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Dubai: Commercial Bank International (‘CBI’ or ‘the Bank’) today announced its financial results for the nine months ended 30th September 2018.
Q3 2018 Financial Highlights:
• Quarterly Net Profit up by 83% to AED 61 million compared to Q3 2017; year-to-date Net Profit up by 66% to AED 142 million, compared to the first nine months of 2017
• Quarterly Operating Profit up by 27% to AED 126 million versus Q3 2017; year-to-date Operating Profit up by 12% to AED 318 million, compared to the first nine months of 2017
• Quarterly Operating Expenses down by 15% to AED 98 million, compared to Q3 2017; year-to-date Operating Expenses down by 9.5%, compared to the first nine months of 2017
Mohammad Sultan Al Qadi, Chairman of CBI, commented on the Bank’s performance: “CBI has demonstrated continued growth in the market through our strategy aimed at meeting our customers’ expectations and demands. Over the third quarter, we had the distinct pleasure of launching our new branch concept that we hope will help change notions around the traditional bank branch within the UAE. We aim to continue with this momentum while supporting our customers, their businesses and the UAE economy.”
Mark T. Robinson, CEO of CBI, added: “During the third quarter of this year, we had good progress with the improvement in efficiency. As a result, we have seen a 15% decrease in quarterly operating expenses compared to Q3 2017 and a 9.5% year-on-year decrease for the first nine months of the year. This has helped in driving up profit substantially, which has increased by 83% compared to Q3 2017.”
Financial Summary
CBI recorded a strong performance in Q3 of this year, driven by a continued focus on expense control and higher fee and commission income.
Operating Expenses decreased by 15% to AED 98 million from AED 116 million in Q3 2017, as a result of the continued implementation of the Bank’s expense efficiency strategy. In the first nine months of this year, Operating Expenses were down by 9.5% to AED 303 million, compared to AED 336 million in the same period of last year.
CBI’s Operating Profit in Q3 2018 increased by 27% to AED 126 million, compared to AED 99 million in Q3 2017. In the first nine months of the year, Operating Profit was up by 12%, totaling AED 318 million.
Q3 Net Profit at AED 61 million was up 83% from Q3 2017 and increased by 48% versus Q2 2018. In the first nine months of the year, Net Profit totaled AED 142 million, an increase of 66% compared to AED 86 million in the same period of last year.
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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 14 branches and 108 ATM’s.
For further information, please contact:
Aditi Mane
Senior Associate
Finsbury
+971 50 738 4146
Email: CBI@Finsbury.com
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