Dubai – Mubasher: Commercial Bank International (CBI) on Monday reported a 40% increase in net profit during 2017, registering AED 175 million versus AED 125 million in the year-ago period.
The bank’s operating profit surged 7% to AED 411 million last year, in comparison with AED 383 million in 2016, according to a filing to the Abu Dhabi Securities Exchange (ADX).
The increase in CBI’s net profit is attributable to the bank’s effort to collect non-performing loans (NPLs), along with the growth of its income, the UAE-based lender said in a statement.
The operating income rose 3% year-on-year to AED 866 million in the fourth quarter, while net interest income soared 10% to AED 556 million in the previous fiscal year against AED 507 million in FY18, the CBI’s data showed.
“Capital adequacy under the new Basel III regime remained stable at 14.8% and the Bank has strong liquidity with Eligible Liquid Assets Ratio (ELAR) of 14.7% and Loan to Deposit Ratio (LDR) of 91%,” the bank revealed.
Meanwhile, operating expenses slipped to AED 454 million in 2017, compared to AED 456 million a year earlier.
“We witnessed strong year-on-year growth in both our Wholesale and Retail Banking units, as well as cost efficiency gains through organisational redesign and changes to our size and structure,” Mohammad Sultan Al Qadi, CBI’s chairman, commented.
