CBI reported a nine month net profit of AED 171 million, up by 25% from the previous year.
Saturday, October 25, 2014
Commercial Bank International PSC (CBI) today announced its financial results for the 9 months ended September 30th, 2014, demonstrating continued growth and performance across all business lines.
CBI’s Key Financial Indicators
- Net Profit up by 25% to reach AED 171 million from same period 2013
- Operating Profit up by 56% to AED 353 million from same period 2013
- Assets up by 25% to AED 18.6 billion from same period 2013
- Loans & Advances up by 21% to AED 12.8 billion from December 2013
- Customer Deposits up by 24% to AED 13 billion from December 2013.
- Shareholders’ equity increased by 9% to AED 2.4 billion from December 2013.
CBI reported a Net Profit of AED 171 million for the First nine months of the year, representing an increase of 25% from AED 136 million for the same period in 2013, wherein the Bank’s Net Operating Profit recorded AED 353 million, an increase of 55.5% from AED 227 million for the same period in 2013.
The financial results were announced after the Board of Directors meeting chaired by Mr. Mohammad Sultan Al Qadi. The Board of Directors reviewed the overall business strategies and performance of the Bank during the year.
Mr. Mohammad Sultan Al Qadi, CBI’s Chairman of the Board of Director’s, commented on the Bank’s performance, saying: “The Bank’s performance in the first nine months of 2014 reflect the continued strength in the balance sheet with adequate capital requirement, high liquidity and conservative advances to deposits ratio. As we enter the final quarter of 2014, CBI will continue to focus on generating long-term growth whilst maintaining its robust balance sheet and strong capital position.”
The Bank’s achieved profitability was partially due to a growth in Assets, which stood at AED 18.6 billion by end of September 2014, an increase of 25% compared to AED 14.8 billion at the end of December 2013.
Loans & Advances increased by 21% to AED 12.8 billion as at 30 September 2014, compared to AED 10.6 billion at the end of December 2013, while Customer Deposits increased by 24 % to reach AED 13 billion by end September 2014 against AED 10.5 billion in December 2013.
Shareholders’ equity increased by 9% to AED 2.4 billion as compared to AED 2.2 billion at the end of December 2013. Earnings per share increased by 29% to AED 0.103 at the end of September 2014.
Net Fee and Commission Income increased by 10% to AED 148 million, driven by an increase in LCs and Acceptances. Other Operating Income increased by AED 61 million as compared to the same period of 2013 mainly due to fair valuation gain on investments.
CBI was awarded the title of ‘Fastest Growing Bank in the UAE’ and ‘Most Improved Bank in the MENA Region’ on the much coveted Banker Middle East Industry Awards 2013. The awards were based on the quantitative analysis of key measure indicators such as assets, liabilities, total income, net attributable profit and return on assets, collating data on real size, real growth, and percentage growth to identify the region’s leading financial institutions.
In 2012, Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region completed the acquisition of 40% of CBI shares. CBI’s new brand launched in March last year reflects this partnership. With an expanding network across the United Arab Emirates, an enhanced product suite and a renewed customer-centric approach, CBI remains well positioned for future growth.