Commercial Bank of Dubai (CBD) has announced a 17.5 percent fall in its full-year net profits for 2008 to AED771m ($210m) due to the global economic crisis.
The bank’s net profits dropped from AED935m ($255 m) in 2007, as it was forced to take provisions of AED397m ($108m) to reflect a decrease in market values.
“During the last quarter of 2008, the impact of the global financial crisis has negatively affected the market value of some of the bank’s strategic equity investments in local and regional listed companies,” CBD said in a statement.
The bank said that its operating profits rose 22 percent for the year in 2008 compared to 2007.
CBD’s total assets reached AED36bn ($9.8bn) at the end of 2008, up 17 percent from the end of 2007.
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