Proposed cash dividends of 26.05%... and bonus shares of 6.51%
1.82 billion dirhams, the net profit of “Dubai Commercial” in 2022
The bank's operating revenues rose 19.8% to 3.812 billion dirhams.
From the source
Bernards van Linder: “The bank will continue to focus on implementing its strategy to support steady growth in profits and returns to shareholders.”
Yesterday, Commercial Bank of Dubai announced the financial results for the year 2022, recording net profits of 1.825 billion dirhams, an increase of 25.8%, compared to 2021.
In a statement yesterday, the bank attributed the rise in profits to strong revenues through net interest and other operating income, proposing cash dividends of 26.05% and bonus shares of 6.51%.
According to the statement, the bank's operating revenues increased by 19.8%, to 3.812 billion dirhams, as a result of an increase in net interest income and an improvement in fee and commission income.
Operating expenses amounted to 997 million dirhams, an increase of 15.2%, while operating profits amounted to 2.816 million dirhams, an increase of 21.5%.
Net impairment charges withheld amounted to AED 991 million, up by 14.3%.
Total loans decreased in 2022 by 1.1%, compared to December 31, 2021, to reach 79.6 billion dirhams.
The ratio of loans to stable funds reached 87.09%, down by 91 basis points, compared to December 31, 2021.
Total assets amounted to 116.1 billion dirhams as of December 31, 2022, up by 1.6% compared to 114.2 billion dirhams during the same period in 2021. Net loans and advances, amounting to 74.6 billion dirhams, decreased by 2.4%, compared to 76.4 billion dirhams, as in December 31, 2021.
Customer deposits amounted to 81.1 billion dirhams on December 31, 2022, down by 2%, compared to 82.7 billion dirhams as at the end of December 2021.
Current accounts and low-cost savings accounts accounted for 47.4% of the total deposits of customers, while the ratio of financing to deposits reached 92%.
"The bank achieved strong results, which are attributed to the effective growth in revenues and the improvement in business performance," said Dr. Bernards van Linder, CEO of Commercial Bank of Dubai.
He stressed the bank's continued focus on implementing its strategy to support steady growth in profits and returns to shareholders in the coming periods, indicating that digital transformation and innovation play a fundamental role in the bank's continued success.
Van Linder added: “As we move forward, the importance of environmental and social governance will increase, as we have made significant progress in our environmental and social governance journey, by launching a range of ESG-related products, and in developing our sustainable financing framework.”
One billion dirhams in customer deposits by the end of December 2022.
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