CBI’s Revenue Surge Y-o-Y to $191.4 Million in 2024

Reporting an impressive performance driven by its transformation journey and unwavering focus on innovation and customer experience, Commercial Bank International (CBI), one of the leading banks in the UAE, said that it has achieved a pre-tax profit of $61.99 million. This reflected a significant 30% y-o-y growth and marking a historic milestone.

The total revenues surged by 29% y-o-y to $191.4 million, fuelled by increased business volumes, and gains from resolving key legacy issues, CBI said while announcing its financial results for 2024 in a bourse filing with Abu Dhabi Securities Exchange (ADX).

CBI’s total assets grew by 10% to AED 20.9 billion compared to the prior year, while customer deposits increased impressively by 22% YoY, enhancing liquidity and improving the loan-to-deposit ratio to 89%. Additionally, the Bank’s capital adequacy ratio improved to 17.7%, underscoring its strong financial resilience and capacity to support future growth.

The strong financial performance followed the implementation of new regulatory requirements related to credit risk management, which further enhanced the bank’s asset quality, CBI said.

Enhanced cost efficiencies and robust balance sheet management bolstered profit margins, while the resolution of legacy issues significantly improved asset quality. These efforts, alongside the Bank’s innovative financial solutions, have reinforced CBI’s position as a trusted financial partner across the UAE.

Unwavering Dedication

CBI CEO Ali Sultan Rakkad Al Amri said that the 2024 results are a testament to the transformative steps the bank has taken to strengthen its position in the market. This achievement reflects the unwavering dedication of their teams, who continue to deliver customer-centric solutions that drove tangible value.

He said that by expanding CBI’s assets and revenues, optimising operations, and embracing digital transformation, they have established a solid foundation for sustainable growth and 2024 has been a pivotal year for CBI, marked by the resolution of long-standing legacy issues and significant improvements in asset quality.

“As we move forward, we remain dedicated to sustaining this strong momentum by investing in cutting-edge technology, enriching our product offerings, and fostering a culture of continuous improvement with our clients at the heart of every decision we make,” he added.

Established in 1991, CBI offers a diverse range of services, including corporate, retail, and Islamic banking solutions. Leveraging its innovative capabilities, the bank provides bespoke banking services to help clients achieve their ambitions. CBI is listed on the Abu Dhabi Securities Exchange (ADX) and is regulated by the Central Bank of the UAE and the Securities and Commodities Authority (SCA).

In recognition of its client-centric culture and dedication to driving innovation in the banking sector, CBI has received numerous awards, including CEO of the Year (Middle East Banking) and Most Innovative Bank of the Year at the Middle East Banking AI & Analytics Awards.

The bank has also been honoured for outstanding innovation in technology and financial services, winning multiple Stevie Awards and the Gold Stevie Award for Innovation in Technology Development (Financial Services).