• Net Income grew to AED 9,267 million, up 13% YoY
  • Net Profit at AED 5.1 billion, up by 2% YoY
  • Cost to income ratio now at 26.9%, amongst the best in the market
  • Noor Bank acquisition complete, with integration underway to realize the synergies and boost returns
  • DIB Board has recommended an increase in Foreign Ownership Limit to 40%, subject to regulatory and corporate approvals 

Dubai: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending December 31, 2019. 

Full Year 2019 Results Highlights: 

Sustained Performance 

  • Total Income reached AED 13,684 million, up by 17% YoY compared to AED 11,730 million.
  • Group Net Profit increased to AED 5,103 million, up 2% YoY compared to AED 5,004 million.
  • Net Income grew to AED 9,267 million, up 13% YoY compared to AED 8,202 million.
  • Operating expenses continue to be stable at AED 2,358 million vs AED 2,322 million in 2018.
  • Net operating profit before impairment charges grew by 17% YoY to AED 6,908 million.
  • Cost to income ratio continues to improve now at 26.9% compared to 28.3% at the end of 2018.
  • Net Profit Margin at 3.15%, is at the higher end of the guidance for the year.
  • ROA is at 2.25% and ROE is at 17.1% for the year.

Managed Expansion, focused on profitable growth 

  • Net Financing & Sukuk investments rose to AED 184.2 billion up by 5% YoY.
  • Total Assets stood at AED 231.9 billion, up by 4% YoY.
  • Customer deposits increased to AED 164.4 billion up by 6% YoY.
  • CASA deposits stand at AED 54.6 billion in 2019, representing 33% of customer deposits.
  • Financing to deposit ratio stood at 92%.
  • NPF ratio is at 3.9%, with cash coverage ratio at 101%.
  • Overall coverage, including collateral at discounted value, stands at 135%.

Robust capital ratios

  • Capital adequacy ratio is at 16.5%, as against 13.50% minimum requirement.
  • CET 1 is at 12.0% as against minimum requirement of 10.00%.
  • DIB’s Board of Directors recommends the distribution of a cash dividend of 35%, subject to AGM approval.

Read the full report here.

-Ends-                                              

© Press Release 2020

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