DUBAI, UAE: Dubai Islamic Bank (DIB) has announced a net profit of AED 1.35 billion for the quarter ended March 31, 2019, up 12 percent compared with the profit of AED 1.211 billion in the corresponding period last year.[the_ad id=”31605″]Highlights:
Total Income increased to AED 3.407 billion in the quarter under review, up by 26% compared to AED 2.697 billion in the same period last year.
Net Operating Revenue grew to AED 2.307 billion, up 17% compared to AED 1.971 billion.
Operating expenses stable at AED 599 million in Q1 2019 vs AED 590 million in Q1 of 2018.
Net operating profit before impairment charges grew by 24% to AED 1.708 billion.
Cost to income ratio continues to improve at 28.1% compared to 28.3% at the end of 2018.
Net Profit Margin grows to 3.19%, depicting profitability focused underwriting.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “The UAE’s GDP continues to grow crossing USD $400 billion following successful structural reforms, strengthening of fiscal policies as well as growth in the non-oil sectors. The implementation of various initiatives set out to attract investors and businesses are paving the way for sustained growth in the UAE in the years to come.
“The banking sector remains resilient with strong capitalization and rising profitability. DIB continues to progress with robust set of first quarter results with total income growing by 26% to reach to AED 3.4 billion driven by consistent strong growth across our businesses.
“Global market optimism is returning as reflected by the positive index performances as well as increasing trade volumes in the UAE financial markets since the start of the year”.
Dubai Islamic Bank Managing Director, Abdulla Al Hamli, said: “Global oil prices continue its upward trend since the start of the year. This, together with stimulus initiatives being put in place, will boost economic activity within the UAE and promote public spending as well as heightened private and public sector confidence.
“As digital technology and innovation makes further inroads into the financial industry, DIB ensures that the bank is at the forefront of these events with the launch of a digital lab, which will be the home of digital innovation and advancement for the bank”.
Dubai Islamic Bank Group Chief Executive Officer, Dr. Adnan Chilwan, said: “DIB’s growth is synonymous with that of UAE. We have proven that year-on-year, quarter-on-quarter. Our latest, 1st Quarter net profit has grown by 12%, reaching AED 1.3 billion. DIB continues to deliver on all fronts by constantly evolving it’s business model based on the needs of its flourishing customer base. We are making steady inroads in digitisation and innovation. Our aspirations to be an always-on financial institution are well under way with the successful unveiling of a hub for digital innovation, the DIB Digital Lab”.