Finance & Capital Market

CBI reports 48.5pc fall in net profit for 9 months

UAE-based Commercial Bank International (CBI), a corporate and retail bank, has posted a net profit of Dh72.6million for the nine months ending September 30 compared to Dh141 million prior year, a decline of 48.5 per cent.

Net operating income decreased by 7 per cent to Dh576 million from Dh622 million prior year.

Net fee and commission income remained stable at Dh161 million, compared to Dh164 million prior year, while net operating expenses decreased by 13 per cent to Dh263 million from Dh302 million prior year.

Ali Sultan Rakkad Al Amri, acting CEO of CBI, said: “Despite challenging market conditions, we remain well positioned for our long-term growth and continue to focus on growing CBI’s core businesses and fulfilling our clients’ needs with better product and service offerings.” – TradeArabia News Service