The bank's net operating profit was Dh220 million, up 82 per cent from the 2013 first half profit of Dh121 million.
"CBI's first-half results reflect a solid performance and are in line with the strategic plans we have set for the bank. We continue to develop and streamline our operations and focus on our core values to ensure we exceed stakeholder expectations," said Kris Babicci, CBI's chief executive officer.
Banks total assets stood at Dh16.7 billion by end of
Loans and advances increased by 11 per cent Dh11.8 billion as at
CBI reported strong revenue growth to reach Dh339 million in interest income by end
Interest expense decreased by 24 per cent to Dh78 million in the first half 2014, as compared to Dh102 million for first half of 2013. Net fee and commission income increased by 13 per cent compared to Dh96 million in the first half of 2014 from Dh85 million end
CBI maintained a capital adequacy ratio of 13.17 per cent as per Basel II as on
"The first half of this year has been extremely active for CBI as our profit reflects growth across all the bank's business lines. Our objective is to build, maintain, and grow a stable banking franchise with a strategic focus on core businesses and a prudent approach to lending, to generate acceptable returns to our shareholders over the longer term and achieve sustainable growth," Babicci said.
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