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CBI posts 9-month net profit of $27.5m

DUBAI, November 2, 2016

Dubai-based Commercial Bank International (CBI) posted a net profit of Dh101 million ($27.50 million) for the nine-month period ended September 30 versus a net loss of Dh3.3 million for the same period in 2015.  

Net profit for Q3 2016 is Dh32 million compared to a net loss of Dh28.6 million  in Q3 2015, the bank said.
    
Customer deposits increased by Dh1.813 billion (16 per cent) to Dh12.918 billion from Dh11.105 billion in December 2015.

Net loans and advances increased by Dh1.726 billion (15 per cent) to Dh13.232 billion versus Dh11.506 billion in December 2015, it said.

Total provisions YTD decreased by 44 per cent to Dh173 million from Dh311 million for the same period in 2015.  Total provisions for Q3 of Dh64 million were 44 per cent (Dh51 million) less than comparative period in 2015.

Capital Adequacy Ratio was stable at 14.3 per cent versus 14.8 per cent in December 2015.

Mohammad Sultan Al Qadi, chairman of CBI, commented on the bank’s performance: “CBI continues to deliver strong financial results driven by a robust core business that is growing sustainably quarter on quarter, prudent cost management, and an experienced leadership team. Additionally, the bank continues to focus on enhancing customer experience by providing unique and personalised banking services to our increasingly diversified customer base.”

Mark T Robinson, CEO of CBI, said: “In spite of a challenging market environment, CBI has maintained momentum since the beginning of the year, generating a net profit for the third quarter of Dh32 million. We have successfully grown our customer base while strengthening our balance sheet and positioning the bank for continued growth in the year ahead. As a result of the successful implementation of our strategy, the bank’s strong financial health has been affirmed by two external rating agencies, which have both assigned an investment grade rating to CBI.” - TradeArabia News Service
 




Tags: profit | Bank | CBI |

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