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Commercial Bank of Dubai Q1 profit jumps 32.6%
The bank said higher revenue across net interest and other operating income, underpinned by solid loan growth, generated a robust increase in net profit
CBD has reached a record Dh119 billion in assets attributable to growth in loans which have increased by 3.4 per cent since 31 December 2021. — File photo
Commercial Bank of Dubai (CBD) has reported a net profit of Dh431 million for the first quarter of 2022, up 32.6 per cent compared to the first quarter of 2021.
The bank said higher revenue across net interest and other operating income, underpinned by solid loan growth, generated a robust increase in net profit. “Notably, market interest rates have risen, strengthening margins in the first quarter. The positive economic outlook together with improved business confidence is expected to facilitate further performance improvements throughout 2022,” CBD said in a statement.
Dr Bernd van Linder, chief executive officer, said CBD has reached a record Dh119 billion in assets attributable to growth in loans which have increased by 3.4 per cent since 31 December 2021.
“Overall, our net profit was Dh431 million, well above the prior comparative period on the back of higher revenue and overall improved business performance. CBD continues to deliver on its long-term strategy and is well-positioned for continued success for the remainder of 2022 and beyond.”
“I’m extremely proud that CBD was ranked by Forbes as the Number One Bank in the UAE in the World’s Best Banks 2022 report. This is an affirmation of our commitment to our customers,” he said.
The bank’s operating income rose 17.5 per cent to Dh 859 million, driven by net interest income, fees and commissions while operating expenses dropped 2.1 per cent to Dh236 million from Q4 2021. Operating profit was Dh623 million, up by 16.4 per cent comparable to Q1 2021 while net impairment allowances were Dh192 million, down 8.6 per cent.
— issacjohn@khaleejtimes.com
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