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Dubai: Commercial Bank of Dubai (CBD) delivered a gain of 25 per cent on half-year net profits to Dh701 million. Operating income amounted to Dh1.51 billion, an increase of 13.7 per cent attributable to a 6.6 per cent spike in net interest income (NII) and a 30.9 per cent increase in other operating income.
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Operating expenses were at Dh429 million, up 1.1 per cent on the back of investment in digital innovation. Disciplined expense management contributed to improved cost-to-income ratio of 28.4 per cent for the first-half of 2019 compared to 31.9 per cent a year ago.
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“CBD has delivered its best ever half-yearly – the result has been achieved through the successful execution of our strategy. We remain on track to deliver a record result for the full-year,” said Dr. Bernd van Linder, CEO.
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Total assets increased by 13.8 per cent to Dh78.4 billion as at June 30 compared to Dh68.9 billion as at the close of H1-2018. Loans and advances were at Dh54.8 billion, registering an increase of 16.1 per cent compared to Dh47.2 billion as at the end of first six months of 2018.
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Customer deposits increased 14.8 per cent to Dh55.3 billion compared to Dh48.1 billion a year ago. Low-cost current and savings accounts (CASA) constitute 40.6 per cent of the total deposit base, while the financing-to-deposits ratio stood at 99.2 per cent.
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In the first-half, impairment allowances increased 10.9 per cent as the bank conservatively provided for non-performing loans (NPLs). The NPL ratio improved significantly to 5.52 per cent from 7.49 per cent at the end of the first-half of 2018.
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Additional net impairment provisions of Dh380 million were set aside during the first-half compared to Dh343 million a year ago. By end June, total allowances for impairment amounted to Dh3.44 billion.
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The liquidity position remained robust with the advance to stable resources ratio at 90 per cent at the close of H1-2019. CBD’s capital tatios remain strong with the capital adequacy and Tier 1 capital ratios at 14.96 per cent and 13.81 per cent, respectively.
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“Our financial metrics remain strong as demonstrated by a CET1 ratio of 13.81 per cent coupled with significant improvements across non-performing loans, coverage and the cost-to-income ratios,” said van Linder.