Dubai Is­lamic Bank to pay 45pc cash div­i­dend

The Pak Banker - - COMPANIES/BOSS -

Dubai Is­lamic Bank (DIB) has an­nounced the dis­tri­bu­tion of a 45 per cent cash div­i­dend for 2015, a 12.5 per cent in­crease from the pre­vi­ous year, fol­low­ing the con­clu­sion of its An­nual Gen­eral Meet­ing.

The as­sem­bly ap­proved the bank's 2015 fi­nan­cial state­ments. For the 12 months ended on De­cem­ber 31, 2015, DIB re­ported a net profit of Dh3.83 bil­lion, a sig­nif­i­cant in­crease of 37 per cent com­pared to Dh2.80 bil­lion in 2014.

The as­sem­bly also re­viewed the Fatwa and Shariah Su­per­vi­sory Board Re­port, and reap­pointed KPMG as the bank's ex­ter­nal au­di­tors.

In ad­di­tion, the AGM rat­i­fied DIB's cap­i­tal in­crease by way of rights is­sue of 988,437,777 mil­lion new shares to raise the paid-up cap­i­tal from Dh3,953,751,107 to a max­i­mum of Dh4,942,188,884. The rights will be of­fered ei­ther once or through a se­ries of is­suances af­ter ob­tain­ing the re­quired ap­proval from rel­e­vant reg­u­la­tory au­thor­i­ties.

Fur­ther­more, au­tho­ri­sa­tion was ob­tained on in­creas­ing the ceil­ing of non-con­vert­ible Sharia-com­pli­ant hy­brid tier 1 cap­i­tal in­stru­ments by $750 mil­lion for the pur­pose of strength­en­ing the bank's cap­i­tal. This ad­di­tional in­crease will take the to­tal tier 1 cap­i­tal from $ 2 bil­lion to $2.75 bil­lion.

Dr Ad­nan Chilwan, Group CEO, DIB, said: "DIB has de­liv­ered an­other re­mark­able per­for­mance in 2015 as the bank joined the ' Bil­lion Dol­lar Profit Club'.

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