Abu Dhabi – The board of Commercial Bank International (CBI) agreed to increase its share capital by an amount of up to AED 889.10 million through a rights issue.

The capital hike is still subject to the approvals of the Central Bank of the UAE (CBUAE) as well as the Securities and Commodities Authority (SCA), according to a bourse filing.

It is worth noting that the lender’s board members greenlighted the capital raise during their meeting that was held on 12 June.

In the first quarter (Q1) of 2023, CBI logged net profits attributable to the owners valued at AED 32.82 million, an annual growth from AED 21.23 million.

Net operating income jumped by 33% to AED 147.65 million in Q1-23 from AED 110.77 million in Q1-22, while the basic and diluted earnings per share (EPS) climbed to AED 0.019 from AED 0.012.

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