Commercial Bank International (CBI) announced exceptionally strong financial results for the period ended 30th September 2024, recording a net profit before tax of AED254 million in the first nine months of 2024, an 81 percent growth year-on-year YoY.
The Bank has delivered exceptional results for Q3 2024, reporting a net operating income of AED278.5 million. This represents a remarkable increase of 90 percent compared to Q3 2023 and 115 percent compared to Q2 2024. For the nine-month period ending 30th September 2024, CBI delivered a robust 27 percent YoY growth in net operating income, totalling AED529 million. This strong performance translated into a substantial uplift in profitability for Q3 2024, with profit before tax of AED164.1 million soaring by 166 percent compared with Q3 2023 and 232 percent compared with Q2 2024.
CBI’s balance sheet remains solid, with total assets increasing by 12 percent YoY to AED21 billion as of 30th September 2024. This growth was primarily driven by a strong expansion i
n loans and advances, which rose by 8 percent YoY to AED13 billion. The Bank’s loan-to-deposit ratio improved notably, reaching 85 percent as of 30th September 2024, compared to 98 percent in the same period last year, signalling enhanced liquidity and a stronger funding base.
The Bank’s capital adequacy ratio strengthened to 15.8 percent as of 30th September 2024, up from 14.7 percent the previous year, underscoring the Bank’s solid capital strength and financial resilience.
Source: Emirates News Agency