Dubai – Mubasher: The Commercial Bank of Dubai (CBD) logged net profits amounting to AED 2.65 billion in 2023, an annual surge of 45.20% from AED 1.82 billion.
CBD registered AED 4.93 billion in total operating income during January- December 2023, higher by 29.50% year-on-year (YoY) than AED 3.81 billion, according to the financial results.
The basic and diluted earnings per share (EPS) hit AED 0.84 last year, up from AED 0.57 in 2022.
Total assets jumped by 11% to AED 128.98 billion as of 31 December 2023 from AED 116.18 billion a year earlier, while the customers’ deposits surged by 8.90% to AED 88.28 billion from AED 81.07 billion.
Low-cost current and savings accounts (CASA) constitute 49.60% of the total customer deposit base, while the financing-to-deposits ratio stood at 94.40%.
Financials for Q4
In the fourth quarter (Q4) of 2023, the bank’s net profits amounted to AED 714 million, whereas the total operating income reached AED 1.22 billion.
On a quarterly basis, the Q4-23 net profits went up by 0.60% from AED 710 million in Q3-23, while the operating income declined by 2.60% from AED 1.25 billion.
The bank’s CEO, Bernd van Linder, said: “CBD has accomplished an outstanding result attributable to excellent revenue growth and improved broad-based business performance.”
“We continue to remain focused on the disciplined execution of our strategy and remain well positioned to deliver on our strategic goals and in achieving exceptional performance outcomes in 2024 and beyond,” the CEO added.
