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Commercial Bank of Dubai profit drops on provisions

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Commercial Bank of Dubai profit drops on provisions

Loans and advances given out by the Commercial Bank of Dubai totalled Dh47.5 billion, an increase of 14.9 per cent.

dubai - Customers' deposits in the first nine months reached Dh47.5 billion

Published: Wed 18 Oct 2017, 7:05 PM

Updated: Wed 18 Oct 2017, 9:08 PM

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  • Staff Report

Commercial Bank of Dubai (CBD) on Wednesday said its net profit in the first nine months of 2017 dropped 5.2 per cent year on year to Dh665 million due to higher provisions.

The bank said in a statement that its operating expenses grew by 4.4 per cent to Dh670 million while net impairment allowances increased 45 per cent to Dh203 million.

Its operating income rose 10.9 per cent to Dh1.9 billion on higher net interest income and non-interest income while operating profits also grew 14.5 per cent to Dh1.3 billion.

Total assets grew to Dh68.9 billion as at September 30, 2017, an increase of 10.9 per cent over the Dh62.2 billion as at September 30, 2016.

Loans and advances totalled Dh47.5 billion, an increase of 14.9 per cent when compared to Dh41.3 billion as at September 30, 2016. Personal banking loans reached Dh6.9 billion, an increase of 12 per cent, while corporate, commercial and business banking loans were at Dh40.5 billion, a 13.3 per cent increase when compared to Dh35.8 billion as at December 31, 2016.
Customers' deposits in the first nine months reached Dh47.5 billion, an increase of 13.1 per cent.

- waheedabbas@khaleejtimes.com



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