CBD customer deposits up 30pc

DUBAI - The unaudited balance sheet of the Commercial Bank of Dubai showed 30.3 per cent growth in customer deposits at the end of September 2004 over the same period of 2003.

By A Staff Reporter

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Published: Wed 13 Oct 2004, 10:09 AM

Last updated: Thu 2 Apr 2015, 12:37 PM

Yaqoob Yousuf, General Manager, Business Group, said this reflected the confidence of the customers in the bank's performance and the state of the UAE economy.

Investments have increased by 35.3 per cent and shareholders equity rose by 13.5 per cent whereas loans and advances have increased by 29.3 per cent as a result of increased utilisation of facilities and the continued prudent growth of this portfolio.

He pointed out that the bank's net profit has increased by 18 per cent to 236 million compared to 200 million during the same period of 2003 and the growth of other income by 32.4 per cent reaching Dh132 million compared to Dh 99 million during the same period of 2003.

He stressed that the bank witnessed a giant leap during 2004, most significant of which was the implementation of an ambitious programme for upgrading the infrastructure of its information technology system, automating branches and replacing its central and subsidiary systems with modern banking systems. It launched a new web-based banking services under the name "Attijari Online", allowing customers to review their accounts and to electronically perform their banking transactions 24 hours.

The bank also strived to take a number of steps towards centralisation especially in banking operations and credit.

As part of its continuous efforts to develop and modernise its buildings and improve its fixed investment in real estate owned by the bank, a new branch was recently opened in the new Fruit & Vegetable Market in Al Awir mounting its branch network to 19 branches and 4 cash offices spread across the UAE. Also, the renovation of some of the banks existing branches.

Besides, the bank installed five Automated Tellers Machines (ATM) in a number of petrol stations and shopping malls mounting its ATM network to 59 ATMs. Also, the bank has started construction of the new 10-storey Ajman Project.

The bank also achieved great progress in the field of nationalisation as the percentage of the UAE nationals reached 32 per cent of the total bank staff, while the UAE national percentage in the upper management posts is now 36 per cent.


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