UAE-based Commercial Bank International (CBI) has posted a net profit of Dh33 million ($8.9 million) for the third quarter (Q3) of the year, marking a 4 per cent increase against Q3 2016.

Year to date net profit totalled Dh86 million, while net interest income increased by 13 per cent to Dh145 million from Dh128 million in Q3 2016; up 5 per cent on Q2 2017.

Mohammad Sultan Al Qadi, chairman of CBI said: “CBI continues to grow in a near flat market. The 10 per cent 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 said: “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.” – TradeArabia News Service