Dubai Islamic Bank posts $844mln profit, deposits increase 31%

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, posted at group net profit of Dh3.1 billion during the first nine months of the year. The bank announced its results for the period ending September 30 on Tuesday.

Customer deposits increased by 31 per cent year-to-date to Dh214.6 billion and its net financing and sukuk investments rose to Dh234.5 billion against Dh184.2 billion in 2019, up by 27 per cent.

Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: "The global environment remains uncertain with geographies around the world yet to fully recover. At home, the UAE remains committed towards economic development with a strong focus on precautionary safety measures as we witness the gradual recovery of trade and business services. In addition, the proactive fiscal policies of the UAE government have supported the domestic banks to continue to operate profitably whilst simultaneously assisting and servicing customers during these trying times."

Al Shaibani further added: "The ongoing consolidation of the banking sector in the GCC region is expected to continue with constrained growth opportunities and lower oil prices. DIB's strategic acquisition of Noor remains on target for completion by year end. The anticipated synergies have already started to materialise which will pave the way for robust growth and greater returns for our shareholders in the years to come."

DIB's robust consumer business coupled with digital offerings remains aligned towards supporting immediate on-boarding of new customers as well as continuing to service and engage with them on the same.

Dubai Islamic Bank Managing Director, Abdulla Al Hamli, said: "During these unprecedented times, our business continuity and crisis management plans were immediately engaged. This has enabled our highly dedicated and capable employees to continue on with their duties and be able to service our customers with minimal disruptions supported by technology enablers and extreme precautionary and safety measures."