CBD reports record gain
Commercial Bank of Dubai (CBD) yesterday announced a record profit of Dh936 million for 2007, an increase of 56 per cent over the previous year’s Dh601m.
The bank has proposed a bonus issue of shares that will increase the equity capital by 25 per cent and a cash dividend of 30 per cent.
Chairman Ahmed Humaid Al Tayer said in a statement: “The bank’s performance reflects the success of our strategy of offering innovative products and high-quality services to select client segments coupled with the continued strong growth in the country.”
CBD’s operating profit in 2007 rose to Dh1.4 billion, an increase of 54 per cent; assets increased 63 per cent to Dh30.4bn; and loans and advances rose 64 per cent to Dh20.8bn. Customer deposits grew 54 per cent to Dh21.2bn.
Chief Executive Peter Baltussen said: “We launched the Al Dana Wealth Management Programme for our high net worth customers. Our range of investment products provided clients with regional and global reach in both conventional and Shariah-compliant format.”
The Dubai-based bank has established its treasury advisory department that assists corporate and high net-worth clients with managing currency and interest rate risks through tailor-made derivatives.
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