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CBD’s profit jumps 26% in 9M

CBD’s profit jumps 26% in 9M
The lender’s profits jumped 26.8% to AED 843.06 million from January to September 2018
CBD
CBD
-3.66% 3.95 -0.15

Dubai – Mubasher: Commercial Bank of Dubai (CBD) on Wednesday reported a 15% year-on-year profit decrease during the third quarter of 2018, logging AED 282.29 million, from AED 332.20 million.

The lender’s profits jumped 26.8% to AED 843.06 million from January to September 2018, compared to AED 664.65 million in the corresponding period a year earlier, according to a statement to the Dubai Financial Market (DFM).

At the level of the first nine months of 2018, operating income rose to AED 2.017 billion, from AED 1.987 billion in the year-ago period.

Operating expenses fell 5.6% to AED 424 million in the nine-month period ended September, compared to AED 449.3 million from January to September 2017.

“CBD’s operating performance for the first nine months of 2018 reflects the excellent progress the Bank has made in delivering on the strategy. Results were strong, leading to a double digit growth in net profit. Pleasingly, performance improvements were broad based across core segments of the Bank,” CEO Bernd van Linder said.