Commercial Bank of Dubai net profit jumps with 47% to Dhs649m

The operating profit of the Bank rose by 43 % over the same period. All the components of the Bank's balance sheet showed a solid growth in the first nine months of this year. The Bank's total loans and advances increased by 59 % to AED 18 billion, customer deposits by 41 %, while trade volumes also showed healthy growth with contingent liabilities increasing by 36 %.

The Bank's CEO, Mr. Peter Baltussen said: "We are very pleased with the continuing strong growth of our core banking revenues, to which all business units within the bank have contributed. Last year we have undertaken a comprehensive review of the Bank's strategy and going forward we will further enhance our service and product offering based on extensive client feedback. For each of the defined client segments, we have developed a tailored service delivery model, which is supported by a range of new innovative products both for our corporate and retail clients. We are confident that the Bank is well positioned for further growth".

After the introduction of the new Al Dana Wealth Management offering earlier this year, the Bank has launched recently a unique mortgage loan solution, which offers competitive pricing based on every customer's unique risk profile.
Moreover, the bank has always been at the forefront of providing its customers with electronic delivery channels like multifunctional ATM's, comprehensive call centre functionality and Internet banking, while most recently a convenient mobile phone banking solution was introduced.

CBD has also tied up with Dubai eGovernment to bring safe and easy-to-use electronic banking services, so its clients will be able to make all sorts of payments to government entities, including Salik payments, from their home or office.

Commercial Bank of Dubai offers a wide range of retail and commercial banking products and services through a network of 25 branches and 120 ATM's spread across the UAE. The bank now employs around 1100 people, of which 40% UAE nationals.