Commercial Bank of Dubai reported a 68 cent rise in its first-half net income as operating expenses and impairment charges for bad loans declined while net interest and fee income climbed.
Net profit for the six-month period to the end of June, climbed to Dh561 million, the lender said in a statement on Wednesday to Dubai Financial Market, where its shares are traded. Income for the second quarter, surged 63 per cent to Dh281.3m, the lender said in a separate bourse filing.
“CBD’s first half results were strong, underpinned by a higher operating and net profit, with continued expense discipline and increased provision coverage. We remain committed to growing the bank by further developing our digital offering,” Bernd van Linder, CBD's chief executive, said. “With a strong balance sheet, healthy liquidity profile and capital adequacy, CBD is well-placed to support our customers’ requirements.”
The first half profit was boosted by a 5.6 per cent decline in operating expenses to Dh424m as cost to income ratio improved to 31.9 per cent. Net impairment allowances were down at Dh343m, a 35.5 per cent drop when compared to the first half of 2017, CBD said.
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GCC bank profits showed resilience in 2017 even as revenues fall sharply
UAE Banks Federation chief sees higher loan growth, profitability in 2018
UAE banks less profitable in Q4 as costs trump income, Alvarez & Marsal says
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Total operating income increased by 1.1 per cent to Dh1.33 billion, on the back of a 6 per cent increase in net interest income to Dh938m, however, the bank’s non-interest income dropped by 9 per cent to Dh390m. Fees and commission income rose 2.8 per cent, while income from foreign exchange operations surged 27.6 per cent, it added.
GCC banks are forecast to see rising profits in 2018 due to lower costs and a stabilising macroeconomic environment.
"[Regional banks will see] slight recovery in loan growth, driven by the corporate segment, and an improvement in spreads quarter-on-quarter," Egyptian investment bank EFG Hermes said in its Mena banks second-quarter preview paper published earlier this week. "Dubai banks should continue to post stronger loan growth, [and] we expect an improvement from the Abu Dhabi banks."
CBD’s total assets came in at Dh68.9bn at the end of the second half, a 1.5 per cent year-on-year increase. Loans and advances reached 47.2bn for the period from Dh46.3bn from the first six months of 2017, the bank said.
Customer deposits climbed to Dh48.1bn for the six-month period from Dh46.9bn reported at the end of June in 2017. Current and savings accounts constitute 43.2 per cent of the total deposit base, while the financing-to-deposits ratio stood at 98.1 per cent, it said.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Background: Chemical Weapons
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Disposing of non-recycleable masks
Use your ‘black bag’ bin at home
Do not put them in a recycling bin
Take them home with you if there is no litter bin
- No need to bag the mask
