The Dubai Islamic Bank (DIB) recorded Tuesday its highest-ever nine-month growth, driven by rising core revenues and sustained lower impairments, according to a filing on the Dubai Financial Market (DFM). DIB said net profit during the period ending September 30 reached $1.1 billion (AED 4.1 billion), a 34% increase from the $833.1 million (AED 3.06 billion) in the same period last year. Total income rose 10% to $2.7 billion (AED 9.9 billion), compared to $2.4 billion (AED 8.9 billion) in the previous corresponding period.
Net operating profit went up 6% to $1.5 billion (AED 5.6 billion) compared to $1.4 billion (AED 5.3 billion) in the year-ago period. DIB’s impairment charges continue to decline, registering $408.4 million (AED 1.5 billion) compared to $598.9 million (AED 2.2 billion) in the previous year which, according to the bank, demonstrates the resilience of the financing book.
The bank said its capitalization levels remain strong with common equity tier 1 (CET1) at 13.9% (+150bps year to date) and capital adequacy ratio (CAR) at 18.6% (+150bps year to date), adding that both are well above the minimum regulatory requirement. Total equity now stands at $11.7 billion (AED 43 billion).
DIB, which was ranked 15th on Forbes Middle East’s Top 100 Companies in the Middle East 2021 list, has a market capitalization of $11.9 billion (AED 43.7 billion) as of October 25, 2022, according to data published by the Dubai stock market. “Amidst the ongoing unprecedented environment, the bank’s incredible performance to date has been the highest ever nine months performance in the bank’s history,” Adnan Chilwan, group CEO, said in a statement. “This feat is a true testament of our robust strategy that we have set at the beginning of the year. This has led to our margins to further improve by 30 bps YTD.”
