Abu Dhabi – Mubasher: Commercial Bank International (CBI) registered a 19% increase in net profit before tax to AED 40.42 million during the first quarter (Q1) of 2024 from AED 34.03 million in Q1-23.

CBI also posted AED 36.91 million worth of net profits after tax attributable to the shareholders in Q1-24, higher than AED 32.82 million in Q1-23.

The earnings per share (EPS) also rose to AED 0.02 at the end of March 2024 when compared with AED 0.01 in the same period a year earlier, according to the income statement.

CEO of CBI, Ali Sultan Rakkad Al Amri, said: “Our customer-centric business strategy and corporate culture have led to an increase in our year-on-year profitability in the first quarter.”

The bank witnessed an increase in customer deposits to AED 11.37 billion as of 31 March 2024 from AED 11.25 billion as of 31 December 2023, while the total assets soared to AED 19 billion from AED 18.97 billion.

Furthermore, customer deposits including current and savings accounts (CASA) grew by 2% to AED 12.70 billion in Q1-24 from AED 12.50 billion in Q1-23.

Meanwhile, the net operating income declined to AED 120.41 million in Q1-24, compared with AED 147.65 million in the same quarter a year ago.

Al Amri noted: “We pride ourselves on staying attuned to our customers’ changing needs and employing innovative solutions to continuously enhance our services. By leveraging innovation, we strive to provide outstanding customer experience whilst driving robust business growth.”

The CEO concluded: “Moving forward, we remain fully committed to contributing to further growth of the UAE economy and proudly, supporting our clients’ aspirations.”

In 2023, the UAE lender logged net profits worth AED 170.64 million and net operating income of AED 543.54 million.