Thursday 22 August 2019

CBD net profit up 21.6pc to $92.5m in Q1

DUBAI, April 18, 2019

Commercial Bank of Dubai (CBD) has reported a 21.6 per cent year-on-year net profit increase in Q1-2019 on the back of higher revenues.

Net profits of the UAE’s lender rose to Dh340 million ($92.5 million) in Q1-19 from Dh280 million ($76 million) during corresponding period last year, reported state news agency Wam, citing a CBD statement.

Meanwhile, net revenues grew 17.6 per cent, logging Dh774 million in the first three months of 2019, compared to Dh658 million in the prior-year period.

The bank’s operating expenses retreated to Dh206 million in Q1-19 from Dh214 million in the corresponding period a year earlier.

Operating income for Q1 2019 amounted to Dh774 million, an increase of 17.6 percent attributable to a 7.7 percent increase in net interest income (NII) and a 40.4 percent growth in other operating income (OOI).

Operating expenses were Dh206 million, down 3.7 percent on the back of disciplined expense management through improved efficiency and the result of digital transformation.

The cost to income ratio improved to 26.6 per cent for the quarter (Q1 2018: 32.5 per cent).


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