Commercial Bank of Dubai said net profit for the second quarter of 2024 rose 16% to 751.5 million UAE dirhams ($204.60 million) compared with AED 1.23 billion a year ago, driven by strong loan growth and net interest income.

The net profit beat analysts’ mean estimate of AED 686 million for Q2, according to LSEG data.

Net profit for the first half of 2024 rose 19% to AED 1.45 billion compared to AED 1.23 billion a year ago.

Net interest income increased 8% YoY to AED 1.9 billion, with other operating income rising 16% YoY to AED 804 million.

The bank reported a 28.2% YoY drop in net impairment loss to AED 471 million "due to prudent provisioning" for expected credit losses.

Total assets rose 15% YoY to AED 141.3 billion as of June 30, 2024.

Net loans and advances jumped 11% YoY to AED 89.6 billion by the end of June.

Customers’ deposits were up 17% YoY to AED 99.8 billion. Low-cost CASA constituted 48% of the total customer deposit base, while the loan-to-deposit ratio stood at 90%.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)