CBI reports AED41 million net profit in 2019

DUBAI, Commercial Bank International, CBI, today announced its financial results for the first half of 2019. The bank’s net profit reached AED41 million compared to AED81 million in 2018.

Operating profit was up by five percent to AED204 million from AED194 million in 2018. Also, net fee and commission income up by seven percent to AED108 million compared to AED101 million in 2018.

Operating expenses were down by 14 percent to AED176 million compared to AED204 million during the same period last year.

Commenting on the bank’s performance, Ali Sultan Rakkad Al Amri, Acting CEO of CBI, said, “During the first half of 2019, we have focused on growing CBI’s core businesses and fulfilling our clients’ needs with better product and service offerings. As a result of our continuous focus on cost control, our efficiency has also improved substantially.”

The Capital Adequacy Ratio in 2019 remained stable at 14.7 percent.

CBI saw a steady first half, as a result of a continued focus on growing revenues, controlling costs and redefining the customer experience.

Source: Emirates News Agency