Commercial Bank of Dubai (CBD) yesterday reported 18 per cent growth in its nine-month net profit to Dh236 million from Dh200 million during the same period last year.
The bank's growth in earnings was supported by the increase in other income by 32.4 per cent to Dh132 million.
While total assets grew by 30 per cent to Dh9.4 billion, loans and advances improved by 29.3 per cent during this period.
"Customer deposits have increased by 30.3 per cent as a result of the confidence of customers in the bank's performance and the state of the UAE economy whereas investments have gone up by 35.3 per cent and shareholders equity by 13.5 per cent, " said Yaqoob Yousuf, general manager of business group.
Yousuf said the bank witnessed big changes in 2004 as it implemented an ambitious programme to upgrade its information technology infrastructure, automate branches and replace central and subsidiary systems with modern banking systems.
In addition, the bank launched a new Internet-based service called 'Attijari Online', allowing customers to review their accounts and to electronically perform their transactions 24 hours.
The bank also strived to take a number of steps towards centralisation especially in operations and credit.
Gulf News
