Dubai Islamic Bank has reported improved profitability with total income increasing by five percent quarter on quarter to reach AED5.8 billion ($1.6bn).
The largest Islamic bank in the UAE and second largest in the world reported stable net operating revenue at AED4.6bn ($1.3bn).
“Dubai Islamic Bank’s profitability remained strong despite the challenging last 18 months, with a net profit of AED 1.9bn ($517m) during the first half of 2021,” said Dr Adnan Chilwan, the bank’s group chief executive officer.
Dr Adnan Chilwan, group chief executive officer at Dubai Islamic Bank.
“The first half of the year also saw a strong 18 percent rise in net profits over the previous quarter, as our core businesses witnessed a steady recovery and operational efficiencies build-up continues. The balance sheet is poised for further enhancement in net margins in line with any increase in interest rates in the markets,” he added.
Net financing and sukuk investments remained stable at AED232.8bn ($63.4bn) in the first half of 2021, despite early settlements from large corporates during the six-month period amounting to more than AED8bn ($2.2bn). Sukuk investments now stand at AED38.5bn ($10.5bn) depicting a year-to-date growth of nine percent.
The bank, which has around 500 branches in operation across the Middle East, Asia and Africa, has group assets in excess of AED294bn ($80bn) and a market capitalisation of AED33bn ($9bn).
“At Dubai Islamic Bank, we remain optimistic of the continued positive outlook in the months to come and look forward to unequivocally supporting the major UAE events lined up for this year,” said Mohammed Ibrahim Al Shaibani, director-general of His Highness The Ruler’s Court of Dubai and chairman of Dubai Islamic Bank.
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