Abu Dhabi-Mubasher: Commercial Bank International (CBI) achieved a growth of 58.69% in profits of the first quarter as compared to the same period in 2015, according to an issued statement.
CBI’s earnings reached AED 36.5 million ($9.94 million) in Q1-16, compared to AED 23 million ($6.26 million) in Q1-15.
The bank’s loans and advances have increased by 6% or AED 703 million to reach AED 12.2 million in Q1-16 as compared to AED 11.5 million in December.
“Customer deposits increased by 6% to AED 11,782 million from AED 11,106 million in December 2015,” the statement noted, adding “CBI’s expenses of AED 105.4 are 3.5% above Q1 2015. Net specific provisions of AED 30.9 million were AED 23.0 million less than Q1 2015 wherein general provisions of AED 14 million were AED 25.4 million less than Q1 2015.”
