DUBAI / Emirates Business
Commercial Bank of Dubai (CBD) reported its financial results for the first nine months of 2018.
The bank’s year to date net profit of AED843 million was 26.8% higher on the back of a 1.5% increase in operating income and a 5.3% decline in operating expenses; impairment allowances meanwhile decreased by 17.2%.
Operating income for the first nine months of 2018 amounted to AED 2,018 million, an increase of 1.5% owing to a 5.4% increase in net interest income to AED 1,427 million (9M-2017: AED1,353 million) while other operating income decreased by 6.9% to AED 590 million (9M-2017: AED 634 million). Fees & commission income increased by 2%, foreign exchange income registered a 13.4% increase and other income increased by 14.3% over the first nine months of 2017.
Dr Bernd van Linder, Chief Executive Officer said, “CBD’s operating performance for the first nine months of 2018 reflects the excellent progress the Bank has made in delivering on the strategy.”