He announced an annual net profit of 5.6 billion dirhams
Dubai Islamic records the strongest year in its history and proposes 30% cash dividends
The balance sheet of "Dubai Islamic" expanded by 3% on an annual basis, to reach 288 billion dirhams.
From the source
Muhammad Ibrahim Al Shaibani: «(Dubai Islamic) achieved strong growth in its profitability, and the total income amounted to 14 billion dirhams, up by 20% on an annual basis.”
Yesterday, Dubai Islamic Bank announced its financial results for the period ending on December 31, 2022, marking its strongest year in its history, announcing a proposal to distribute 30% cash dividends, subject to shareholders’ approval, during the general assembly meeting.
The financial results showed that the group's net profit recorded a record growth of 26% year on year, to reach 5.552 billion dirhams, compared to 4.406 billion dirhams for the same period in 2021.
The bank attributed this strong growth to the increase in main revenues, prudent management of costs, and the continued decline in impairment provisions.
According to the financial results, net financing and sukuk investments grew by 5% year-on-year to reach 238 billion dirhams, and total new financing and sukuk amounted to about 63 billion dirhams, compared to 50 billion dirhams in 2021.
Total income amounted to 14.101 billion dirhams, compared to 11.795 billion dirhams in 2021, registering a growth of 20% on an annual basis, and 17% on a quarterly basis.
In turn, net operating income achieved a strong growth of 11% year-on-year and 8% on a quarterly basis, now reaching AED 10.467 billion.
Net operating profit amounted to 7.734 billion dirhams, recording a strong growth of 12% year-on-year and 10% on a quarterly basis, compared to 6.892 billion dirhams in 2021.
For its part, the balance sheet expanded by 3% on an annual basis, to reach 288 billion dirhams.
According to the results, customer deposits have now reached 199 billion dirhams, with current and savings accounts accounting for 44% of the customer deposit base, and customer deposits increased by 7% on a quarterly basis, on the back of an increase in current and savings accounts by 12%.
Dubai Islamic confirmed that liquidity maintained good levels, with the liquidity coverage ratio reaching 150%, the return on assets reaching 2.0% (an increase of 47 basis points year-on-year), and the rate of return on tangible equity 17% (an increase of 400 basis points year-on-year), continuing their good standing.
Mohammed Ibrahim Al Shaibani, Director of the Court of His Highness the Ruler of Dubai and Chairman of the Board of Directors of Dubai Islamic Bank, said, "The UAE has continued to move forward with economic growth and expansion, despite the turbulent global conditions during the past year, which witnessed and still is many geopolitical conflicts, And the high inflation rates around the world, which clearly reflects the strong fiscal and monetary policy of the UAE, and its ability to achieve a strong domestic recovery and surplus in its finances.
These prudent economic policies have strengthened the banking sector and contributed to the growth in the local financial markets, which witnessed higher commercial activity and an increase in foreign inflows.
Al Shaibani added: «Dubai Islamic Bank recorded its strongest year in its history, with strong growth in its profitability, as total income reached 14 billion dirhams, up by 20% year on year, while the balance sheet now reached 288 billion dirhams, with a compound annual growth for five years. It amounted to 7%.
And he continued, “In light of this strong performance recorded by the group, we are pleased to propose a cash dividend of 30% to our shareholders, who have placed most of their confidence in the Board of Directors and the management team of the bank.”
Chilwan: amazing profitability
Chilwan: amazing profitability
Dr. Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank, said: “I am very pleased to announce that Dubai Islamic Bank recorded an impressive annual profitability for the fiscal year 2022, amounting to 5.6 billion dirhams, which is the highest net income ever recorded by the bank in its history.
There is no doubt that these results necessarily reflect the success of our strong strategy, the efforts of the management team and its firm commitment to enhancing value for our shareholders.”
He added, “The current strong liquidity will provide us with all the reasons for growth in 2023, and we still strongly control expenses and expenditures, to provide the best cost-to-income ratio in the market, which amounts to 26.1%, while maintaining a comfortable space that allows us to enhance the upgrade of the bank’s system.”
Adnan Chilwan. From the source
From the source
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