Dubai – Mubasher: Dubai Islamic Bank (DIB) on Tuesday reported a 4.1% year-on-year rise in its profits during the first quarter of 2017.
Net profits reached AED 1.042 billion ($283.64 million) in Q1-17, compared to AED 1.001 billion ($272.48 million) in Q1-16, according to a bourse statement.
Operating revenues rose 7% to AED 1.804 billion in Q1-16, compared to AED 1.690 billion in Q1-15.
“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,” DIB’s chairman Mohammed Ibrahim Al Shaibani said, commenting on the bank’s results.
He noted that the UAE’s economy enjoyed a strong start this year, particularly after commodity prices stabilised and amid the continued infrastructure spending in the country.
Although the UAE market remains DIB’s largest contributor, “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,” Al Shaibani said.
The Dubai-based and listed bank also posted a 4% growth in its sukuk investments during the quarter to AED 24.2 billion from AED 23.4 billion in the year-ago period.
Total assets by the end of Q1-17 reached AED 186.9 billion, up 7% from AED 174.9 billion recorded by the end of 2016.
Meanwhile, DIB CEO Adnan Chilwan highlighted that earlier in 2017, the bank had launched its “new Growth 2.0 strategy”, which effectively focused on two key areas, namely: safeguarding and protecting the franchise and capitalising “on the capacity created within the balance sheet to deliver the next stage of growth for the bank.”
