Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today reported a group net profit of Dh1.042 billion ($283.68 million) for the first quarter of this year, up 4 per cent compared with Dh1.001 billion ($272.52 million) for the same period in 2016.

Total income increased to Dh2.378 billion, up 13 per cent compared with Dh2.102 billion for the same period in 2016.
Net operating revenue increased to Dh1.804 billion, up 7 per cent compared with Dh1.690 billion for the same period in 2016, the bank said.

Impairment losses stood at Dh169 million compared with Dh118 million for the same period in 2016; cost to income ratio declined to 32.8 per cent compared with 33.7 per cent for the same period in 2016, it said.

Asset growth remains robust
Net financing assets rose to Dh121.4 billion, up by 6 per cent compared to Dh114.9 billion at the end of 2016.

Sukuk investments increased to Dh24.2 billion, a growth of 4 per cent compared to Dh23.4 billion at the end of 2016.
Total assets stood at Dh186.9 billion, an increase of 7 per cent compared to Dh174.9 billion at the end of 2016.

The bank’s capital adequacy ratio remained strong standing at 16.5 per cent as against 12 per cent minimum required.

Earnings per share stood at Dh0.16 in Q1 2017.

Mohammed Ibrahim Al Shaibani, director-general of His Highness the Ruler’s Court of Dubai and chairman of DIB, said: “The UAE economy saw a strong start to 2017 following the stabilisation of commodity prices and continuation of infrastructure spending around all key areas. Capitalising on a strong beginning, all key metrics for the bank have shown robust growth, a performance that once again, puts the bank at the top end of the market.

“Whilst the UAE market continues be the biggest contributor by far, the bank’s international expansion strategy has progressed very well with the official launch of our operations in Indonesia and the recent positive developments with the regulators for our Eastern Africa ambitions.” - TradeArabia News Service