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11 Oct

DIB’s profits grow 10% in 9M


ubai Islamic Bank (DIB) on Wednesday announced a 10% year-on-year increase in group net profit to AED 3.301 billion in the first nine months of 2017 from AED 3.011 billion at the comparative period in 2016.

Net operating revenue grew 13% to reach AED 5.681 billion between January and September compared to AED 5.048 million in the year-ago period, according to a filing to the Dubai Financial Market (DFM).

“Efficient and proactive cost management led to operating expenses remaining nearly flat at AED 1.741 billion [in the first nine months of 2017] compare to AED 1.716 billion in the same period of 2016,” DIB stated.

As for customer deposits, the largest bank by assets in the UAE said the latter saw a 17% growth, increasing to AED 143.5 billion by the end of the nine-month period ending September from AED 122.4 billion at the end of same period a year ago.

Asset growth

Meanwhile, net financing assets went up 14% to AED 131.3 billion in the first nine months of the year from AED 115.0 billion by the end of 2016.

Similarly, sukuk investments rose 8% to AED 25.2 billion against AED 23.4 billion at the end of 2016, according to DIB’s statement.

Total assets also increased by 15% to AED 201.2 billion compared to AED 175.0 billion at the end of the fourth quarter of 2016.

Source: Mubasher


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