Customer deposits amount to 187 billion dirhams..and liquidity maintains good levels
Dubai Islamic records 4.1 billion dirhams of net profit in 9 months
The total income of "Dubai Islamic" grows 10% to about 10 billion dirhams.
From the source
Mohammed Al Shaibani: "The financial system in the UAE continues to enhance its expansion and flexibility, and the bank achieved remarkable profitability rates during the third quarter."
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Yesterday, Dubai Islamic Bank announced its financial results for the first nine months of the period ending on September 30, 2022. According to the results, the net profit of the group witnessed a strong growth of 34% on an annual basis, to reach 4.101 billion dirhams, compared to 3.069 billion dirhams for the same period in the previous year. Previous year 2021.
The bank attributed this strong growth to the significant increase in core revenues, in addition to a steady decrease in impairment losses.
Funding and Income
In turn, net financing and sukuk investments increased by 3.3% since the beginning of the year to date, reaching 236 billion dirhams, at a time when the bank recorded about 43 billion dirhams of total new subscriptions to date of this year.
Total income amounted to 9.873 billion dirhams, compared to 8.946 billion dirhams in the first nine months of 2021, with a significant increase of 10% on an annual basis and 11% on a quarterly basis. The net operating income also witnessed a strong growth of 7% on an annual basis, and 2 percent on a quarterly basis, to reach 7.653 billion dirhams.
operating profit
According to the results, the net operating profit witnessed a strong growth of 6% to reach 5.612 billion dirhams, compared to 5.275 billion dirhams in the first nine months of the previous year, and the balance sheet maintained its strength and strength at 275 billion dirhams, a slight decrease of 1.5% since the beginning of the year To date.
Customer deposits amounted to 187 billion dirhams, with current and savings accounts accounting for 42% of the customer deposit base, while liquidity maintained good levels with the liquidity coverage ratio reaching 123%.
Business improvement
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: “Business and operating conditions in the UAE continue to improve, despite the modest global growth, against the background of the recovery of the travel and tourism market, and the growing volume of retail spending. And amending the new residency visa system, while the financial system in the UAE continues to enhance its expansion and flexibility, as Dubai Islamic Bank contributes to this by supporting the banking sector recovery agenda and promoting its growth by providing strong financial performance so far.
He added: “The bank was able to achieve remarkable profitability rates during the third quarter of this year, with total income growing by 10% on an annual basis, to reach about 10 billion dirhams, and the rate of return on assets recorded a growth now to 2.0%, an increase of 50 basis points from the beginning of the year to date, and the rate of return on tangible equity improved to 16.8%, an increase of 380 basis points from the beginning of the year to date, exceeding our goals for the entire fiscal year, which reflects the dynamic capabilities of the bank despite the continued weakness of the global economic environment.” .
He stressed that the Board of Directors places its full confidence in the efforts of the UAE to prove the efficiency of the Financial Action Task Force.
He said: “We continue to work with regulators on the compliance and risk agenda and work to improve investments in this important area, to ensure that the bank has stricter controls in place to contribute to addressing financial crimes and fraud as well as money laundering, which was one of the most prominent international risks emerging in the global banking sector. over the past few years.”
amazing performance
For his part, Group CEO of Dubai Islamic Bank, Dr. Adnan Chilwan, said that, in light of the continuation of unprecedented exceptional circumstances, “Dubai Islamic” was able to provide an amazing performance by all standards so far this year, as the group’s net profits witnessed a strong growth of 34 percent. % on an annual basis, to reach 4.1 billion dirhams, which is the best performance achieved by the bank during the first nine months in its history.
He added: “This impressive performance is a true testament to the success of our robust strategy that we put in place at the beginning of the year, through which we aim to generate more value for our shareholders, and continue to unlock growth opportunities.”
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