The Commercial Bank of Dubai’s (CBD) assets have hit a new high of Dh119 billion, thanks to a 3.4 % increase in loans since December 31, 2021.
The earnings of the Commercial Bank of Dubai increased by 32.6 per cent in the first quarter. According to the bank, higher revenue from net interest and other operating income, backed by strong loan growth resulted in a significant rise in net profit.
“Notably, market interest rates have risen, bolstering first-quarter profitability. CBD said in a statement that “the strong economic outlook, along with increasing business confidence, is projected to support additional performance increases throughout 2022.”
“On the strength of stronger sales and overall improved company performance, our net profit was Dh431 million, substantially above the preceding comparative period.” CBD is on track to meet its long-term objectives and is well-positioned for ongoing success in 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 revenue, fees, and commissions drove the bank’s operating income up 17.5 per cent to Dh 859 million in Q4 2021, while operating expenditures fell 2.1 per cent to Dh236 million. In comparison to Q1 2021, operating profit was Dh623 million, up 16.4%, while net impairment allowances were Dh192 million, down 8.6%.
