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Commercial Bank of Dubai, or CBD, on Thursday reported its highest ever first-half yearly profit of Dh581 million, which is an increase of 17 per cent as compared to Dh497 million for the same 2013 period.
The bank said its net profit for the second quarter surged18 per cent to Dh 296 million compared to Dh251 million for the second quarter of 2013.
Peter Baltussen, chief executive officer of the bank, said the performance reflected the strength and depth of the bank’s franchise.
“The business strategy set in place last year under the guidance of our Board of Directors is starting to yield returns and we continue to focus our energies towards enhancing our core business strengths.”
“The first half 2014 net profit of Dh581.1 million is the highest first half yearly profit ever achieved by the bank. “We believe that the economic climate in the UAE will enable the bank to sustain the momentum seen in the first two quarters of 2014,” said Baltussen.
In a statement, the bank said operating income for the six months period ending 30 June 2014 was seven per cent higher at Dh1.0 billion as compared to Dh983 million for the same period last year.
Operating profit for the period increased by 4.3 per cent to Dh718 million as compared to Dh688 million for the same period last year.
CBD’s loans and advances at Dh31.3 billion as at were 6.8 per cent higher when compared to Dh29.3 billion and 3.4 per cent higher than the Dh30.3 billion as on 31 December 2013. The bank’s customer deposits surged 12.1 per cent to Dh32.3 billion from Dh28.8 billion during the same 2013 period.
Total assets grew 9.4 per cent in the first half to Dh 46.3 billion from Dh42.4 billion in the first half of 2013. “Capital adequacy ratio continues to be robust at 20 per cent. Return on average assets increased to 2.6 per cent for the first half of 2014 when compared to 2.4 per cent for the same period last year while return on average equity increased to 16.8 per cent from 15.5 per cent in 2013 first half. The bank said operating profit increased by 4.3 per cent from Dh688 million to Dh718 million, mainly due to a 6.8 per cent increase in net interest income to Dh741.2 million and a 7.5 per cent increase in non-interest income to Dh311.2 million.
Operating expenses increased by 13.4 per cent from Dh295.1 million to Dh334.6 million mainly on the back of the bank’s increased focus on personal banking and investments in digital banking. Cost to income ratio was at 31.8 per cent.
Loans and advances of Dh 31.3 billion in the first half registered an increase of 6.8 per cent over the Dh29.3 billion which were 3.4 per cent higher when compared to Dh30.3 billion as at 31 December 2013. Personal Banking gross loans were at Dh3.8 billion, a 40 per cent increase when compared to the Dh2.7 billion as at 30 June 2013 and were 15.9 per cent higher when compared to the Dh3.3 billion as at end of December 2013, the bank said.
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