Commercial Bank of Dubai reports AED1.4 bn in net profit for 2021

✔ Fact Checked by TDPel News Desk

By Alan Peterson

Published: February 9, 2022 | 6:27 PM

Commercial Bank of Dubai reports AED1.

4 bn in net profit for 2021
DUBAI, 9th February, 2022 – Commercial Bank of Dubai (CBD) has reported AED1.

45 billion in net profit of for the year 2021, a growth of 29.

5 percent YOY.

“CBD has reached a record Dh114 billion in assets driven by strong growth in loans which have increased 17 percent compared to 2020.

Overall, our net profit was AED1.

45 billion, above the prior year by 29.

5 percent on the back of improved net interest income, stable non funded income and lower expected credit losses,” said Dr.

Bernd van Linder, Chief Executive Officer of CBD.

Net interest income is up by 10.

1 percent compared to 2020 driven by strong business growth and lower funding costs, according to a statement issued by the bank.

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.

Business News

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About Alan Peterson

Alan Peterson is a talented writer who creates engaging and informative content for TDPel Media. With a keen eye for detail and a passion for storytelling, Alan has established himself as a respected authority in his field. He is a dedicated professional who is committed to providing readers with accurate and up-to-date news and information. Alan’s ability to distill complex ideas into easily digestible pieces has earned him a loyal following among TDPel Media’s readers. In addition to his writing work, Alan is an avid reader and enjoys exploring new topics to expand his knowledge and expertise. He lives in Scotlant, United Kingdom.