Commercial Bank of Dubai (CBD) has posted a 17% rise in net profit for the first six months of 2014 to Dhs581.1m, compared with Dhs496.8m a year earlier, Gulf News has reported. The lender’s operating profit in the first half of this year grew 4.3% to Dhs718m, mainly due to a 6.8% rise in net interest income to Dhs741.2m and a 7.5% increase in non-interest income to Dhs311.2m. The bank booked Dhs136m during the period, as impairment charges net of recoveries compared with Dhs192m a year ago. The provision charge improved CBD’s impaired loan coverage ratio from 84.9% as at end of December 2013 to 89% at the end of the first half of 2014.
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