Commercial Bank of Dubai (CBD) on Wednesday reported Q1 2024 net profit of 701 million dirhams ($191 million), up 22% versus the year-ago period on a strong loan book and lower impairment losses.

The net profit beat analysts’ mean estimate of AED 669 million, according to LSEG data.

Total operating income was AED1.37 billion, up 11%, driven by a 8% increase net interest income (NII), the lender said in a refulatory filing on DFM.

Operating expenses were AED 315 million, down 9%, while net impairment loss was AED 287 million, down by 23%.

(Writing by Brinda Darasha; editing by Seban Scaria)