Commercial Bank International (CBI) reported a net profit of Dhs141.3m, up 153.7%, for the first six month period ended June 30, 2012 as compared to Dhs55.7m reported during the corresponding period in 2011. As a three month period of Q2 2012, it is also an increase in net profit of 13.7% compared to Q1 results ending March 31, 2012.
Total assets grew by Dhs599m reaching Dhs12bn as at June 30, 2012, compared with December 31, 2011. Total customer deposits during the 1st half of 2012 increased by 8.5% to Dhs9.2bn, while net loans and advances to customers increased to Dhs8bn.
Kris Babicci, Chief Executive Officer of CBI said “We continue to see improved performance and volume growth and the results are in line with our plan for the year. We will open five new branches in strategic locations around the UAE before the end of the year. This will enhance accessibility to our customers and visibility to new customers. Our focus remains on the risk and cost management”.
Commenting on the performance Mr. Mohammad Sultan Al Qadi, Chairman of Commercial Bank International said: The board has great confidence in the management team; the successful strategy continues to show impressive results quarter to quarter. The earnings per share increased 150% to Dhs0.10 compared with June 30, 2011″.
Throughout 2012, CBI is working on strengthening its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. CBI’s capital adequacy ratio remained strong at 16.8% and maintained a comfortable liquidity position of Dhs1.6bn at the end of June 30, 2012. Advances to stable resources ratio was maintained at 0.84:1 as to the Central Bank of the U.A.E. requirement of 1:1.
“The Bank’s strategy is focused on the growth of our network and core banking activities while maintaining a strong liquidity position to take advantage of quality opportunities. Liquidity is managed well and the Bank’s key regulatory ratios are in accordance with Central Bank of the U.A.E. requirements.” Babicci continued.
CBI announced the launch of a strategic alliance with Oman Insurance Company to market a range of insurance products. The agreement will enable the bank to offer customers a complete range of insurance products through its retail network.
CBI has launched a 100% cash back promotion along with a chance to win five iPads during summer. For every Dhs100 spent on a CBI Credit Card this summer our customers will get a chance to be one of three lucky winners who will receive Cash Back up to Dhs15,000, Dhs10,000 or Dhs5,000. In addition they will also get the chance to win one of five iPads. On the other hand, CBI’s savings account awards program ‘Mabrook’ continued to grow with prize distribution of Dhs1.5m to winners during 2012.
In March this year, CBI was awarded “The Best Personal Loan” award by the Banker Middle East, the region’s leading banking industry media title. The awards ceremony was held on 27th March at the Emirates Towers hotel in Dubai.
The bank showcased its career opportunities and summer training program at the annual career fair from 24 to 26 April 2012. CBI used this important platform to meet and interview UAE Graduates, holders of associate degrees and graduates. CBI also opened up the 2012 Summer Jobs for UAE university & high school students to work in a banking environment for two months.
CBI has been successfully running its National Development Program, which is a training program for UAE Nationals, since 2005. NDP is aimed at recruiting and training UAE Nationals who wish to pursue a career in banking. On-the-job training and job rotation is given to UAE Nationals across the bank. They spend three months training in the CBI Training Academy followed by a period of on-the-job training.
“We invest great efforts in Emiratisation to transfer banking and financial knowledge and experience to the young local generation. These young people are becoming valued bankers and will be an asset to our industry”. Babicci commented.
As part of Commercial Bank International’s ongoing commitment to support scientific research and healthcare, the Bank recently made a financial donation to the University of Sharjah. The donation will go towards research in Cancer and Alzheimer’s diseases in the UAE.
The Bank also contributed to the community in areas of health and education by supporting initiatives in Dubai, Abu Dhabi and Ras Al Khaimah such as the Al Ain Center for Care and Rehabilitation, the Rashid Center and RAK Award for the Distinguished Mothers.