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Dubai Islamic Group net profit of AED 4 billion in 9 months

2019-10-15T22:07:53.370Z

Dubai Islamic Bank Group reported a net profit of AED 4 billion for the first nine months of 2019, compared to AED 3.7 billion for the same period in 2018, an increase of 8%. To 10 billion and 250 million



Dubai Islamic Bank Group (DIB) reported a net profit of AED 4 billion for the first nine months of 2019, compared to AED 3.7 billion for the same period in 2018, an increase of 8%.

Total income rose to AED 10.250 billion, an increase of 20% year-on-year, compared with AED 8.53 billion, it said in a statement.

Net operating income grew to AED 6.877 billion, an increase of 14% year-on-year, compared to AED 6.055 billion.

Operating expenses stood at AED 1.771 billion, compared to AED 1.754 billion in the first nine months of 2018.

Net financing and Sukuk investments increased to AED 185.7 billion, up 6% YTD. Total assets reached AED 229.9 billion, an increase of 3%.

Customer deposits increased to AED 162.9 billion, an increase of 5%, and current and savings account deposits reached AED 50.7 billion at the end of the first nine months of 2019, representing 31% of customer deposits. The finance to deposit ratio was 93%.

Non-performing loans stood at 3.6%, with cash coverage reaching 104%.

The capital adequacy ratio was 17.6%, compared to the minimum requirement of 13.5%. The Tier 1 ratio for the combined capital increased to 13.1%, compared to 12.4% at the end of 2018, in line with the minimum requirement of 10%.

Mohammed Ibrahim Al Shaibani, Director of the Diwan of His Highness the Ruler of Dubai and Chairman of Dubai Islamic Bank, said: “Amidst the quiet global economic activity, the UAE banking sector continues to maintain its strength and resilience, with total assets exceeding $ 700 billion and a growth of 9% on a Today, the sector has the largest share of total banking assets in the GCC, with more than 30%. ”

“The ongoing economic reforms, especially in the area of ​​enabling the private sector, have contributed to the strengthening of the non-oil economy, on the back of providing a budget for business expansion and launching supportive financial policies. The UAE has continued to assert its position as a global business center by leading the Arab world in The Global Competitiveness Report, released by the World Economic Forum 2019, has also achieved its current position among the top 25 countries in the world, mainly as a result of the government's adoption of many innovative measures to ensure an attractive environment for local and global investors alike. ''

Abdulla Al Hamli, Managing Director of Dubai Islamic Bank, said: “Committed to the Emiratisation agenda of the UAE National Vision, Dubai Islamic Bank continues to develop talent and leadership skills within its internal cadres, with the Emiratisation rate now at about half the strength. Emiratisation has always been a key element of the Bank's legacy and its strategy to develop future leaders in support of the UAE's global ambitions. ”

He added: “The Islamic banking sector in the UAE remains strong, with assets exceeding AED 560 billion and a good 23% market share. Dubai Islamic Bank continues to lead the market in the UAE, with a strong commitment to accelerate the growth of the sector. The economy is wider. ”

Dr. Adnan Chelwan, Chief Executive Officer of Dubai Islamic Bank, said: “The fundamentals of DIB remain robust, with profits of AED 4 billion, an increase of 8% year-on-year, while continuing to focus on delivering significant returns. To our shareholders, with a return on equity of 17.6%. ”

“Our focus on high-quality growth has resulted in a 20% increase in total income, coupled with cost-effective management, stabilizing the cost-to-income ratio at 27.9%, one of the best in the market, and with DIB's future transformation plans. “We expect the bank to maintain these growth levels in the future.”

Source: emara

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