Commercial Bank of Dubai posts rise in profits

29 January 2015

Bank strives to diversify revenue sources

Commercial Bank of Dubai (CBD) has reported a 19 per cent increase in its full-year profits for 2014, compared with the previous year.

Total profits reached AED1.2bn ($327.2m), compared with AED1.01bn in 2013.

It is the sixth consecutive year of profit growth recorded by the bank.

CBD’s total assets reached AED46.9bn by the end of last year, a 5.5 per cent increase compared with the AED44.5bn recorded in 2013.

Customers’ deposits also grew to AED32.2bn, rising by 3.9 per cent compared with 2013.

Lending activity also grew, with loans and advances increasing by 6.2 per cent compared with the previous year, to reach AED32.2bn.

CBD’s loan book benefited from an increase in business in its personal banking unit.

In an official statement, Peter Baltussen, CEO at the bank, said personal banking contributed almost 20 per cent to the total volume of new loans underwritten by CBD.

During 2014, the bank reviewed and put in place a new strategy promoting its personal banking capabilities, including launching new online bank services, in order to diversify its revenue streams.

Follow Rebecca Spong on Twitter: @Rebecca_MEED

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