Dubai – Mubasher: Dubai Islamic Bank (DIB) saw net profits of AED 2.118 billion in the first half (H1) of 2020, down by 23% from AED 2.753 billion during the same period of 2019.

The bank's total assets jumped by 27% to AED 294.797 billion in the first six months of 2020 from AED 231.796 billion during the corresponding period of last year, according to the bank's consolidated interim financial results for the period ended on 30 June 2020.

The lender's net financing and Sukuk investments increased by 29% to AED 237.099 billion in H1 of 2020, compared to AED 184.157 billion in the year-ago period.

Meanwhile, DIB's net income registered AED 4.723 billion in H1 of the current year, up from AED 4.699 billion in the same half of 2019.

The basic and diluted earnings per share (EPS) settled at AED 0.26 in the January-June period, versus AED 0.38 in the corresponding period of the earlier year.

Commenting on the bank's performance, the director-general of The Ruler’s Court of Dubai and Chairman of DIB, Mohammed Ibrahim Al Shaibani, said: "The new UAE government structure, along with more than AED 6 billion Dubai economic stimulus measures that were unveiled by the leadership, are designed to bolster the market and boost investor confidence during and post the COVID era."

DIB's CEO, Adnan Chilwan, noted: "Despite everything, the year has seen us hit new milestones, with both customer financing and deposits crossing the AED 200 billion mark and the balance sheet now approaching the coveted AED 300 billion level."

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank's net profits dropped by 17.1% to AED 1.111 billion, compared to AED 1.336 billion in the same period of 2019.