Commercial Bank International (CBI) announced on Thursday that its pre-tax net profit rose by 14 percent year-on-year, from Dh78.9 million in the first half of 2023 to Dh89.9 million in H1-2024. Customer deposits surged by 24.6 percent, increasing from Dh11.4 billion as of June 2023 to Dh14.2 billion as of June 2024. Loans and advances also grew by 1.9 percent, from Dh12.3 billion in June 2023 to Dh12.5 billion in June 2024. The bank's capital adequacy ratio improved to 15.3 percent as of June 2024.
The significant 24.6 percent year-on-year increase in customer deposits reflects CBI's successful efforts in expanding its customer base and enhancing deposit products. Additionally, the bank's loans and advances increased steadily by 1.9 percent year-on-year in H1-2024, driven by its successful targeted lending programs and competitive loan offerings.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, expressed, "I am pleased to report that CBI has concluded the first half of the year strongly, continuing to execute our strategies and effectively meet the increasing needs of our expanding client base. Moving forward, we plan to enhance the CBI customer experience by developing new products and services, streamlining processes, and utilizing technology for a seamless and convenient banking experience. Our strategy is fully aligned with our commitment to supporting the UAE's ongoing economic prosperity, and we are confident that by maintaining this momentum in the second half of the year, we will continue to deliver and create sustainable value for our customers, investors, and the communities we serve."
