CBI Pre-Tax Profit Rises 30% In 2024 To Dh223 Million

1/17/2025 2:04:41 AM

(MENAFN- Khaleej Times) Commercial bank International, a leading UAE bank, on Wednesday announced that it posted a pre-tax profit of Dh222.7 million for 2024, reflecting a significant 30 per cent year-on-year (YoY) growth.

Total revenues surged by 29 per cent YoY to Dh703 million, fuelled by increased business volumes, and gains from resolving key legacy issues.

CBI's total assets grew by 10 per cent to Dh20.9 billion compared to the prior year, while customer deposits increased impressively by 22 per cent YoY, enhancing liquidity and improving the loan-to-deposit ratio to 89 per cent. Additionally, the Bank's capital adequacy ratio improved to 17.7 per cent, underscoring its strong financial resilience and capacity to support future growth.

The strong financial performance followed the implementation of new regulatory requirements related to credit risk management, which further enhanced the Bank's asset quality.

Enhanced cost efficiencies and robust balance sheet management bolstered profit margins, while the resolution of legacy issues significantly improved asset quality. These efforts, alongside the Bank's innovative financial solutions, have reinforced CBI's position as a trusted financial partner across the UAE.

Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International. - Supplied photo

Commenting on the results, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said:“Our 2024 results are a testament to the transformative steps we've taken to strengthen our position in the market. This achievement reflects the unwavering dedication of our teams, who continue to deliver customer-centric solutions that drive tangible value. By expanding our assets and revenues, optimising operations, and embracing digital transformation, we have established a solid foundation for sustainable growth. 2024 has been a pivotal year for CBI, marked by the resolution of long-standing legacy issues and significant improvements in asset quality. Our enhanced capital position provides a strong platform for future growth. As we move forward, we remain dedicated to sustaining this strong momentum by investing in cutting-edge technology, enriching our product offerings, and fostering a culture of continuous improvement with our clients at the heart of every decision we make.”

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