Commercial Bank International PJSC (CBI), a leading UAE bank, on Thursday announced a net operating income of Dh278.5 million for Q3 2024, an increase of 90 per cent compared to Q3 2023 and by 115 per cent compared to Q2 2024.
For the nine-month period ending 30 September 2024, CBI delivered a robust 27 per cent year-on-year growth in net operating income, totalling Dh529 million. This translated into a substantial uplift in profitability for Q3 2024, with profit before tax of Dh164.1 million soaring by 166 per cent as compared with Q3 2023 and 232 per cent as compared with Q2 2024. For the nine-month period, the bank achieved a record profit before tax of Dh254 million, reflecting an 81 per cent growth year on year.
CBI’s balance sheet remains solid, with total assets increasing by 12 per cent year-on-year to Dh21 billion as of 30 September 2024. This growth was primarily driven by a strong expansion in loans and advances, which rose by eight per cent year-on-year to Dh13 billion. The Bank’s loan-to-deposit ratio improved notably, reaching 85 per cent as of 30 September 2024, compared to 98 per cent in the same period last year, signalling enhanced liquidity and a stronger funding base.
The bank’s capital adequacy ratio strengthened to 15.8 per cent as of 30 September 2024, up from 14.7 per cent the previous year, underscoring the Bank’s solid capital strength and financial resilience.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International
Ali Sultan Rakkad Al Amri, CEO of CBI, said: “We are extremely proud of our record-breaking performance this quarter, which is a direct reflection of our commitment to sustainable growth and operational efficiency. Our transformation strategy, combined with a relentless focus on customer-centric innovation, has delivered remarkable results across the board. The expansion of our balance sheet, improved liquidity, and strengthened asset quality all underscore our disciplined approach to risk management and our ability to deliver meaningful value to our customers and shareholders. Looking ahead, we are committed to continuing our investments in digital transformation, enhancing our product offerings, and solidifying our competitive strength. We aim to be the bank of choice for our customers by consistently offering innovative financial solutions and maintaining the highest standards of service.”
Source: www.khaleejtimes.com
