CBI Records A 14% Year-On-Year Rise In Pre-Tax Net Profit To Dh89.9 Million In H1-2024
Date
7/26/2024 3:31:13 PM
(MENAFN- Khaleej Times)
Commercial bank International (CBI) on Thursday announced that pre-tax net profit increased by 14 per cent year-on-year from Dh78.9 million in the first half of 2023 to Dh89.9 million in H1-2024.
Customer deposits grew by 24.6 per cent from Dh11.4 billion as at Jun'23 to Dh14.2 billion as at Jun'24. Loans and advances grew by 1.9 per cent from Dh12.3 billion as at June 2023 to Dh12.5 billion as at June 2024.
Capital adequacy ratio improved and stood at 15.3 per cent as at June 2024.
Customer deposits saw a significant 24.6 per cent Year-on-Year (YoY) increase, growing from Dh11.4 billion to Dh14.2 billion over the same period, reflecting CBI's successful efforts in expanding its customer base and enhancing deposit products. Furthermore, the Bank's loans and advances, increased steadily by 1.9 per cent from Dh12.3 billion to Dh12.5 billion YoY H1-2024 on the back of its successful targeted lending programs as well as its competitive loan offerings.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said:“I am pleased to report that CBI has closed out the first half of the year on a strong note, which saw us continue to deliver on our strategies and successfully address the growing needs of the Bank's expanding client base. Looking ahead, we aim to further enhance CBI's customer experience through the development of new products and services, streamlining processes, and leveraging technology to deliver a seamless and convenient banking experience. Ultimately, our strategy aligns perfectly with our commitment to supporting the UAE's continued economic prosperity, and we are confident that by building on this momentum in the second half of the year, we will continue to deliver and unlock sustainable value for our customers, investors, and the communities we serve.”
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