676 million dirhams net profit of "Dubai Commercial"

Bernards van Linder: "The successful management of the (Corona) pandemic in the UAE has enabled society and business to move forward with positivity and high confidence."

Commercial Bank of Dubai recorded a net profit of 676 million dirhams for the first half of 2021, an increase of 27.5% compared to the first half of 2020, indicating that the improvement in operational performance, coupled with the decrease in potential impairment losses, led to an increase in net profits.

In a statement yesterday, the bank confirmed that despite the continuous decline in interbank interest rates, net interest income increased by 8.7% compared to the first half of 2020 as a result of lower cost of funding and strong business growth.

This increase in business activity came as a result of the economic recovery, which had a positive impact on fee and commission income.

Operating income, amounting to AED 1.572 billion, increased by 11.4% compared to the same period in the previous year, and this increase was mainly due to the improvement in fees and commission income and the increase in net interest income.

Total assets amounted to AED 112.8 billion as on June 30, 2021, an increase of 20.4% compared to AED 93.7 billion on June 30, 2020. Net loans and advances amounting to AED 74 billion increased by 16.8% compared to AED 63.4 billion on June 30, 2020.

Customer deposits increased by 22.2% to reach 79.8 billion dirhams, compared to 65.3 billion dirhams on June 30, 2020.

The percentage of classified loans decreased to 6.44%, compared to 6.77% on December 31, 2020.

The bank’s CEO, Dr. Bernards van Linder, said: “The bank achieved better results for the first half of 2021 as net profits increased by 27% compared to the first half of 2020. The Corona pandemic crisis was managed with great success in the UAE, which It has enabled society and business to move forward with positivity and high confidence, looking towards the future, and hopes remain for the continuation of global improvement in the pandemic conditions, which in turn will lead to an improvement in the health and economic situation for all.”

He added: “Against these conditions, Commercial Bank of Dubai recorded a record level of total assets of 113 billion dirhams supported by the strong growth in total loans, which in turn increased by 17% compared to the first half of 2020. Our net profit of 676 million dirhams increased compared to the same period. from the previous year as a result of the improvement in net interest income, higher fee and commission income and lower expected credit losses.

He continued, "We remain committed to supporting our individual, business and government clients in the United Arab Emirates, providing leading edge banking expertise to all of our clients."

Follow our latest local and sports news and the latest political and economic developments via Google news