Commercial Bank of Dubai (CBD) has announced a net profit of AED 431 million ($117 million) for Q1 2022, with assets reaching AED 119 billion.
The bank’s profit jumped 32.6% compared to Q1 2021. Its operating income was up 17.5 percent at AED 859 million, driven by net interest income, fees and commissions.
Net impairment allowances were AED 192 million, down 8.6% on the same quarter in 2021, the bank said.
A CBD statement to Dubai Financial Market said: “Higher revenue across net interest and other operating income, underpinned by solid loan growth, generated a robust increase in net profit.
“Notably, market interest rates have risen, strengthening margins in the first quarter. The positive economic outlook together with improved business confidence is expected to facilitate further performance improvements throughout 2022.”
Net impairment allowances were AED 192 million, down 8.6% compared to the first quarter of 2021.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)