UAE's largest Islamic bank reports 10% rise in net profit to $900m for first nine months of 2017
Dubai Islamic Bank, the largest Islamic bank in the UAE by total assets, on Wednesday reported a 10 percent rise in nine-month net profit to AED3.3 billion ($900 million) compared to the same period in 2016.
Total income increased to AED7.5 billion for the nine month period to the end of September, up 17 percent compared to the year-earlier period, the bank said in a statement.
Operating expenses remaining nearly flat at AED1.7 billion while total assets stood at AED201.2 billion, an increase of 15 percent, it said, adding that customer deposits rose by 17 percent to AED143.5 billion.
Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: "The recovery of international oil prices and the stability witnessed in the recent past will be a major source
of support in the area of funding and liquidity for the banking sector.
"Credit growth is expected to more than double to 5 percent in 2018, spurred by the government’s unabated progress on infrastructure development in line with its economic aspirations."
Dubai Islamic Bank CEO, Dr Adnan Chilwan, added: "Crossing the landmark of AED200 billion in total assets is another momentous milestone in our incredible growth journey. This market beating performance clearly demonstrates the strength of the franchise and the potential the organisation has to continue to defy the trend despite the challenges thrown by the global economic environment.
He added that the bank will look to expand operations in South East Asia, East Africa and Far East Asia.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.