Dubai - Mubasher: Commercial Bank International (CBI) on Sunday announced its financial results for the third quarter of 2017, which increased 4% year-on-year to reach AED 33 million ($9.11 million).
CBI CEO Mark T. Robinson said that the bank’s strategy had enhanced the profitable growth in the previous quarter as it meets customers’ needs.
Meanwhile, Mohammad Sultan Al Qadi, chairman of the CBI, added that the positive growth in net interest income and FX income resulted in putting the bank on the right track and achieving these results.
The CBI’s net loans and advance went up 2% year-on- year to reach AED 13.501 million in Q3-17, according to the statement.
Moreover, operating income grew by 6% year-on-year to reach AED 215 million in Q3-17.
“Income growth was principally driven by strong growth in net interest income and forex income and partly offset by lower one off fees from syndications”, the bank added in its statement.
As for customer deposits, these rose 10% year-on-year to reach AED 14.169 billion.
Al Qadi commented that this rise in customer deposits demonstrates the CBI’s “commitment to building long-term relationships with our customers to better meet their financial needs”.
