Photo: A branch of Dubai Islamic Bank in Ras Al Khaimah, UAE, on October 16, 2019. Jeff Kingma /

Islamic Finance

Dubai Islamic Bank reports 4.9 bln dirham net profit for 2018

Dubai Islamic Bank has posted a net profit attributable to shareholders of 4.916 billion dirhams ($1.33 billion) for 2018, the company reported today.

This is a 13.7 percent increase over 2017’s 4.322 billion dirhams, according to Salaam Gateway calculation.

Total profit passed the 5 billion dirham mark to reach 5.004 billion dirhams.

The United Arab Emirates’ largest standalone Islamic bank saw its net income rise 6.7 percent to 8.2 billion dirhams compared to 2017.

Customer deposits stood at 155.7 billion dirhams at the end of last year, up from 147.2 billion dirhams, an increase of 5.8 percent.

Islamic financing, investing assets and investments in sukuk rose 11.8 percent, reaching 176 billion dirhams in 2018, up from 157.4 billion dirhams in 2017.

The bank ended 2018 with 223.7 billion dirhams in assets, a rise of 7.9 percent over 2017’s 207.3 billion dirhams.

In its financial statements filed with Dubai Financial Market, DIB chairperson Mohammed Ibrahim Al Shaibani said that as part of the bank’s global growth agenda, it is focused on further expanding its reach within key markets of Pakistan, Indonesia and Kenya.

The bank already operates in the three markets.

DIB was last year designated by the UAE central bank as systemically important. It is the only fully-fledged Islamic bank out of four financial institutions the regulator considers “too big to fail”.

DIB has proposed a cash dividend of 35 fils per share to shareholders.

($1 = 3.6725 Emirati dirhams)

(Reporting by Emmy Abdul Alim; Editing by Gerard Aoun

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