Commercial Bank of Dubai records 12.8% profit increase

14/07/2010 - Dubai Investment News
Commercial Bank of Dubai records 12.8% profit increase

Posted by Bob Brunskill

Commercial Bank of Dubai (CBD) has revealed that its operating profits for the first half of 2010 rose 12.8 per cent to AED 675 million.

In addition, the bank disclosed that its net interest income of AED 695 Million was 7.3 per cent higher than the same period last year while its net profit after collective and specific provisions for non-performing loans amounted to AED 513 Million - a 2.3 per cent increase on last year.

CBD also said that its liquidity position remained strong, with an advance to stable resources ratio of 90 per cent.

Commenting on the results, Mr Peter Baltussen, CBD's chief executive officer, said: "In the second quarter of 2010 CBD has continued to perform well and the Bank has achieved strong financial returns as evidenced by the high return on average equity of 19.3 per cent, and a 2.8 per cent return on average assets, both ratios among the highest in the country."

The bank has seen its distribution network grow in 2010 with a number of new branches opening in Dubai and Abu Dhabi.

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