CBD reports record gain

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.