Dubai: Commercial Bank International (CBI) on Monday reported Dh81 million net profit for the first half of 2018, up 55 per cent compared to Dh52 million in the same period last year.
Operating profit surged 6 per cent to Dh194 million from Dh183 million in the first half of 2017.
“The strong results that CBI was able to achieve in the first half of 2018 are a testament to our continued efforts to optimize 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,” said Mohammad Sultan Al Qadi, Chairman of CBI.
CBI had a strong first half of the year, as the bank continued focus on expense control and improving asset quality. During the first six months of this year net interest income remained stable at Dh262 million.
Operating expenses decreased by 7 per cent to Dh206 million from Dh222 million in the first half of 2017, because of the bank’s expense efficiency strategy and focus.
“In the first half of this year, we continued to prioritize driving expense efficiency, while improving our core asset quality. As a result, our operating expenses have decreased by 7 per cent and provisions have decreased by 35 per cent compared to the first half of 2017, increasing our profitability,” said Mark T. Robinson, CEO of CBI.
