Dubai – Mubasher: The consolidated financial results of Dubai Islamic Bank (DIB) reported a decrease in net profits attributable to the owners to AED 3.293 billion in 2020 from AED 5.014 billion in 2019.

The bank's net income rose to AED 9.47 billion in 2020, compared to AED 9.266 billion in the previous year, according to a press release on Tuesday.

Meanwhile, the lender's net financing and Sukuk investments recorded AED 232 billion in 2020, up 26% from AED 184.2 billion in 2019.

The basic and diluted earnings per share (EPS) settled at AED 0.38 in 2020, versus AED 0.69 during the previous year.

The board proposed a cash dividend distribution, equivalent to 20% of the capital.

Commenting on the bank's performance, the Group CEO of DIB, Adnan Chilwan, said: "Our deliberate shift in strategy at the height of the pandemic and strong relationships enabled us to tap into lower-risk sectors, primarily on government-related lending."

The Director-General of The Ruler’s Court of Dubai and Chairman of DIB, Mohammed Ibrahim Al Shaibani, remarked: "In line with the government efforts to support the domestic economy during the pandemic, DIB has provided relief measures of nearly AED 9 billion to over 54,000 customers in retail and corporate under the UAE CB’s TESS Programme."

It is noteworthy to mention that 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.