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Wed 14 Jul 2010 03:24 PM

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Commercial Bank of Dubai posts 2.3% rise in H1 net profit

Bank says loan impairment charges hit AED179m in first six months of 2010.

Commercial Bank of Dubai posts 2.3% rise in H1 net profit

Commercial Bank of Dubai on Wednesday said that its first half net profit rose 2.3 percent to AED513m compared to the same period in 2009.

CBD reported total assets of AED37bn, slightly higher than the end of last year, it said in a statement.

Loans and advances of AED28.1bn registered a marginal drop of 0.9 percent compared to last December, reflecting the subdued credit environment, it added.

The bank’s liquidity position remained strong, it said, with an advance to stable resources ratio of 90 percent.

Loan impairment charges for the six month period under review reached AED179m which included additional collective provisions of AED35m resulting in total collective provisions amounting to 1.3 percent of total performing loans.

Non-performing loans represented 3.1 percent of total gross loans, the bank said.

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