Commercial Bank of Dubai posts highest profit EVER in 2007

Commercial Bank of Dubai (CBD) has announced a record profit of AED 936 million for the year ended on December 31, 2007. Profit is up by 56% as compared to the AED 601 million for 2006. The results were announced following a meeting of the Board of Directors held on Wednesday, January 16, 2008. The Board has proposed issuing 25% bonus shares and a cash dividend of 30%. This is subject to the approval at the Annual General Meeting. Commenting on the Bank’s performance, H.E. Ahmed Humaid Al Tayer, Chairman of the Bank said, “2007 has been a remarkable year for CBD. We were able to deliver a solid performance, superior financial results and impressive growth across all business areas. 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 economic growth in the country.” CBD’s operating profit in 2007 rose to AED 1.4 billion, an increase of 54% over that of 2006. Total assets have increased by 63% from AED 18.7 billion to AED 30.4 billion while loans and advances rose by 64% to AED 20.8 billion. Customer deposits showed a growth of 54% touching AED 21.2 billion compared to the AED 13.7 billion by end of 2006. Mr. Peter Baltussen, Chief Executive Officer of the bank commented, “Our highly qualified and committed employees were able to meet all the requirements of our clients and implement many new initiatives during 2007. We launched the Al Dana Wealth Management Programme, exclusively tailored to meet requirements of our high net worth customers. Our wide range of investment products provided clients with regional and global reach in both conventional and Sharia’a compliant format. CBD also created a unique mortgage loan solution, which offers competitive pricing based on customer’s unique risk profile. Moreover, the bank has established its new Treasury Advisory department that assists its corporate and high net-worth clients with managing currency and interest rate risks through tailor-made derivatives. Through the set up of the new Debt Capital Markets department, the bank was able to participate in number of large high profile transactions. All these initiatives played a substantial role in driving our core revenues. Established in the UAE in 1969, CBD opened five wealth centers in 2007. The bank offers a wide range of consumer and commercial banking products and services through a network of 25 branches and 125 ATMs spread across the emirates. The bank today employs more than 1100 people, of which 40% are UAE nationals.