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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]
 | |
Native name | بنك دبي التجاري |
|---|---|
| Company type | Public |
| DFM: CBD | |
| Industry | Financial services, Banking |
| Founded | 1969 |
| Founder | Sheikh Rashid bin Saeed Al Maktoum |
| Headquarters | Dubai, United Arab Emirates |
Area served | United Arab Emirates |
Key people | |
| Products | Consumer banking, corporate banking, finance and insurance, foreign exchange, wealth management, consumer loans, business loans, credit cards |
 US$808 million (2020)[1] | |
| US$304 million (2020)[1] | |
Number of employees | c. 1,500[2] |
| Website | www |
History edit
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 edit
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 edit
References edit
- ^ a b "Commercial Bank of Dubai reports Dh1.12 billion net profit in 2020".
- ^ a b "Commercial Bank of Dubai : Annual Report 2019" (PDF). Retrieved 2015-07-16.
- ^ "Revealed: Top 10 banks in the UAE". Gulf Business. 22 September 2019.
- ^ "Bank". Cbd.ae. Retrieved 2015-07-16.
- ^ "International Chamber of Commerce United Arab Emirates (ICC UAE)". iccuae.com. Archived from the original on 2015-07-17. Retrieved 2014-09-14.
- ^ "Dubai Financial Market, PJSC". Dfm.ae. Archived from the original on 2015-07-17. Retrieved 2015-07-16.
- ^ "Commercial Bank of Dubai". GreenEmirates. Retrieved 2015-07-16.
- ^ "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.
- ^ Reuters Editorial. "CBD.DU - Commercial Bank of Dubai P.S.C. Profile | Reuters". www.reuters.comundefined. Retrieved 2020-07-30.
{{cite web}}:|author=has generic name (help)[permanent dead link] - ^ "CBD profit up 20.5 per cent to Dh1.4 billion".