Abu Dhabi – Mubasher: Commercial Bank International (CBI) posted a 43.2% decline year-on-year in the first quarter of 2017, according to the bank’s statement.
Profits reached AED 21 million ($5.72 million) in Q1-17, compared to AED 37 million ($10.07 million) in Q1-16.
The profit rise is mainly attributed to higher gross provisions due to the timing of recoveries.
Net interest income reached AED 126 million in Q1-17, up 10% from AED 114 million in Q1-16.
Net fee and commission income fell by 12% year-on-year to AED 57 million in Q1-17, while fee and commission income stood at 27.9% in Q1-17 compared to 34.3% in Q1-16.
The bank’s operating profit amounted to AED 92 million in Q1-17, a growth of 13% from AED 81 million in Q1-16.
Customer deposits went up 4% from the end of 2016 and by 23% over the last 12 months to reach AED 14,504 million.
Net loans and advances grew 3% from year-end 2016 and by 12% over the last 12 months to total AED 13,689 million.
