Dubai: Commercial Bank International (CBI or ‘The Bank’) today announced its financial results for the nine months ending September 30th, 2019.
Financial highlights – nine months ending September 30th, 2019, compared to the same period in 2018:
⦁ Net profit of AED 72.6 million compared to AED 141 million prior year
⦁ Net operating income decreased by 7% to AED 576 million from AED 622 million prior year
⦁ Net fee and commission income remained stable at AED 161 million, compared to AED 164 million prior year
⦁ Net operating expenses decreased by 13% to AED 263 million from AED 302 million prior year
Commenting on the Bank’s performance, Ali Sultan Rakkad Al Amri, Acting CEO of CBI, said: “Despite challenging market conditions, we remain well positioned for our long-term growth and continue to focus on growing CBI’s core businesses and fulfilling our clients’ needs with better product and service offerings.”
For the nine months ending September 30th, 2019, compared to the same period in 2018:
Net profit totaled AED 72.6 million compared to AED 141 million prior year.
Net operating income decreased by 7% to AED 576 million from AED 622 million prior year.
Net fee and commission income remained stable at AED 161 million, compared to AED 164 million prior year, as the Bank continued to deepen its key client relationships and diversified income generation.
Net operating expenses decreased by 13% to AED 263 million from AED 302 million prior year, as a result of the Bank’s continued focus on prudent cost control and streamlining.
The Capital Adequacy Ratio remained stable at 15%.
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 F2 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, Mohamed 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:
+971 50 718 4018
© Press Release 2019