CBI first-half profit jumps 154% to Dh141.3m

Commercial Bank International (CBI) reported a net profit of Dh141.3 million, up 153.7 per cent, for the first six month period ended June 30, 2012 as compared to Dh55.7 million reported during the corresponding period in 2011.

As a three month period of Q2 2012, it is also an increase in net profit of 13.7 per cent compared to Q1 results ending March 31, 2012.

Total assets grew by Dh599 million reaching Dh12 billion as at June 30, 2012, compared with December 31, 2011.  Total customer deposits during the 1st half of 2012 increased by 8.5 per cent to Dh9.2 billion, while net loans and advances to customers increased to Dh8 billion.

Kris Babicci, Chief Executive Officer of CBI, said: “We continue to see improved performance and volume growth and the results are in line with our plan for the year.  We will open five new branches in strategic locations around the UAE before the end of the year. This will enhance accessibility to our customers and visibility to new customers.  Our focus remains on the risk and cost management”.

Mohammad Sultan Al Qadi, Chairman of Commercial Bank International, said: "The board has great confidence in the management team; the successful strategy continues to show impressive results quarter to quarter. The earnings per share increased 150 per cent to Dh0.10 compared with June 30, 2011”.

CBI’s capital adequacy ratio remained strong at 16.8 per cent and maintained a comfortable liquidity position of Dh1.6 billion at the end of June 30, 2012. Advances to stable resources ratio was maintained at 0.84:1 as to the Central Bank of the UAE requirement of 1:1.

“The Bank’s strategy is focused on the growth of our network and core banking activities while maintaining a strong liquidity position to take advantage of quality opportunities.  Liquidity is managed well and the Bank’s key regulatory ratios are in accordance with Central Bank of the UAE requirements,” Babicci added.

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