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Commercial Bank International, CBI, announced its financial results for the first six months of 2018, with net profit up by 55 percent to AED81 million, compared to AED52 million in H1 2017.
According to a press statement, CBI's operating profits were up by six percent to AED194 million, from AED183 million during the same period last year.
Commenting on the bank's performance, Mohammad Sultan Al Qadi, Chairman of CBI, said, "The strong results that CBI was able to achieve in H1 2018 are a testament to our continued efforts to optimise the Bank’s balance sheet and implement a customer-focused strategy. We will continue to focus on fulfilling our customers’ demands and supporting the growth of their businesses and the UAE economy."
Operating expenses were down by seven percent, to AED206 million from AED222 million in H1 2017.
Mark T. Robinson, CEO of CBI, added, "In the first half of this year, we continued to prioritise driving expense efficiency, while improving our core asset quality. As a result, our operating expenses have decreased by seven percent and provisions have decreased by 35 percent compared to H1 2017, increasing our profitability."
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