Dubai – Mubasher: Commercial Bank International (CBI) has reported a net profit of AED 40 million during the first quarter of 2018, compared to AED 21 million in the year-ago period.

The bank’s operating profit surged 12% to AED 103 million in Q1-18 versus AED 92 million in the comparative period of 2016, according to a company statement released on Sunday.

“CBI continues to grow with another solid set of results. This stable performance is a result of the bank’s focus on its customers, and to the broader economic growth of the UAE,” CBI’s chairman Mohammad Sultan Al Qadi commented.  

Net interest income went up 1% to AED 127 million in the first three months of 2018, while operating expenses declined 6% to AED 104 million in the same period, the Dubai-listed company revealed.  

“We continued to grow CBI’s underlying businesses and improve the services that we provide to our customers. We focused on increasing our revenues and continued cost efficiency,” CBI’s CEO Mark T. Robinson said.

Non-performing loan ratio tumbled 6.7% in the three-month period ended 31 March, while capital adequacy ratio stabilised at 14.8%.