Home Business & Finance Dubai Islamic Bank H1 net profit rises 14% on core business

Dubai Islamic Bank H1 net profit rises 14% on core business

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DUBAI: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by assets, posted group net profit of Dh2.44 billion in the first-half of 2018 compared with Dh2.14 billion for the same period in 2017, up 14 percent. Net revenue for the period ending June 30, 2018 amounted to Dh4.036 billion, an increase of 10 per cent compared with Dh3.677 billion in the same period of 2017. Total income rose to Dh5.57 billion, up 15 percent. The Bank said earnings growth was driven by strong increase in income from core businesses.

Sukuk investments increased to Dh28.4 billion compared to Dh24 billion at the end of 2017, a growth of 18 per cent. Commissions and fees increased by 14 percent in the first half of 2018, reaching Dh781 million.Assets stood at Dh215.6 billion, up by four percent, compared to Dh207.3 billion at the end of 2017. Customer deposits reached Dh151.4 billion as of H1 2018, a rise of 3 per cent from year end 2017.

Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank, said 2018 so far is panning out as planned with expansion across all businesses leading to core income growth as the key performance indicators remain aligned with the guidance. “With international operations getting fully aligned with the DIB Group agenda; we expect the non-UAE contribution to increase over the years as we continue to spread our proven growth strategy across other markets. The recent capital increase has once again created capacity for further growth, allowing us to continue to unlock the potential that the franchise offers both in terms of financial strength and market leadership position,” he said. Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said new initiatives recently announced by the UAE to fuel economic growth across various key sectors look very positive for businesses as well as the financial markets in the coming years.Operating expenses reached Dh1.187 billion for the period ending June 30, 2018 compared to Dh1.162 billion in the same period in 2017. The Shariah-compliant Bank’s shares fell 0.40 percent to Dh4.96. Says in press release

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