Dubai Islamic Bank-DIB (the largest Islamic bank in the bank in the UAE by total assets) has just reported a Group net Profit of Dh3.01 billion. This shows a 7% increment compared with the Dh2.8 billion in 2015.
This is the third quarter of the year and it bank has maintained a net profit of Dh1 billion (which is also higher than that of 2015).
“Despite somewhat difficult times for the global economy, the UAE economy and banking sector continues to remain resilient with healthy profitability and strong capitalisation levels across the industry. Dubai’s economic diversification has placed the emirate in a robust position to actively pursue its long term goals, particularly in the field of Islamic finance and economy. DIB’s strategy remains aligned to the emirate’s agenda as the bank has, once again, come out with a stellar performance despite the challenging environment,” said Mohammad Ebrahim Al Shaibani (Director General of the Court of Dubai Ruler and Chairman of Dubai Islamic Bank).
The bank has also reported a strong growth in gross revenue and total income increasing to Dh6.41 billion which is about 16%. Net operating revenue also increased to Dh5.04 billion.
At the third quarter of the year, capital adequacy ratio remained at 18.2%.
“Whilst the shareholder’s returns have been growing with rising profitability, the asset quality and capitalisation remain strong and robust, a testament to both the quality of the financing book and the quality of risk management practices deployed within the bank,” said Dr Chilwan.