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CBD logs AED 1.22bn profits in H1-23

CBD logs AED 1.22bn profits in H1-23
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Dubai – Mubasher: The net profits of Commercial Bank of Dubai (CBD) hit AED 1.22 billion in the first half (H1) of 2023, an annual hike of 41.50% from AED 866 million.

The UAE lender registered a total income amounting to AED 2.46 billion in H1-23, marking a 41.90% year-on-year (YoY) surge from AED 1.73 billion, according to the financial results.

During the first six months (6M) of 2023, the bank’s total assets reached AED 123.12 billion, up 4.80% YoY from AED 117.53 billion.

The customers’ deposits rose by 1.10% to AED 85.72 billion as of 30 June 2023 from AED 84.82 billion in the year-ago period.

Income Statements for Q2-23

The DFM-listed lender posted a 13% growth in net profit to AED 650 million during the second quarter (Q2) of 2023, compared to AED 575 million in Q1-23.

On a quarterly basis, the Q2-23 total income declined by 1.10% to AED 1.22 billion from AED 1.23 billion in Q1-23.

Bernd van Linder, CEO of CBD, said: “Our net profit for H1-23 was a record AED 1,22 million, well above the same period last year on account of higher revenue and well-managed costs and impairments. We remain well positioned in meeting our long-term goals and deliver superior performance outcomes in 2023 and beyond.”

“In Q2, CBD has successfully issued our inaugural green bond, raising $$500 million. This accomplishment marks a momentous milestone in our [environmental, social, and corporate governance] ESG programme and shows our commitment to sustainable finance during the UAE Year of Sustainability.”

During January-March 2023, the DFM-listed bank achieved net profits valued at AED 575.22 million, higher by 33.40% than AED 431.33 million in Q1-22.