DUBAI, UAE – Commercial Bank International (CBI) has said that its annual net profit increased 14 percent from US$40.8 million (AED 150 million) in 2022 to US$46.5 million (AED 171 million) in 2023.
The customer deposits increased from US$3.3 billion (AED 12.2 billion) in 2022 to US$3.4 billion (AED 12.6 billion) in 2023, representing a year-on-year growth of 3 percent, a press release said.
The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Commenting on the bank’s performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International said, “We take great pride in our commitment to providing our customers with exceptional customer service; it is a cornerstone of our corporate strategy.”
He said, “By strongly focusing on our client relationships while simultaneously pursuing innovative ways of working, we have been able to deliver solid results in 2023. As our customers’ needs evolve in the year ahead, we will continue to push the boundaries of our services and ultimately, our customer experience.”
He added, “Our goal to empower our customers to realize their ambitions remains steadfast, as does our dedication to supporting further growth of the UAE economy.”