Dubai: The Commercial Bank of Dubai (CBD) Wednesday posted a record net profit of AED 2.65 billion ($721 million) for the year ended 31 December 2023, up 45.2 percent year-on-year.
In a statement, CBD said that outstanding revenue contribution across net interest (AED 3.57 billion) and other operating income (AED 1.36 billion), backed by strong loan growth generated a significant rise in net profit.
Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
The bank proposed record cash dividend of 44.38 fils per share. The bank said that higher market interest rates contributed to the increase in revenue.
Total income for the year ended 31 December 2023 was AED 4.93 billion, up 29.5 percent, attributable
to an increase in net interest income (NII) by 33.4 percent on higher interest rates, and growth in other
operating income (OOI) by 20.4 percent.
Total assets were AED 129 billion as of 31 December 2023, an increase of 11 percent compared to AED
116.2 billion as of 31 December 2022.
