Dubai, UAE: Commercial Bank International (CBI or “the Bank”) has announced its first quarter 2023 financial results.

Key financial result highlights:

  • Net profit increased by 65% year-on year from AED 20.6 million in Q1 2022 to AED 34 million in Q1 2023.
  • Net operating income increased by 33% year-on-year from AED 111 million in Q1 2022 to AED 148 million in Q1 2023.
  • Loans and advances increased by 3% year-on-year from AED 11.8 billion in Q1 2022 to AED 12.2 billion in Q1 2023.  

Commenting on the Bank’s Q1 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “Our commitment to client-centricity remains unwavering and we continue to prioritize providing the highest-quality services to our customers. By constantly striving to understand our customers’ evolving needs and leveraging innovative solutions to enhance our offerings, we are able to deliver exceptional customer service in line with solid business growth. Our customer experience focused business model has delivered a net profit of AED 34 million in the first quarter. As we move forward, we remain steadfast in our commitment to supporting the development of the UAE economy and helping our clients achieve their growth aspirations.”

About Commercial Bank International (CBI)

CBI is a UAE based corporate and retail Bank, with a growing Islamic banking business. The Bank was incorporated in 1991 in the Emirate of Ras Al Khaimah and is headquartered in Dubai. 

CBI shares are listed on the Abu Dhabi Securities Exchange (ADX) and have BBB+ Stable Outlook rating from Fitch Ratings. CBI is regulated by the Central Bank of the UAE and the Securities and Commodities Authority of the UAE (SCA).

CBI is majority owned by UAE shareholders and Board members are majority UAE nationals.

CBI offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in corporate, Islamic and retail banking, ranging from lending, trade services, cash management and treasury solutions to personal account services and credit cards.

For further information, please contact:
Toufik Osman
toufik.osman@cbi.ae