Commercial Bank Of Dubai Reports Nine Month Net Profit Of AED 1,936 Million #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / Company News
Company News
   

Commercial Bank Of Dubai Reports Nine Month Net Profit Of AED 1,936 Million
(26 October 2023)

 

Commercial Bank of Dubai (CBD) today reported its financial results for the first nine months of 2023.

The CBD has delivered a record net profit of AED 1,936 million for the first nine months of 2023, up 46.4 percent compared to the corresponding period in 2022.

Outstanding revenue contribution across Net Interest and Other Operating Income, backed by strong loan growth generated a significant rise in net profit.

Notably, market interest rates remained high, which contributed to the financial uplift. The UAE economic outlook and business confidence is strong, supported by resilient domestic activity that should enable economic growth through 2024.

Net interest income rose slightly to AED 885 million in the July to September 2023 period, while other operating income gained 7.3 percent year-on-year (YoY) to AED 369 million.

The lender’s net profit surged 46.4 percent to AED 1.94 billion in the first nine months of 2023, compared to AED 1.32 billion, driven by higher net interest and other operating income.

Interest rates remained high, which contributed to the financial uplift.

Total assets stood at AED 126.0 billion as of September 30, 2023, an increase of 7.2 percent YoY.

Net loans and advances reached AED 82.9 billion, up 4.7 percent YoY, while customer deposits stood at AED 86.4 billion, an increase of 5.7 percent YoY in the first nine months of 2023.

On the other hand, capital ratios remained strong, with the capital adequacy ratio (CAR) at 16.80 percent and the Tier 1 ratio at 15.65 percent over regulatory requirements.

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said, “'We remain well positioned to deliver on our strategic goals and in achieving exceptional performance outcomes in 2023 and beyond.”

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance