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Dubai: Commercial Bank of Dubai (CBD) announced its results for the 2nd Quarter of 2008 on Wednesday, registering a significant increase of 31 per cent in its first half year result to Dh566 million, compared to Dh431 million in the same period of 2007.
The 2nd quarter results jumped 40 per cent to Dh299 million as compared to Dh213 million for the second quarter last year.
The core banking profit increased by 35 per cent to Dh468 million in comparison to Dh346 million for the first half 2007. Net interest income for the period was Dh512 million with a 29 per cent increase over last year’s figure for the same period. Fees & Commission grew by 40 per cent when compared to 30th June 2007.
The robust growth in the loans and advances was translated into an overall 55 per cent increase in total assets which reached Dh34.2 billion compared to Dh22 billion as at the end of the same period of last year, and a 13 per cent increase over the Dh30.4 billion balance as of December 31st 2007.
Customer deposits were up by 52 per cent as compared to June 2007 and 18 per cent when compared to last year end figures.
The annualised return on average assets of 3.5 per cent and annualised return on average equity of 24.19 per cent for the period ended 30th June 2008 remained one of the highest in the sector.
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