Bloomberg News

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

October 16, 2011

Oct. 16 (Bloomberg) -- Commercial Bank of Dubai PSC, 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.

--Editors: Shaji Mathew, Claudia Maedler

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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