Dubai, UAE: Commercial Bank International (CBI or “the Bank”) has announced its financial results for the first half of 2024.

Key Financial Results Highlights:

  • Pretax net profit increased by 14% year-on-year from AED 78.9 million in H1-2023 to AED 89.9 million in H1-2024.
  • Customer deposits grew by 24.6% from AED 11.4 billion as at Jun’23 to AED 14.2 billion as at Jun’24. 
  • Loans and advances grew by 1.9% from AED 12.3 billion as at Jun’23 to AED 12.5 billion as at Jun’24.
  • Capital adequacy ratio improved and stood at 15.3% as at Jun’24.

The first half of 2024 was marked by a robust financial performance for CBI. The Bank achieved a 14% Year-on-Year increase in pre-tax net profit, rising from AED 78.9 million in H1-2023 to AED 89.9 million in H1-2024 on the back of a combination of strategic initiatives, including, a customer-centric approach, and prudent risk management.

Customer deposits saw a significant 24.6% Year-on-Year (YoY) increase, growing from AED 11.4 billion to AED 14.2 billion over the same period, reflecting CBI's successful efforts in expanding its customer base and enhancing deposit products. Furthermore, the Bank's loans and advances, increased steadily by 1.9% from AED 12.3 billion to AED 12.5 billion YoY H1-2024 on the back of its successful targeted lending programs as well as its competitive loan offerings.

Reflecting on the Bank’s H1-2024 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “I am pleased to report that CBI has closed out the first half of the year on a strong note, which saw us continue to deliver on our strategies and successfully address the growing needs of the Bank’s expanding client base. Looking ahead, 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 the second half of the year, we will continue to deliver and unlock sustainable value for our customers, investors, and the communities we serve.”

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