CBD profit grows 21.6 percent to AED340 million in Q1

DUBAI, Commercial Bank of Dubai (CBD) reported a 21.6 percent year-on-year net profit increase in Q1-2019 on the back of higher revenues.

According to a CBD statement today, the net profits of the UAE’s lender rose to AED340 million in Q1-19 from AED 280 million ($76 million) during corresponding period last year, Meanwhile, net revenues grew 17.6%, logging AED 774 million in the first three months of 2019, compared to AED 658 million in the prior-year period.

The bank’s operating expenses retreated to AED 206 million in Q1-19 from AED 214 million in the corresponding period a year earlier.

Operating income for Q1 2019 amounted to AED774 million, an increase of 17.6 percent attributable to a 7.7 percent increase in net interest income (NII) and a 40.4 percent growth in other operating income (OOI).

Operating expenses were AED206 million, down 3.7 percent on the back of disciplined expense management through improved efficiency and the result of digital transformation.

The cost to income ratio improved to 26.6% for the quarter (Q1 2018: 32.5%).

Source: Emirates News Agency