Dubai – Mubasher: The net profits of Commercial Bank of Dubai (CBD)
slid by 23.3% to AED 815.76 million during the first nine months of 2020 from AED 1.06 billion in the corresponding period of 2019.
The decrease in net profits is driven by lower interest rates, weaker business conditions, and higher specific and expected credit losses amid the coronavirus (COVID-19) pandemic.
The bank's net interest income and net income from Islamic financing declined by 8.7% to AED 1.37 billion in the January-September period of 2020 from AED 1.5 billion in the year-ago period, as shown by the bank's financials for the period ended 30 September 2020.
The basic and diluted earnings per share (EPS) settled at AED 0.29 in the first nine months of 2020, against AED 0.38 in the same period of 2019.
In the third quarter (Q3) of 2020, the bank's net profits retreated to AED 285.33 million from AED 361.993 million in the corresponding period of 2019.
The CEO of the bank, Bernd van Linder, said: "Despite the lower overall performance for the first 9 months of 2020 compared to 2019, CBD continues to deliver on its strategy and is poised to end the year on a strong footing."
It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits dropped to AED 530.431 million, compared to AED 701.15 million in the same period of 2019.
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