Commercial Bank of Dubai net profit up 33.4% at Dh575m in Q1 2023
Net impairment allowances for the period stood at Dh373 million
Dubai: Commercial Bank of Dubai reported a net profit of Dh575 million for the first quarter of 2023, up 33.4 per cent compared to the corresponding period in 2022, the bank said on Wednesday.
Stronger revenue across net interest and other operating income, supported by solid loan growth, helped buoy the lender’s bottom line.
Operating income stood at Dh1,237 million, up 44 per cent, driven by net interest income, fees and commissions, while operating expenses were reported at Dh289 million. Operating profit clocked Dh948 million, up by 52.2 per cent.
“We remain focused on the disciplined execution of our long-term strategy and are well placed for sustained success for the remainder of 2023 and beyond,” said CEO Dr. Bernd van Linder.
“Default digital capability in banking services is instrumental to our ongoing success, and so we will continue to develop pioneering banking solutions to ensure we provide our customers with a high quality, seamless banking experience.”
The bank’s net impairment allowances for the period were Dh373 million.
The lender also saw a 6.3 per cent increase in customers’ deposits at Dh86.2 billion.
Total assets grew 2.8 per cent at Dh119.3 billion, while net loans and advances were up 2.6 per cent at Dh76.5 billion.