CBI's H1 net profit plunges 66% to Dh16m

Dubai - The lender's operating profit remained unchanged at Dh209 million.

Commercial Bank International's (CBI) net profit for the first-half of 2020 plunged to Dh16 million from Dh46 million for the same period last year, a drop of 66 per cent.
The lender's operating profit remained unchanged at Dh209 million while operating income dropped eight per cent from Dh384 million in H1 2019 to Dh352 million in H1 2020. Its operating expenses fell 18 per cent from Dh175 million in H1 2019 to Dh143 million in H1 2020.
"All businesses across the world have been subject to unprecedented challenges due to the Covid-19 pandemic in the first half of 2020. During these difficult times, CBI's top priority has been to protect the health and safety of our colleagues and our customers," said Ali Sultan Rakkad Al Amri, the acting CEO of CBI.
"We are also proud to be among the first banks to participate in the UAE Central Bank's Covid-19 relief programme, supporting our customers cope with the challenges. Throughout the rest of the year, our focus will be to continue to support the UAE economy and our customers to get back on track towards a sustainable and strong growth path," said Al Amri.
The lender's capital adequacy ratio increased from 14.7 per cent in H1 2019 to 16.6 per cent in H1 2020.
- waheedabbas@khaleejtimes.com