Adnan Chilwan says bank has no plans to raise its capital levels further after completing $871.3m rights issue
Dubai Islamic Bank (DIB) has no plans to raise its capital levels further after completing a 3.2 billion dirham ($871.3 million) rights issue in June, the CEO of the United Arab Emirates' largest sharia-compliant lender said on Monday.
"We are adequately capitalised," Adnan Chilwan said. "We see no need for further capital. We have enough to meet our ambitions for 2017."
He was speaking on an earnings conference call after the bank posted a 9.9 percent drop in third-quarter net profit, in line with analysts' forecasts.
The rights issue completed in June was aimed at boosting the bank's capital levels. DIB's Tier 1 capital adequacy ratio stood at 18 percent at the end of September, compared to the minimum level required in the United Arab Emirates of 8 percent.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.