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CBD sees 26% higher profits at AED 1.82bn in 2022

CBD sees 26% higher profits at AED 1.82bn in 2022
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Dubai – Mubasher: The net profits of Commercial Bank of Dubai (CBD) hiked by 25.80% year-on-year (YoY) to AED 1.82 billion in 2022 from AED 1.45 billion.

The total operating income stood at AED 3.81 billion in the January-December 2022 period, higher by 19.80% YoY than AED 3.18 billion, according to the income statements.

Meanwhile, the basic and diluted earnings per share (EPS) reached AED 0.60 last year, up from AED 0.47 in the 12-month period that ended on 31 December 2021.

Total assets grew by 1.60% to AED 116.07 billion in 2022 from AED 114.21 billion in 2021, whereas the customers’ deposits declined by 2% to AED 81.07 billion from AED 82.72 billion.

Income Statements for Q4

During the fourth quarter (Q4) of 2022, the UAE bank’s net profits reached AED 503 million, while the total operating income amounted to AED 1.09 billion.

On a quarterly basis, the Q4-22 net profits rose by 10.30% from AED 456 million in Q3-22, whereas the total operating income soared by 10.90% from AED 986 million.

Dividends

The lender’s board greenlighted dividends worth AED 912.57 million for 2022, distributed over bonus shares accounting for 6.51% and cash dividends of 26.05%. The total amount is equivalent to 32.56% of the bank’s paid-up capital.

Bernd van Linder, CEO of CBD, highlighted: “As we move forward, [environmental, social, and governance] ESG will become increasingly important. We have made significant progress in our ESG journey by launching a range of ESG-related products and developing our sustainable finance framework.”

In the first nine months (9M) of 2022, the DFM-listed lender achieved net profits worth AED 1.32 billion, an annual growth of 25.80% from AED 1.05 billion.