Commercial Bank International (CBI) recently reported a 14% increase in pre-tax net profit during the first half of 2024, rising from Dh78.9 million to Dh89.9 million compared to the same period in 2023. This growth can be attributed to the bank’s focus on expanding its customer base and enhancing deposit products. Customer deposits also surged by 24.6% year-on-year, reaching Dh14.2 billion by June 2024, while loans and advances saw a 1.9% increase to Dh12.5 billion during the same period. The capital adequacy ratio also improved, standing at 15.3% as of June 2024.
Ali Sultan Rakkad Al Amri, the CEO of Commercial Bank International, expressed his satisfaction with the bank’s performance in the first half of the year. He highlighted the success of the bank’s strategies in meeting the needs of its growing client base and emphasized the importance of enhancing customer experience through new products, streamlined processes, and technology integration. Al Amri also emphasized the bank’s commitment to supporting the UAE’s economic prosperity and expressed confidence in delivering sustainable value for customers, investors, and communities in the second half of the year.
CBI’s significant increase in customer deposits and loan portfolio reflects the bank’s successful targeted lending programs and competitive loan offerings. By focusing on expanding its customer base and developing innovative products and services, the bank aims to provide a seamless and convenient banking experience for its clients. This strategic approach is in line with CBI’s commitment to supporting the UAE’s economic growth and creating long-term value for stakeholders.
The positive financial results and growth trajectory demonstrate CBI’s resilience and ability to navigate the challenging economic environment. By leveraging technology and improving operational efficiency, the bank is well-positioned to capitalize on future opportunities and drive sustainable growth. With a strong capital adequacy ratio and a focus on enhancing customer experience, CBI is set to continue its momentum and deliver value to its stakeholders in the coming months.
As CBI looks ahead to the second half of the year, the bank remains committed to its strategic objectives of delivering superior financial performance and meeting the evolving needs of its customers. By building on the momentum achieved in the first half of the year, CBI aims to further strengthen its position in the market and drive sustainable growth. With a strong leadership team and a clear focus on innovation and customer service, CBI is well-equipped to navigate the challenges of the banking industry and capitalize on emerging opportunities.
In conclusion, Commercial Bank International’s strong financial performance in the first half of 2024 underscores the bank’s commitment to excellence and its ability to adapt to evolving market conditions. With a focus on customer-centricity, innovation, and financial stability, CBI is well-positioned to achieve its strategic goals and deliver long-term value to its stakeholders. By leveraging its strengths and embracing digital transformation, CBI is poised to capitalize on emerging trends in the banking sector and drive sustainable growth in the years to come.
