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."
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.
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© Press Release 2018