Commercial Bank International posts AED 143 million net profit for 2010

Bank’s ratings confirmed at BB+ with stable outlook

Commercial Bank International (CBI) announced its annual results for the year ending 2010, declaring a net profit of AED 143.1 million, an increase of 173 per cent compared to AED 52.4 million in 2009.

Total assets grew by 9.1 per cent to reach AED 11.9 billion in 2010, from AED 10.9 billion in 2009. Loans and advances were up by 6.5 per cent from AED 7.8 billion in 2009, to AED 8.3 billion in 2010. Customer deposits witnessed an increase of 9.3 per cent from AED 8.6 billion in 2009 to AED 9.4 billion in 2010.

CBI’s steadily improving financial performance was also acknowledged by Capital Intelligence Ratings Services, which confirmed the bank’s foreign currency ratings at BB+ long-term and B short-term with a ‘Stable’ outlook and a Support rating of 3. The Financial Strength rating was maintained at BB with a stable outlook.

Disclosing the financial results for the year, Mr. Douwe J Oppedijk, Chief Executive Officer, Commercial Bank International, stated: "It was a year of all round achievements for Commercial Bank International. The continuous and steady growth in our net income is attributable to the success of our business strategies, the appropriateness and relevance of our risk management processes and the confidence our customers have in the bank. Going forward, we remain committed to exceeding the expectations of all our stakeholders.”

Commercial Bank International’s total income touched AED 525.6 million in 2010, compared to the previous year’s achievement of AED 524.8 million, despite a 9 per cent drop in its net interest income, which reached AED 354.1 million. Earnings-per-share for 2010 was AED 0.107 compared to AED 0.040 in 2009.            

2010 was a year of expansion for CBI as the bank increased the number of ATMs across the UAE to 56, in addition to growing its branch network in Abu Dhabi and Dubai. CBI plans to open five more branches in the UAE through 2011. The bank is also one of the largest issuers of WPS cards in the country.

“UAE Nationals now comprise 25 per cent of our staff,” said  Mr. Oppedijk emphasising that the bank continues to place high importance in attracting, retaining and nurturing talented employees, particularly UAE Nationals. “We are increasing the Emiratisation levels every year in a phased manner through an ambitious recruitment and retention plan. Our “Ajial National Development Program” (NDP) and “Summer Placement” has helped talented young Nationals to satisfy their ambitions and career aspirations by offering them a distinctive and competitive work environment.”

“We give utmost importance to the society in which we do business. As an active Corporate Citizen, we commit ourselves to various causes related to culture, health, social projects, education and environment,” he added.