Abu Dhabi – Mubasher: The Commercial Bank International (CBI) posted a decline in net profit to AED 20 million during the first quarter of 2019 compared to AED 39.5 million in Q1-18.
The bank, listed on the Abu Dhabi Securities Exchange (ADX), achieved an increase of 14% in operating profit to AED 117 million in Q1-19 from AED 102.4 million in Q1-18, according to a bourse disclosure on Monday.
The CBI’s operating income went up 1% to AED 207.5 million in the first quarter of 2019 from AED 206.5 million in Q1-18.
As for the operating expenses, the ADX-listed bank registered a decline of 13% to AED 90.6 million from AED 104 million in Q1-18.
Total assets increased by 6% and customer deposits grew by 3% in Q1-19 when compared to the same quarter a year earlier.
“In Q1 2019, we continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We also focused on strengthening the Bank’s operations while improving our cost efficiency,” the CEO of the CBI Mark T. Robinson commented.
Furthermore, the bank’s Capital Adequacy Ratio (CAR) in Q1-19 remained stable at 14.7%.
