Commercial Bank International (CBI), a UAE based corporate and retail bank, has posted a net profit of Dh61 million ($16.6 million) for the third quarter (Q3) of the year, marking an 83 per cent surge compared to Q3 2017.

The bank’s year-to-date net profit is up by 66 per cent to Dh142 million, compared to the first nine months of 2017

Quarterly operating profit is up by 27 per cent to Dh126 million versus Q3 2017, while year-to-date operating profit went up by 12 per cent to Dh318 million, compared to the first nine months of 2017.

Quarterly operating expenses dropped by 15 per cent to Dh98 million, compared to Q3 2017 and year-to-date operating expenses fell by 9.5 per cent, compared to the first nine months of 2017  

Mohammad Sultan Al Qadi, chairman of CBI, said: “CBI has demonstrated continued growth in the market through our strategy aimed at meeting our customers’ expectations and demands. Over the third quarter, we had the distinct pleasure of launching our new branch concept that we hope will help change notions around the traditional bank branch within the UAE. We aim to continue with this momentum while supporting our customers, their businesses and the UAE economy.”

Mark T Robinson, CEO of CBI, added: “During the third quarter of this year, we had good progress with the improvement in efficiency. As a result, we have seen a 15 per cent decrease in quarterly operating expenses compared to Q3 2017 and a 9.5 per cent year-on-year decrease for the first nine months of the year. This has helped in driving up profit substantially, which has increased by 83 per cent compared to Q3 2017.” – TradeArabia News Service