CBD posts 16% rise in net profit

 

CBD posts 16% rise in net profit
Dr Bernd van Linder, chief executive officer, CBD. - Supplied photos

Published: Wed 23 Jan 2019, 9:35 PM

Last updated: Wed 23 Jan 2019, 11:45 PM

Commercial Bank of Dubai (CBD) on Wednesday announced a surge of 16 per cent in its 2018 net profits to Dh1.16 billion and 7.2 per cent jump in its operating profit to Dh1.86 billion.
Dr Bernd van Linder, chief executive officer, CBD said: "CBD posted a strong set of results for 2018, lifting our returns whilst delivering on our strategic agenda. We are investing in digital transformation, recruiting and retaining top talent to further enhance business capabilities and position ourselves as a key player in this evolving environment."
The non-performing loans (NPL) ratio decreased significantly to 6.2 per cent from 8.7 per cent at the end of 2017, with both ratios now calculated under IFRS9. 
In line with the bank's prudent provisioning policy, additional net impairment provisions of Dh704 million were set aside during the year compared to Dh740 million for the prior year. As at the end of 2018, total expected credit losses (ECL) allowances amounted to Dh3.11 billion. - business@khaleejtimes.com 
 
              

By Staff Report

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