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Commercial Bank of Dubai announces record profits |
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1/18/2007 10:36:36 AM |
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The bank's net profits increased by 9.2% reaching AED 601 million compared to AED550 million in 2005. The Board of Directors in their meeting today have proposed a Cash Dividend of 45% distributable after the Annual Shareholders Meeting invited to be held on 21st February 2007.
Mr. Peter Baltussen, Chief Executive of the Bank said, 'I am delighted to present yet another stellar performance by CBD. The financial results show a substantial increase in the banking operations driven by an increase of 29.30% in deposits, 35% in loans and advances, Letters of Credit and Guarantees rose to AED 6,793 million an increase of 41% and complemented by a considerable growth in commissions and fees income.'
The Bank's total assets increased by 22% to AED 18.7 billion in 2006. The record results delivered notable improvements in the key profitability and shareholder return measures. The Return on Equity for 2006 improved to 18.1% and EPS (earnings per share) climbed to AED 0.63 per share.
The Bank is in the final stages of implementing its reinvigorated strategy, which CBD had firmed up in 2006 to better service its target corporate and retail customers as well as to achieve operational excellence. 'The bank is determined to recognise its clients and their different needs, underscoring the importance of dedicated tailor-made strategies for the different segments of corporate and retail customers, as well as the need for innovative products and streamlined business processes,' added Mr. Baltussen
In line with its ambitious growth and expansion strategy, the bank announced the opening of two new branches in Fujairah and Khalidiya and relocation of its Ajman Branch to the bank owned premises in 2006, taking the total number of its branches within the UAE to 25 and expanded its ATM network to 115 ATMs spread around the UAE.
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