Dubai, 26th July 2020:Commercial Bank of Dubai (CBD) today reported its financial results for the first six months of 2020.
Noteworthy Financial Commentary:
2020 H1 results:
- Net profit was AED 530 million, 24.3% below the prior comparative period
- Operating income was AED 1,412 million, down by 6.5% compared to the prior comparative period due to sharply lower interest rates
- Operating expenses were AED 386 million lower by 9.9%
- Operating profit was AED 1,026 million, down by 5.2%
- Net impairment allowances were AED 495 million, up 30.1% attributable to specific credit provisions together with forecast expected credit losses associated with the…