Abu Dhabi – Mubasher: Commercial Bank International (CBI) posted a 55% year-on-year hike in net profit during the first six months of 2018.
The bank’s net profit grew to AED 81 million in H1-18, versus AED 52 million a year earlier, according to an official statement.
The UAE-based lender’s earnings per share (EPS) also surged 52% to AED 4.6 from January to the end of June, in comparison with AED 3 in H1-17.
"In the first half of this year, we continued to prioritise driving expense efficiency, while improving our core asset quality,” CEO of CBI Mark T. Robinson commented.
“As a result, our operating expenses have decreased by 7% and provisions have decreased by 35% compared to H1 2017, increasing our profitability,” he added.
The Abu Dhabi-listed bank reported a net profit of AED 40 million during the first quarter of 2018, compared to AED 21 million in the year-ago period.
