Commercial Bank of Dubai (CBD) posted a net profit of AED 1.63 billion for the first nine months of 2019, up 26.1% on the back of a significant improvement in all business segments, resulting in an 11.1% increase in operating income. Operating expenses increased by 2.9% as the bank continued to invest in digital innovation. Provisions for impairment losses decreased slightly by 2.6%, mainly as a result of lower rated loans.
The bank said in a statement yesterday that operating income increased by 11.1% for the first nine months of this year to reach AED 2,242 million, mainly due to an increase in net interest income by 5.4% and an increase in operating income. The other 25%. Operating expenses increased by 2.9% to AED 653 million as the disciplined management of operating expenses led to moderate growth in expenses, as a result of investment in digital capabilities to support business growth, provide better services to customers, and continue operating efficiency (cost to income) Improvement up to 29.1%.
Total assets reached AED 82.5 billion, up 13.9% compared to AED 72.4 billion during the comparative period. Loans and advances of AED 56.4 billion increased by 13.2% compared to AED 49.8 billion.
Customer deposits increased by 17.2% to AED 59.1 billion as of September 30, compared to AED 50.4 billion as of September 30 last year. Current and low cost savings accounts for 40% of total customer deposits, while the finance to deposit ratio is 95.4%.
`` The bank achieved the best ever results for the first nine months of 2019, with net profit up 26%. These results were achieved through the promotion of a culture of growth and commitment to the implementation of the strategy. We expect the fourth quarter results to be consistent with the performance achieved during the first nine months of the year and we are on track to achieve strong results for 2019. ''