Dubai Islamic Bank (DIB) has reported a net profit of Dh4.050 billion ($1.1 billion) for 2016, an increase of 6 per cent compared to Dh3.839 billion in 2015.

At the Annual General Meeting (AGM) held yesterday (February 23) in Dubai, UAE DIB announced that the assembly has approved the distribution of 45 fils per share as cash dividend for 2016.

Other agenda items were also concluded at the AGM including the election of the members of Board of Directors for the period 2017-2019, the review of the Fatwa and Sharia Supervisory Board Report and the reappointed of the bank’s external auditors.

Mohammed Ibrahim Al Shaibani, director-general The Ruler’s Court of Dubai and chairman of Dubai Islamic Bank, said: “In line with the UAE and Dubai’s growth, I am proud to say that DIB’s 2016 fiscal performance also exceeded expectations. DIB consistently outperformed the banking sector, registering record profits whilst simultaneously delivering significant value to all of its stakeholders.”

“The profit for the year reached over Dh4 billion, up by 6 per cent compared to Dh3.8 billion in 2015, and allowed us to maintain our unique position in the “Billion Dollar” profit club in the United Arab Emirates,” he added.

As an indication of the robust financial position and strong risk management practices, Moodys recently upgraded the outlook of the Bank from “Stable” to “Positive”, a key achievement given the challenging global economic environment.

“DIB has been amongst the top performers in the market over the recent past,” said Dr Adnan Chilwan, Group CEO, DIB.

“Clearly, the growth strategy outlined three years ago has been followed up with exemplary execution, not only in terms of the financial performance yielded over the defined period but also because it has led to the re-creation of the platform that allowed us to spring-board from in 2014. We remain committed to continue our leading performance in the coming years and ensure strong and robust returns for all stakeholders,” he added.

The bank has received numerous local and international accolades last year, ranging from “Best Islamic Bank” to “Best Islamic Retail Bank”, and “Best Islamic Corporate Bank”, along with a number of “deal of the year” awards. – TradeArabia News Service