Dubai Islamic Bank shareholders approve 30% dividend for 2022

DUBAI: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank's Board and management's strategic agenda for the coming years. The strong financial results reported this year are a further testament to DIB’s role as a leader in the development of Islamic Finance in a year of exceptional global uncertainty. Supported by a solid growth in the total income, the bank’s net profit reached the highest ever in the bank’s history with a 26 percent surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7 percent. This significant profitability led to a 30 percent cash dividend aggregating to an amount of around AED 2.2 billion. Other agenda items concluded at the AGM included the announcement of the bank’s Board of Directions for the next three-year term, in addition to the reappointments of its Internal Sharia Supervision Committee and external Auditors for the year 2023. Commenting on the bank’s performance and outlook, Mohammed Ibrahim AI Shaibani, Director-General of His Highness the Dubai Ruler's Court and Chairman of Dubai Islamic Bank, said, “DIB’s extraordinary progress mirrors the continued pace of growth across the UAE economy, which DIB is proud to contribute to. Through its role as a leading Islamic financial institution, the Bank remains committed to transform and evolve the industry in the UAE and other major markets around the world. “I would like to welcome the new elected Board members, and we look forward to working closely with them towards further successes and achievements in the years ahead. We extend a huge thanks to the outgoing board members for their hard work that played a big role in the progression of the organisation. Going forward, we are confident to continue to deliver a ground-breaking customer experience, revenue growth and sustainable returns for our valued shareholders,” he added. Dr. Adnan Chilwan, Group CEO of DIB, commented, “DIB has posted spectacular results delivering AED 5.6 billion in net profits, the highest ever in the Bank’s history. I want to thank the shareholders for their confidence and support which was critical for the bank to deliver such an outstanding performance within a very uncertain global environment, I look forward to working closely with colleagues and partners to further drive sustained growth and value creation over the coming years.”

Dubai Islamic Bank shareholders approve 30% dividend for 2022

DISCOVER MORE

Saudi: Zain declares 157% higher profits in 2022

Egypt: Orascom Construction posts higher consolidated profits at nearly $134.5mln

Boursa Kuwait’s AGM approves cash dividend of $57.7mln

Banking woes, Fed keep investors on edge in nervous U.S. stock market

Deutsche Bank tumbles as jittery investors seek safer shores

Strength in megacap stocks masks broader U.S. market woes

ADX welcomes Emirates NBD Capital as a custodian amid post trading service enhancements

Union Coop distributes 22% cash dividends and 5% returns on shareholder purchases

Banking turmoil: Fitch Solutions revise 2023 gold price forecast to $1,950 an ounce

2 African development banks invest $16bln in oil, gas projects

GCC central banks track US Fed move; hike key rates by 25bps

Will gold face more downside or upside after Fed's rate hike?

UAE exchange firm Al Ansari upsizes IPO on strong investor demand

Mideast Stocks: UAE equities extend losses on ex-dividend stocks, bearish mood

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Dubai's DEPA posts higher revenue for 2022 on post-COVID recovery

Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources

Dubai Investments unveils $144.7mln dividends for H2-22

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

Will gold face more downside or upside after Fed's rate hike?

Kenya signs $250mln deal with UK to boost food production

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

China supports accounting firms, including Deloitte, doing business in the country

Dubai: Some private schools start notifying parents about fee hikes

UAE: Public transport fare ranks among the cheapest in the world, says new study

Ancelotti to Brazil would be a no-brainer, CBF president says

German workers' strike over pay is matter of survival, union boss tells Bild

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE