Abu Dhabi – Mubasher: The net profits of Commercial Bank International (CBI) plunged by 66% to AED 16 million during the first half (H1) of 2020, compared to AED 46 million in H1-19, according to the bank's financial results for H1-20.

The bank's operating income recorded AED 352 million in H1-20, down by 8% from AED 384 million in the same period of 2019.

Meanwhile, the operating expenses decreased by 18% to AED 143 million in the first six months of 2020 from AED 175 million in the corresponding period of 2019.

Commenting on the bank's performance, the Acting CEO of CBI, Ali Sultan Rakkad Al Amri, said, “All businesses across the world have been subject to unprecedented challenges due to the Covid-19 pandemic in the first half of 2020."

"Throughout the rest of the year, our focus will be to continue to support the UAE economy and our customers to get back on track towards a sustainable and strong growth path," the CEO added.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank's net profits declined to AED 10.09 million from AED 24.4 million in Q1-19.