Commercial Bank International achieves growth of 261% in net profit
- United Arab Emirates: Tuesday, October 23 - 2012 at 15:36
- PRESS RELEASE
Commercial Bank International (CBI) reported a nine month net profit of Dhs227m, up by 261% from the previous year.
Customer deposits increased to Dhs9.3bn as compared to Dhs8.4bn at the end of December 2011.
Kris Babicci, Chief Executive Officer commented, "Our results are a reflection of our approach to products and services."
"The UAE economy is showing positive signs of growth and there is increased interest in facilities across our corporate clients. We see further opportunities for products and enhanced service in the retail space."
"Going forward, we also want to attract talented UAE nationals and invest in training and development to build a strong team for the future," concluded Babicci.
CBI continues to work on strengthening its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. CBI's capital adequacy ratio stayed strong at 15.8%. Furthermore, the Bank held a comfortable liquidity position of Dhs1.5bn at the end of September 2012. Meanwhile, advances to stable resources ratio was maintained at 0.85:1.
Shareholder equity has increased to Dhs1.9bn as compared to Dhs1.7bn at the end of 2011. In September, Qatar National Bank (QNB) increased its shares in CBI to 39.9%. "This action reflects QNB Group's confidence in the financial position of CBI and its future plans as a strong force in the UAE financial market," Kris Babicci noted.
Commenting on the robust financial results, Chairman of CBI, Mr. Mohammad Sultan Al Qadi said, 'The Board continues to have great confidence and trust in the Management's plans for CBI today, and into the future. Effective strategy continues to demonstrate extraordinary results quarter on quarter, presenting a continually upward growth pattern. In aiming to deliver value to key shareholders, the earnings per share have increased by 60% since Q2 and have quadrupled to Dhs0.16 from the share value recorded during the same period last year.'
In order to support CBI's growth strategy, Q3 saw the appointment of two experienced Emarati Nationals to senior management. Mr. Ali Sultan Rakkad Al Amri with a strong corporate background heads the Corporate Banking function and Ms. Marwa Ahmed Al Falasi, an experienced retail banker, heads the branch network in Retail Banking.
In line with Emiritisation efforts, CBI hosted in August an event to celebrate a successful first year for 20 UAE National graduates, from CBI's 2011/2012 National Development Program. The event marks the commitment of CBI to support and facilitate the integration of UAE nationals into the banking sector, equipping Nationals with the knowledge and skills sought after by institutions today.
As part of CBI's employee engagement plans, CBI teamed up with Amber Clinics Dubai in August to provide free health checks for staff and their families. The partnership between CBI and Amber Clinics comes as part of an employee wellness program CBI is conducting for the health and well-being of its staff.
CBI's involvement in these initiatives is an example of its dedication to educating the younger generation of the UAE. In September, CBI became a gold sponsor of Dubai based initiative, 'Educate a Child, Build a Nation.' Under the patronage of H.H. Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, CBI joined hands with the scheme to help promote computer literacy amongst children in the UAE.
CBI's contribution to this cause is an illustration of its sustained commitment to supporting such causes. CBI will continue to support local organizations which are dedicated to improving the quality of life in the community in which CBI operates.
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