CBI Reports AED254 Million Pre-Tax Profit in First Nine Months of 2024, Marking 81% Growth

Abu dhabi: Commercial Bank International (CBI) has reported significant financial achievements for the first three quarters of 2024, with a net profit before tax reaching AED254 million, marking an 81 percent increase compared to the same period last year. According to Emirates News Agency, CBI's net operating income for the third quarter of 2024 was AED278.5 million, an impressive 90 percent increase from the third quarter of 2023 and a 115 percent rise from the second quarter of 2024. Over the nine-month period ending September 30, 2024, the bank saw a 27 percent year-on-year growth in net operating income, totaling AED529 million. This robust performance led to a substantial increase in profitability for the third quarter, with a pre-tax profit of AED164.1 million, up 166 percent from the third quarter of 2023 and 232 percent from the second quarter of 2024. CBI's balance sheet remains robust, with total assets growing by 12 percent year-on-year to AED21 billion as of September 30, 2024. This growth was largely attributed to an 8 percent rise in loans and advances, amounting to AED13 billion. The bank's loan-to-deposit ratio improved to 85 percent by the end of September 2024, compared to 98 percent in the same period last year, indicating better liquidity and a stronger funding base. The bank's capital adequacy ratio also showed improvement, strengthening to 15.8 percent as of September 30, 2024, up from 14.7 percent the previous year. This underscores CBI's solid capital strength and financial resilience.