Media ININ Economy We Trust
Media in\ Dubai 17-04-2019
Commercial Bank of Dubai recorded a net profit of AED 340 million for the first quarter of 2019, a 21.6 percent increase due to a 17.6 percent rise in operating income and a 3.7 percent drop in operating expenses.
While provisions for impairment losses were increased by 38.7 percent as a result of the conservative approach to the Bank’s classified loans coverage, according to the financial results announced by the Bank today.
Operating revenues increased by 17.6% in the first quarter of 2019 to reach AED 774 million, mainly due to a 7.7% increase in net interest income and a 40.4% increase in other operating income.
Effective management of operating expenses continued to decline by 3.7 percent to AED 206 million as a result of a disciplined approach to expense management and improved operating efficiency supported by technical transformation and process automation. The ratio of operating efficiency / cost to income has improved to 26.6 percent / first quarter 2018: 32.5 percent.
Total assets stood at AED 76.2 billion as at 31 March 2019, up 8.5 per cent from AED 70.2 billion as at 31 March 2018.
Loans and advances increased to AED 51.8 billion, an increase of 10.3 percent compared to AED 46.9 billion at 31 March 2018.
