Yesterday, Commercial Bank of Dubai announced the financial results for the first nine months of this year, recording net profits after tax, amounting to 2.231 billion dirhams, an increase of 15.2% compared to the same period last year.
Operating revenues, amounting to 4.16 billion dirhams, increased by 12.1%, as a result of the increase in net interest income and the growth in fee and commission income.
The bank reported, in a statement, that operating expenses amounted to 1.018 billion dirhams, an increase of 15.6%, while operating profits amounted to 3.14 billion dirhams, an increase of 11%.
Net impairment losses amounted to 697 million dirhams, a decrease of 22.5%, while corporate income tax amounted to 219 million dirhams.
Total loans increased by 9.5% compared to December 31, 2023, reaching 97.3 billion dirhams.
The percentage of classified loans decreased significantly to 4.96%, compared to 6.46% as of the end of 2023.
The bank continued to maintain strong levels of liquidity, as the ratio of advances to stable sources of funds reached 86% as of September 30, 2024.
The bank explained that the growth of loans during the first nine months of 2024 led to strong net interest results, supported by unfunded income and a low cost of risk that offset the rise in expenses and corporate tax fees.
He added that the rise in interest rates in global markets during the first nine months of this year contributed to achieving strong results for net interest income.
Commercial Bank of Dubai CEO, Dr. Bernards van Linder, said: “The bank achieved an excellent result due to strong loan growth with high revenues, outstanding returns, and significantly improved asset quality, as our net profits after tax for the first nine months of 2024 reached a record amount of 2.231 billion dirhams, 26.5% higher than the previous comparison period on a pre-tax basis, due to strong customer activity and business performance in general.
He stressed that “the bank continues to focus on the disciplined implementation of its strategy, and is in a good position to continue achieving our strategic goals and high-quality performance for the coming periods.”
Van Linder stated, “In the third quarter of 2024, the bank launched accounts dedicated to virtual asset service providers (VASPs), as providing banking services to virtual asset service providers is in line with our strategic vision to support the digital economy and promote a strong regulatory environment that enhances growth and stability, as we… The bank that supports the state’s ambition.”
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