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CBD Q3 profit falls to $69.2m

Dubai, October 16, 2011

UAE lender Commercial Bank of Dubai posted a marginal drop in third-quarter net profit of 1.4 percent, the bank said on Sunday.

CBD, which is 20 percent owned by the Dubai government, made a net profit of 254 million dirhams ($69.2 million) in the three-month period to September 30, according to Reuters calculations based on a statement to the Dubai Financial Market.

This was down slightly from 257.6 million dirhams in the corresponding period in 2010.

However, net profit over the first nine months of the year was up slightly at 777 million dirhams, the statement said, compared to the 771 million dirhams it posted this time last year.

Impairments stood at 227 million dirhams for the first nine months of the year, the statement added.

"The bank has continued to achieve positive results and was able to maintain the high level of profitability and returns, which is shown through the high return rates on assets and property rights," Peter Baltussen, chief executive officer of CBD, said.

"Our continued and effective management of liquidity and capital has enabled us to strengthen our balance sheet and focus on the growth of our portfolio."     

CBD signed a $450 million three-year loan facility provided by nine banks at the beginning of August. - Reuters




Tags: Dubai | Bank | CBD |

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