|16 October, 2019

Commercial Bank of Dubai records $289mln net profit in nine months

Total revenue reached $609mln during the January-September period of 2019, up 11.1%

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

REUTERS/Nikhil Monteiro

Dubai –Commercial Bank of Dubai (CBD), listed on the Dubai Financial Market (DFM), has reported a 26.1% year-on-year increase in net profit for the first nine months of 2019.

Net profit amounted to AED 1.063 billion during the nine-month period ended 30 September of 2019, compared to AED 843 million in the year-ago period, according to a press release.

Total revenue reached AED 2.24 billion during the January-September period of 2019, up 11.1% from AED 2.018 billion in the same period of 2018, CBD said.

In the third quarter of 2019, the bank has recorded a net profit of AED 362 million, compare to AED 361 million in Q3-18.

CBD has generated AED 732 million in revenue during the three-month period ended 30 September 2019, versus AED 736 million in the same quarter last year.

Total assets stood at AED 82.5 billion as at 30 September 2019, growing by 13.9% from AED 72.4 billion as at 30 September 2019.

In the first half of 2019, CBD had posted a net profit of AED 701 million in H1-19, up by 25% from AED 561 million in H1-18.

Source: Mubasher

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