Media ININ Economy We Trust
Media IN Dubai 23 -01-2019 / WAM
Commercial Bank of Dubai recorded a net profit of AED 162.1 billion for 2018, an increase of 16 per cent compared to 2017 as a result of a 3.1 per cent increase in operating income and a 4.7 per cent reduction in operating expenses, while provisions for impairment losses decreased by 4.8 per cent percent.
The bank reported its results today as operating income increased by 3.1 per cent in 2018 to reach AED 2.725 million, mainly due to a 5 per cent increase in net interest income through growth in loans, while non-interest income decreased slightly By 1 percent.
Foreign exchange income increased by 19.8 per cent, other income increased by 51.3 per cent and fee and commission income grew by 2.4 per cent over the previous year, while investment income decreased by 75.6 per cent as a result of extraordinary cash dividends received the previous year.
Total assets stood at AED 74.1 billion as at 31 December 2018, up 5.2 per cent compared to AED 70.4 billion at 31 December 2017.
Loans and advances amounting to AED 50.9 billion increased by 7.8% compared to AED 47.3 billion as at 31 December 2017.
While customer deposits increased by 9.8 per cent to 53.2 billion dirhams compared to 48.4 billion dirhams at the end of the previous year.
