Commercial Bank International's net profit rises by 65% to AED 34m in first quarter of 2023

The Commercial Bank International (CBI) has released its financial results for the first quarter of 2023 in Dubai.

The financial highlights include a 65% year-on-year increase in net profit from AED 20.6 million in Q1 2022 to AED 34 million in Q1 2023, a 33% year-on-year increase in net operating income from AED 111 million in Q1 2022 to AED 148 million in Q1 2023, and a 3% year-on-year increase in loans and advances from AED 11.8 billion in Q1 2022 to AED 12.2 billion in Q1 2023.

Commenting on the Bank’s Q1 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said,

“Our commitment to client-centricity remains unwavering and we continue to prioritize providing the highest-quality services to our customers. By constantly striving to understand our customers’ evolving needs and leveraging innovative solutions to enhance our offerings, we are able to deliver exceptional customer service in line with solid business growth. Our customer experience-focused business model has delivered a net profit of AED 34 million in the first quarter. As we move forward, we remain steadfast in our commitment to supporting the development of the UAE economy and helping our clients achieve their growth aspirations.”

News Source: Emirates News Agency