Commercial Bank of Dubai (CBD) is aiming to double its personal banking division within three years as part of the bank’s efforts to increase its market share.

“The personal banking group is still a smaller part of CBD, but it is a part that is nicely profitable and growing rapidly,” Frans Jan Burkens, deputy general manager, personal banking group at CBD tells MEED.

“We want to expand it to become a bigger part, at least 25 per cent of the bank, when now we are around 12 per cent,” he says.

Jan Burkens’ comments come as the bank launched a multimillion-dollar new online personal banking platform, which went live for all customers on 23 March.

The new product has features such as personal finance management tools and a virtual banking assistant able to answer customers’ queries. The technology is already widely used in Europe and the US, but the Middle East has been slower in adapting online banking tools.

CBD expanded its personal banking business in 2013, when it reported an increase of 35 per cent in the volume of gross personal loans provided to customers.

The bank extended AED3.3bn in 2013 compared with AED2.4bn in 2012.

The bank achieved an 18 per cent increase in net profits last year, recording profits of AED1.01bn ($272m) compared to AED857m.