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Dubai bank books $108m provisions

Dubai, February 18, 2009

Commercial Bank of Dubai (CBD) said on Wednesday it booked 397 million dirhams ($108.1 million) in provisions against falling values of investments, resulting in 17.5 percent decline in 2008 profit.

Net income for the year fell to 771 million dirhams, compared with 935 million dirhams in 2007, it said in a statement on the bourse Dubai website.

"During the last quarter of 2008, the impact of the global financial crisis has negatively affected the market value of some of the bank's strategic equity investments in local and regional listed companies," it said.

The emirate's fourth-largest lender by market value said it would propose issuing 25 percent bonus shares per share and a cash dividend of 15 percent, which it will seek approval for on March 18. - Reuters
 




Tags: profit | Commercial Bank of Dubai | CBD |

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