Commercial Bank of Dubai Reports 21.9% Increase in Net Profit in Q1

The Commercial Bank of Dubai (CBD) announced its financial results for the first quarter of 2024. The net profit after tax was AED701 million, showing a 21.9% (on a pre-tax basis, the result is up 33.9%) increase compared to the same period in 2023.

The operating income for Q1 2024 was AED1.372 billion, up by 10.9%, mainly due to net interest income, fees, and commissions. The bank's operating expenses rose to AED315 million, a 9.0% increase, while operating profit reached AED1.057 billion, up by 11.5%.

The strong growth in loans and current and savings accounts (CASA) underpinned a strong net interest outcome, which was supported by non-funded income that more than offset the corporate tax charge.

The high global market interest rates continued to contribute to the solid net interest income outcome. UAE business activity and business confidence remained impressive and are forecast to continue to be positive across most industry sectors in the periods ahead.

Commenting on the bank’s performance, Dr. Bernd van Linder, Chief Executive Officer, said,

“CBD has delivered an excellent result attributable to strong loan and CASA growth and higher revenue at outstanding returns. Our net profit after tax for Q1 2024 was AED701 million, above the prior comparative period on account of customer business activity and strong net interest income. We remain focused on the execution of the Bank’s long-term strategy, and we are well positioned to deliver on our strategic objectives and financial targets in 2024 and beyond.

“CBD continues to make progress in its commitment to achieving Carbon Neutrality in the Bank’s operations' greenhouse gas emissions by 2030 and remains committed to supporting the UAE Net Zero by 2050 strategic initiative to transition towards a climate-neutral economy,”

he added.

News Source: Emirates News Agency