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UAE’s CBD logs AED 701m profits in H1

UAE’s CBD logs AED 701m profits in H1
The bank’s total revenue amounted to AED 1.51 billion in H1-19
CBD
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Dubai – Mubasher: Commercial Bank of Dubai (CBD), listed on the Dubai Financial Market (DFM), reported a 25% year-on-year increase in its net profit for the first half of 2019.

Net profit reached AED 701 million in H1-19, versus AED 561 million in the year-ago period, CBD said in a press release on Wednesday.

The bank’s total revenue amounted to AED 1.51 billion in the six-month period ended 30 June 2019, up 13.7% year-on-year from AED 1.32 million.

Operating profit grew by 19.7% to AED 1.08 billion in H1-19, versus AED 904 million in the same period a year earlier, CBD added.

The lender’s net interest income and Islamic financing income increased by 6.6% to AED 1 billion in the first six months of 2019 from AED 938 million in H1-18.

Moreover, net loan and advances amounted to AED 54.8 billion at the end of June 2019, rising 16.1% from AED 47.21 billion as at 30 June 2018.

Customers’ deposits jumped by 14.8% to AED 55.3 billion as at 30 June 2019 from AED 48.1 billion in H1-18.

The bank’s total assets stood at AED 78.4 billion at the end of June, up 13.8% year-on-year from AED 68.9 billion, the bank highlighted.

 In April, CBD announced it had generated a net profit of AED 340 million in the first quarter of 2019, up 21.6% from AED 280 million in Q1-18.

In June, the American credit rating agency Fitch Ratings said it had affirmed CBD’s long-term issuer default rating (IDR) at 'A-' with a stable outlook.