Dubai: Commercial Bank of Dubai (CBD) today reported its financial results for the first quarter of 2024.

Solid sustainable high quality result with sound business momentum

CBD delivered an excellent net profit after tax result of AED 701 million for the first quarter of 2024, up 21.9% (on a pre-tax basis, the result is up 33.9%) compared to the corresponding period in 2023. Strong growth in loans and current and savings accounts (CASA) underpinned a strong net interest outcome, which was supported by non-funded income that more than offset the corporate tax charge. High global market interest rates continued to contribute to the solid net interest income outcome. UAE business activity and business confidence remained impressive and are forecast to continue to be positive across most industry sectors in the periods ahead.

Read the full report here.

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About CBD

The Bank was incorporated in Dubai, United Arab Emirates in 1969 and is registered as a Public Joint Stock Company (PJSC).

The Bank is listed on the Dubai Financial Market (DFM) and is majority owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). The Bank employs over 1,200 staff and offers a wide range of conventional and Islamic banking products and services to its institutional, corporate and personal banking customers through a network of 14 branches. Moreover, the Bank has invested in an extensive network of 167 ATMs/CDMs.

For further information, kindly contact: CBD Investor Relations @ investor.relations@cbd.ae