Dubai, 26th July 2020:Commercial Bank of Dubai (CBD) today reported its financial results for the first six months of 2020.
Noteworthy Financial Commentary:
2020 H1 results:
- Net profit was AED 530 million, 24.3% below the prior comparative period
- Operating income was AED 1,412 million, down by 6.5% compared to the prior comparative period due to sharply lower interest rates
- Operating expenses were AED 386 million lower by 9.9%
- Operating profit was AED 1,026 million, down by 5.2%
- Net impairment allowances were AED 495 million, up 30.1% attributable to specific credit provisions together with forecast expected credit losses associated with the Covid-19 pandemic
As at 30th June 2020:
- Capital ratios remained strong with the capital adequacy ratio (CAR) at 14.03% and the common equity Tier 1 ratio (CET1) at 12.87%
- Gross loans were AED 66.8 billion, an increase of 4.2% compared to 31st December 2019
- Advances to stable resources ratio (ASRR) stood at 90.2%
- Non-performing loan (NPL) ratio increased by 103 bps to 6.97% compared to 5.94% in December 2019
Read the full report here.
The bank was incorporated in Dubai, United Arab Emirates in 1969 and is registered as a Public Shareholding Company (PSC).
The bank is listed on the Dubai Financial Market and is majority owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). The bank employs over 1,300 staff and offers a wide range of conventional and Islamic banking products and services to its corporate, commercial and personal banking customers through a network of 15 branches. Moreover the bank has invested in an extensive network of 153 ATMs/CDMs.
For further information, kindly contact: CBD Investor Relations @ email@example.com
© Press Release 2020