Media ININ Economy We Trust
14-02-2019 Media in\ Dubai
Commercial International Bank (CBI) today announced its financial results for the fiscal year 2018 and for the fourth quarter of the same year with strong financial results as a result of adopting a strategy based on improving customer experience and establishing strong relationships with them. .
The bank posted an annual net profit growth of 29 per cent in 2018 to reach AED 226 million compared to AED 175 million recorded in 2017.
The results were driven by an increase in net operating income of 7 per cent from AED 865 million in 2017 to AED 928 million in 2018, offset by a 9 per cent drop in operating expenses from AED 448 million in 2017 to AED 409 million in 2018.
Commercial International Bank’s net profit rose 36 per cent from AED 61 million in the third quarter of 2018 to AED 83 million in the fourth quarter of 2008, driven mainly by a 35 per cent increase in net operating income from AED 225 million to 304 million AED during the same period.
The average cost-to-income ratio fell by 8 percentage points to 44 percent in 2018 compared to the previous year. The bank made gains from its strategy of digitizing, simplifying and controlling operations.
On the other hand, the bank recorded a 30 percent decrease in credit provisions in 2018 due to continued focus on asset quality enhancement.
Total assets rose from AED 2 billion to AED 23 billion, while customer deposits grew by more than AED 1 billion to AED 15 billion, driven by a series of successful initiatives aimed at enhancing the banking customer experience.
In terms of corporate banking, the bank recorded a growth of AED 1 billion in loans and corporate finance, offset by a growth of AED 255 million in corporate deposits. Shariah-compliant deposits grew by over AED 600 million.
Commercialbank International launched a wide range of value-added banking services and services for its first-ever CBI First customers, which were designed to meet their needs within 24 hours, which greatly reflected the customer experience and improved customer satisfaction.
Commercialbank International has also launched a new generation of banking branches that allows its retail and corporate customers to access a wide range of banking products and services.
