CBI reports 14%bottomline growth in 2023

Commercial Bank International (CBI) saw its net income climb 14% y-o-y to AED 171 mnin 2023, up from the AED 150 mn recorded in FY2022, according to the bank’s annual financial statements (pdf). CBI’s top line rose 108% y-o-y to AED 174.3 mn in 2023, up from AED 83.7 mn in 2022.

Assets inched down, while deposits inched up: The lender’s total assets declined 10.4% y-o-y to AED 18.97 bn last year. Meanwhile, the bank saw customer deposits grow to AED 12.6 bn during FY2023, recording a 3% y-o-y increase from AED 12.2 bn.

What they said: “By strongly focusing on our client relationships, whilst simultaneously pursuing innovative ways of working, we have been able to deliver solid results in 2023,” CBI CEO Ali Al Amri said in a statement (pdf). “As our customers’ needs evolve in the year ahead, we will continue to push the boundaries of our services and ultimately, our customer experience,” he added.