GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share
For the period ended September 30, 2018
  • Total Income reaches AED 8.5 billion, up by 13.6% YoY. 
  • Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY.
  • Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion.
Dubai, October 10, 2018:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its results for the period ending September 30, 2018.
 
9M 2018 Results Highlights:
 
Sustained balance sheet growth and cost discipline driving strong operating performance
  • Net financing & sukuk investments rose to AED 173.1 billion up by 10.0%, compared to AED 157.3 billion at the end of 2017.
  • Total Assets now at AED 222.8 billion, up by 7.4%, versus AED 207.3 billion at the end of 2017.
  • Cost to Income ratio continuous its downward trend to 29.0% versus 30.7% in the same period of last year.
Robust top and bottom line growth
  • Total income increased by 13.6% to AED 8,532 million, up from AED 7,510 million in the same period of last year.
  • Net profits grew by 12.1% to reach AED 3,701 million, up from AED 3,301 million in the same period of last year.
  • Net funded income margin to 3.15%, maintained at the higher end of the guidance for the year.
Strong asset quality indicators
  • NPF ratio steady at 3.3%. Provision coverage ratio now up to 121%.
  • Overall coverage, including collateral at discounted value, stands at 155%, indicating significant cushion in the balance sheet. 
Strong stable funding
  • Robust growth in customer deposits of 9.1% to reach to AED 160.6 billion from AED 147.2 billion in December 2017.
  • CASA deposit maintained at around AED 52 billion as of September 30, 2018.  
  • Financing to deposit ratio stood at 88.8%.
Stronger capital ratios under Basel III following successful rights issuance
  • Capital adequacy ratio is at 18.6%, as against 12.75% minimum required.
  • CET 1 is at 13.3%, as against minimum required of 9.25%, providing significant room for growth under the new Basel III regime.
  • ROA at 2.31% and ROE at 18.2%, in line with guidance
Management's comments for the period ending September 30, 2018:
 
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: 
  • The UAE is on track to sustaining its growth following recovery in global oil prices, new reforms and government stimulus which includes initiatives in boosting the private sector to diversify sources of growth.
  • The approved higher federal budget for 2019 will increase spending and development in key sectors which in turn benefits the banking sector as well as DIB given its strategic focus on these areas.
  • DIB continues its strong balance sheet growth of 7.4% in the nine months of 2018 supported by a well-managed cost discipline leading to significant improvements in profitability.
Dubai Islamic Bank Managing Director, Abdulla Al Hamli, said:
  • With a market cap of over AED 35 billion DIB today is amongst the fastest growing franchise in the region.
  • DIB's on-going investments in technology will provide the necessary infrastructure and platforms allowing the bank to sustain its growth in the coming years.
Dubai Islamic Bank Group Chief Executive Officer, Dr. Adnan Chilwan, said:
  • The bank has constantly shown the ability to rapidly respond to changes in the economic environment leading to strong growth in profitability of 12% YoY crossing the USD 1 billion profit in the nine months of the year, a first in the bank's history.
  • With two credit rating reaffirmations during the quarter, the bank's financial position remains solid with significant improvements in asset quality, liquidity and profitability.
  • Optimal management of costs has further improved the cost income ratio to 29%, which is an incredibly efficient position for a large retail franchise based out of Dubai.
  • Despite mobilizing longer term deposits which provides stable funding, the net profit margin remains at the higher end of the market at 3.15% ably assisted by a strong CASA book of around AED 52 billion.
  • Capitalization remains strong with CET 1 at 13.3% and total CAR 18.6% well above the regulatory requirements including all buffers under BASEL III.



Posted by : GoDubai Editorial Team
Viewed 3489 times
Posted on : Wednesday, October 10, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : FBN Next Generation Lombard Odier Award 2018 champions the next generation of entrepreneurs
Next Story : Deloitte Middle East tax professionals recognized in 2018 Guide to the World's Leading Tax Advisers
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
BodyO launches officially its AiPod for a full body check-up during the Gitex Fu...
The World of Aigner Wunderkammer
Halloween “Catwoman” mask using BROW products
Fifi & Friends - Now available at more outlets across the UAE
Corum Heritage Eleganza- Dedicated to the stylish woman
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performance...
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch'
Dubai Shopping Festival Returns With Much-awaited Mega Raffles
Hour Choice presents Coach Park Collection (Suede straps)
Sunglasses Trends for Fall/Winter 2018
Saddle Up With kate spade Fall 2018
Introducing the Nokia 7.1 to the UAE
Scuderia Ferrari Aspire Watch Special Edition Gift Set
W Motors and Safe City Group introduce the BEAST PATROL at GITEX: One of the mo...
CITIZEN Unveils 100th Anniversary Limited Edition Collection
Be Thankful with Tub of Butter This Thanksgiving
Rado DiaMaster Ceramos Automatic
Sharjah Government pavilion highlights digital transformation of Sharjah at GITE...
Neymar Jr. Partners With GaGà Milano as Brand Ambassador
L'oréal Among the Top 10 of Thomson Reuters Diversity & Inclusion Index
Toyota's legendary King goes urban with the 2019 Land Cruiser Grand Touring Edition
Nissan to Make Official On-track Formula E Debut
Trust Corine de Farme for Sulfate-Free Baby Products
Western Digital powers AI-enabled storage for futuristic surveillance and security
HUGO BOSS Watches Jump Collection
Tissot Bella Ora Round Style incarnate
Dubai Festival City Run 2018 to take place on November 9th
Avivo's Ribbon of Life Walk in support of Breast Cancer on 19th October
Healthcare leaders sign in Dubai a Call for Action to raise awareness about ‘sil...
Malabar Gold & Diamonds partners with NBF for the second NBF Fujairah Run
Epson Introduces the New A3 and A4 business inkjet aimed at busy workgroups duri...
Daikin eyes significant expansion of business in the UAE
Dubai Business Women Council witnesses 36.5% growth in total membership since th...
Synx, Pand.ai, and AIMLedge named winners of startAD's Artificial Intelligence V...
Cell Phones, Sporting Goods, and Soon, Cars: Ford Innovates with “Miracle” Mater...
Tazio Nuvolari – Time is legend
Lacoste Kyoto Collection
Rado HyperChrome Diamonds
Jeddah Airport delegation applauds Dubai Customs' experience in facilitating tra...
FBN Next Generation Lombard Odier Award 2018 champions the next generation of en...
Baroncelli Big Date collection from Mido
Swiss Chemicals & Building Material Giant “Sika” Expands Operations in UAE with ...
Dubai Health Authority showcases its smart services at GITEX 2018.
400 UAE residents come together on World Arthritis Day
Roda Al Bustan and Roda Amwaj Suites acclaimed as regional leaders in hospitality
8 Jours Grande Taille a modern take on a classic timepiece
Nawah Energy Company Establishes World's First Nuclear Language Proficiency Standards
T-Mobile and Ericsson sign major $3.5 billion 5G agreement