Dubai Commercial Bank announced yesterday a net profit of AED 1,162 billion last year, 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 drop in operating expenses.
The bank said in a statement that the financial results for 2018 increased by 3.1% last year to reach AED 2.725 billion. This increase was mainly due to a 5% increase in net interest income through growth in loans, Non-interest income decreased slightly by 1%. Foreign exchange income increased by 19.8%, while other income increased by 51.3%. Fee and commission income increased by 2.4% per annum compared to 2017, while investment income decreased by 75.6% due to exceptional cash dividends received in 2017.
Operating profit before impairment provisions increased by 7.2% to AED 1.866 billion, while operating expenses decreased 4.7% to AED 858 million.
Total assets stood at AED 74.1 billion as at 31 December 2018, up 5.2% 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.
Customer deposits also increased by 9.8% to AED 53.2 billion, compared to AED 48.4 billion at the end of 2017.
"The bank has achieved strong results in 2018 and continues to maximize its revenue with the remarkable progress in implementing the strategies set," said Dr. Bernhard van Linder, Chief Executive Officer of the bank. "The bank invests in digital transformation, hiring the best talent to support and develop Business capabilities to position the bank as a center of excellence in an evolving business environment. "
9.8%
Increase in deposits to 53.2 billion dirhams.