Dubai: Commercial Bank International (CBI) on Monday announced its FY 2017 financial results. Full year net profit increased by 40 per cent to Dhs175 million from Dhs125 million in 2016.

Net interest income Dhs556 million, up 10 per cent year-on-year. Impairment charges down 8 per cent from previous year. Non-performing loan ratio was (NPL) 7.2 per cent versus 8.7 per cent in 201.

Capital Adequacy Ratio (CAR) remained stable at 14.8 per cent versus 14.4 per cent at December 31, 2016

Mohammad Sultan Al Qadi, Chairman of CBI, said: “CBI’s turnaround story continued in 2017 with our strategy producing further improvements in financial performance. Improvement in performance have been driven by significant recovery efforts as well as revenue growth, expense control, and the better allocation of resources. We witnessed strong year-on-year growth in both our Wholesale and Retail Banking units, as well as cost efficiency gains through organizational redesign and changes to our size and structure.”

Mark T. Robinson, CEO of CBI, added: “CBI’s strong balance sheet is supported by lower non-performing loans, stable capital adequacy and strong liquidity.