Dubai – Mubasher: The Commercial Bank of Dubai (CBD) on Wednesday reported a 54% year-on year growth in profits in the third quarter of 2017.
The CBD’s profits rose to AED 333 million ($90.65 million) in Q3-17, compared to AED 215.66 million ($58.7 million) in the corresponding quarter of 2016, according to a filling to the Dubai Financial Market (DFM).
“Net impairment allowances were AED 203 million or 45% higher when compared to same period last year,” the bank stated.
CBD’s operating profits from January to September 2017 rose 14.5% to AED 1.32 billion, while loans grew 13.1% to AED 47.5 billion, the bank added.
Operating revenues increased by 10.9% year-on-year to AED 1.987 billion, while the operating expenses went up 4.4% to reach AED 670 million.
In the first nine months of 2017, the Dubai-based bank logged AED 665 million in profits, down 5.2% from AED 701.48 million in the comparative period of 2016, the bank’s data revealed.
The Dubai-based bank attributed the decline to “prudent provisioning and higher general provisions as a result of loan growth.”
CBD had previously reported a 31.6% decline in net profits during the first six months of 2017 to AED 332.5 million versus AED 485.8 million in the year-ago period.
