Commercial Bank of Dubai (CBD) today reported its financial results for the first nine months of 2023.

The CBD has delivered a record net profit of AED 1,936 million for the first nine months of 2023, up 46.4 percent compared to the corresponding period in 2022.

Outstanding revenue contribution across Net Interest and Other Operating Income, backed by strong loan growth generated a significant rise in net profit.

Notably, market interest rates remained high, which contributed to the financial uplift. The UAE economic outlook and business confidence is strong, supported by resilient domestic activity that should enable economic growth through 2024.

Net interest income rose slightly to AED 885 million in the July to September 2023 period, while other operating income gained 7.3 percent year-on-year (YoY) to AED 369 million.

The lender’s net profit surged 46.4 percent 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 percent YoY.

Net loans and advances reached AED 82.9 billion, up 4.7 percent YoY, while customer deposits stood at AED 86.4 billion, an increase of 5.7 percent 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 percent and the Tier 1 ratio at 15.65 percent over regulatory requirements.

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said, “'We remain well positioned to deliver on our strategic goals and in achieving exceptional performance outcomes in 2023 and beyond.”