Abu Dhabi – Mubasher: Commercial Bank International (CBI) registered net operating income valued at AED 278.50 million in the third quarter (Q3) of 2024, according to a press release.
This represents a 90% year-on-year (YoY) hike compared to Q3-23 and a 115% leap compared to Q2-24.
Net profits before tax surged by 166% YoY to AED 164.10 million during July-September 2024.
For the nine-month period that ended on 30 September 2024, CBI delivered a robust 27% YoY rise in net operating income to AED 529 million. The profit before tax jumped by 81% to AED 254 million.
CBI witnessed a solid balance sheet, with total assets increasing by 12% YoY to AED 21 billion as of 30 September 2024. This growth was mainly driven by a strong expansion in loans and advances, which rose by 8% YoY to AED 13 billion.
The bank's loan-to-deposit ratio improved notably, reaching 85% as of 30 September 2024, compared to 98% in the same period in 2023.
Ali Sultan Rakkad Al Amri, CEO of CBI, said: “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,” Al Amri continued.
In the first half (H1) of 2024, CBI posted higher net profit at AED 81.45 million, compared to AED 78.88 million in H1-23.
