Commercial Bank of Dubai (CBD) reported a 21.6% year-on-year net profit increase in the first quarter of 2019 on the back of higher revenues.
Net profits of the UAE’s lender rose to AED 340 million ($92.6 million) in Q1-19 from AED 280 million ($76 million) in Q1-18, CBD said in a statement to the Dubai Financial Market (DFM) on Wednesday.
Meanwhile, net revenues grew 17.6%, logging AED 774 million in the first three months of 2019, compared to AED 658 million in the prior-year period.
On the other hand, the bank’s operating expenses retreated to AED 206 million in Q1-19 from AED 214 million in the corresponding period a year earlier.
For the full-year 2018, CBD’s profits levelled up 16% year-on-year to AED 1.162 billion.