Abu Dhabi – Mubasher: Commercial Bank International Bank (CBI) on Tuesday posted a strong set of results for the third quarter of 2018 and the first nine months of the year.
CBI achieved AED 61.2 million ($16.66 million) in net profits in Q3-18, up 74.35% year-on-year from AED 35.1 million ($9.56 million), the bank said in a statement to the Abu Dhabi Securities Exchange (ADX).
Commenting on the bank’s results CBI chairman Mohammad Sultan Al Qadi said that the bank’s continued growth reflects the strategy aimed at meeting customers’ expectations and demands.
“Over the third quarter, we had the distinct pleasure of launching our new branch concept that we hope will help change notions around the traditional bank branch within the UAE. We aim to continue with this momentum while supporting our customers, their businesses and the UAE economy,” Al-Qadi added.
As for the first nine months of 2018, the ADX-listed bank posted a net profit of AED 142.4 million, registering a growth of 59% from AED 89.3 million in the same period of 2017.
The bank's operating expenses decreased by 9% to AED 304 million during the nine-month period ended September from AED 335.8 million in the corresponding period last year.
Meanwhile, the impairment losses fell 23% year-on-year to AED 148.8 million compared to AED 194.4 million during the nine-month period of 2017.
The increase in net profit was driven by asset growth, higher margins, and reduced provisions, the CBI revealed.
Meanwhile, CBI CEO Mark T. Robinson noted that the positive results for Q3-18 were backed by improved efficiency, resulting in lower operating expenses for both Q3-18 and the nine-month period.
The bank previously reported a 55% year-on-year rise in net profit to AED 81 million in H1-18 from AED 52 million in the prior-year period.
Most of the CBI’s shares are owned by UAE shareholders, including the government of Ras Al Khaimah. UAE nationals make up the majority of its board of directors, which is led by chairman Mohammed Sultan Al-Qadi.
The bank has a network of 16 branches and 108 ATMs nationwide.
