At the end of the 3rd Quarter of 2006, Commercial Bank of Dubai achieved AED 441 million net profits or 12% growth compared to last year

The operational profits of the Bank rose by 21% 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 assets increased by 26% to AED 17.788 million, customer deposits by 19% and loans and advances by 25%, while trade volumes also showed healthy growth with contingent liabilities increasing by 50%.

Peter Baltussen, Chief Executive of the Bank said, "We are pleased to see income growth across the board with net interest income growing by 35%, commissions and fees by 50% and forex revenues by 70%. The bank's equity was raised by 36% to AED 3.701 million as a result of the first instalment of the bank's recent rights issue, which was transferred to equity upon completion of all legal formalities. The strong capital base will accommodate the Bank's future expansion plans."

Mr. Baltussen added, "We have recently undertaken a comprehensive review of the Bank's strategy and going forward we will further enhance our service and product offering based on our clients' feedback. For each of the defined client segments, we will develop a tailored service delivery model, which will be supported by the introduction of 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."

Commercial Bank of Dubai has a staff of over 900, of which 37% are UAE Nationals. The Bank has a network of 25 branches throughout the UAE and has been refurbishing its branches up to the highest standards. Early this year, the bank opened a new branch in Fujairah, a second branch is in the process of finalization in Abu Dhabi and the Bank's Ajman Branch was recently relocated to a new prestigious building. The Bank has around 100 ATMs throughout the UAE.