Commercial Bank of Dubai (CBD) sees Q1 pre-tax profit jump 3
After tax, profit rose 21.9% to Dh701 million for the first quarter of 2024
Commercial Bank of Dubai (CBD) delivered a 21.9 per cent jump in net profit after tax to Dh701 million for the first quarter of 2024, with profits up 33.9 per cent on a pre-tax basis from last year.
"Strong growth in loans and current and savings accounts (CASA) underpinned a strong net interest outcome, which was supported by non-funded income that more than offset the corporate tax charge," the company said in a statement.
"High global market interest rates continued to contribute to the solid net interest income outcome. UAE business activity and business confidence remained impressive and are forecast to continue to be positive across most industry sectors in the periods ahead."
Commenting on the Bank’s performance, Dr. Bernd van Linder, Chief Executive Officer, said, “CBD has delivered an excellent result attributable to strong loan and CASA growth and higher revenue at outstanding returns.
"We remain focused on the execution of the Bank’s long-term strategy and we are well positioned to deliver on our strategic objectives and financial targets in 2024 and beyond," he said, while adding that the bank plans to extend our sustainable finance capabilities further in 2024.