The UAE and Israel collaboration on technology can lead to the development of innovative solutions
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
The UAE and Israel collaboration on technology can lead to the development of innovative solutions
Nasser Al-Attiyah, five-time Dakar Rally champion, won the men's skeet team silver and skeet individual bronze in Hangzhou
An alternative aircraft is being organised to get passengers to the UAE
A visionary scientist and global leader Dr Reji Kurien Thomas says COP28 is a critical opportunity for the world to come together and take action on climate change
Ranju Singh and her spouse are planning to go the US to meet their son who is studying there
Explore the journey of Sanjeev Bhalla, a seasoned business luminary, and his transformative impact on Accuro, pioneering technological integration and driving the company towards industry leadership
Investors from around the globe are flocking to Dubai, drawn by its iconic developments, economic stability, attractive pricing, tax benefits, and booming tourism
Shakib called Tamim 'childish' and criticised him for putting himself ahead of the team's needs