Commercial Bank of Dubai reports 26.1 percent increase in net profit to AED1.063 bn

DUBAI, Commercial Bank of Dubai today reported a net profit of AED1,063 million for the first nine months of 2019, a 26.1 percent increase over the same period last year.

In a statement today, the bank said the operating profit is 14.9 percent higher at AED1.589 billion, with the operating income hitting AED2,242 million, up 11.1% year on year driven by higher net interest income and other operating income.

Operating expenses increased by 2.9 percent to AED 653 million, with the operating profit up by 14.9 percent to AED1,589 million. Net impairment allowances were AED 526 million, lower by 2.6 percent when compared to the first nine months of 2018.

Commenting on the bank’s performance, Dr. Bernd van Linder, Chief Executive Officer, said, “CBD has delivered its best ever nine-month result with the bank’s net profit increasing by 26 percent for the first three quarters of 2019. The result has been achieved by fostering a culture of growth and disciplined execution of our well-planned strategy. We anticipate a consistent result in Q4 and remain on track to deliver a record result for the full year. The group continues to deliver strong net profit growth, above target return on equity and with a CET1 ratio of 13.59 percent the group remains well-capitalised.”

He added, “We continue to invest in new technology and have embarked on a progressive digital transformation programme across the bank to help us expand and improve services to our customers.”

Source: Emirates News Agency