Proposal to distribute 25% cash dividends subject to shareholder approval
Dubai Islamic: 4.4 billion dirhams net profit in 2021
The total new financing amounted to about 36 billion dirhams.
From the source
Mohammed Ibrahim Al Shaibani: "The strong economic foundations of the Emirate of Dubai contributed to making it one of the best cities in the world."
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Dubai Islamic Bank announced yesterday its financial results for the period ending on December 31, 2021, revealing that the group’s net profit increased by 39% year-on-year, to reach AED 4.406 billion, compared to AED 3.16 billion in 2020, with a proposal to distribute cash dividends. 25%, subject to shareholder approval during the general assembly meeting.
financial results
According to the financial results, the operating revenues maintained their stability at 9.422 billion dirhams, compared to 9.471 billion dirhams in 2020, as a result of the effective management of costs against financing.
Operating expenses continued to decrease by 7% year-on-year, from 2.728 billion dirhams to 2.529 billion dirhams.
The results showed an improvement in profits before impairment provisions, with an increase of 2% on an annual basis, to reach 6,892 billion dirhams, compared to 6,743 billion dirhams in 2020.
In turn, impairment losses declined significantly to AED 2,448 billion, down 46% year-on-year, driven by strong risk management.
The financial results revealed that the total new financing reached about 36 billion dirhams, from banking services to individuals and companies, which was driven by large operations for early repayment, and routine payments that recorded more than 45 billion dirhams during the year.
Customers' deposits maintained their stability at 205.8 billion dirhams, as current and savings accounts increased by 4.4% to more than 90 billion dirhams, representing 44% of the customer deposit base.
Liquidity also maintained good levels, with the financing to deposit ratio reaching 91% and the liquidity coverage ratio reaching 136%.
strong foundations
Director of the Court of His Highness the Ruler of Dubai and Chairman of the Board of Directors of Dubai Islamic Bank, Mohammed Ibrahim Al Shaibani, said that the strong economic foundations of the Emirate of Dubai have contributed to making it one of the best cities in the world, with its high levels of luxury, to enjoy a prosperous and healthy lifestyle.
He added that despite the continuing uncertainty in the global market, the UAE banking sector is still strong, as it was able to prove this through its strong capitalization and increase in profits.
Dubai Islamic Bank succeeded in overcoming the economic conditions that still cast a shadow on the world, as it achieved a significant growth in net profits by 39% on an annual basis.
For his part, Board Member and Managing Director of the Bank, Abdullah Ali Obaid Al Hamli, said: “Our employees are the driving force of the Bank, and the Bank has worked over the past year to implement significant investments in the development of its future leaders, which allows it to enhance its plans to establish successful and more sustainable businesses in same time.
The various human capital enhancement programs that we have launched will ensure the preparation of a workforce capable of dealing with the economy of the future, and the deployment of the best talent in the most important areas of business.”
In turn, the CEO of Dubai Islamic Bank Group, Dr. Adnan Chilwan, said that the bank maintained its steadfastness and was able to achieve a remarkable growth in its profits by 39% on an annual basis, in light of the continuing difficult conditions facing global economies, pointing out that this strong performance reflects the health of The Bank's strategy and strength, allowing for positive results to be achieved regardless of the prevailing economic conditions.
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