Dubai Islamic Group (DIB) posted a net profit of AED 1.3 billion in the first quarter

Dubai Islamic Bank (DIB) net profit rose 12% to AED1355 million in the first quarter of this year compared to AED1.111 million, with a sustained growth in profitability in the first quarter of 2019 compared to the same period of 2018.

The bank said in a statement yesterday that total income increased to AED 3,407 million, an increase of 26% compared to AED 2,697 million. Net operating income grew to AED 2.3 billion, an increase of 17% compared to 1.97 million Billion during the comparison period.

Operating expenses stood at AED 599 million in the first quarter of this year, compared with AED 590 million in the first quarter of 2018.

Net operating profit before impairment provisions increased to AED 1.708 billion, an increase of 24%.

Customer deposits rose 2.3% to AED 159.2 billion compared to AED 155.6 billion at the end of 2018. The ratio of financing to deposits was 92%.

"The UAE's gross domestic product (GDP) continues to grow, exceeding $ 400 billion, in the wake of successful structural reforms, the strengthening of fiscal policies, and growth in non-performing sectors," said Mohammed Ibrahim Al Shaibani, Director of the Dubai Ruler's Bank. And the implementation of various initiatives to attract investors and companies is paving the way for sustainable growth in the UAE in the coming years. "

"The banking sector remains firmly established with strong capitalization and high profitability. DIB continues to progress, with strong results in the first quarter, with total income growing by 26 per cent to AED 3.4 billion, driven by robust growth at the level of Our Business ».

"The global oil prices continue to rise since the beginning of this year and this will boost economic activity in the UAE and boost public spending levels," said Abdullah Al Hamli, Managing Director of Dubai Islamic Bank. , And will increase the confidence of the public and private sectors ».

"The growth of Dubai Islamic Bank is synonymous with the growth of the UAE, and we have demonstrated this through both our annual and quarterly results. Our net profit for the first quarter of this year increased by 12%," said Adnan Shalwan, Chief Executive Officer of Dubai Islamic Bank. To AED 1.3 billion.