Implementation of new regulatory requirements related to credit risk management, enhanced cost efficiencies and the resolution of legacy issues that significantly improved asset quality has led to a significant 30 per cent year-on-year growth for UAE’s Commercial Bank International (CBI).
The bank announced its financial results for the year ended 31 December 2024, reporting an impressive performance driven by its transformation journey.
CBI’s pre-tax profit reached AED 222.7 million ($60.65 million). Total revenues were up 29 per cent YoY to AED 703 million ($191.4 million). Total assets grew by 10 per cent to AED 20.9 billion ($5.7 billion) compared to the prior year, and customer deposits increased 22 per cent YoY, leading to enhanced liquidity and improved loan-to-deposit ratio to 89 per cent.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, commented: “Our 2024 results are a testament to the transformative steps we’ve taken to strengthen our position in the market. By expanding our assets and revenues, optimising operations, and embracing digital transformation, we have established a solid foundation for sustainable growth.
“2024 has been a pivotal year for CBI, marked by the resolution of long-standing legacy issues and significant improvements in asset quality. Our enhanced capital position provides a strong platform for future growth.
“As we move forward, we remain dedicated to sustaining this strong momentum by investing in cutting-edge technology, enriching our product offerings, and fostering a culture of continuous improvement with our clients at the heart of every decision we make.”
The bank’s capital adequacy ratio improved to 17.7 per cent, underscoring its strong financial resilience and capacity to support future growth.
Established in 1991 and headquartered in Dubai, CBI is a leading UAE bank that offers a diverse range of services, including corporate, retail, and Islamic banking solutions. It is listed on the Abu Dhabi Securities Exchange (ADX).
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