iPhone | iPad
Android
Huawei
The latest strikes are a worrying signal and they underline Russia is preparing to counter the deployment of F-16s, says a defence analyst
KT APPDOWNLOAD
Dubai Islamic Bank posts record 9-month profit surge to Dh4.1b
UAE's largest Islamic lender reports a considerable rise in total income by 10% year-on-year
DIB said its net financing and sukuk investments grew by 3.3 per cent year-to-date to Dh236 billion.
Issac John
issacjohn@khaleejtimes.com
Dubai Islamic Bank, the largest Islamic bank in the UAE, on Wednesday announced a 34 per cent surge in year-on-year profit to Dh4.1 billion, the highest-ever nine-month performance in the bank’s history.
The bank reported a considerable rise in total income by 10 per cent year-on-year to Dh10 billion as well as an improved impairment provision coverage to 76 per cent (up 400 bps year-to-date) “exhibiting DIB’s prudent risk strategy.”
In a statement, DIB said its net financing and sukuk investments grew by 3.3 per cent year-to-date to Dh236 billion. The bank attained nearly Dh43 billion year-to-date in gross new underwriting.
The bank’s total income reached Dh9.873 billion compared to Dh8.946 billion, a double-digit growth of 10 per cent year-on-year and 11 per cent quarter-on-quarter. Net operating revenues showed a robust 7.0 per cent year-on-year increase and 2.0 per cent sequentially to reach Dh7.653 billion, said the statement.
Net operating profit stood at Dh5.612 billion, up 6.0 per cent compared to Dh5.275 billion compared to the same2021 period.
Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of DIB, said business and operating conditions in the UAE continue to strengthen despite moderating global growth, driven by a recovery in travel and tourism, retail business spending, and the implementation of new residency reforms. “The UAE financial system continues to demonstrate expansion and resilience with DIB reinforcing the sector’s recovery and growth agenda through its strong financial performance to date.”
Third quarter metrics
Al Shaibani noted that the bank’s third-quarter profitability metrics and ratios have been remarkable with 10 per cent year-on-year growth in total income reaching nearly Dh10 billion. “The board has full confidence in UAE’s efforts in demonstrating effectiveness to the Financial Action Task Force (FATF). We continue to engage with regulators on the compliance and risk agenda and optimize investments in this critical area to ensure that the bank has the most stringent controls in place to help address financial crimes and frauds as well as money laundering, which has been a top emerging international risk on the global banking sector over the past few years,” said Al Shaibani.
Dr. Adnan Chilwan, group chief executive officer, said the bank’s incredible performance amidst the ongoing unprecedented environment is a true testament to its robust strategy set at the beginning of the year where the bank aims to deliver further value to shareholders and continue to unlock growth opportunities. “This has led to our margins to further improving by 30 bps YTD. The strong improvements in our asset quality have been gaining momentum over the past few quarters with significantly lower impairments of 33 per cent YoY and NPF ratio at 6.5 per cent.”
The bank’s customer deposits stood at Dh187 billion with CASA (current account savings account) comprising 42 per cent of the deposit base. Capitalization levels remain robust with CET1 at 13.9 per cent and CAR at 18.6 per cent, both well above the minimum regulatory requirement. Total equity now stands at Dh43 billion, said the statement.
More news from
The mammal became endangered while facing threats including illegal hunting, entrapments, accidental capture in fishing nets and habitat loss
These courts would be equipped to handle the growing number of cases involving online fraud, data breaches, and other cyber-related offences
The Trump campaign has little to lose by attacking the vice-president now, as if Harris does emerge as the nominee, she might do so in a weakened state
The Pakistani actor is anticipated to soon be seen in a romantic comedy alongside Vaani Kapoor
With the onset of the holidays, parents are struggling to limit their children's use of digital devices
The move comes after Cineworld's massive debt forced the group to file for administration in Britain last year and suspend trading on the London Stock Exchange
Space Lab programme will be available as an elective option for Grades 9-10 students in Design under the IBMYP in the upcoming academic year