Commercial Bank of Dubai has reported a 17 per cent increase in its first half net profits, compared with the same period in 2013.

Profits reached AED581m ($158.1m) in the first six months of the year, marking the highest first-half profits reached by the bank to-date.

Operating income for the first six months rose by 7 per cent to reach AED1bn, compared with AED983m last year.

The bank’s loans and advances portfolio also grew by 6.8 per cent year-on-year to reach AED31.3bn.

Personal banking gross loans saw a 40 per cent increase in the first half compared with the same period a year ago to reach AED3.8bn, an increase reflecting the bank’s plans to bolster its presence in the personal banking market.

The bank has invested millions of dollars into a new online platform earlier this year in an effort to expand its personal banking division. The bank plans to double the division over the next three years.

Speaking to MEED at the beginning of the year, Baltussen said he expected the bank’s total loan book to grow at approximately 11-12 per cent in 2014, if not higher.

Customer deposits rose by 12.1 per cent in the first half to reach AED32.3bn, while total assets rose by 9.4 per cent to reach AED46.3bn.