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Dubai: Commercial Bank International (CBI or ‘The Bank’) today announced its financial results for the first quarter (Q1) of 2019.
Financial highlights – three-months ending 31 March 2019:
- Operating profit up by 14% to AED 117 million from AED 102.4 million in Q1 2018
- Operating income up by 1% to AED 207.5 million from AED 206.5 million in Q1 2018
- Operating expenses down by 13% to AED 90.6 million from AED 104 million in Q1 2018
- Total assets up by 6% and customer deposits up by 3% compared to Q1 2018
Mark T. Robinson, CEO of CBI, commented on the Bank’s performance: “In Q1 2019, we continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We also focused on strengthening the Bank’s operations while improving our cost efficiency.”
Financial Summary
CBI had a steady first quarter as a result of a continued focus on revenue growth, cost control and customer experience enhancements.
Net Profit totaled AED 20 million for Q1 2019 compared to AED 39.5 million in Q1 2018.
Operating Profit increased by 14% to AED 117 million in Q1 2019 compared to AED 102.4 million in Q1 2018.
Net Operating Income increased by 1% to AED 207.5 million in Q1 2019 compared to Q1 2018.
Net Fee and Commission income for Q1 2019 increased by 13% to AED 69 million, from AED 61 million in Q1 2018, as we continued to deepen our key client relationships and diversified income generation.
Operating Expenses for Q1 2019 decreased by 13% to AED 90.6 million from AED 104 million in Q1 2018, due to prudent cost control.
In Q1 2019, Total Assets increased by 6% to AED 21 billion and Total Customer Deposits have grown by 3% to AED 14 billion, compared to the same quarter in 2018.
The Capital Adequacy Ratio in Q1 2019 remained stable at 14.7%.
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.
For further information, please contact:
Hiba Moussa l Aditi Mane
Finsbury
+971 4 442 6034
Email: CBI@Finsbury.com
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