DUBAI, 25th July, 2024 (WAM) — Commercial Bank International (CBI) has announced its financial results for the first half of 2024, with pre-tax net profit growing 14 percent year-on-year (YoY) from AED78.9 million to AED89.9 million.
In a press release today, the bank said that the increase in net profit comes on the back of a combination of strategic initiatives, including, a customer-centric approach, and prudent risk management.
Customer deposits saw a significant 24.6 percent YoY increase, growing from AED11.4 billion to AED14.2 billion, reflecting CBI’s successful efforts in expanding its customer base and enhancing deposit products. Meanwhile, the Bank’s loans and advances, increased steadily by 1.9 percent from AED12.3 billion to AED12.5 billion YoY.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said, “I am pleased to report that CBI has closed out the first half of the year on a strong note, which saw us continue to deliver on our strategies and successfully address the growing needs of the Bank’s expanding client base. Looking ahead, we aim to further enhance CBI’s customer experience through the development of new products and services, streamlining processes, and leveraging technology to deliver a seamless and convenient banking experience.
“Ultimately, our strategy aligns perfectly with our commitment to supporting the UAE’s continued economic prosperity, and we are confident that by building on this momentum in the second half of the year, we will continue to deliver and unlock sustainable value for our customers, investors, and the communities we serve.”