Commercial Bank of Dubai’s nine-month 2022 net profit at Dh1.32b

Dubai: Commercial Bank of Dubai’s nine-month net profit has hit Dh1.32 billion, up an impressive 25.8 per cent on the same period last year. Thus CBD becomes the latest bank in the UAE to record a Dh1 billion plus profit tally in the year to end September phase.

Total income for the period was Dh2.72 billion, which marks a 13.9 per cent increase year-on-year. In the third quarter alone, it was Dh986 million, higher by 12.7 per cent.

The numbers for the nine months come in ‘well above the prior comparative period on higher net interest income and overall increased business activity,” said Dr. Bernd van Linder, CEO. “CBD continues to make substantial progress on its long-term goals and is advancing on its strategic priorities. “We anticipate a healthy 2023 domestic business environment.”

On the balance-sheet, CBD brought down the impairment allowances for the period January to September to Dh668 million, a drop by 6.3 per cent. When it comes to expenses, they were up 17 per cent to Dh730 million.

“Stronger revenue across net interest and other operating Income generated a significant increase in net profit,” said the bank in a statement. “Notably, market interest rates have continued to rise, which, together with loan growth resulted in a solid financial performance for the first nine months of 2022. Whilst global macro-economic environment challenges persist, in contrast, the UAE economy continues to perform strongly with a positive outlook.”