Commercial Bank of Dubai
Native name
بنك دبي التجاري
TypePublic
DFM: CBD
IndustryFinancial services, Banking
Founded1969 (1969)
FounderSheikh Rashid bin Saeed Al Maktoum
HeadquartersDubai, United Arab Emirates
Area served
United Arab Emirates
Key people
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]

References

  1. 1 2 "Commercial Bank of Dubai reports Dh1.12 billion net profit in 2020".
  2. 1 2 "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. {{cite web}}: |author= has generic name (help)
  10. ↑ "CBD profit up 20.5 per cent to Dh1.4 billion".
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