The lender’s earnings surged 46% for the nine-month period
Commercial Bank of Dubai (CBD), which is 20% owned by the Investment Corporation of Dubai, reported a 9.2% increase in Q3 2023 net profit to 710 million UAE dirhams ($193.30 million), compared with AED 650 million earned at the same period last year.
The result exceeded analysts’ mean estimate of AED 632 million, according to LSEG data.
Net interest income rose slightly to AED 885 million in the July to September 2023 period, while other operating income gained 7.3% year-on-year (YoY) to AED 369 million, the bank said in a statement on Wednesday.
The lender’s net profit surged 46.4% to AED 1.94 billion in the first nine months of 2023, compared to AED 1.32 billion, driven by higher net interest and other operating income.
Interest rates remained high, which contributed to the financial uplift.
Total assets stood at AED 126.0 billion as of September 30, 2023, an increase of 7.2% YoY.
Net loans and advances reached AED 82.9 billion, up 4.7% YoY, while customer deposits stood at AED 86.4 billion, an increase of 5.7% YoY in the first nine months of 2023.
On the other hand, capital ratios remained strong, with the capital adequacy ratio (CAR) at 16.80% and the Tier 1 ratio at 15.65% over regulatory requirements.
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