Commercial Bank of Dubai
This article needs additional citations for verification. (July 2015)
|بنك دبي التجاري|
|Industry||Financial services, Banking|
|Founder||Sheikh Rashid bin Saeed Al Maktoum|
|Headquarters||Dubai, United Arab Emirates|
|United Arab Emirates|
|Products||Consumer banking, corporate banking, finance and insurance, foreign exchange, wealth management, consumer loans, business loans, credit cards|
|US$808 million (2020)|
|US$304 million (2020)|
Number of employees
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. It also figures in the Dubai Financial Market index.
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).
CBD provides Wholesale, Corporate, Retail, Business, SME, Private and Affluent banking services.
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.
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