Commercial Bank International (CBI), a leading UAE bank, has posted a record nine-month (9M) profit before tax of AED254 million ($69.2 million), an outstanding 81% growth year-on-year.

 

The bank delivered exceptional results for Q3 2024, reporting a net operating income of AED278.5 million. This represents a remarkable increase of 90% compared to Q3 2023 and by 115% compared to Q2 2024. 

 

For 9M, CBI delivered a robust 27% year-on-year growth in net operating income, totalling AED529 million. This strong performance translated into a substantial uplift in profitability for Q3 2024, with profit before tax of AED164.1 million soaring by 166% as compared with Q3 2023 and 232% as compared with Q2 2024. 

 

Balance sheet

CBI's balance sheet remains solid, with total assets increasing by 12% year-on-year to AED21 billion as of 30 September 2024. This growth was primarily driven by a strong expansion in loans and advances, which rose by 8% year-on-year to AED13 billion. The bank's loan-to-deposit ratio improved notably, reaching 85% as of 30 September 2024, compared to 98% in the same period last year, signalling enhanced liquidity and a stronger funding base.

 

The bank’s capital adequacy ratio strengthened to 15.8% as of September 30, 2024, up from 14.7% the previous year, underscoring the bank's solid capital strength and financial resilience.

 

Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “We are extremely proud of our record-breaking performance this quarter, which is a direct reflection of our commitment to sustainable growth and operational efficiency. Our transformation strategy, combined with a relentless focus on customer-centric innovation, has delivered remarkable results across the board. 

 

Disciplined approach

“The expansion of our balance sheet, improved liquidity, and strengthened asset quality all underscore our disciplined approach to risk management and our ability to deliver meaningful value to our customers and shareholders.

 

“Looking ahead, we are committed to continuing our investments in digital transformation, enhancing our product offerings, and solidifying our competitive strength. We aim to be the bank of choice for our customers by consistently offering innovative financial solutions and maintaining the highest standards of service.”--TradeArabia News Service