CBI Shareholders approve 5% Bonus Share Dividend at Annual General Meeting
Monday, April 06, 2015
Commercial Bank International (CBI) shareholders approved distribution of a 5% bonus share dividend for the financial year ended 31 December 2014 at the annual ordinary general meeting (AGM) and the extraordinary general meeting (EGM) held in Ras Al Khaimah.
The AGM, convened under the chairmanship of Mr. Mohammad Sultan Al Qadi, the Chairman of CBI, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending 31 December 2014. The shareholders also approved the appointment Mr. Ali Rashed Muhannadi as a Director.
The Bank reported a Net Profit of AED 134 million for the year ending 31st December 2014. The Bank’s core operations registered steady growth during 2014 with the Bank’s Operating Profit increasing to AED 465 million, up 40% on the 2013 figure. The Bank’s profitability was partially due to a growth in Assets and an increase in fee based income.
Assets stood at AED 19.7 billion at the end of 2014, an increase of 33% on the previous year. Net Fee and Commission Income increased by 7% to AED 220 million, driven by an increase in LCs and Acceptances.
Loans & Advances increased by 23% to AED 13.1 billion at the year end, compared to AED 10.6 billion at the end of December 2013, while Customer Deposits increased by 38% to reach AED 14.5 billion at the end of 2014 against AED 10.5 billion for the same period in 2013.
Shareholders’ equity increased by 7% to AED 2.3 billion as compared to AED 2.2 billion at the end of December 2013.
The EGM, convened after the AGM, approved the amendment of Article 22 of the Bank’s Articles of Association - authorizing the Board of Directors to borrow and raise funds on behalf of the Bank and to execute borrowing agreements for more than 3 years.
Addressing the Bank's shareholders, Mr. Mohammad Sultan Al Qadi: “In 2014 CBI delivered solid results whilst beginning to reposition the bank for long-term growth. Our strategic alliance with our major shareholder Qatar National Bank also positions the Bank well for future growth. Overall, the Board was satisfied with the Bank’s financial performance and with the many other achievements of the Bank as we work to deliver excellent value for our customers and good returns for our shareholders.”