Commercial Bank International profit jumps 40% to Dh175 million

Impairment charges dropped and net income grew last year

United Arab Emirates, February 7, 2018

Commercial Bank International said its 2017 net profit increased 40 per cent to Dh175 million as impairment charges dropped while net income grew last year.

Its net operating profit rose seven per cent to Dh411 million last year while impairment charges fell eight per cent to Dh237 million. Net interest income grew 10 per cent to Dh556 million.

Its non-performing loan ratio also fell to 7.2 per cent versus 8.7 per cent in 2016.

Mohammad Sultan Al Qadi, chairman of CBI, said: 'We witnessed strong year-on-year growth in both our wholesale and retail banking units, as well as cost efficiency gains through organisational redesign and changes to our size and structure.'

Mark T. Robinson, CEO of CBI, said: 'We have managed to increase our revenues, while decreasing our expenses, which drove our net operating profit improvement of 7 per cent compared to the previous year.'

khaleejtimes