CBI approves 5% share dividend and appoints new board of directors
Wednesday, March 26, 2014
Commercial Bank International (CBI) General Assembly meeting was held and the shareholders approved audited financial for the year 2013 at the AGM and approved 5% share dividend.
AGM also elected directors of Board and Mr. Mohamed Sultan Al Qadi has been elected as the Chairman of the Board of Directors and Mr. Ali Ahmed Kuwari as the Vice-Chairman for the next three years following the bank’s Annual General Meeting (AGM).
The other Directors elected by AGM are: Sheikh Abdulla Bin Humaid Al Qasimi,Mr. Ahmed Majid Lootah, Mr. Obaid Mohamed Salami, Mr. Adel Abdel Aziz Khashabi, Mr.Fahad Abdulla Al Khalifah, Mrs. Fareeda Ali Abulfateh and Mr. Mohamed Omar Bin Haider.
The Bank also reported a net profit of AED 176.64 million for the year ended 31st December 2013. Total assets grew by 16.3% to AED 14.81 billion as compared to AED 12.74 billion at the end of December 2012. Customer Deposits saw a growth of 18.1% reaching AED 10.50 billion as compared to AED 8.89 billion. Loans and advances increased by 21.5% to AED 10.62 billion as compared to AED 8.74 billion at the end of December 2012. Shareholder’s equity increased by 9.3% to AED 2.2 billion as compared to AED 2 billion at the end of December 2012.
Mr.Mohammad Sultan Al Qadi, Chairman of Commercial Bank International stated that: “Continuity at the board level builds sustainable growth .The year saw the emergence of definitive policy structures and a qualitative focus on product refinement. Our focus remains on the management of risk and a rigorous approach to cost management. We plan to increase the share holder’s wealth in the medium to long term, building on the Bank’s reputation as one of the fastest growing in the UAE. The Board of Directors continues to have great trust in Senior Management to take bold, yet balanced steps in its future course of action.”
Mr.Al Qadi also stated that developing national talent is our priority. Last year our renewed Emiratizaion policy saw the UAE National workforce grow to 35% of our total staff. CBI was recognized by the Higher Colleges of Technology as the “employer of the year”.
Further, Mr. Mohamed AlQadi mentioned that in the past year, CBI strengthened its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. CBI’s capital adequacy ratio remained strong at 15.40% as per Basel II, which remains well above the 12% limit mandated by the Central Bank of UAE. Advances to stable resources ratio are as per guidelines of Central Bank of the U.A.E.