Dubai: Commercial Bank of Dubai (CBD) reported a net profit of Dh431 million for the first quarter of 2022, up 32.6 per cent compared to the year-ago period, buoyed by higher revenue across net interest and other operating income as well as solid loan growth
Operating income stood at Dh859 million, up 17.5 per cent, driven by net interest income, fees and commissions, while operating expenses were at Dh236 million, down 2.1 per cent. Operating profit stood at Dh623 million, up by 16.4 per cent.
“CBD has reached a record Dh119 billion in assets attributable to growth in loans which have increased by 3.4 per cent since December 31, 2021. Overall, our net profit was well above the prior comparative period on the back of higher revenue and overall improved business performance. CBD continues to deliver on its long-term strategy and is well positioned for continued success for the remainder of 2022 and beyond,” said CBD CEO Dr. Bernd van Linder.
Capital ratios remained strong with the capital adequacy ratio (CAR) at 15.61 per cent, Tier 1 ratio at 14.46 per cent and Common Equity Tier 1 (CET1) ratio at 12 per cent.
Gross loans were at Dh83.2 billion, an increase of 3.4 per cent compared to the previous period.
Customers’ deposits stood at Dh82.8 billion as at March 31, 2022, marginally higher than at December 31, 2021. Low-cost current and savings accounts (CASA) constitute 46.8 per cent of the total customer deposit base, while the financing-to-deposits ratio stood at 95 per cent.