Dubai – Mubasher: The net profits of the Commercial Bank of Dubai (CBD) has increased by 3.1% to AED 325.022 million in the first quarter (Q1) of 2021, compared to AED 315.323 million in the year-ago period.

Higher net profits are driven by expected lower credit losses and operating expenses, according to the bank's consolidated interim financials for the three-month period ended on 31 March 2021.

The bank's net interest income and net income from Islamic financing decreased to AED 476.11 million in the first three months of 2021 from AED 484.688 million in the year-ago period.

Meanwhile, the bank reported a net income of AED 520.868 million in Q1-21, up from AED 516.626 million in the corresponding quarter of 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.12 in the January-March period of 2021, compared to AED 0.11 in the corresponding period of the earlier year.

The bank's total assets reached AED 102.5 billion as of 31 March 2021, up 5.2% compared to AED 97.4 billion as of 31 December 2020.

It is noteworthy to mention that in 2020, the net profits of CBD dropped by 20% to AED 1.12 billion, compared to AED 1.4 billion in the earlier year.