DIB approves dividend of 45 fils per share

dubai — The Dubai Islamic Bank (DIB) has approved the distribution of 45 fils per share as cash dividend for 2017.

The annual general assembly also approved the bank’s 2017 financial statements. For the year 2017, DIB reported a net profit of Dh4.5 billion, an increase of 11 per cent compared to Dh4.05 billion in 2016.

The AGM has also approved DIB’s capital increase by way of rights issue to further bolster the bank’s CET1 and facilitate credit expansion in 2018. The rights will be offered after obtaining the required approval from relevant regulatory authorities.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: “The year 2017 has been yet another remarkable period of growth for the bank as we continue to make great strides towards our expansionary agenda in both local and international markets. Despite challenges stemming from the global economic slowdown and across the region, the bank continued to display its resilience to external factors with a double-digit growth in profitability.”

Adnan Chilwan, Group CEO, DIB, said: “Our focus on returns to the shareholders continues with RoE at 18.7 per cent and dividend payout of nearly 50 per cent. Growth 2.0 is on course with the AGM approving the capital increase special resolutions. The continuous market leading performance that you have witnessed DIB give since 2014 has come from a very clear-defined strategic plan.”