The Emirates International Commercial Bank achieved a net profit of 111 million dirhams in 2019.
The bank also achieved 22% growth in net profit for the fourth quarter of 2019, to reach 38 million dirhams, compared to 31 million dirhams in the same period in 2018.
According to Emirates News Agency, the bank recorded 4% growth in net operating income for the fourth quarter of 2019 to reach 203 million dirhams, compared to 196 million dirhams in the third quarter of 2019. The bank achieved an annual net operating income of 779 million dirhams in 2019 .
Annual operating expenses decreased by 8% to reach 376 million dirhams in 2019, compared to 409 million dirhams in 2018.
The bank achieved an increase in the capital adequacy ratio to 15.4% compared to 14.0% over the past year.
Mohamed Sultan Al-Qadi, Chairman of the Commercial International Bank, said: The Commercial International Bank continued its strong performance and achieving more progress in its path towards strategic transformation despite the challenges faced by the banking sector and the global economy during the year 2019 and focusing on our strategy to enhance the experience of our customers, we feel optimistic about the prospects The future growth that the prosperity of the national economy will allow for the year 2020 and beyond, and the positive effects that will be reflected on our clients, our shareholders, and our employees.
Ali Sultan Al-Amri, Acting CEO of the Commercial International Bank, said: “The Commercial International Bank provided a steady performance during the year 2019 driven by the growth achieved by the bank in the volume of commercial banking services of loans and advances worth 146 million dirhams. The bank’s costs decreased by 8% compared to the previous year and increased operating profits To reach 403 million dirhams, as a result of our continued focus on improving the efficiency of our business through the digitization and simplification of operations, pointing out that Commercial International Bank has a firm position through its capabilities and high liquidity to support the growth of the national economy and meet customer expectations in the year 202 0.
