Dubai: Commercial Bank International (CBI or ‘The Bank’) today announced its financial results for the first quarter (Q1) of 2018.
Financial highlights – three-months ending 31 March 2018:
• Net profit of AED 40 million compared to AED 21 million in Q1 2017
• Operating profit up by 12% to AED 103 million from AED 92 million in Q1 2017
• NPL ratio fell to 6.7% from 8.4% in Q1 2017
• Capital Adequacy Ratio remained stable at 14.8%
Mohammad Sultan Al Qadi, Chairman of CBI, commented on the Bank’s performance: “CBI continues to grow with another solid set of results. This stable performance is a result of the Bank’s focus on its customers, and to the broader economic growth of the UAE.”
Mark T. Robinson, CEO of CBI, added: “In Q1 2018, we continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We focused on increasing our revenues and continued cost efficiency. As a result, our operating profit increased by 12% compared to Q1 2017.We also strengthened the quality of our assets, with our NPL ratio decreasing by 1.7 percentage points over the quarter.”
Financial Summary
CBI had a steady first quarter as a result of a continued focus on revenue growth, cost control and asset quality.
Net Interest Income increased by 1% to AED 127 million in Q1 2018.
Net Fee and Commission income for Q1 2018 increased by 7% to AED 61 million, from AED 57 million in Q1 2017 as we continued to optimise the Balance Sheet.
Operating Expenses for Q1 2018 decreased by 6% to AED 104 million from AED 111 million in Q1 2017, due to prudent cost control.
CBI’s Operating Profit in Q1 2018 increased by 12% to AED 103 million compared to AED 92 million in Q1 2017. CBI’s Priority Banking segment added 1,445 new customers.
Net Profit totaled AED 40 million for Q1 2018 compared to AED 21 million in Q1 2017.
Net Loans and Advances for Q1 2018 increased by 1% from year-end 2017, and also remained relatively steady year-on-year as the Bank further strengthened its balance sheet and improved the quality of assets.
CBI’s NPL Ratio decreased to 6.7% from 8.4% in Q1 2017.
The Capital Adequacy Ratio in Q1 2018 remained stable at 14.8%.
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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 16 branches and 108 ATM’s.
For further information, please contact:
Will Anderson
Partner
Brunswick Gulf Ltd
+9712 245 1417
Email: CBIGulf@brunswickgroup.com
