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DIB reports higher net profits at AED 5.102bn in 2019; dividends proposed

DIB reports higher net profits at AED 5.102bn in 2019; dividends proposed
DIB's net income grew by 13% to AED 9.266 billion
DIB
DIB
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Dubai – Mubasher: Dubai Islamic Bank (DIB) reported a 2% year-on-year (YoY) increase in net profits to AED 5.102 billion in 2019 from AED 5.003 billion in 2018, according to the bank’s consolidated financial statements for 2019.

The bank’s net income grew by 13% to AED 9.266 billion last year from AED 8.201 billion in 2018, while the basic and diluted earnings per share (EPS) stood at AED 0.69 from AED 0.72.

The Islamic bank’s net financing and sukuk investments amounted to AED 184.2 billion, representing a 5% rise on an annual basis.

Meanwhile, DIB’s board proposed cash dividends of 35% of the capital as well as a 40% increase in foreign ownership limit.

Commenting on the bank’s 2019 performance, the director general of the ruler’s court of Dubai and chairman of DIB, Mohammed Ibrahim Al Shaibani, said: “The bank’s growth performance over the years has resulted in a balance sheet expansion to more than AED 230 bn, with a market cap crossing USD 10 billion.”

DIB’s CEO, Adnan Chilwan, remarked: “Whilst our organic growth has been well above the market over the last five years, CAGR of 13% (assets ’14-’19), we are always on the lookout on how to accelerate this further. Noor Bank acquisition is a prime example of the same, and with the transaction completed, we are now fully geared to push forward.”

It is noteworthy to mention that during the first nine months of 2019, the bank’s net profits rose by 8% to AED 4.015 billion from  AED 3.701 billion during the same period of 2018.