Commercial Bank of Dubai (CBD) has reported AED1.45 billion ($394 million) in net profit for the year 2021, a growth of 29.5 percent year-on-year.
Dr. Bernd van Linder, Chief Executive Officer of CBD said the bank has reached a record Dh114 billion in assets driven by strong growth in loans which have increased 17 percent compared to 2020.
He attributed the net profit to improved net interest income, stable non-funded income and lower expected credit losses.
The bank said net interest income is up by 10.1 percent compared to 2020 driven by strong business growth and lower funding costs.
Operating income for the full year of 2021 amounted to AED3.18 billion, an increase of 6.9 percent, attributable to higher Net Interest Income (NII). Operating expenses were AED865 million, up 7.2 percent compared to the full year of 2020. The cost-to-income ratio remains outstanding at 27.18 percent.
