Commercial Bank International logs $22.20mln profits in H1-24

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Abu Dhabi – Commercial Bank International (CBI) recorded an annual rise in net profit to AED 81.45 million during the first half (H1) of 2024, compared to AED 78.88 million.

Net operating income jumped year-on-year (YoY) to AED 250.13 million as of 30 June 2024 from AED 269.87 million, according to the financial results.

In the first six months (6M) of 2024, the basic and diluted earnings per share (EPS) went up to AED 0.046 from AED 0.045 in H1-23.

Total assets enlarged to AED 19.97 billion as of 30 June 2024 from AED 18.97 billion at the end of December 2023, while the customers’ deposits soared to AED 11.68 billion from AED 11.25 billion.

Income Statements for Q2-24

In the second quarter (Q2) of 2024, the lender logged net profits valued at AED 44.87 million, compared to AED 44.84 million a year earlier.

EPS remained unchanged at AED 0.02 in Q2-24, while the net operating income widened to AED 129.71 million from AED 122.22 million in Q2-23.

Ali Sultan Rakkad Al Amri, CEO of CBI, said: “We aim to further enhance CBI’s customer experience through the development of new products and services, streamlining processes, and leveraging technology to deliver a seamless and convenient banking experience.”

“Ultimately, our strategy aligns perfectly with our commitment to supporting the UAE's continued economic prosperity, and we are confident that by building on this momentum in H2-24, we will continue to deliver and unlock sustainable value for our customers, investors, and the communities we serve,” Al Amri mentioned.

In the three-month period that ended on 31 March 2024, CBI witnessed 19% YoY higher net profits before tax at AED 40.42 million, versus AED 34.03 million.