Press releases, Reports & Disclosures for Commercial Bank International

Resolution No. 266 of 2024 temporarily suspends trading on the shares of Commercial Bank International, as per Article No. 16 of the Regulations Concerning the Listing of Securities on ADX. This suspension is due to the Commercial Bank International AGM being held at the same time as the ADX trading session on 14-Feb-2024. Trading will be suspended from 09:00 on 14-Feb-2024 until ADX receives the AGM results. All department heads in ADX are instructed to execute this resolution, which will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on 24/01/2024.

The Corporate Governance Manual's Article 40, Clauses 1 & 2, allow shareholders to delegate their attendance at the general assembly to non-board members or non-company staff, including securities brokerage companies or their employees. The written delegation must state that the proxy holder can attend and vote at the assembly. A proxy holder for multiple shareholders can't hold more than 5% of the company's issued capital. Those without legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by a Notary Public, a state economic department's commercial chamber, a state-licensed bank or company where the agent has an account, or any other entity licensed to perform attestation works.

Commercial Bank International PJSC has invited its shareholders to the Annual General Assembly meeting on 14th February 2024. The meeting will be held at the Anantara Hotel Ras Al Khaimah and will also have an electronic attendance option. The agenda includes reviewing and approving the bank's activities and financial position for the fiscal year ended 31/12/2023, the auditors' report, and the internal Shari'ah supervision committee report. The meeting will also discuss and approve the bank's balance sheet and profit & loss account, appoint auditors for the financial year 2024, and consider the board's recommendation not to distribute dividends. Shareholders can register for the meeting by visiting a specific website. Any shareholder can delegate a representative, excluding certain individuals such as board members, to attend the meeting. The meeting will be recorded, and shareholders can direct questions to the board of directors.

Commercial Bank International (CBI) has reported a 14% increase in annual net profit, up to AED 171 million in 2023 from AED 150 million in 2022. The bank also revealed a 3% growth in customer deposits, rising to AED 12.6 billion in 2023 from AED 12.2 billion the previous year. Additionally, the capital adequacy ratio increased from 14.4% in 2022 to 15.2% in 2023. CBI's CEO, Ali Sultan Rakkad Al Amri, attributed the positive results to the bank's focus on customer service and innovation.