CBI’s net profits fall in 2019

The bank’s net operating income retreated

Abu Dhabi – Mubasher: The net profits of Commercial Bank International (CBI) declined to AED 111.031 million in 2019 from AED 223.119 million in 2018, according to the bank’s financial results for 2019.

The bank’s net operating income retreated to AED 779.035 million in 2019, compared to AED 925.879 million in the earlier year.

Meanwhile, the earnings per share (EPS) for continued operations settled at AED 0.050 last year from AED 0.127 in 2018.

As for the fourth quarter (Q4) of 2019, the UAE bank achieved a net profit of AED 38 million.

Commenting on 2019 financials, chairman of CBI, Mohammad Sultan Al Qadi, said: “Despite the headwinds, CBI maintained its solid performance and achieved further progress in implementing its transformation program. With our customer-centric strategy, we are optimistic about the growth prospects offered by the development of the UAE economy in 2020 and beyond, for our customers, shareholders and people.”

It is noteworthy to mention that during the first nine months of 2019, the CBI’s net profits decreased by 48.5% to AED 72.6 million from AED 141 million in the same period a year earlier.

Source: Mubasher

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