its continued focus on expense control and improving asset quality.

Net Interest Income remained stable at AED 262 million.

Operating Expenses decreased by 7% to AED 206 million from AED 222 million in H1 2017, as a result of the Bank’s expense efficiency strategy and focus.

CBI’s Operating Profit in H1 2018 increased by 6% to AED 194 million, compared to AED 183 million in H1 2017.

Q2 Net Profit at AED 41 million was up 3% from Q1 2018 and increased by 30% versus Q2 2017. Net Profit totaled AED 81 million for H1 2018, compared to AED 52 million in H1 2017.

Total Assets increased by 2% and Total Deposits increased by 1% from H1 2017.

About Commercial Bank International (CBI) 

CBI is a UAE based corporate and retail bank, with a growing Islamic banking business.

The Bank was incorporated in 1991 in the Emirate of Ras Al Khaimah and is headquartered in Dubai. 

CBI shares are listed on the Abu Dhabi Securities Exchange (ADX) and the Bank has a long-term issuer default rating of BBB+ and a short-term issuer default rating of F1 from Fitch Ratings. CBI is regulated by the Central Bank of the UAE and the Securities and Commodities Authority of the UAE (SCA).

CBI is majority owned by UAE shareholders, including the Ras Al Khaimah Government and Board members are majority UAE nationals, led by our Chairman, Mohammad Sultan Al Qadi.

CBI offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in corporate, Islamic and retail banking; ranging from lending, trade services, cash management and treasury solutions to personal account services and credit cards. CBI’s distribution network includes 16 branches and 108 ATM’s. 

For further information, please contact:
Aditi Mane
Senior Associate
Finsbury
+971 50 738 4146
Email: CBI@Finsbury.com

© Press Release 2018

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