CBD logs net profit of Dhs1.45b in H1 2024

DUBAI: Commercial Bank of Dubai (CBD) on Wednesday reported its financial results for the first six months of 2024 (H1 2024), delivering a net profit (ater tax) of Dhs1.452 billion, up 30.2 per cent year-on-year (YOY) on a pre-tax basis compared to the corresponding period in 2023.

In a press release, the bank said that the strong growth in its loans during the first half of 2024 resulted in a solid net interest outcome, which was supported by non-funded income and lower cost of risk that more than offset higher expenses and the corporate tax charge. High global market interest rates continued to contribute to the solid net interest income outcome. UAE business activity, population growth and business confidence remained positive and are forecast to continue to remain supportive in the periods ahead. Public sector strategic intent, investment and broadbased economic growth are expected to offset any future headwinds from interest rate cuts.

Commenting on the Bank’s performance, Dr Bernd van Linder, Chief Executive Officer, said, “CBD has delivered a commendable result atributable to strong loan growth with higher revenues at outstanding returns and improved overall asset quality. Our net profit ater tax for H1 2024 was a record Dhs1.452 billion, above the prior comparative period by 30.2 per cent on a pre-tax basis, atributable to customer business activity and strong overall revenues. The Bank remains steadfastly focused on the execution of the Bank’s strategy and is well positioned to continue to deliver on our strategic objectives and high-quality performance for the remainder of 2024 and beyond.”