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CBD’s net profits jump 33.5% in Q1-23

CBD’s net profits jump 33.5% in Q1-23
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-5.44% 6.95 -0.40

Dubai – Mubasher: Commercial Bank of Dubai (CBD) witnessed 33.40% year-on-year (YoY) higher net profits at AED 575.22 million in the first quarter (Q1) of 2023, compared to AED 431.33 million.

The UAE lender registered a total operating income valued at AED 1.23 billion in Q1-23, a 44% YoY leap from AED 858.87 million, according to the financial results.

Basic and diluted earnings per share (EPS) hit AED 0.19 as of 31 March 2023, higher than AED 0.14 in Q1-22.

In the first three months (3M) of 2023, the total assets and clients’ deposits amounted to AED 119.31 billion and AED 86.19 billion, respectively.

On a quarterly basis, the Q1-23 net profits widened by 14.30% from AED 503 million in Q4-22, while the total income surged by 13.20% from AED 1.09 billion.

Bernd van Linder, CEO of CBD, stated: “Our net profit for Q1 2023 was a record AED 575 million, well above the prior comparative period on account of higher net interest income and a strong operating performance.”

The CEO added: “We remain focused on the disciplined execution of our long-term strategy and are well placed for sustained success for the remainder of 2023 and beyond.”

Last year, the DFM-listed bank logged net profits worth AED 1.82 billion, higher by 25.80% than AED 1.45 billion in 2021.