CBI profits 13 times growth in Q3 2007 vs Q3 2006

During the third quarter, the net interest income has increased to Dhs413m representing 52.15 % increase, in comparison to the same period last year. Besides, during the current period, the total income has increased to Dhs380m representing 93.88% in comparison to the same period last year.

The bank's total assets increased to Dhs9,565m from Dhs7,380m in December 2006, representing a growth of 29.60%, whereas its customer deposits grew to Dhs6.79bn, leading to a 28.77% growth over last December's Dhs5.27bn figure.

Similarily, loans & advances witnessed an outstanding increase, seeing a growth of Dhs7.17bn from Dhs4.8bn as of 31 December 2006, representing a growth of 49.38%.

Another noteworthy feat is the capital adequacy ratio as of 30 September 2007, being 12.11% against the UAE Central Bank's requirement of 10%, whereas the earning per share as of 30 September 2007 increased to Dhs0.22 per share compared to Dhs(0.03) last September.

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 achieve major developments to accomplish its five-year strategic plan, which includes major expansion plans, ensuring the highest profits for the bank's shareholders, and achieving the best in growth in various businesses.
About Commercial Bank International (CBI)

CBI started operations in May 1991 with one branch in Ras Al Khaimah and one in Dubai with a paid up capital of Dhs44m and authorized capital of Dhs1,089m and total shareholders equity of Dhs423m.

Currently CBI has a network of 8 branches and 40 ATMs spread across the Emirates, in addition to the Call Centre. The staff strength is 550, of which 30% are UAE Nationals.