The board of Dubai Islamic Bank (DIB) has recommended the distribution of cash dividends to shareholders at 40% for the fiscal year 2014, at AED 1.58 billion, or 40 fils per share, which represents 56% of FY14 profits.

An ordinary general meeting will be held on Sunday, March 1 to look into the recommendation.

The bank had distributed 25% cash dividend for FY13 at AED 988.437 million, or 25 fils per share.

DIB has reported 63% growth in its net profit for the fiscal year 2014 to AED 2.8 billion, compared with AED 1.72 billion a year earlier.

The bank is capitalized at AED 3,953,751,107 at AED 1 par value each.

DIB has posted AED 2.06 billion net profit for the first nine months of FY14, with a rise by 71.66% year-over-year from AED 1.2 billion.

Photo Credit: Arabianeye-Reuters