Dubai – Mubasher: The Commercial Bank of Dubai (CBD) witnessed an 18.50% surge in net profit after tax to AED 1.45 billion during the first half (H1) of 2024, compared to AED 1.22 billion in H1-23.
Total operating income climbed by 10.10% year-on-year (YoY) to AED 2.71 billion in H1-24 from AED 2.46 billion, according to the consolidated financial results.
In the first six months (6M) of 2024, the basic and diluted earnings per share (EPS) grew to AED 0.46 from AED 0.39 in H1-23.
Total assets hit AED 141.3 billion as of 30 June 2024, an increase of 9.50% compared to AED 129 billion at the end of December 2023. Meanwhile, the customers’ deposits jumped by 13.10% to AED 99.80 billion from AED 88.30 billion.
Financials for Q2
In the second quarter (Q2) of 2024, CBD logged net profits valued at AED 751.46 million, marking an annual leap from AED 650.26 million.
Basic and diluted EPS increased to AED 0.23 in Q2-24 from AED 0.20 a year earlier, while the total income widened to AED 1.33 billion from AED 1.22 billion.
On a quarterly basis, the Q4-24 net profits soared by 7.10% from AED 701 million in Q1-24, while total operating income dropped by 2.50% from AED 1.37 billion.
Bernd van Linder, CEO of CBD, commented: “Our net profit after tax for H1-24 was a record AED 1.45 billion, above the prior comparative period by 30.20% on a pre-tax basis, attributable to customer business activity and strong overall revenues.”
He added: “In June 2024, the $500 million Green Bond issuance by CBD was recognised with the prestigious EMEA Finance Achievement Awards 2023 as the Best Financial Institution Green Bond in EMEA.”
