Wed 09-02-2022 21:15 PM
DUBAI, 9th February, 2022 (WAM) — Commercial Bank of Dubai (CBD) has reported AED1.45 billion in net profit of for the year 2021, a growth of 29.5 percent YOY.
“CBD has reached a record Dh114 billion in assets driven by strong growth in loans which have increased 17 percent compared to 2020. Overall, our net profit was AED1.45 billion, above the prior year by 29.5 percent on the back of improved net interest income, stable non funded income and lower expected credit losses,” said Dr. Bernd van Linder, Chief Executive Officer of CBD.
Net interest income is up by 10.1 percent compared to 2020 driven by strong business growth and lower funding costs, according to a statement issued by the bank.
Operating income for the full year of 2021 amounted to AED3.18 billion, an increase of 6.9 percent, attributable to higher Net Interest Income (NII). Operating expenses were AED865 million, up 7.2 percent compared to the full year of 2020. The cost-to-income ratio remains outstanding at 27.18 percent.
WAM/Hatem Mohamed/Hassan Bashir