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Commercial Bank of Dubai Third-Quarter Net Income Drops 1.5%

Commercial Bank of Dubai PSC (CBD), the lender 20 percent-owned by Dubai’s government, reported a 1.5 percent decline in third-quarter profit.

Net income fell to 253.8 million dirhams ($69 million) from 257.7 million dirhams a year earlier, according to Bloomberg calculations based on nine-month results provided by the bank today.

Nine-month profit rose 1 percent to 777 million dirhams, Commercial Bank of Dubai said. The lender set aside 227 million dirhams for the period to cover losses from bad loans, it said.

To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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