First of Dubai's big banks reports earnings

Commercial Bank of Dubai reports earning of Dh822 million for the full year, disappointing analysts' estimats.

Powered by automated translation

DUBAI // The first of Dubai's big banks reported flat earnings for the year, with stagnant earnings disappointing analysts' estimates.

Commercial Bank of Dubai reported earnings of Dh822 million for the full year, representing an increase of 0.2 per cent on the year earlier.

Net lending fell 1.1 per cent to Dh26.8bn. Provisions of Dh512m remained a weight on the company's earnings, even though money set aside to cover bad debts fell from a year ago.