Commercial Bank International announces Q3 results
Monday, October 31, 2011
Commercial Bank International announced its results for the nine months ended 30 September 2011. Net interest income for 9 months increased by 14.1% to AED 290.64 million compared to AED 254.77 million achieved in the same period in 2010
Mr. Kris Babicci, CEO
Commercial Bank International announced its results for the nine months ended 30 September 2011. Net interest income for 9 months increased by 14.1% to AED 290.64 million compared to AED 254.77 million achieved in the same period in 2010.
The financial results were announced yesterday after the Board of Directors meeting chaired by H.E Mohamed Sultan Al Qadi. The Board of Directors reviewed the overall business strategies and performance of the Bank during the year.
The bank announced a net profit of AED 62.9 million for the nine month period.
Mr. Kris Babicci, Commercial Bank International Chief Executive Officer, commented: "Commercial Bank International has a commitment to sustainable growth in all its core businesses, and to deliver enhanced value to its shareholders, customers, employees and other partners. We will continue to invest in new products, technology and human resources and align business strategy, systems and risk management practices".
He further added “Our strategy is to focus on business growth while taking prudent steps to improve the asset quality. The strength and diversity of our income has been maintained and we are in a good position to build on this growth.”
Assets totaled AED 11.6 billion at the end of September 2011. Loans and Advances (net) stood at AED 7.7 billion and customer deposits at AED 8.8 billion. Liquidity continued to be healthy with liquid assets of AED 834.08 million at the end of September 30, 2011. Capital Adequacy ratio of 15.70% as per Basel II remained well above the 12% limit mandated by Central Bank. Advances-to-stable-resources ratio
stood at 0.85:1 as against the Central Bank requirement of 1:1.