Robust balance sheet growth of 3% YTD reach AED 287 billion.
Total income of over AED 3 billion, up 6% YoY.
Strong growth in net operating revenues of 11% YoY to reach to AED 2.5 billion.
Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE and the second largest Islamic bank in the world, today announced its results for the period ending March 31, 2022.
First Quarter 2022 Highlights:
• Significant growth in Group Net Profit of 58% YoY to AED 1,345 million vs AED 853 million last year. The strong growth was driven by lower impairments as well as a stronger top line growth.
• Net financing and sukuk investments grew by 3% to AED 235.1 billion compared to AED 228.5 billion in 2021.
• Gross new financing of nearly AED 16 billion YTD driven by strong growth of wholesale bookings on the back of improved economic outlook.
• Net Operating Revenues showed a robust growth of 11% YoY to AED 2,467 million vs AED 2,226 million in same period of last year.
• Steady growth of 6% YoY led to total income of AED 3,016 million compared to AED 2,847 million in Q1 2021.
• Net Operating Profit reached AED 1,770 million, a strong increase of 10% compared to AED 1,614 million in same period of last year.
• Strong balance sheet growth of 3% YTD to reach AED 287.2 billion supported by significant volume growth and new underwriting against improved operating conditions and recovering economic environment.
• Customer deposits remained steady at AED 204.5 billion with CASA increasing by 3.2% to AED 92 billion. CASA now forms 45% of the customer deposit base.
• Significantly lower impairment losses of 44% YoY to AED 417 million against AED 751 million in previous year demonstrate the improving asset quality.
• NPF ratio on a downward trend at 6.7% (-10bps YTD) compared to 6.8% in 2021, with absolute NPFs decreasing as well.
• Cost income ratio at 28.3% a rise of 150bps YTD. Operating Expenses increased by of 14% YTD now reaching to AED 698 million.
• Liquidity remains healthy with finance to deposit ratio of 93% and LCR of 123%.
• Continued healthy improvements on ROA now at 1.9% (+35bps YTD) and ROTE at 16.2% (+320bps YTD).
• Capitalization levels remain robust with CET1 at 12.8% (+40bps YTD) and CAR at 17.5% (+40bps YTD), both well above the minimum regulatory requirement. Total equity now stands at AED 40.8 billion.