Commercial Bank International PSC (CBI) today announced its full year financial results for year ended 31 December 2014, subject to approval by the UAE Central Bank.
Key Financial Highlights:
• Operating Profit increased 40% to AED 465 million
• Assets increased 33% to AED 19.7 billion
• Shareholders’ equity increased 7% to AED 2.3 billion
• Loans & Advances increased 23% to AED 13.1 billion
• Customer Deposits increased 38% to AED 14.5 billion
• Net Profit decreased 24% to AED 134 million
The 2014 financial results were announced following a Board of Directors meeting chaired by Mr. Mohammad Sultan Al Qadi.
Mr. Mohammad Sultan Al Qadi, CBI’s Chairman of the Board of Director’s commented on the Bank’s financial results, saying: “The 2014 financial year was a challenging one, but our customer focus and strict financial controls has yielded an acceptable result. In order to accelerate our efforts to address our legacy non performing loans, we increased our provisions over the previous years. In 2015 we will focus on maintaining and developing our core business, capitalizing on growth opportunities while demonstrating a continued disciplined approach to risk management. We will continue to offer our customers flexibility, convenience, and a choice of accessible financial solutions and services to suit their needs.”
For the year ending December 31, 2014, the Bank’s Net Operating Profit increased to AED 465 million, up 40% on the 2013 figure. The Bank’s profitability was partially due to a growth in Assets and an increase in fee based income.
Assets stood at AED 19.7 billion at the end of 2014, an increase of 33% on the previous year. Net Fee and Commission Income increased by 7% to AED 220 million, driven by an increase in LCs and Acceptances.
CBI reported a Net Profit of AED 134 million representing a 24% decrease from AED 177 million for the same period in 2013. This was due to the increase of provisions to AED 332 million against a provision of AED 156 million for 2013. This will help accelerate strengthening of the Bank and will build a solid platform for the future.
Loans & Advances increased by 23% to AED 13.1 billion at the year end, compared to AED 10.6 billion at the end of December 2013, while Customer Deposits increased by 38% to reach AED 14.5 billion at the end of 2014 against AED 10.5 billion for the same period in 2013.
Shareholders’ equity increased by 7% to AED 2.3 billion as compared to AED 2.2 billion at the end of December 2013.
For more information on CBI, please visit cbiuae.com or contact [email protected]