CBI Post Dhs 237.26m Profit

9/30/2006

RAK- The Commercial Bank International (CBI), a Public Shareholding Company, has achieved Dhs 237.265 million net profits in the year 2005, compared to only Dh 71.35million in the year 2004.

Khaleeej Times,
Monday, March 20th 2006

RAK- The Commercial Bank International (CBI), a Public Shareholding Company, has achieved Dhs 237.265 million net profits in the year 2005, compared to only Dh 71.35million in the year 2004.
Addressing the company's general ordinary assembly, held in Al Hamerah Fort Hotel on last Saturday, Hamed Abdullah Al Mutawa, Chairman of the CBI Board of Directors said, "The year 2005 was a year of outstanding performance in terms of earnings and growth". He also added that the bank's loans and advances increased by 15.63 percent whilst deposit advanced increased to Dhs.5.232 million, with 34.71 percent increase compared to previous year with 18.6percent liquid component, cash and cash equivalents, "This demonstrate that our level of liquidity was excellent, he told the meeting.

He also valued the new internal auditing system that has been adopted through the year 2005. The meeting also decided to allocate 60percent of the profit as share dividends and to increase the bank's capital to Dh 1 billion.