Dubai: Commercial Bank of Dubai has become the latest UAE financial institution to confirm upbeat first-half 2021 numbers, with net profit at Dh676 million and a gain of 27.5 per cent on comparable 2020 period.
The numbers indicate an “increase in business activity” and “reflective of the economic recovery”. These, in turn, helped with the bank’s fees and commission income during the first six months. Also helping the bank’s cause was the “moderately” lower expected credit losses.
“CBD has reached a record Dh113 billion in assets driven by strong growth in loans, which increased 17 per cent compared to H1-2020,” said Dr. Bernd van Linder, CEO.
Net loans and advances came to Dh74 billion, up 16.8 per cent, which, if the trend continues, should place the bank in an advantageous position as business activity picks up. “We remain committed to supporting personal, business and government customers, providing seamless market leading banking experiences,” the CEO added.
CBD was also able to drive down costs, by 5.8 per cent to Dh409 million. Net impairment allowances were Dh487 million, lower by 1.6 per cent on the same period last year.
Total income for the period was Dh1.57 billion, a gain of 11.4 per cent, with the second quarter proving particularly strong. Helping out with Dh842 million.