Commercial Bank International (CBI or ‘The Bank’) today announced its financial results for the first quarter (Q1) of 2018.
Financial highlights – three-months ending 31 March 2018:
Mohammad Sultan Al Qadi, Chairman of CBI, commented on the Bank’s performance: “CBI continues to grow with another solid set of results. This stable performance is a result of the Bank’s focus on its customers, and to the broader economic growth of the UAE.”
Mark T. Robinson, CEO of CBI, added: “In Q1 2018, we continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We focused on increasing our revenues and continued cost efficiency. As a result, our operating profit increased by 12% compared to Q1 2017.We also strengthened the quality of our assets, with our NPL ratio decreasing by 1.7 percentage points over the quarter.”
CBI had a steady first quarter as a result of a continued focus on revenue growth, cost control and asset quality.
Net Interest Income increased by 1% to AED 127 million in Q1 2018.
Net Fee and Commission income for Q1 2018 increased by 7% to AED 61 million, from AED 57 million in Q1 2017 as we continued to optimise the Balance Sheet.
Operating Expenses for Q1 2018 decreased by 6% to AED 105 million from AED 111 million in Q1 2017, due to prudent cost control.
CBI’s Operating Profit in Q1 2018 increased by 12% to AED 103 million compared to AED 92 million in Q1 2017. CBI’s Priority Banking segment added 1,445 new customers.
Net Profit totaled AED 40 million for Q1 2018 compared to AED 21 million in Q1 2017.
Net Loans and Advances for Q1 2018 increased by 1% from year-end 2017, and also remained relatively steady year-on-year as the Bank further strengthened its balance sheet and improved the quality of assets.
CBI’s NPL Ratio decreased to 6.7% from 8.4% in Q1 2017.
The Capital Adequacy Ratio in Q1 2018 remained stable at 15.0%.