CBI announces 322 per cent net profit increase for Q2 2007

The bank saw total Assets increase to AED 10,109 Million from AED 6,087 Million in June 2006, representing a growth of 66.08%, whereas its Consumer Deposits grew to AED 7,626 Million, leading to 52.92% growth over last June's AED 4,987 Million.

Loans & Advances saw an immense increase as well, seeing a growth to AED 6,687 million from AED 3,573 million as of June 2006, representing a growth of 87.14%.

CBI's paid up capital of AED 1,089 million increased by 127% over last year's Q2 results of AED 479 Million of 30 June 2006; however, the earning per share based on share capital for the 2nd quarter of year 2007 was AED 0.13 per share.

Another noticeable notion is the capital Adequacy ratio as at 30 June 2007, being 13.01% against the UAE Central Bank requirement of 10%.

Commenting on these results, Mr. Hamad Abdulla Al Mutawa, Chairman of CBI, said:

'This is another strong performance for CBI, and reflects the successful implementation of our strategy. Our broader geographic spread and product portfolio have increased our resilience to individual market events. We are confident in our ability to continue to deliver good returns to our shareholders.'

'CBI continues to make excellent progress and is in good financial shape, a message endorsed by the recent upgrade to our credit ratings. It is well positioned to maximise the opportunities and minimise the risks presented by recent economic developments. The bank has appropriate governance in place. The breadth of our market and the diversity of our earnings give us confidence in our ability to continue to deliver good returns to our shareholders', continued Al Mutawa.

On the same note, Mr. Khamis Buharoon, CEO of CBI said: 'Setting extremely ambitious goals, CBI is witnessing large developments at all fronts in terms of assets and liabilities. With a growing corporate portfolio by 48% from AED 3.5 Billion to AED 5.15 Billion, and retail portfolio by 550% from AED 330 Million to AED 1.7 Billion, we have revamped and restructured our Corporate Banking, and aggressively entering the Retail Banking space in the UAE.'

'We are also focusing on diversifying our delivery channels, throughout the coming 6 months, 7 new branches will be opened all over the country starting with Fujairah branch which will start operations within the next two weeks, followed by Um Al Quwain, Sharjah (2nd branch), Ajman, Dubai (4th branch), Abu Dhabi (2nd branch) and RAK (third branch), and reaching a total number of 15 all over. Additinally, our electronic delivery channels have and will witness major developments, a new contact centre / call centre have been introduced using the latest AVAYA technology, with call center agents reaching 51 compared to 8 last year, ATM network will reach 50 all over in comparasion to 18 last year, mobile banking service already in operation and internet banking service will go live by Mid October together with the launching of the new core banking system', concluded Buharoon.

After the launch of its new identity in September 2006, CBI was ranked 6 out of 25 leading brands in terms of strength, and 10 out of 25 in terms of value. CBI is striving to accomplish major developments accomplishing its five-year strategic plan, revolving around major expansions, ensuring the highest profits of the bank's shareholders, and achieving the best in growth in various business related to its valued customers.