Commercial Bank of Dubai’s 9-month net profit rises 46.41%
Net interest income rose 43.2% over a year ago to Dh2.654 billion during the period
Dubai: DFM-listed Commercial Bank of Dubai’s profit rose 46.41 per cent year-on-year to Dh1.936 billion for the nine months through September 2023.
Net interest income jumped 43.2 per cent year-on-year to Dh2.654 billion, owing to loan growth and higher market rates, and growth in its other operating income from improved business accomplishments, according to the bank's exchange filing.
Operating income rose 36.6 per cent over a year ago to Dh3.716 billion, driven by higher net interest income, fees and commissions. Operating profit rose 42.5 per cent to Dh2.835 billion.
Net impairment allowances were Dh899 million. The lender's cost-to-income ratio stood at 23.72 per cent during the reported period.
Dr Bernd van Linder, the bank's CEO, attributed the bank's "record result" to strong revenue growth.
We remain well positioned to deliver on our strategic goals and in achieving exceptional performance outcomes in 2023 and beyond.
While the bank's total assets stood at Dh126 billion, return on equity was 21.38 per cent. Net loans and advances were Dh82.9 billion, registering an increase of 4.7 per cent year-on-year. Customers’ deposits stood at Dh86.4 billion during the reported period, rising 5.7 per cent over the year-ago period.