CBI reports AED 250 million in net profit
Sunday, February 10, 2013
Commercial Bank International (CBI), a local financial institution in the United Arab Emirates, continued to record strong growth in profitability, reporting an increase in net profit to AED 250.6 million for the year ended 31st December 2012, a 286.9 per cent increase from the previous year.
Loans and advances increased to AED 8.7 billion as compared to AED 7.8 billion at the end of December 2011. Total assets of the Bank increased to AED 12.7 billion as compared to AED 11.4 billion at the end of December 2011. Customer deposits increased to AED 8.4 billion, up 5.4 per cent from the previous year.
Commenting on the year-end results, Mr. Mohammed Sultan Al Qadi, Chairman of CBI’s Board of Directors, noted, “With the future in focus, the Board of Directors continues to have great trust in Senior Management to take bold, yet balanced steps in its future course of action. In recording consistently positive results, we continue to deliver value to shareholders, with earnings per share increasing by an impressive 278 per cent since December 2011.”
Chief Executive Officer Kris Babicci said, “Our year-end results are a sign of sustainability and stability within the Bank. 2013 will be a year of change with strategic developments to prompt further growth. Adhering to strong risk management and with greater investment opportunities, CBI maintains a favorable position moving forward.”
CBI’s capital adequacy ratio stayed strong at 16.2 per cent, meanwhile, advances to stable resources ratio was maintained at 0.93:1.
Shareholder equity has increased to AED 2 billion as compared to AED 1.7 billion at the end of 2011. In September, Qatar National Bank (QNB) increased its shareholding in CBI to 39.9%. “This action reflects QNB Group’s confidence in the financial position of CBI and our future plans as a strong force in the UAE financial market,” Kris Babicci noted.
Building on the Bank’s foundation of excellent customer service delivery, CBI launched several new product offerings in 2012 to retain and expand its customer base across the UAE. The Bank was awarded the ‘Best Personal Loan’ in the region by Banker Middle East; meanwhile the Home Loan and Salary Transfer Current Account were well received in the market.
CBI received a series of accolades throughout 2012. CBI’s online presence was acknowledged as ‘The Most Improved Website of 2012’ in the UAE; a development which signifies CBI’s continued efforts to enhance the customer experience with convenient banking solutions.
On a corporate level, CBI hosted its first Annual Treasury Seminar inviting elite corporate and treasury clients from across the UAE to learn about the Bank’s innovative approach to hedging and risk management in the currency markets, including its movement into facilitating foreign exchange in the Chinese Renminbi market.
Throughout 2012, staff development remained a key priority. The Bank focused on recruiting and retaining a performance-driven workforce with training programmes in place. Demonstrating the Bank’s sustained efforts towards Emiratisation initiatives and career growth, CBI’s National Development Programme continued to provide opportunities to enhance professional growth for UAE Nationals in the private sector. Through participating in career fairs across the UAE in 2012, including the Dubai, Ras Al Khaimah, Abu Dhabi and Sharjah Career Fairs, CBI set an example as an employer of choice.
During 2012, CBI was actively involved in many activities that gave back to the community in which it operates. To support the education of young people in the UAE, CBI became an inaugural member of the CERT Research and Innovation Initiative, pursuant to collaboration with Higher Colleges of Technology (HCT). The Bank also partnered with “Educate a Child, Build a Nation,” a scheme which aims to teach children essential computer skills. Support was shown to numerous other causes throughout the year, including the University of Sharjah’s research in Cancer and Alzheimer’s diseases, the Ministry of Health of Ras Al Khaimah and Rashid Pediatric Centre. Furthermore, CBI employees united in respect of Breast Cancer Awareness Month, raising awareness and funds for local breast cancer charities.
CBI’s contribution to these causes is an illustration of its sustained commitment to supporting community issues.