Dubai: Commercial Bank International (CBI) reported a net Profit of Dh171 million for the First nine months of the year, representing an increase of 25 per cent from Dh136 million for the same period in 2013, wherein the bank’s net operating profit recorded Dh353 million, an increase of 55.5 per cent from Dh227 million for the same period in 2013.
“The bank’s performance in the first nine months of 2014 reflect the continued strength in the balance sheet with adequate capital requirement, high liquidity and conservative advances to deposits ratio. As we enter the final quarter of 2014, CBI will continue to focus on generating long-term growth whilst maintaining its robust balance sheet and strong capital position,” said Mohammad Sultan Al Qadi, CBI’s Chairman of the Board and Director.
The bank’s achieved profitability was partially due to a growth in Assets, which stood at Dh18.6 billion by end of September 2014, an increase of 25 per cent compared to Dh14.8 billion at the end of December 2013.
Loans and advances increased by 21 per cent to Dh12.8 billion as at 30 September 2014, compared to Dh10.6 billion at the end of December 2013, while Customer Deposits increased by 24 per cent to reach Dh13 billion by end September 2014 against Dh10.5 billion in December 2013.
Shareholders’ equity increased by 9 per cent to Dh2.4 billion as compared to Dh2.2 billion at the end of December 2013. Earnings per share increased by 29 per cent to Dh0.103 at the end of September 2014.
Net Fee and Commission Income increased by 10 per cent to Dh148 million, driven by an increase in LCs and Acceptances. Other Operating Income increased by Dh61 million as compared to the same period of 2013 mainly due to fair valuation gain on investments.
