The Commercial Bank of Dubai (CBD) announced a net profit of Dh431 million in the first quarter of 2022, increasing 32.6 percent from the same period in the previous year.
Higher revenue from net interest and other operating income, backed by strong loan growth, resulted in a significant increase in net profit, according to the bank. “Notably, market interest rates have risen in the first quarter, bolstering margins.” CBD said in a statement that “the strong economic outlook, together with increasing business confidence, is projected to support further performance increases throughout 2022.”
CBD has hit a record Dh119 billion in assets, according to Dr Bernd van Linder, chief executive officer, due to a 3.4 percent growth in loans since December 31, 2021.
“On the back of stronger revenue and overall improved company performance, our net profit was Dh431 million, substantially above the prior comparative period.” CBD is on track to meet its long-term goals and is well-positioned for success in the second half of 2022 and beyond.”
“I’m ecstatic that Forbes named CBD the Number One Bank in the UAE in its World’s Best Banks 2022 survey. He stated, “This is an indication of our dedication to our clients.”
Net interest income, fees, and commissions drove the bank’s operating revenue up 17.5 percent to Dh 859 million in Q4 2021, while operating expenses fell 2.1 percent to Dh236 million. In comparison to Q1 2021, operating profit was Dh623 million, up 16.4%, while allowances of net impairment were Dh192 million, down 8.6%.
