Dubai – Mubasher: The Commercial Bank of Dubai (CBD) posted higher net profits at AED 700.98 million in the first quarter (Q1) of 2024, versus AED 575.22 million in Q1-23.
Total income amounted to AED 1.37 billion in Q1-24, an annual rise of 10.90% from AED 1.23 billion, according to the consolidated interim financials.
During the first three months (3M) of 2024, the basic and diluted earnings per share (EPS) increased to AED 0.23 from AED 0.19 in the year-ago period.
Total assets climbed to AED 130.97 billion as of 31 March 2024 from AED 128.98 billion at the end of December 2023, while the customer deposits increased to AED 90.34 billion from AED 88.28 billion.
Bernd van Linder, CEO of CBD, said: “CBD has delivered an excellent result attributable to strong loan and CASA [current account savings account ] growth and higher revenue at outstanding returns.”
“Our net profit after tax for Q1-24 was AED 701 million, above the prior comparative period on account of customer business activity and strong net interest income,” the CEO added.
He concluded: “We remain focused on the execution of the bank’s long-term strategy and we are well positioned to deliver on our strategic objectives and financial targets in 2024 and beyond.”
Last year, CBD generated AED 2.65 billion in net profit, higher by 45.20% than AED 1.82 billion in 2022.
