3.1 billion dirhams, net profit of "Dubai Islamic" in 9 months

Dubai Islamic Bank today announced its financial results for the period ending on September 30, 2021, achieving a net profit of 3.1 billion dirhams during the first nine months of this year, an increase of 19% on a quarterly basis, driven by the thoughtful management of costs and the reduction of impairment provisions.

The bank stated in a statement that the total income recorded a growth of 4% on a quarterly basis, to reach 8.9 billion dirhams since the beginning of this year until now, while the net operating income achieved a growth of 5% on a quarterly basis and 3% on an annual basis, reaching to 7.1 billion dirhams since the beginning of the year.

Operating expenses continued to decline by 12% year-on-year, from AED 2,134 billion to AED 1.874 billion.

Profits before impairment provisions amounted to AED 5.275 billion, an increase of 7% q-o-q and 10% y-o-y, while impairment losses declined by 10% q-o-q and 18% y-o-y to reach AED 2.174 billion.

Profitable assets maintained their stability, with net financing and sukuk investments amounting to about 232.7 billion dirhams, despite the large advance payments to companies. In contrast, the total new financing reached about 30 billion dirhams since the beginning of this year until now.

Customer deposits have improved since the beginning of the year by 4% to reach 214.1 billion dirhams, while liquidity maintained its strength with the financing to deposits ratio reaching 90%, and the liquidity coverage ratio to 160%.

The balance sheet has also maintained its stability, with total assets currently amounting to AED 289.4 billion.

Return on assets and return on equity improved on a quarterly basis at 1.4% (up 10 basis points from last quarter) and 10.9% (up by 50 basis points from last quarter), respectively.

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