Reported strong growth in net operating income of 11% year-on-year
Quarterly net profit of "Dubai Islamic" grows 58% to 1.34 billion dirhams
Dubai Islamic: The total income exceeded three billion dirhams.
From the source
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Dubai Islamic Bank announced its financial results for the first quarter ending March 31, 2022.
The bank stated in a statement that the net profit of the group witnessed a strong growth of 58% on an annual basis, to reach 1.345 billion dirhams, compared to 853 million dirhams in the previous year.
The results showed that net operating income witnessed a strong growth of 11% on an annual basis, reaching 2.467 billion dirhams, compared to 2.226 billion dirhams in the same period of the previous year.
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: "The world we live in is currently witnessing rapid changes and unprecedented developments, amid the current difficult international conditions, with expectations of slower growth, but the UAE still enjoys great flexibility. It prompted the International Monetary Fund to enhance its expectations that the UAE would achieve strong growth of more than 4%.
He added that this continuous growth reflects the economic diversification and competitiveness of the UAE, which continues to move forward to double the size of its economy by 2030. Covid-19.
Al Shaibani continued: “Despite the continuing unpredictable economic and international conditions in the market, which impede keeping pace with progress and development, the bank achieved a total income growth of 6% on an annual basis to exceed three billion dirhams, and the balance sheet witnessed a 3% increase since the beginning of the year. To date, this reflects the bank’s compatibility with the UAE’s economic expansion agenda.”
He stressed that Dubai Islamic Bank is continuing its strategy to transform into a more sustainable digital financial institution, to enhance its position in the future, and unlock more growth opportunities that will bring greater value to shareholders in the coming years.
For his part, Group CEO of Dubai Islamic Bank, Dr. Adnan Chilwan, said that the strong results achieved by "Dubai Islamic" in the first quarter, which witnessed a growth in net profits by 58% on an annual basis, to reach 1.3 billion dirhams, reflect the bank's ability to to overcome difficult economic conditions.
Chilwan continued: “Net financing and sukuk investments reflect a strong growth of 3% since the beginning of the year to date, to reach 235 billion dirhams, supported by strong growth in new subscriptions, and we will continue to exploit the surplus liquidity, by investing in IPOs of high-quality sukuks that achieve a strong average return. By about 4%.
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