The Commercial Bank of Dubai (CBD) has announced its financial results for the first quarter of 2024.
The bank’s net profit after tax was Dh701 million, marking a 21.9% increase compared to the same period in 2023.
The operating income for Q1 2024 was Dh1.372 billion, up by 10.9%, mainly due to net interest income, fees, and commissions. CBD’s operating expenses rose to Dh315 million while operating profit reached Dh1.057 billion, up 11.5%.
Strong growth in loans and current and savings accounts (CASA) underpinned a strong net interest outcome, supported by non-funded income.
“CBD has delivered an excellent result attributable to strong loan and CASA growth and higher revenue at outstanding returns,” said Dr. Bernd van Linder, CEO, CBD. “Our net profit after tax for Q1 2024 was AED701 million, above the prior comparative period on account of customer business activity and strong net interest income.”
Earlier this year, CBD reported a record net profit of 2.6 billion for the 2023 financial year, reflecting a robust growth of 45.2% compared to the previous year.
