CBD reports record Net Profit of AED 1.01 billion for 2013

30/01/2014 08:50 AST

Commercial Bank of Dubai’s (CBD) net profit for year ending 31 December 2013 increased by 18% to AED 1,010 million as compared to AED 857 million for the previous year. With this the Bank maintains its record of annual growth in its net profit over the last 5 years right through the economic downturn.

The record net profit was achieved on the back of a 9.4% growth in operating income which reached an all-time high of AED 2.03 billion. Net Interest Income increased by 8.7% to AED 1.45 billion in 2013 from AED 1.33 billion in 2012, while non-interest income increased by 11.1% from AED 525.7 million in 2012 to AED 584.2 million for the year ended 31 December 2013. Operating expenses increased by 9.7% from AED 572.2 million for the year ended 31 December 2012 to AED 627.6 million for the full year ended 2013 as the Bank made substantial investments in its resources and infrastructure. As a result operating profit increased by a solid 9.3% from AED 1,286 million to AED 1,405 million for the full year ended 31 December 2013. Efficiency ratio increased slightly from 30.8% for 2012 to 30.9 for the full year ended 31 December 2013, lower than local industry average.

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