“Commercial International Bank Reports 65% Increase in Q1 2023 Net Profits”

Dubai, May 9, WAM / The Commercial International Bank announced its financial results for the first quarter of 2023, as net profits increased by 65%, from 20.6 million dirhams in the first quarter of 2022 to 34 million dirhams for the first quarter of 2023.
Net operating income increased by 33% from 111 million dirhams in the first quarter of 2022 to 148 million dirhams for the first quarter of 2023, and loans and advances increased from 11.8 billion dirhams in the first quarter of 2022 to 12.2 billion dirhams for the first quarter of 2023. This represents an annual growth of 3%.
Ali Sultan Rakad Al Ameri, CEO of CIB, said, “Supporting our customers, providing them with high-quality services, and helping them achieve their ambitions remains our focus. By constantly striving to understand our customers’ evolving needs and utilizing innovative solutions to enhance our services, we are able to provide exceptional customer service.” In line with the strong economic growth. As a result, we were able to achieve a net profit of 34 million dirhams during the first quarter of this year. As we move forward in our endeavors, we will continue to support our national economy and help our customers achieve their aspirations for growth and leadership.”