Commercial Bank of Dubai posts 41.5% jump in H1 profit

Commercial Bank of Dubai posts 41.5% jump in H1 profit

Commercial Bank of Dubai (CBD) posted a 41.5 per cent increase in half-year net profit to $334m (Dhs1.2bn), which the lender said was helped by outstanding revenue contribution – across net interest and operating income – and robust loan growth. CBD reported an operating income of Dhs2.5bn in the first six months of 2023, up 41.9 per cent from Dhs1.7bn for the same period a year earlier, driven by a 56 per cent increase in net interest income due to higher interest rates and a 15.3 per cent growth in other operating income from improved business activities. The UAE economic outlook and business confidence remain encouraging, backed by buoyant domestic activity that is expected to drive economic growth for the remainder of 2023. “We remain well positioned in meeting our long-term goals and deliver superior performance outcomes in 2023 and beyond,” said Dr Bernd van Linder, the CEO of CBD. The bank said its net loans and advances increased by 2.4 per cent Dhs80.8bn in the six months ended June 30 compared to Dhs78.9bn during the same period in 2022. Customers’ deposits rose by 1.1 per cent to reach Dhs85.7bn in the first half of the year from Dhs84.8bn in