Commercial Bank of #Dubai posts 29% jump in 2021 net profit at $394.8mln | ZAWYA MENA Edition

Commercial Bank of Dubai posts 29% jump in 2021 net profit at $394.8mln | ZAWYA MENA Edition

Commercial Bank of Dubai (CBD), which counts state-owned fund Investment Corporation of Dubai (ICD) as one of its shareholders, saw its net profit jump by nearly 30 percent in 2021 compared to a year earlier, driven by improved operating performance and lower expected credit losses.

Total net profit for the year ended December 31, 2021 reached 1.451 billion dirhams ($394.8 million) up by 29.5 percent from the previous year, the Dubai-listed lender said in a disclosure on Wednesday.

“The improved operating performance, coupled with lower expected credit losses, have contributed to the increase in net profit,” the bank said in a statement.