DUBAI, UAE – Commercial Bank of Dubai (CBD) announced its financial results for H1 2023. A net profit of US$133 million (AED 1.225 billion) marks an impressive 41.5 percent increase compared to the same period in 2022.
This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income, robust loan growth and increasing market interest rates.
The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity projected to sustain economic growth for the remainder of the year.
Dr. Bernd van Linder, Chief Executive Officer of CBD, said, “CBD’s excellent returns and strong revenue growth led to a record net profit for the first half of 2023.”
“We managed costs and impairments well and are well-positioned to achieve our long-term goals and deliver superior performance outcomes in 2023 and beyond.”
As part of its strategy, CBD will continue to provide customers with a high-quality, seamless banking experience through the development of innovative banking solutions.
CBD actively supports the UAE’s digital transformation programs, including the CBUAE FIT program.
In Q2, CBD issued its inaugural green bond, raising US$500 million, marking a significant milestone in its ESG program and demonstrating its commitment to sustainable finance during the UAE Year of Sustainability.
