Financial results for the three months ended 31 March 2013
Monday, April 22, 2013
CBI’s Key Financial Indicators
- Total Assets increased by 12.8% to AED 14.4 billion as compared to AED 12.7 billion at the end of December 2012.
- Customer Deposits increased by 11.1% to AED 9.9 billion as compared to AED 8.9 billion at the end of December 2012.
- Loans and Advances increased by 10.4% to AED 9.6 billion as compared to AED 8.8 billion at the end of December 2012.
- Net Profit increased by 6.0% to AED 70.1 million during the 3 months period ended March 2013 as compared to AED 66.1 million at the end of March 2012.
- Shareholder’s Equity increased by 4.0% to AED 2.1 billion as compared to AED 2.0 billion at the end of December 2012.
- Capital Adequacy ratio is 14.5%
- Advances-to-stable-resources ratio is maintained at 0.92:1
- Earnings per share are AED 0.04 as at 31 March 2013.
Commercial Bank International has announced its financial results for the three months ended 31 March 2013. The Bank continued to record strong growth in profitability, reporting an increase in net profit of AED 70.1 million, up by 6.0% compared to the same period last year .
Key indicators of the financial results for the three months ended 31 March 2013 are shown below.
- Robust Balance Sheet Growth
Adhering to strong risk management and with greater investment opportunities, Total
Assets increased by 12.8% to AED 14.4 billion as compared to AED 12.7 billion at
the end of December 2012. This was the result of a strong growth rate of 10.4% in
Loans and Advances to reach AED 9.6 billion, while Customer Deposits increased by
11.1% to AED 9.9 billion. Strong growth was supported by a stable advances-to-stable-resources
ratio maintained at 0.92:1, as against the Central Bank requirement of 1:1.
Capital Adequacy ratio stayed strong at 14.5% as per Basel II and remains well above the 12.0% limit mandated by the Central Bank of UAE, while shareholder’s equity increased by 4.0% to AED 2.1 billion as compared to AED 2.0 billion at the end of December 2012.
- A Stronger Identity
In March 2013, CBI announced the beginning of a new chapter in its history, following
the reveal of a new brand that reflects the strategic partnership with QNB Group,
the leading financial institution in Qatar and the MENA region.
The new brand embodies the Bank’s thinking into a future of growth and prosperity as CBI, backed by the international reach of QNB Group
- A Stronger Network
Along with the new brand identity, CBI has expanded its branch network in the UAE
with the addition of four new branches that reflect the new brand and a personalised
banking experience providing top quality service, advanced and secure technology,
an expanded product range and an increased international reach through the association
As part of its major strategic expansion plans, CBI opened its new branches across the UAE at Sheikh Mohammed Bin Rashid Boulevard, Dubai Mall, Dubai Festival City and Ras Al Khaimah’s Julphar Towers.
- Stronger Products and Services
With 24 hour call centre support, a growing branch presence and wide ATM network,
CBI continues to provide simple, convenient and competitive banking solutions.
During this month, CBI won the ‘Best Savings Product’ Award at the Banker Middle East Product Awards for its ‘Mabrook’ Savings Account. The award is indicative of CBI’s increasing competitive strength and commitment to offering personalised banking.
Sustaining its growth and development momentum and in line with ongoing efforts to expand the range of products and services, Q1 2013 saw the launch of some new products. The enhanced CBI Personal Loan has value-added benefits including no processing fees, no insurance fees and a free for life Credit Card. Additionally, customers who transfer their salary to CBI will benefit from free involuntary loss of employment cover, permanent disability cover and life insurance, while also enjoying rates as low as 2.5% p.a. on Auto Loans.
CBI and QNB Group completed a financing deal with Meydan Group to fund investment in infrastructure projects. The deal will finance infrastructure across the Meydan territory, which includes part of the real estate development of the Meydan Racecourse district.
- A Stronger Team
CBI continues to place an emphasis on staff training, development and engagement with dedicated training sessions throughout Q1 2013.
Emiratisation efforts continued as National Development Programme trainees entered on-the-job training, illustrating CBI’s commitment to facilitating the integration of UAE Nationals.