|17 July, 2019

Dubai Islamic Bank Q2 profit jumps 14%

The Islamic lender announced a 12.78% year-on-year rise in its first half net income

Dubai Islamic Bank. Image used fro illustrative purpose.

Dubai Islamic Bank. Image used fro illustrative purpose.

Dubai Islamic Bank

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has posted a 14 percent jump in its net profit for the second quarter of 2019 at 1.38 billion dirhams($375.8mln).

"We continue to sustain the growth of our balance sheet evidenced by the consistent increasing market share of DIB in the industry over the past few years," Dubai Islamic Bank Managing Director, Abdulla Al Hamli said in a statement.

“The progress on digital ambitions continues with the launch of significantly enhanced products and services to the modern customer leading to a more personalised and secured banking journey that can be experienced anytime and anywhere,” he added.

DIB posted a 12.78 percent year-on-year rise in its first half net income, which reached to 2.7billion dirhams due to rise in revenue and strong liquidity position.

Net operating revenue was up by 16 percent year-on-year at 4.7 million dirhams in the first six months of this year.

"With double digit rise in profitability, the bank remains in a strong position to capture opportunities in the market whilst delivering robust growth and returns for all stakeholders," Mohammed Ibrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank said.

According to the bank, its capital adequacy ratio is at 17.5 percent, as against 13.50 percent minimum required. DIB's Return on Assets (ROA) increased to 2.46 percent and Return on Equity (ROE) at 18.5 percent, both in line with guidance.

(Writing by Seban Scaria; editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

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© ZAWYA 2019

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