Commercial Bank International (CBI) has announced its third quarter 2022 financial results, reporting a year-to-date net profit of AED100 million, compared to a net loss of AED45 million in the same period last year, a year-on-year (YoY) increase of 322 percent.
Meanwhile, the bank's loans and advances increased from AED10.6 billion on 30th September 2021 to AED13 billion as of 30th September 2022, representing a YoY growth of 23 percent, funded mainly by 19 percent annual growth in customer deposits.
CBI's net profit increased by 32 percent from AED34 million in Q2 2022 to AED45 million in Q3 2022, while its operating profit increased by 25 percent from AED73 million in Q2 2022 to AED91 million in Q3 2022, with its net operating income increasing by 20 percent from AED158 million in Q2 2022 to AED189 million in Q3 2022.
Commenting on the Bank’s Q3 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said,
“Adding value to our customers’ businesses and lives, and helping them realise their ambitions and dreams remain our key focus, despite the challenges we are observing in the global economy. Having been at the forefront of innovation with a number of key strategic initiatives, and further strengthening our core client-centric business model, we delivered a quarterly net profit of AED45 million, mainly through substantial loan growth. We will continue to grow our businesses and provide our customers with best in class services, through our relentless focus on innovation and client centricity.”
News Source: Emirates News Agency