ID :
136094
Wed, 08/04/2010 - 14:23
Auther :
Shortlink :
https://oananews.org//node/136094
The shortlink copeid
Commercial Bank International reports increase in commission and fee income for H1
Abu Dhabi, Aug 4, 2010 (WAM)- Commercial Bank International (CBI) reported a record net profit of Dh70.28 million for the half year ended 30 June 2010, a 3.3% per cent increase over the same period in 2009.
Earnings increased 2% over the previous year on a per share basis.
Decline in Provisions - Overall provisions declined 36.3% over the corresponding period in the previous year mainly due to lower loan loss provisions. Loan loss provisions declined nearly 65% to Dh31 million from Dh88 million in the previous year.
Commission and fee income grows by 13.8% The Bank also experienced significant increase in fee income due to its focus on transactional banking and the commission and fee based income grew by 13.8% over the corresponding period last year.
Speaking on the first-half results, Mr. Douwe J. Oppedijk, Chief Executive Officer, Commercial Bank International, said: "Despite the tough economic scenario, the bank remained mostly risk averse during the first half of 2010 and focused on fine-tuning its internal processes and delivering quality products to customers. Towards the end of the first half, the business started gaining traction and this is expected to continue. We plan to aggressively build on the current momentum by launching new products, expanding our network and enhancing the service quality, in line with our strategy. We will continue to invest in technology and people to offer better products and services and to remain at the forefront of Emiratisation in the banking industry."
Assets '&' liabilities - Total assets declined 2% to Dh10.71 billion, compared to Dh10.93 billion at the end of 2009. The decline in assets primarily reflects the bank's cautious approach to loan book growth, which increased 0.3% to Dh7.83 billion (net) compared to the year end 2009 figures. Customer Deposits declined 3.1% to Dh8.29 billion from Dh55 billion at the end of 2009, but overall liquidity conditions remained favourable. Shareholders' equity rose 3.5% to Dh1.74 billion compared to Dh1.68 billion at the end of 2009.
Capital adequacy - The Bank's liquidity position continues to be strong. The capital adequacy ratio at the end of first half stood at 15.92%, against a minimum of 12% as prescribed by the Central Bank. The Balance sheet continued to be healthy with liquid assets of Dh1.07 billion. Advances-to-Stable-Resources ratio is maintained at 0.92:1 as against the Central Bank directive of 1:1.
Commercial Bank International ("CBI") is one of the leading Financial Institutions in the U.A.E with interests in Banking, Share Brokerage and Real Estate. The Bank is headquartered in Dubai and its shares are listed on the Abu Dhabi Securities Exchange (ADX). CBI's wide distribution network consists of 17 branches and 53 ATM's spread across the emirates of UAE. – Emirates News Agency, WAM
Earnings increased 2% over the previous year on a per share basis.
Decline in Provisions - Overall provisions declined 36.3% over the corresponding period in the previous year mainly due to lower loan loss provisions. Loan loss provisions declined nearly 65% to Dh31 million from Dh88 million in the previous year.
Commission and fee income grows by 13.8% The Bank also experienced significant increase in fee income due to its focus on transactional banking and the commission and fee based income grew by 13.8% over the corresponding period last year.
Speaking on the first-half results, Mr. Douwe J. Oppedijk, Chief Executive Officer, Commercial Bank International, said: "Despite the tough economic scenario, the bank remained mostly risk averse during the first half of 2010 and focused on fine-tuning its internal processes and delivering quality products to customers. Towards the end of the first half, the business started gaining traction and this is expected to continue. We plan to aggressively build on the current momentum by launching new products, expanding our network and enhancing the service quality, in line with our strategy. We will continue to invest in technology and people to offer better products and services and to remain at the forefront of Emiratisation in the banking industry."
Assets '&' liabilities - Total assets declined 2% to Dh10.71 billion, compared to Dh10.93 billion at the end of 2009. The decline in assets primarily reflects the bank's cautious approach to loan book growth, which increased 0.3% to Dh7.83 billion (net) compared to the year end 2009 figures. Customer Deposits declined 3.1% to Dh8.29 billion from Dh55 billion at the end of 2009, but overall liquidity conditions remained favourable. Shareholders' equity rose 3.5% to Dh1.74 billion compared to Dh1.68 billion at the end of 2009.
Capital adequacy - The Bank's liquidity position continues to be strong. The capital adequacy ratio at the end of first half stood at 15.92%, against a minimum of 12% as prescribed by the Central Bank. The Balance sheet continued to be healthy with liquid assets of Dh1.07 billion. Advances-to-Stable-Resources ratio is maintained at 0.92:1 as against the Central Bank directive of 1:1.
Commercial Bank International ("CBI") is one of the leading Financial Institutions in the U.A.E with interests in Banking, Share Brokerage and Real Estate. The Bank is headquartered in Dubai and its shares are listed on the Abu Dhabi Securities Exchange (ADX). CBI's wide distribution network consists of 17 branches and 53 ATM's spread across the emirates of UAE. – Emirates News Agency, WAM
