The Commercial Bank of Dubai\'s (CBD) net profit for the first 6 months of 2013 increased by 2.3% to Dhs497m as compared to Dhs486m for the same period of 2012. Bank\'s Operating income also increased by 4.6% to Dhs983m, up from Dhs940m in the first half of 2012. Net interest income of Dhs694m was 3.2% higher compared to Dhs673m for the corresponding period last year. Non-interest income at Dhs289m was 8% higher compared to Dhs268m for the same period last year. Operating expenses increased by 6.3% to Dhs295m from Dhs278m for the same period in 2012, reflecting continued investments in our resources and franchise. The efficiency ratio was maintained at comfortable 30%,slightly higher than 29.5% for same period in 2012. The Bank in a press release stated that it continues to maintain its unique profitability record of achieving annual growth in net profit since 2008 throughout the financial crisis. As part of the Bank\'s continuous efforts to prudently manage its credit risk, Dhs205m impairment allowances for the loan portfolio were booked during the first half of the year 2013, resulting in a non-performing loans coverage ratio of 79%, up from 71.7% as at last year end. CBD reported total assets of Dhs42.4bn as at 30th June 2013, a 7.7% increase over the Dhs39.3bn as at 31st December 2012. Customer loans and advances of Dhs29.3bn as at 30th June 2013 were 7.8% higher than the Dhs27.2bn last year end. Customers\' deposits stood at Dhs28.8bn, compared to Dhs28.1bnas at last year end, an increase of 2.7%. The Bank\'s liquidity position continued to be at comfortable levels as liquid assets represent 17.3% of total assets. The advances to stable resources ratio at 83.1% at the end of the period under review continue to remain well below the regulatory maximum of 100%. Commenting on the Bank\'s performance, Peter Baltussen, Chief Executive Officer said, \"CBD\'s solid performance in the first half of 2013 is reflective of the current economic environment in the UAE. Sustained performance of core sectors like trade, tourism and services has been complemented by a stable oil price, resulting in increased investors\' confidence and an upturn in the real estate market and stock market indices in the country.\" He added, \"While the Bank\'s loan portfolio increased by 7.8% over December 2012, our liquidity and capital adequacy ratios remain strong. During the second quarter, the Bank successfully issued its first ever conventional bonds for USD 500m. The issuance was extremely well received across the globe, evidenced by the fact that it was oversubscribed over 5 times. In the same period the Bank repaid Dhs1.5bn of Ministry of Finance deposits ahead of their maturity.The Bankis also proud that our Islamic banking unit - Attijari Al Islami was named \"Islamic Bank of the Year 2013\" in UAE by The Banker, a Financial Times publication.\"