Commercial Bank International (CBI) reported a net profit of Dhs141.3 million, up 153.7 per cent, for the first six month period ended June 30, 2012 as compared to Dhs55.7 million reported during the corresponding period in 2011. As a three month period of Q2 2012, it is also an increase in net profit of 13.7 per cent compared to first quarter results ending March 31, 2012.

Total assets grew by Dhs599 million reaching Dhs12 billion as at June 30, 2012, compared with Dec.31, 2011. Total customer deposits during the 1st half of 2012 increased by 8.5 per cent to Dhs9.2 billion, while net loans and advances to customers increased to Dhs8 billion.

Kris Babicci, Chief Executive Officer of CBI said: “We continue to see improved performance and volume growth and the results are in line with our plan for the year. We will open five new branches in strategic locations around the UAE before the end of the year. This will enhance accessibility to our customers and visibility to new customers. Our focus remains on the risk and cost management”.

Mohammad Sultan Al Qadi, Chairman of CBI said: The board has great confidence in the management team; the successful strategy continues to show impressive results quarter to quarter. The earnings per share increased 150 per cent to Dhs0.10 compared with June 30, 2011”.

Throughout 2012, CBI is working on strengthening its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. CBI’s capital adequacy ratio remained strong at 16.8 per cent and maintained a comfortable liquidity position of Dhs1.6 billion at the end of June 30, 2012.

“The Bank’s strategy is focused on the growth of our network and core banking activities while maintaining a strong liquidity position to take advantage of quality opportunities. Liquidity is managed well and the Bank’s key regulatory ratios are in accordance with Central Bank of the UAE requirements,” Babicci continued.

CBI announced the launch of a strategic alliance with Oman Insurance Company to market a range of insurance products. The agreement will enable the bank to offer customers a complete range of insurance products through its retail network. CBI has launched a 100 per cent cash back promotion along with a chance to win five iPads during summer. For every Dhs100 spent on a CBI Credit Card this summer our customers will get a chance to be one of three lucky winners who will receive Cash Back up to Dhs15,000, Dhs10,000 or Dhs5,000.