PC: Zawya
Record Net Profit Growth and Increased Operating Income
The Commercial Bank of Dubai (CBD) announced net profits to the tune of AED 2.23 billion for the first nine months of 2024, which represents an annual increase from AED 1.93 billion recorded during the same period last year. As per its consolidated interim financial results, the bank reported a 12.1% increase in total operating income to AED 4.16 billion compared with AED 3.71 billion for the January to September period of last year.
Basic and diluted EPS of 9M-24 stood at AED 0.73 against AED 0.63 reported in the corresponding period last year, therefore indicating YoY performance. This came on the back of higher customer activity and overall strong business performance, said the bank.
Balance Sheet and Deposit Growth
The bank demonstrated a total asset growth of AED 140.21 billion at the close of September 2024, up from AED 128.98 billion at the end of last year, 2023. Customer deposits increased to AED 98.68 billion, up by 12.1 percent, or AED 10.40 billion, from year-end AED 88.28 billion, while continuing to demonstrate a very sound market position on the part of the bank.
Third Quarter Financial Highlights
For the third quarter of 2024, CBD posted an excellent performance where net profits reached AED 778.79 million compared to AED 710.08 million in Q3-23. Operating income was at AED 1.45 billion in Q3-24 compared to AED 1.25 billion in Q3-23.
In addition, basic and diluted EPS improved to AED 0.26 in Q3-24 from AED 0.24 in the comparable period previous year.
CEO’s Statement
CEO of CBD Bernd van Linder commented on the financial results with record performance and bank performance. He further mentioned, “Our net profit after tax for 9M-24 was a record AED 2.23 billion, surpassing the prior comparative period by 26.5% on a pre-tax basis, supported by robust customer activity and overall business performance.”
First Half Performance
The bank held firm in the first half of 2024 with net profits after tax amounting to AED 1.45 billion, which equates to 18.5% YoY from AED 1.22 billion reported in 6M-23.
Strong performance over a number of quarters underpins strength and sustainability in CBD’s market position as it continues to grow assets and customers.
