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The net profit of Dubai Islamic Bank for the first half of the year reached 2 billion and 441 million dirhams, up 14% compared to 2 billion and 143 million over the same period of 2017, thanks to a significant increase in revenues large companies. AED 577 million, an increase of 15% over AED 4,865 million over the same period in 2017.
Net operating income rose to AED 4,036 million, up 10% from 3,677 million realized by the Bank over the same period 2017, Profitable management continued with a cost / income ratio of 29.4%, while net profit improved (19659002) Sustainable growth
Net financing assets increased to AED 141.8 billion, an increase of 6% from AED 133.3 billion at the end of 2017, Sukuk investments reached 28.4 AED billion, up 18% from AED 24.0 billion end 2017.
Total assets amounted to 215.6 billion AED, up 4% from 207.3 billion end 2017 The rate of nonperforming funding has risen steadily to 3.3% Total coverage including guarantees to their value Eur discounted to 158%, indicating the availability of reserves and (19659002) Customer deposits reached AED 151.4 billion in the first half of the year, up 3% from the end of 2017. Current accounts and accounts of Savings accounted for 39% of total deposits, compared with 37% at the end of 2017. The ratio of financing to deposits increased to 94% with continued efficiency
The capital adequacy ratio reached 18.3 %, compared to the required minimum of 12.4% The capital of the first segment of CET 1 was 13.0% 3.
Earnings per share increased further to 0.38 AED in the first half of the year. 0.33% in the first quarter The same as last year
The rate of return on assets remained unchanged at 2.33% in the first half of 2018. Return on equity remained at 18, 8%.
New Initiatives
"New initiatives recently announced by the UAE to encourage economic growth in the main sectors are very positive for business and financial markets in the years to come", said Mohammed Ibrahim Al Shaibani, director of the Supreme Court and chairman of Dubai Islamic Bank. Capital is another important step for one. It aims to strengthen the financial strength of the sector in general and protect the interests of all shareholders while creating new growth opportunities.
The formidable response of shareholders to the recent capital raising by the issuance of subscription rights Senior management. "The IPO has exceeded the required limit of 3 times, which clearly demonstrates the support and confidence that investors place in this outstanding institution."
Digital Capabilities
Abdullah Al Hamli, Dubai Islamic Bank (DIB): Our rigorous risk management practices and cautious approach to lending have created greater resilience than ever before to economic volatility , adding that the Bank continues to invest in enhancing our digital capabilities through our newly enhanced online and mobile platform. , Aiming to provide our customers with a vacuum
The reaffirmation of Dubai Islamic Bank's recent credit rating clearly indicates the strength of the bank's financial position for all major financial benchmarks.
Plans for Expansion
Dr. Adnan Shalwan, Managing Director of Islamic Bank of Dubai, said: "2018 is a good year ahead as we plan to expand our business, which will translate into revenue growth, while key indicators performance remains in line with our forecasts. Total income continues its upward trajectory supported by an increase in current and savings accounts as well as the expansion of the net financing margin, where the latter has reached the upper limit of the indications provided previously.
He explained that improving efficiency is a goal, a clear fact demonstrated by the trends of key indicators of return on equity. Dr. Adnan Shalwan added that as the Bank's international operations align with those of the DIB, we expect our contribution to grow beyond the United Arab Emirates as we continue to deploy our proven growth strategy in ASU. "With the laying of the foundation stone, we will soon unveil our new focus and an expansion program for the bank, which will focus on digital transformation directly geared to changing customer interaction with the company." Institution for two simple purposes: efficiency and increased income.
Profitability continued to grow with total revenues of 5.577 million dirhams compared to 4.865 million dollars for the same period in 2017. The increase is 15 percent mainly due to the sustained growth of the Bank's activities.
And the investment offers of 19% to reach 4% A 415 million AED against AED 3,713 million for the same period in 2017. The net business figure for the period ended June 30, 2018 to AED 4,036 million, up 10% compared to AED 3,677 million over the same period in 2017.
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