Commercial Bank of Dubai

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Commercial Bank of Dubai
Native name
بنك دبي التجاري
TypePublic
DFM: CBD
IndustryFinancial services, Banking
Founded1969; 52 years ago (1969)
FounderSheikh Rashid bin Saeed Al Maktoum
HeadquartersDubai, United Arab Emirates
Area served
United Arab Emirates
Key people
  • Humaid Al Qutami
    (Chairman)
  • Bernd van Linder
    (CEO)
ProductsConsumer banking, corporate banking, finance and insurance, foreign exchange, wealth management, consumer loans, business loans, credit cards
Decrease US$808 million (2020)[1]
Decrease US$304 million (2020)[1]
Number of employees
c. 1,500[2]
Websitewww.cbd.ae

Commercial Bank of Dubai (CBD) is a UAE banking and financial services corporation headquartered in Deira, Dubai. With more than US$23 billion in assets, Gulf Business listed CBD as the 7th largest bank in the UAE, based on total assets.[3] It also figures in the Dubai Financial Market index.[2][4][5]

History[]

CBD was founded in 1969, by an Amiri Decree issued by the late Rashid Bin Saeed Al Maktoum. What started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait, evolved into a National Public shareholding company by 1982. 80% of its shares are held by UAE nationals, while the other 20% are owned by Investment Corporation of Dubai (an investment division of the Dubai Government).[6][7][8]

CBD provides Wholesale, Corporate, Retail, Business, SME, Private and Affluent banking services.[9]

Financial data[]

In 2019, Commercial Bank of Dubai reported a net profit of AED 1,400 million, an increase of 20.5% over 2018, and total assets of AED 88.1 billion. Operating income for 2019 amounted to AED 3,033 million, an increase of 11.3% attributable to a 2.8% increase in Net Interest Income (NII) and a 31.2% increase in Other Operating Income (OOI). Fees and commission income increased by 21.3%, foreign exchange income registered a 37.7% increase, investment income increased by 179.4%, and other income increased by 53.3% compared to 2018. CBD has a credit rating of Baa1 and A- by Moody & Fitch respectively.[10]

External links[]

References[]

  1. ^ a b https://gulfnews.com/business/banking/commercial-bank-of-dubai-reports-dh112-billion-net-profit-in-2020-1.77093682
  2. ^ a b "Commercial Bank of Dubai : Annual Report 2019" (PDF). Retrieved 2015-07-16.
  3. ^ "Revealed: Top 10 banks in the UAE". Gulf Business. 22 September 2019.
  4. ^ "Bank". Cbd.ae. Retrieved 2015-07-16.
  5. ^ "International Chamber of Commerce United Arab Emirates (ICC UAE)". iccuae.com. Archived from the original on 2015-07-17. Retrieved 2014-09-14.
  6. ^ "Dubai Financial Market, PJSC". Dfm.ae. Archived from the original on 2015-07-17. Retrieved 2015-07-16.
  7. ^ "Commercial Bank of Dubai". GreenEmirates. Retrieved 2015-07-16.
  8. ^ "CBD - Offer you a range of retail and commercial banking products and services at par with any other bank in the industry". Middleeastarab.com. Retrieved 2015-07-16.
  9. ^ Reuters Editorial. "CBD.DU - Commercial Bank of Dubai P.S.C. Profile | Reuters". www.reuters.comundefined. Retrieved 2020-07-30.
  10. ^ https://gulfnews.com/business/banking/cbd-profit-up-205-per-cent-to-dh14-billion-1.69513754. Missing or empty |title= (help)
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