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Commercial Bank of Dubai (CBD) has announced year-on-year profit growth at AED 455.6 million ($124 million), up from AED 375 million for Q3 2022.
In a statement issued on Dubai Financial Market (DFM) today, CEO Dr Bernd van Linder cited higher net interest income and overall increased business activity, saying the bank had made substantial progress in its long-term goals.
He said: “The UAE economy continues to perform strongly and we anticipate a healthy 2023 domestic business environment.
“CBD will continue to back the UAE's ambitions and will dedicate efforts toward developing a more sustainable future,” he said.
The bank’s financial statements showed its operating income reached AED 985.9 million in the third quarter, up from AED 815.9 million YoY and that its total assets (unaudited) reached AED 117.5 billion by September 30.
Profits for the first nine months of 2022 reached AED 1.322 billion, up from AED 1.051 billion in the same period in 2021.
Operating income for the period reached AED 2.72 billion, up from AED 2.39 billion YoY.
The bank’s shares were trading at AED 4.90 today, below its current median which is AED 5.50.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
