Dubai Islamic Bank joins $1b profit club as income up

Dubai Islamic Bank (DIB) has joined the billion dollar profit club by declaring a net profit of Dh3.84 billion for 2015 and its chief executive said the bank will look into untapped opportunities both regionally as well as internationally in 2016. The bank's 2015 net profit jumped by 37 per cent compared to Dh2.8 billion it declared for 2014. Its net revenue increased to Dh6.49 billion, up 19 per cent compared with Dh5.43 billion for the year 2014 primarily on the back of strong growth in core business.

Total income increased by 21 per cent to Dh7.55 billion compared with Dh6.23 billion for the year 2014. The increase is due to consistent growth in core businesses across all segments. The bank's net impairment losses declined to Dh410 million for the full year 2015 compared with Dh703 million in 2014. It's a clear sign of quality underwriting and robust risk management practices.

DIB has accounted for substantial general provision during the year in line with its growth in financing book and in accordance with Central Bank of UAE requirements.

The bank's impairment losses declined to Dh410 million, down 42 per cent compared with Dh703 million for the year 2014. Dubai Islamic Bank chairman Mohammed Ibrahim Al Shaibani said: "2015 has once again been a remarkable year for DIB with significant growth seen across all the key businesses. Despite very challenging times in the global markets, the UAE economy still grew by about 3 per cent and remains the most diversified amongst GCC countries."

The global Islamic finance has seen a surge over the past 5 years now reaching to $2 trillion in assets with the UAE being one of the fastest growing markets. The DIB continues to be the undisputed leader in the industry through consistent product innovation and unparalleled customer service.

Abdulla Al Hamli, managing director of the bank commented: "As a leading Islamic financial institution, the bank continuous to play an important role in the development of the local community through corporate and social responsibility programmes..."

Group chief executive officer Dr Adnan Chilwan said: "..We have managed another record-breaking year and a historic landmark as the bank joins the billion dollar profit club in the UAE."

Dr Chilwan added: "With the start of 2016, our strategy continues to be in line with the long-term outlook towards our growth and global agenda as we look into untapped opportunities both regionally as well as internationally." Customer deposits for the year ended December 31, 2015 increased by 19 per cent to Dh110 billion from Dh92.3 billion as of end of 2014.