Dubai: Commercial Bank International (CBI) on Monday reported a net profit of Dh111 million for 2019 compared to Dh223 million reported in 2018.
The bank’s quarterly net profit was up 22 per cent from Dh31 million in Q3 2019 to Dh38 million in Q4 2019.
Quarterly net operating income was up 4 per cent from Dh196 million in Q3 2019 to Dh203 million in Q4 2019. Bank's annual net operating income was Dh779 million in 2019 compared to Dh925.78 million in 2018.
“2019 was a challenging year for the banking industry, due to the challenges in the global economy and markets. Despite the headwinds, CBI maintained its solid performance and achieved further progress in implementing its transformation programme. With our customer-centric strategy, we are optimistic about the growth prospects offered by the development of the UAE economy in 2020 and beyond, for our customers, shareholders and people,” said Mohammad Sultan Al Qadi, Chairman of CBI.
The bank reported an annual fall in expenses by 8 per cent from Dh409 million in 2018 to Dh376 million in 2019. Capital adequacy increased to 15.4 per cent at yearend 2019, up from 14 per cent previous year.
“We have delivered a steady performance in 2019, driven primarily by wholesale loans and advances, which grew by Dh146 million. With our strong capital and liquidity, CBI is very well positioned to support the growth of the UAE economy and help our customers realise their ambitions in 2020,” said Ali Sultan Rakkad Al Amri, the Acting CEO of CBI.