The Dubai Islamic Bank pulled out a 26 per cent increase in net profit to Dh5.55 billion, against Dh4.4 billion a year ago. The increase was brought on rising ‘core revenues’ and ‘prudent’ cost management. The bank has proposed a 30 per cent dividend (or 30 fils a share).
The DIB numbers could be a precursor to a strong set of upcoming results from UAE’s leading banks, against a backdrop of higher interest rate, solid corporate and retail lending, and drastically lowered impairment charges.https://13aec1d1fbccd73cdbba0fef6ae6d8ae.safeframe.googlesyndication.com/safeframe/1-0-40/html/container.html?n=0
“DIB attained its strongest year in its history with robust growth in profitability as total income reached Dh14 billion, a 20 per cent year-on-year growth and balance-sheet now at Dh288 billion witnessing a 5-year CAGR of 7 per cent,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of DIB.
The bank has called for a general assembly on March 15 to get the go-ahead on the dividend proposal.