Dubai-based Commercial Bank International has posted net profit of Dh68.7 million ($18.7 million) for the first half (H1) of the year, up 168 per cent from Dh25.6 million posted during the same period in 2015.

Net loans and advances increased 12 per cent to Dh12,837 million as at the end June 2016 from Dh11,506 million at the end of 2015.

Customer deposits increased 6 per cent to Dh11,815 million from Dh11,106 million at the end of 2015.

Mohammad Sultan Al Qadi, chairman of CBI said: “CBI’s recent credit rating and profitability are evidence that the growth strategy is on track – despite a challenging market environment.  CBI has achieved a good profit for its shareholders this quarter, while growing our customer business.”

Mark T Robinson, CEO of CBI said: “Over the first half of this year, CBI has seen a sustained increase in banking activity, customer deposits and fee income due to enhancements in wholesale banking, Islamic banking, and customer service.  Our strategy is on track, and CBI continues to attract new customers through having the speed and agility of a small bank, and the stability and security of a big bank through our relationship with QNB.”

Revenue for the first half of the year was Dh397.5 million, down 8 per cent from the year before mainly due to the one off revenues from the sales of non-core assets in H1 2015, a statement said. – TradeArabia News Service