Tawasul
Mubasher TV
Contact Us Advertising   العربية

DIB reports lower net profits in Q1-21

DIB reports lower net profits in Q1-21
The bank's net income declined to AED 2.225 billion in Q1-21
DIB
DIB
0.40% 5.02 0.02

Dubai – Mubasher: The net profits attributable to the owners of Dubai Islamic Bank (DIB) decreased to AED 845.962 million during the first three months of 2021, compared to AED 1.111 billion in the corresponding period of 2020, according to the bank's consolidated interim financials for the three-month period ended 31 March 2021.

The bank's net income declined to AED 2.225 billion in the first quarter (Q1) of 2021 from AED 2.431 billion in the year-ago period.

Meanwhile, the bank's net operating revenue reached AED 2.226 billion in Q1-21, down 8% from AED 2.431 billion in Q1-20.

The lender's assets amounted to AED 291.71 billion as of 31 March 2021, up from AED 289.556 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.09 in the January-March period of 2021, compared to AED 0.13 in the corresponding period of the earlier year.

Commenting on the bank's performance, the CEO of DIB, Adnan Chilwan, said: "As significant headwinds remain in the current environment, we continue to approach the year with extreme prudence, with focus on low risk sectors and those showing consistent signs of recovery as the market improves."

Meanwhile, the Director-General of The Ruler’s Court of Dubai and Chairman of DIB, Mohammed Ibrahim Al Shaibani, remarked: "IMF has revised positively the economic outlook on the UAE on account of the country’s robust and quick response to the challenges faced in times of the pandemic."

It is noteworthy to mention that in 2020, the consolidated financial results of DIB reported a decrease in net profits attributable to the owners to AED 3.293 billion from AED 5.014 billion in 2019.