Commercial Bank International posts 25% rise in profit on back of boom in loans



Commercial Bank International, the Dubai-based lender in which Qatar National Bank has a 40 per cent stake, said its nine-month profit advanced by a quarter on the back of a boom in loans and an increase in the value of its investments.

Net income rose to Dh171 million compared with Dh136m in the same period last year, the bank said. Operating profit jumped 55.5 per cent to Dh353m compared with Dh227m in the corresponding period the previous year.

The bank did not give third-quarter earnings in the release.

“The bank’s performance in the first nine months of 2014 reflect the continued strength in the balance sheet with adequate capital requirement, high liquidity and conservative advances to deposits ratio,” said Mohammad Sultan Al Qadi, the bank’s chairman.

Loans and advances gained 21 per cent to Dh12.8 billion compared with Dh10.6bn at the end of last year, while customer deposits rose 24 per cent to Dh13bn from Dh10.5bn in the same period.

The bank said other operating income was boosted by Dh61m due to a fair valuation increase of its investments.

Banks in the UAE have been the biggest beneficiaries of an economic resurgence that propelled GDP growth to more than 4 per cent last year as corporations and individuals took bank loans for everything from refinancing old debt to new homes and cars. But because interest rates are low, this has meant banks – of which there are more than 50 servicing a population of 9 million in the UAE – have had to vie for clients and search for other ways to make money apart from the interest they get on loans.

“As we enter the final quarter of 2014, CBI will continue to focus on generating long-term growth while maintaining its robust balance sheet and strong capital position,” said Mr Al Qadi.

mkassem@thenational.ae

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Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Law 41.9.4 of men’s T20I playing conditions

The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
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Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
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Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens