DUBAI: The Commercial Bank of Dubai's (CBD) net profit for the first 6 months of 2013 increased by 2.3 percent to Dhs497m as compared to Dhs486m for the same period of 2012.
Bank's Operating income also increased by 4.6 percent to Dhs983m, up from Dhs940m in the first half of 2012.
Net interest income of Dhs694m was 3.2 percent higher compared to Dhs673m for the corresponding period last year.
Non-interest income at Dhs289m was 8 percent higher compared to Dhs268m for the same period last year.
Operating expenses increased by 6.3 percent to Dhs295m from Dhs278m for the same period in 2012, reflecting continued investments in our resources and franchise.
The efficiency ratio was maintained at comfortable 30 percent, slightly higher than 29.5 percent for same period in 2012.
The Bank in a press release stated that it continues to maintain its unique profitability record of achieving annual growth in net profit since 2008 throughout the financial crisis.
As part of the Bank's continuous efforts to prudently manage its credit risk, Dhs205m impairment allowances for the loan portfolio were booked during the first half of the year 2013, resulting in a non-performing loans coverage ratio of 79 percent, up from 71.7 percent as at last year end.
CBD reported total assets of Dhs42.4bn as at 30th June 2013, a 7.7 percent increase over the Dhs39.3bn as at 31st December 2012.
Customer loans and advances of Dhs29.3bn as at 30th June 2013 were 7.8 percent higher than the Dhs27.2bn last year end. (QNA)
