Commercial Bank of Dubai posts 15% jump in 9-month net profit
Strong growth in loans resulted in a solid net interest outcome
Dubai: Commercial Bank of Dubai (CBD) posted net profit after tax result of Dh2.23 billion for the first nine months of 2024, up 15.2 per cent (up 26.5 per cent on a pre-tax basis) compared to the corresponding period in 2023.
Better growth in loans resulted in a higher net interest outcome, which was supported by non-funded income and lower cost of risk that more than offset higher expenses and the corporate tax charge. "High global market interest rates during the first nine months of 2024 contributed to the solid net interest income outcome," it said.
"UAE business activity bolstered by economic incentives, population growth and business confidence remained constructive and is forecast to remain positive looking ahead," the company said in a statement. "The public sector strategic positioning, strategic investments, economic diversification and broad-based growth, especially in non-oil sectors is expected to underpin continued business performance."