Dubai: Commercial Bank International (CBI) on Monday reported a net profit of Fh20 million compared to Dh39.5 million in the first quarter of 2018.
The bank’s operating profit for the period was up by 14 per cent to Dh117 million from Dh102.4 million in Q1 2018. Operating income grew by 1 per cent to Dh207.5 million from Dh206.5 million in Q1 2018 while operating expenses declined by 13 per cent to Dh90.6 million from Dh104 million in Q1 2018.
“In Q1 2019, we continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We also focused on strengthening the Bank’s operations while improving our cost efficiency,” said Mark T. Robinson, CEO of CBI.
Total assets were up by 6 per cent in the first quarter and customer deposits up by 3 per cent year on year. Net Fee and Commission income for Q1 2019 increased by 13 per cent to Dh69 million, from Dh61 million in Q1 2018. The capital adequacy ratio in Q1 2019 remained stable at 14.7 per cent.