Commercial Bank of Dubai first half-year profits jump
Commercial Bank of Dubai (CBD) announced its results for the 2nd Quarter of 2008 ( first half year of 2008), registering a significant increase of 31% in its first half year result to AED 566 million, compared to AED 431million in the same period of 2007.
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The 2nd quarter results jumped 40% to AED 299 million as compared to AED 213 million for the second quarter last year.
The core banking profit increased by 35% to AED 468 million in comparison to AED 346 million for the first half 2007. Net interest income for the period was AED 512 million with a 29% increase over last year’s figure for the same period. Fees ‘&’ Commission grew by 40% when compared to 30th June 2007.
Commenting on the progress of the Bank, CEO – Peter Baltussen, said: ‘We continue with tremendous development across all bank’s business lines and this is reflected in the excellent growth of our balance sheet. Loans and Advances grew by 73% compared with June 30th 2007 and 23% compared with last year end figure’ Trade Finance levels touched AED 11.6 billion, an increase of 58% compared to 30th June 2007 and 20% when compared to last year end figures.”
WAM
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