Commercial Bank International PSC: CBI Financial Statements December 2021 – English / Arabic

Deloitte & Touche (ME)

Building 3, level 6

2Emaar Square

Downtown Dubai

Box 4254


United Arab Emirates

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PSC International Commercial Bank

United Arab Emirates

Consolidated accounts audit report


We have audited the consolidated financial statements of Commercial Bank International PSC (the “Bank”) and its subsidiaries (together the “Group”), United Arab Emirates which include the consolidated statement of financial position as at December 31, 2021, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, together with the notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group, as of December 31, 2021, and its consolidated financial performance and its consolidated cash flows for the year ended that date, in accordance with International Financial Standards. Reporting Standards (“IFRS”).

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (ISA). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (the “IESBA Code”) and other ethical requirements relevant to our audit of the Group’s consolidated financial statements in the United Arab Emirates united and we have fulfilled our other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Main audit questions

Key audit matters are matters that, in our professional judgment, were of most significance in our audit of the current period consolidated financial statements. These matters have been addressed in connection with our audit of the consolidated financial statements taken as a whole and the formation of our opinion thereon, and we do not express a separate opinion on these matters.


Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056) ), Rama Padmanabha Acharya (701) and Samir Madbak (386) are practicing auditors registered with the UAE Ministry of Economy.

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