CBI reports AED5.34 mn loss for 3rd quarter

 BBN Report

ABU DHABI/November 2-2020: The ADX-listed Commercial Bank International (CBI) reported AED10.45 million net profit for the first nine months of the current year compared with AED77.92 million for the same period last year.

CBI reported a loss of AED5.34 million for the three months ending September 30, 2020 compared with a profit of AED31.83 million for the same period last year.

Operating income for the nine months was up by 5.21 per cent to AED611.90 million compared with the prior year. Year to date operating expenses of AED 211 million was down by 19 per cent, compared with AED 262 million for the same period in the prior year.

The bank’s assets dropped from AED18.61 billion to AED18.27 billion year-to-date. The capital adequacy ratio (CAR) was stable at 15.7 per cent as of September 30, 2020.

Ali Sultan Rakkad Al Amri (seen in the picture), CEO of Commercial Bank International (CBI), said the bank’s third quarter financial results are reflective of the unprecedented difficulties caused by Covid-19.

“We will continue to focus on health and safety, as well as serving our customers throughout the remainder of the year,” he added.  CBI is a corporate and retail bank, with a growing Islamic banking business.

The bank, which was incorporated in 1991 in the emirate of Ras Al Khaimah, is headquartered in Dubai, but the CBI shares are listed on the Abu Dhabi Securities Exchange (ADX).

 

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