CBI reports a net profit of AED 125 million for 2016
Commercial Bank International (CBI) held its Annual General Meeting (AGM) on Thursday 30th of March 2017 in Ras Al Khaimah.
The AGM, convened under the chairmanship of Mohamed Sultan Al Qadi, reviewed and approved the Directors’ Report, Auditor’s Report and the financial statements for the year ending 31 December 2016.
In FY 2016, CBI reported a net profit of AED 125 million driven by an increase in revenues from the customer business, prudent cost management and reduced provisions. The bank’s core operations registered steady growth during the year, with operating income increasing by 2.4 per cent to AED 839 million driven by an 8 per cent increase in customer revenue.
The shareholders also approved the appointments of Mohamed Ali Mussabeh Al Nuaimi, Mubarak Bin Fahed Al Mehairi and Abudulla Gaith Al Suwaidi to the Board of Directors. Six of the existing directors were also re-elected; Mohamed Sultan Al Qadi, Ali Al Kuwari, Ali Al Mohannadi, Adel Khashabi, Fareeda Abu Al Fath and Ahmed Majed Lootah.
Addressing the bank's shareholders, Al Qadi commented, “The strategy implemented in 2015 has enabled CBI to return to profitability in 2016. As a result, CBI today has a strong balance sheet and has quality earnings supported by a strong capital structure. The A-investment grade credit rating received from Fitch Ratings during 2016 has enabled the bank to broaden its liquidity base and reduce the cost of capital.”
“Our underlying business is also performing well—ahead of the market—and, as a result of targeted investments in customer service and the introduction of new products and services, we have grown our total number of customers by more than 13 per cent during 2016. As we look ahead, CBI is well-positioned for continued growth in 2017,” he added.