Dubai – Mubasher: The board of Commercial Bank of Dubai (CBD) has agreed on electing Humaid Mohammad Obaid Yousuf Alqutami as the chairman of the board.

The lender's board also approved the election of Ahmad Abdulkarim Julfar as vice chairman, the UAE-based banking and financial services provider said in a filing to the Dubai Financial Market (DFM) on Monday.

In March, the bank’s ordinary general meeting (OGM) had cut the proposed dividends for 2017 to 17.5%, or 17.5 fils per share from 20 fils each.

The CBD had previously posted a net profit of AED 1001.9 million in 2017, versus AED 1003.1 million a year earlier.