Commercial Bank of Dubai declares USD395m net income in H1
Date
7/25/2024 5:51:31 AM
(MENAFN) In a recent announcement detailing its financial performance for the first half of 2024, the Commercial bank of Dubai (CBD) has reported a remarkable net profit of AED 1.452 billion (USD395 million), marking a substantial increase of 30.2 percent year-on-year on a pre-tax basis compared to the corresponding period in 2023.
According to Emirates News Agency (WAM), CBD attributed this impressive growth primarily to robust gains in its loan portfolio, which contributed significantly to a solid net interest income. This positive outcome was further bolstered by non-funded income and a reduction in the cost of risk, effectively offsetting higher expenses and corporate tax charges.
The bank highlighted that favorable global market interest rates played a pivotal role in enhancing its net interest income performance. Additionally, the United Arab Emirate's thriving business environment, coupled with sustained population growth and positive business sentiment, provided a supportive backdrop for CBD's financial achievements during the first half of the year.
Dr. Bernd van Linder, Chief Executive Officer of CBD, expressed satisfaction with the bank’s record-breaking financial results. He underscored that the substantial increase in net profit after tax underscores CBD's effective execution of its strategic initiatives and its ability to capitalize on customer business activities and robust revenue streams.
Dr. van Linder emphasized CBD's commitment to maintaining high asset quality and delivering exceptional performance throughout 2024 and beyond. He noted that despite potential challenges such as future interest rate adjustments, CBD remains well-positioned to leverage public sector strategic investments and broad-based economic growth to sustain its strong financial trajectory.
The announcement underscores CBD’s pivotal role in the United Arab Emirates banking sector, contributing positively to economic stability and growth. With a focus on strategic execution and customer-centric initiatives, CBD continues to strengthen its position as a leading financial institution committed to delivering value to its stakeholders and the broader economy.
MENAFN25072024000045015687ID1108481234
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.