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CBD Q4 profit rises 12%

CBD Q4 profit rises 12%
Net profit stood at AED 337.2 million in Q4-17
CBD
CBD
4.35% 6.96 0.29

Dubai – Mubasher: Commercial Bank of Dubai (CBD) on Thursday posted a 12% year-on-year growth in the fourth quarter of 2017.

Net profit stood at AED 337.2 million in Q4-17, compared to AED 301.6 million in the same period a year earlier, CBD said in a filing to the Dubai Financial Market (DFM).

Meanwhile, net profit reached AED 1001.9 million in 2017, versus AED 1003.1 million the year before. 

Net impairment allowances fell 26% to AED 739.8 million last year, down from AED 588.4 million in 2016.

Operating expenses rose 3.5% to AED 900.7 million in 2017, from AED 870.5 million the previous year.

The lender's net profit tumbled 5.2% to AED 665 million in the first nine months of 2017, against profits of AED 701.48 million in the corresponding period of 2016.