Dubai: Commercial Bank International (CBI or ‘The Bank’) today announced its financial results for the first half (H1) of 2019.
Financial highlights – six months ending 30 June 2019:
- Operating profit up by 5% to AED 204 million from AED 194 million in H1 2018
- Net fee and commission income up by 7% to AED 108 million from AED 101 million in H1 2018
- Operating expenses down by 14% to AED 176 million from AED 204 million in H1 2018
Commenting on the Bank’s performance, Ali Sultan Rakkad Al Amri, Acting CEO of CBI, said: “During the first half of 2019, we have focused on growing CBI’s core businesses and fulfilling our clients’ needs with better product and service offerings. As a result of our continuous focus on cost control, our efficiency has also improved substantially.”
CBI saw a steady first half, as a result of a continued focus on growing revenues, controlling costs and redefining customer experience.
Net Profit totaled AED 41 million for H1 2019 compared to AED 81 million in H1 2018.
Operating Profit increased by 5% to AED 204 million in H1 2019 compared to AED 194 million in H1 2018.
Net Fee and Commission Income increased by 7% to AED 108 million in H1 2019, from AED 101 million in H1 2018, as the Bank continued to deepen its key client relationships and diversified income generation.
Operating Expenses for H1 2019 decreased by 14% to AED 176 million from AED 204 million in H1 2018, as a result of the Bank’s continued focus on prudent cost control and streamlining.
The Capital Adequacy Ratio in H1 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 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.
© Press Release 2019