Abu Dhabi, UAE – Commercial Bank International PJSC (“CBI” or “the Bank”) (ADX Symbol: CBI; ISIN: AEC000101019), a leading UAE bank, announced exceptionally strong financial results for the period ended 30 September 2024, underscoring the Bank’s ongoing success in driving profitability and operational excellence through strategic transformation initiatives.

The Bank has delivered exceptional results for Q3 2024, reporting a net operating income of AED 278.5 million. This represents a remarkable increase of 90% compared to Q3 2023 and by 115% compared to Q2 2024. For the nine-month period ending 30 September 2024, CBI delivered a robust 27% year-on-year growth in net operating income, totalling AED 529 million. This strong performance translated into a substantial uplift in profitability for Q3 2024, with profit before tax of AED 164.1 million soaring by 166% as compared with Q3 2023 and 232% as compared with Q2 2024. For the nine-month period, the Bank achieved a record profit before tax of AED 254 million, reflecting an outstanding 81% growth year-on-year. 

CBI's balance sheet remains solid, with total assets increasing by 12% year-on-year to AED 21 billion as of 30 September 2024. This growth was primarily driven by a strong expansion in loans and advances, which rose by 8% year-on-year to AED 13 billion. The Bank's loan-to-deposit ratio improved notably, reaching 85% as of 30 September 2024, compared to 98% in the same period last year, signalling enhanced liquidity and a stronger funding base.

The Bank’s capital adequacy ratio strengthened to 15.8% as of 30 September 2024, up from 14.7% the previous year, underscoring the Bank's solid capital strength and financial resilience.

Commenting on the results, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said:

“We are extremely proud of our record-breaking performance this quarter, which is a direct reflection of our commitment to sustainable growth and operational efficiency. Our transformation strategy, combined with a relentless focus on customer-centric innovation, has delivered remarkable results across the board. The expansion of our balance sheet, improved liquidity, and strengthened asset quality all underscore our disciplined approach to risk management and our ability to deliver meaningful value to our customers and shareholders.

Looking ahead, we are committed to continuing our investments in digital transformation, enhancing our product offerings, and solidifying our competitive strength. We aim to be the bank of choice for our customers by consistently offering innovative financial solutions and maintaining the highest standards of service.”

CBI’s record-breaking performance in Q3 2024 marks a pivotal moment in its journey, with continued momentum expected in the quarters ahead. The Bank remains focused on delivering strong, sustainable growth while maintaining its commitment to exceptional service, robust governance, and innovative financial solutions for its customers and stakeholders.

About Commercial Bank International (CBI)

Commercial Bank International (CBI) is a leading UAE bank dedicated to empowering businesses and individuals through innovative, personalised, and growth-focused banking solutions. Established in 1991 and headquartered in Dubai, CBI offers a diverse range of services, including corporate, retail, and Islamic banking solutions. Leveraging its innovative capabilities, CBI provides bespoke banking services to help clients achieve their ambitions. CBI is listed on the Abu Dhabi Securities Exchange (ADX) and is regulated by the Central Bank of the UAE and the Securities and Commodities Authority (SCA).

In recognition of its client-centric culture and dedication to driving innovation in the banking sector, CBI has received numerous awards, including CEO of the Year (Middle East Banking) and Most Innovative Bank of the Year at the Middle East Banking AI & Analytics Awards. The bank has also been honoured for outstanding innovation in technology and financial services, winning multiple Stevie Awards and the Gold Stevie Award for Innovation in Technology Development (Financial Services).

The bank is majority-owned by UAE shareholders, and its Board of Directors benefits from strong representation of UAE nationals.

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