28.8% increase in the profits of "Dubai Commercial" to 1.05 billion dirhams within 9 months

Commercial Bank of Dubai today announced its financial results for the first nine months of this year, recording a net profit of 1.05 billion dirhams, an increase of 28.8% compared to the same period last year.

The bank stated in a statement, that the strong operational performance came mainly from the high volume of assets, the low cost of financing and the strength of other operating income, noting that the improvement in external conditions, the decrease in the impact of the pandemic and the increase in business confidence indicate improvement in business conditions.

The bank’s operating income, amounting to AED 2.388 billion, increased by 13.4% as a result of the increase in net interest income and the improvement in fee and commission income, while operating expenses increased by 5.5% to reach AED 624 million.

Operating profits amounted to AED 1.764 billion, an increase of 16.4%, while the net impairment provisions deducted during the period amounted to AED 713 million, an increase of 1.9%, as on September 30, 2021.

Total loans increased by 14.3% compared to the end of December 31, 2020, to reach 78.9 billion dirhams, while the ratio of loans to stable funds reached 93.10%.

Total assets amounted to 107.8 billion dirhams as on September 30, 2021, an increase of 16.2% compared to AED 92.8 billion as on September 30, 2020.

Net loans and advances amounting to 74.9 billion dirhams increased by 18.9% compared to 63.0 billion dirhams as on September 30, 2020.

Customer deposits increased by 18.5% to reach 75.8 billion dirhams, compared to 64.0 billion dirhams as on September 30, 2020.

Low-cost current and savings accounts constitute 45.3% of the total customer deposits, while the financing to deposits ratio reached 98.8%.

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