The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business3 days ago
Commercial Bank International (CBI) on Thursday announced that pre-tax net profit increased by 14 per cent year-on-year from Dh78.9 million in the first half of 2023 to Dh89.9 million in H1-2024.
Customer deposits grew by 24.6 per cent from Dh11.4 billion as at Jun’23 to Dh14.2 billion as at Jun’24. Loans and advances grew by 1.9 per cent from Dh12.3 billion as at June 2023 to Dh12.5 billion as at June 2024.
Capital adequacy ratio improved and stood at 15.3 per cent as at June 2024.
Customer deposits saw a significant 24.6 per cent Year-on-Year (YoY) increase, growing from Dh11.4 billion to Dh14.2 billion over the same period, reflecting CBI’s successful efforts in expanding its customer base and enhancing deposit products. Furthermore, the Bank’s loans and advances, increased steadily by 1.9 per cent from Dh12.3 billion to Dh12.5 billion YoY H1-2024 on the back of its successful targeted lending programs as well as its competitive loan offerings.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “I am pleased to report that CBI has closed out the first half of the year on a strong note, which saw us continue to deliver on our strategies and successfully address the growing needs of the Bank’s expanding client base. Looking ahead, we aim to further enhance CBI’s customer experience through the development of new products and services, streamlining processes, and leveraging technology to deliver a seamless and convenient banking experience. Ultimately, our strategy aligns perfectly with our commitment to supporting the UAE’s continued economic prosperity, and we are confident that by building on this momentum in the second half of the year, we will continue to deliver and unlock sustainable value for our customers, investors, and the communities we serve.”
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business3 days ago
Companies had select sellers which hurt smaller players, reports find
business3 days ago
The CBUAE explained that banks' capital and reserves do not include subordinated borrowings/deposits, but do include the current year's profits
business4 days ago
Common queries highlight a broader need for clarity and understanding
business4 days ago
Northern emirate has announced several investor-friendly measures
business4 days ago
Asset managers, banks and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound
business4 days ago
Ties between the world's two most populous nations have been strained
business4 days ago
Payouts jumped to a record $606.1 billion in the second quarter
business5 days ago