Commercial Bank International Reports Exceptional Growth in Q3 2024

Commercial Bank International (CBI) has reported substantial financial growth for the period ending September 30, 2024.

The bank recorded a net profit before tax of AED 254 million in the first nine months of 2024, marking an impressive 81% year-on-year (YoY) increase.

In Q3 2024, CBI’s net operating income reached AED 278.5 million, reflecting a 90% increase from Q3 2023 and a notable 115% rise from Q2 2024. Over the nine-month period, net operating income grew 27% YoY, totaling AED 529 million. This exceptional performance contributed to a substantial increase in profitability for Q3 2024, with profit before tax surging to AED 164.1 million—up by 166% compared to Q3 2023 and 232% compared to Q2 2024.

CBI’s balance sheet also saw robust growth, with total assets rising 12% YoY to AED 21 billion. The increase was largely fueled by an 8% YoY rise in loans and advances, reaching AED 13 billion. Improved liquidity and a stronger funding base were evidenced by the bank’s loan-to-deposit ratio, which fell to 85% as of September 30, 2024, down from 98% the previous year.

Moreover, CBI’s capital adequacy ratio strengthened, reaching 15.8% as of September 2024, up from 14.7% in 2023. This increase underscores the bank’s solid capital position and resilience in the face of dynamic market conditions.

News Source: Emirates News Agency