Dubai: Commercial Bank International (CBI) on Tuesday reported a net profit of Dh142 million for the first nine months of 2018, up 66 per cent compared to the same period last year.
For the third quarter of 2018, the bank’s profits surged 83 per cent year-on-year to Dh61 million and 48 per cent compared to the second quarter of 2018.
“CBI has demonstrated continued growth in the market through our strategy aimed at meeting our customers’ expectations and demands,” said Mohammad Sultan Al Qadi, CBI chairman.
The bank recorded a strong performance in the third quarter of this year, driven by a continued focus on expense control, as well as a higher fee and commission income.
Operating expenses at Dh98 million fell 15 per cent from Dh116 million in the third quarter of 2017 as a result of the continued implementation of the bank’s expense efficiency strategy.
In the first nine months of this year, operating expenses were down by 9.5 per cent to Dh303 million, compared to Dh336 million in the same period of last year.
CBI’s operating profit in the third quarter of 2018 rose 27 per cent to Dh126 million, compared to Dh99 million in the third quarter of 2017.
In the first nine months of the year, operating profit went up 12 per cent to Dh318 million.
“During the third quarter of this year, we had good progress with the improvement in efficiency. This has helped in driving up profit substantially, which has increased by 83 per cent compared to the third quarter of 2017,” said Mark T. Robinson, CEO of CBI