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Emirati lender Commercial Bank of Dubai (CBD) reported a 31.4% and 28.8% jump in profits for Q3 and 9M2021 to AED 375.01mn ($102.1) and AED 1.05bn ($286mn) respectively. This was on the back of “higher asset volumes, lower funding costs and solid other operating income,” the bank said. Net interest income came in at AED 815.94mn ($222mn) and AED 2.39bn ($650mn), up 17.5% and 13.4% for Q3 and 9M respectively. Cost to income ratio for 9M improved by 190bp YoY to 26.1%. On the balance sheet front, total assets increased by 16.2% YoY to AED 107.8bn ($29.4bn) with net loans and advances up 18.9% YoY to AED 74.9bn ($$20.4bn). In terms of asset quality, the bank’s NPL ratio worsened to 6.93% from 6.77% at end-2020. Impairment allowances also rose 1.9% to AED 713mn ($194.1mn). CBD’s capital ratios remained strong with the capital adequacy ratio (CAR) at 16.16%, Tier 1 ratio at 15.00% and Common Equity Tier 1 (CET1) ratio 12.50%.

CBD’s 6% Perp traded 0.08 points higher to 106.39 yielding 4.41% currently.

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