CBD reports strong 2Q earnings + du remains resilient

Du reports a resilient 2Q

Du reported a 9.8% y-o-y increase in 2Q 2026 net income to AED 797.8 mn, while revenue rose 4.6% to AED 4.1 bn, according to its financials (pdf). Stronger service revenue and cost discipline helped offset a softer operating environment, according to its management discussion and analysis report (pdf).

1H told a similar story: Net income grew 12.6% y-o-y to AED 1.6 bn in 1H 2026 on 5.8% higher revenue of AED 8.2 bn. The board approved an interim dividend of AED 0.26 per share for 1H, up 8.3% y-o-y.

Subscriber growth cooled, but core business held up: Mobile subscribers rose 1.6% y-o-y to 9.3 mn in 2Q, while the fixed customer base expanded 5.5% to 744k. Mobile revenue increased 3.7%, fixed revenue jumped 11.6%, and wholesale revenue declined.

Capital deployment continues: The firm said that “capital deployment remains on track, with data center projects accelerating as we approach the launch of services under our agreement with a global hyperscaler.” Du is building a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant, with plans to phase out its delivery.

CBD posts solid earnings

Loan growth helped Commercial Bank of Dubai’s (CBD) net income after tax jump 2.1% y-o-y to AED 885.6 mn in 2Q 2026, according to its financials (pdf). Total income slipped 0.9% y-o-y to AED 1.4 bn. Lower credit costs helped support earnings as net impairment losses fell 27.9% y-o-y to AED 87.6 mn, offsetting the slight decline in operating income, according to its management discussion and analysis report (pdf). A diversified income base and solid business growth helped boost overall earnings.

The 1H picture: CBD reported a net income after tax of AED 1.7 bn in 1H 2026, up 1.2% y-o-y. Meanwhile, operating income rose 2.7% to AED 2.9 bn, driven by a 10.9% increase in non-funded income, which more than offset a 0.6% decline in net interest income.

The balance sheet remained solid: Net loans and advances climbed to AED 104.2 bn, up 4.4% y-o-y, while customer deposits edged up 0.6% to AED 107.7 bn. Total assets grew 2.6% to come in at AED 154.5 bn at the end of 1H.