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Dubai / Emirates Business
Commercial Bank International (CBI) announced its financial results for the nine months ended September 30. The net profit increased 4% year on year to AED33 million in Q3 this year, while year to date net profit
totalled AED 86 million.
The net interest income increased by 13% to AED 145 million from AED 128 million in Q3 2016, up 5% on Q2 2017.
The net loans & advances
increased by 2% from year end 2016, up 2% year on year, while customer deposits increased by 2% to AED 14,169 million from year end 2016, up 10 % year on year. Operating income increased by 1% to AED 215 million ver-
sus in Q3 2016, up 6% on Q2.
Operating profit increased by 1% to AED 97 million versus Q3 2016, up 7% on Q2.
Mohammad Sultan Al Qadi, Chairman of CBI said, “CBI continues to grow in a near flat market. The 10% year-on-year increase in customer deposits demonstrates our commitment to building long-term relationships with our customers to better meet their financial needs. Additionally, the strong growth in net interest income and FX income has helped to deliver our positive results. I am confident in CBI’s strategy to continue growing core business segments and focus on the UAE’s leading companies. “
Mark T. Robinson, CEO of CBI commented: “CBI’s continued strategy of enhancing customer experience, and optimizing our resources, has helped the bank strengthen our competitiveness. Our customers are now benefiting from CBI’s core banking
system upgrade, which has significantly modernised the bank’s operations and technology and streamlined services. Our strategy to grow our UAE customer base remains on track.â€
The operating income grew
by 6% to AED 215 million versus the previous quarter. Income growth was principally driven
by strong growth in net interest income and forex income and partly offset by lower one off fees from syndications.