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DIB logs AED 3.13bn profits in 9M

DIB logs AED 3.13bn profits in 9M
The bank’s net income declined to AED 6.94bn
DIB
DIB
0.17% 5.84 0.01

Dubai – Mubasher: Dubai Islamic Bank (DIB) registered net profits attributable to the owners of AED 3.13 billion in the first nine months of 2020, down from AED 3.97 billion during the same months in 2019. 

The bank’s net income declined to AED 6.94 billion in the January-September period of 2020 from AED 6.88 billion in the year-ago period, according to the bank’s consolidated interim financial results for the nine-month period ended 30 September 2020. 

Meanwhile, the lender’s net financing and Sukuk investments increased by 27% to AED 234.5 billion as at September 2020 from AED 184.2 billion in 2019.  

The basic and diluted earnings per share (EPS) stood at AED 0.37 in the first nine months of 2020, against AED 0.53 in the corresponding period of the earlier year. 

During the third quarter (Q3) of 2020, the bank’s net profits declined to AED 1 billion from AED 1.25 billion in the same quarter of 2019. 

Commenting on the bank’s performance, the DIB Group CEO, Adnan Chilwan, said: “Our diversified revenue streams continue to sustain the bank’s healthy profitability levels during the period as we see the net operating revenue actually increase to over AED 6.9 bln despite the pandemic.” 

Chilwan added: “The Noor Bank acquisition remains on target for completion within the year. As synergies start to unfold, this key transaction will facilitate the acceleration of our business and strategic ambitions to sustain our leading position in the industry, now and in the post-COVID future.” 

It is noteworthy to mention that in the first half (H1) of 2020, the bank saw net profits of AED 2.118 billion, down by 23% from AED 2.753 billion during the same period of 2019.