Dubai, UAE, 29th July 2022: Commercial Bank International (‘CBI' or ‘the Bank') has announced its second quarter 2022 financial results.
Key financial result highlights (quarter-on-quarter changes from Q1 2022 to Q2 2022 respectively):
• Net profit increased by 67% from AED 20.6 million in Q1 2022 to AED 34.4 million in Q2 2022.
• Operating profit increased by 82% from AED 40.3 million to AED 73.2 million.
• Net operating income increased by 42% from AED 110.8 million to AED 157.6 million.
Commenting on the Bank's Q2 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “We continue to support our customers and contribute strongly to economic growth in line with the UAE's strategy that focuses on growth and development. By further strengthening our core client-centric business model, we have increased our profitability substantially in the second quarter, delivering a net profit of AED 34 million, mainly through loan growth. Despite the ongoing challenges in the global macroeconomic environment, we will continue to focus on providing our customers with high quality services and help them realize their ambitions.”