Dubai – Mubasher: The net profits attributable to the owners of Dubai Islamic Bank (DIB) dropped by 17.1% to AED 1.111 billion during the first quarter of 2020, compared to AED 1.336 billion in the same period of 2019.
The bank's total assets jumped by 19% to AED 276.4 billion in Q1-20 when compared to the end of 2019, according to the bank's consolidated interim financial results disclosed to the Dubai Finanical Market (DFM) on Thursday.
Meanwhile, DIB reported net financing and Sukuk investments of AED 216.2 billion, up by 17% when compared to the end of 2019.
The earnings per share (EPS) stood at AED 0.13 in the first three months of 2020, versus AED 0.17 in the corresponding period of 2019.
The bank's operating expenses increased by 40% to AED 838.7 million in Q1-20, compared to AED 599.2 million in Q1-19.
Commenting on the measures taken amid the coronavirus (COVID-19) pandemic, the director general of the ruler’s court of Dubai and chairman of DIB, Mohammed Ibrahim Al Shaibani, said: "The UAE banking sector has acted quickly to provide essential support towards the banks and the customers with various relief and stimulus measures amounting to more than $70 billion, executed in line with regulatory guidance."
DIB's CEO, Adnan Chilwan, remarked: "I am pleased to say that we have completed the acquisition of Noor Bank and the reported financials now depict a consolidated picture of the combined entity."
