Dubai Islamic Bank net profit rises to AED1.19bn
05 Feb 2013 05:26 GMT
 

Monday, Feb 04, 2013

Dubai: Dubai Islamic Bank ( DIB ) group on Monday reported a net profit of Dh1.19 billion, compared to Dh1.05 (more)

Monday, Feb 04, 2013

Dubai: Dubai Islamic Bank ( DIB ) group on Monday reported a net profit of Dh1.19 billion, compared to Dh1.05 billion in 2011, an increase of 13 per cent. DIB’s Board of Directors also recommended the distribution of a cash dividend of 15 per cent, subject to regulatory and general assembly approvals.

DIB’s total assets as of December 31, 2012, stood at Dh95.4 billion, compared to Dh90.6 billion at the end of the same period in 2011, an increase of 5.3 per cent.

The bank’s customer base grew steadily in 2012, with customer deposits reaching Dh66.8 billion as of December 31, 2012, a year-on-year increase of 2.9 per cent. DIB continued to maintain a strong finance-to-deposit ratio of 83 per cent as of December 31, 2012, compared to 79 per cent on the same date in 2011.

As of December 31, 2012, the impaired ratio stood at 9.8 per cent, compared to 12.1 per cent as of December 31, 2011. The bank has continued its prudent provisioning policy with impairment charge during the year ended December 31, 2012 amounting to Dh1.04 billion, compared to Dh1.09 billion for the same period in 2011.

The bank reported a capital adequacy ratio of 17.5 per cent, and a Tier I Capital ratio of 14 per cent. While capital adequacy ratio decreased due to the commencement of the capital amortisation of the Ministry of Finance Medium Term Wakala Finance, Tier 1 capital increased by 0.5 per cent in 2012.

“2012 was a very strong year for the UAE economy and for Dubai Islamic Bank ,” said Mohammad Ebrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank . “The bank saw healthy growth across a number of key areas, from our asset and deposit bases through to our net profit. With our position as the UAE’s leading Islamic bank secure, the focus for DIB now is to capitalise on the momentum that we have built up over the last few years.”

Staff Report

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