Dubai Islamic Bank Group 9 Month Financial Results
- Total Income reaches AED 8.5 billion, up by 13.6% YoY.
- Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY.
- Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion.
- Net financing & sukuk investments rose to AED 173.1 billion up by 10.0%, compared to AED 157.3 billion at the end of 2017.
- Total Assets now at AED 222.8 billion, up by 7.4%, versus AED 207.3 billion at the end of 2017.
- Cost to Income ratio continuous its downward trend to 29.0% versus 30.7% in the same period of last year.
- Total income increased by 13.6% to AED 8,532 million, up from AED 7,510 million in the same period of last year.
- Net profits grew by 12.1% to reach AED 3,701 million, up from AED 3,301 million in the same period of last year.
- Net funded income margin to 3.15%, maintained at the higher end of the guidance for the year.
- NPF ratio steady at 3.3%. Provision coverage ratio now up to 121%.
- Overall coverage, including collateral at discounted value, stands at 155%, indicating significant cushion in the balance sheet.
- Robust growth in customer deposits of 9.1% to reach to AED 160.6 billion from AED 147.2 billion in December 2017.
- CASA deposit maintained at around AED 52 billion as of September 30, 2018.
- Financing to deposit ratio stood at 88.8%.
- Capital adequacy ratio is at 18.6%, as against 12.75% minimum required.
- CET 1 is at 13.3%, as against minimum required of 9.25%, providing significant room for growth under the new Basel III regime.
- ROA at 2.31% and ROE at 18.2%, in line with guidance
- The UAE is on track to sustaining its growth following recovery in global oil prices, new reforms and government stimulus which includes initiatives in boosting the private sector to diversify sources of growth.
- The approved higher federal budget for 2019 will increase spending and development in key sectors which in turn benefits the banking sector as well as DIB given its strategic focus on these areas.
- DIB continues its strong balance sheet growth of 7.4% in the nine months of 2018 supported by a well-managed cost discipline leading to significant improvements in profitability.
- With a market cap of over AED 35 billion DIB today is amongst the fastest growing franchise in the region.
- DIB’s on-going investments in technology will provide the necessary infrastructure and platforms allowing the bank to sustain its growth in the coming years.
- The bank has constantly shown the ability to rapidly respond to changes in the economic environment leading to strong growth in profitability of 12% YoY crossing the USD 1 billion profit in the nine months of the year, a first in the bank’s history.
- With two credit rating reaffirmations during the quarter, the bank’s financial position remains solid with significant improvements in asset quality, liquidity and profitability.
- Optimal management of costs has further improved the cost income ratio to 29%, which is an incredibly efficient position for a large retail franchise based out of Dubai.
- Despite mobilizing longer term deposits which provides stable funding, the net profit margin remains at the higher end of the market at 3.15% ably assisted by a strong CASA book of around AED 52 billion.
- Capitalization remains strong with CET 1 at 13.3% and total CAR 18.6% well above the regulatory requirements including all buffers under BASEL III.
Home >> Banking & Investments Section
Greenpeace MENA Reveals North Africa's Polluters- Time for Urgent Action!
Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Duba ...
Dubai Shopping Malls Group Set To Delight Shoppers With New ‘Shop. Scan & Win' E ...
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...
Union Coop joins forces with Emirates Skywards
Identity and Dubai Police in Wheelchair Basketball final at Nad Al Sheba Sports ...
Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agr ...
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for ...
5th Ramadan Heroes supports 224,000+ beneficiaries in two weeks
Call for Entries for Milestone Tenth Edition of Van Cleef & Arpels Middle East E ...
Emirates Adds Saf On Flights From Amsterdam Schiphol Airport
Formula E Races Into Asphalt 9: Legends With Time-Limited Events Ahead Of Tokyo ...
Green Metal Industries to set up a $100m Steel Recycling and Production Facility ...
MGD Showroom Inaugurations In India
Moro Hub Recognizes Supreme Legislation Committee's Commitment to Sustainability ...
Ras Al Khaimah Welcomes Easter with Exceptional Hospitality and Exclusive Hotel ...
Six Senses Residences Dubai Marina Engineered with Integrated Wellness from the ...
Choithrams marks 50 Years of Goodness, ready for a golden run into the next 50