CBI reports Dh68.7m net profit in H1 2016
Date
8/1/2016 12:49:09 AM
Commercial Bank International (CBI) has announced its financial results for the six months period ended June 30, 2016, with Dh68.7 million in net profit - up 168 per cent from the Dh25.6 million recorded in H1 2015. Revenue for the first half of the year was Dh397.5 million, down eight per cent from the year before, mainly due to the one off revenues from the sales of non-core assets in H1, 2015. Net fee and commission income increased by 3.9 per cent to Dh127.9 million in H1, 2016 from Dh123.1 million in H1, 2015, primarily due to increases in trade transactions and retail banking. Customer deposits reached Dh11,815 million, up 6.8 per cent from Dh11,063 million in H1, 2015 partly due to the Bank's A- Fitch rating awarded in April 2016. Mohammad Sultan Al Qadi, chairman of CBI, said: "CBI's recent credit rating and profitability are evidence that the growth strategy is on track - despite a challenging market environment. CBI has achieved a good profit for its shareholders this quarter, while growing our customer business." Mark T. Robinson, CEO of CBI, added: "Over the first half of this year, CBI has seen a sustained increase in banking activity, customer deposits and fee income due to enhancements in wholesale banking, Islamic banking, and customer service. Our strategy is on track, and CBI continues to attract new customers through having the speed and agility of a small bank, and the stability and security of a big bank through our relationship with QNB." CBI's net loans and advances increased by 12 per cent to Dh12,837 million in H1, 2016 from Dh11,506 million at December 2015, while earning loans and advances increased by 12 per cent to Dh12,713 million over the same period. Net operating income was down 20 per cent to Dh178 million in H1, 2016 from Dh221 million in H1, 2015. This was due to securities gains in 2015, and compression in interest margins consistent with the market. -
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