Commercial Bank of Dubai reveals 18.5 percent rise in net profit for H1 of 2024
Date
7/25/2024 8:00:01 AM
(MENAFN) Commercial bank of Dubai has announced a robust performance for the first half of 2024, with a net profit after tax reaching AED 1.452 billion (approximately USD395 million). This figure marks an 18.5 percent increase compared to the same period in 2023. The bank’s strong financial results are attributed to significant growth in loan volumes, which bolstered net interest income. This positive outcome was further supported by non-funded income and a reduction in the cost of risk, which managed to offset higher operational expenses and corporate tax charges.
The continued rise in global interest rates has played a crucial role in enhancing the bank's net interest income, contributing to its impressive financial results. Business activity within the UAE remains vibrant, bolstered by positive population growth and strong business confidence. This favorable economic environment is expected to persist, helping to counterbalance any potential challenges that may arise from future interest rate adjustments. According to Bernards van Linder, CEO of Commercial Bank of Dubai, the impressive net profit figures reflect strong loan growth, higher premium income, and improved asset quality. He emphasized that the bank's strategic focus and operational efficiency position it well to maintain high performance levels and achieve its strategic goals throughout 2024 and beyond.
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