Commercial Bank of Dubai reported a net profit of Dh866 million for the first half of 2022, up 28.1 per cent compared to the year-ago period, the bank announced on Wednesday.
Higher revenue across net interest and other operating income generated a strong increase in net profit. A rise in market interest rates coupled with solid loan growth resulted in higher revenue in the first half.
Operating income stood at Dh1.734 billion, up 10.3 per cent driven by net interest income, fees and commissions, while operating expenses were Dh475 million, on the back of investments in digitisation, growth and risk management. The cost-to-income ratio stood at 27.39 per cent.
“CBD has delivered a strong result attributable to a high quality and well balanced business performance. CBD has made significant progress on its long-term goals and is tracking well on its strategic priorities,” CEO Dr. Bernd van Linder said.
The bank saw a 16.1 per cent increase in expenses at Dh475 million, compared to the year-ago period.
“Whilst the global macroeconomic environment is challenging, on balance, the outlook for UAE economy remains positive,” the bank said.
The lender’s total assets stood at Dh117.5 billion as on June 30, 2022, an increase of 4.2 per cent compared to Dh112.8 billion in the year-ago period.
Net loans and advances were at Dh78.9 billion, up 6.5 per cent compared to Dh74.0 billion in June 2021.
Customers’ deposits were up 6.3 per cent at Dh84.8 billion as on June 30, 2022.
