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Mon 24 Oct 2016 03:45 PM

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Dubai Islamic Bank CEO says has enough capital to meet 2017 plans

Adnan Chilwan says bank has no plans to raise its capital levels further after completing $871.3m rights issue

Dubai Islamic Bank CEO says has enough capital to meet 2017 plans

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.

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