Commercial Bank International PJSC (CBI), one of the leading banks in the UAE, has reported impressive financial results for the third quarter of 2024. The bank’s net operating income reached Dh278.5 million, which is a remarkable 90% increase compared to the same period last year and a significant 115% rise from the second quarter of 2024. Over the nine months ending September 30, 2024, CBI achieved a substantial year-on-year growth of 27% in net operating income, totaling Dh529 million.
In terms of profitability, CBI’s profit before tax for the third quarter of 2024 soared to Dh164.1 million. This figure reflects a staggering 166% increase compared to the third quarter of the previous year and an even more impressive 232% increase compared to the previous quarter. For the nine-month period, the bank’s profit before tax reached a record Dh254 million, indicating an 81% growth year-on-year.
The bank’s balance sheet also remains strong, with total assets growing by 12% year-on-year, now standing at Dh21 billion. This growth has been driven by an 8% rise in loans and advances, which have reached Dh13 billion. CBI has improved its loan-to-deposit ratio to 85%, up from 98% the previous year, indicating better liquidity management. Additionally, the capital adequacy ratio has strengthened, increasing to 15.8% as of September 30, 2024, compared to 14.7% in the prior year.
These strong financial results highlight CBI’s effective strategies and commitment to growth in the banking sector, positioning the bank favorably for future opportunities.
