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DIB posts AED 2.75m profits in H1

DIB posts AED 2.75m profits in H1
Net profit reached AED 2.75 million in H1-19
DIB
DIB
0.17% 5.84 0.01

Dubai – Mubasher: Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, reported a 13% year-on-year increase in net profit for the first half of 2019.

Net profit reached AED 2.75 billion in the six-month period ended 30 June 2019, versus AED 2.44 billion in the year-ago period, DIB said in a press release.

The bank’s total income grew by 25% to AED 6.98 billion in H1-19 from AED 5.57 billion in the same period a year ago.

Net operating revenue amounted to AED 4.69 billion in the first six months of the year, up 16% year-on-year from AED 4.03 billion, the lender said.

DIB’s operating expenses were stable in H1-19 at AED 1.2 billion, compared to AED 1.18 billion in H1-18.

Meanwhile, net operating profit before impairment jumped by 23% year-on-year to AED 3.49 billion.

The DFM-listed lender’s net financing and Sukuk investments grew by 3.7% as at 30 June 2019 to AED 182.5 billion, versus AED 175.9 billion at the end of 2018.

Total Assets amounted to AED 228.2 billion at the end of June 2019, up 2% from AED 223.7 billion as at 31 December 2018, DIB noted.

Moreover, customer deposits stood at AED 156.9 billion in H1-19, compared to AED 155.7 billion at the end of 2018.

It is worth noting that DIB previously posted a 12% year-on-year increase in profits for the first quarter of 2019, registering a net profit of AED 1.3 billion.

In June, Moody's Investors Service announced it had affirmed DIB’s long- and short- term foreign and local currency issuer ratings at A3/P-2.