Dubai Islamic Bank (DIB), the largest sharia-compliant lender in the UAE by total assets, posted a group net profit of AED3.84 billion in 2015, up 37 per cent compared with AED2.8bn a year earlier.
The bank’s total income rose to AED7.54bn, up 21 per cent compared with AED6.23bn for 2014. Net revenue increased to AED6.48bn, up 19 per cent compared with AED5.43bn for the previous year primarily on the back of strong growth in core business.
The bank’s board proposed a 45 per cent a cash dividend for 2015, subject to Central Bank of the UAE approval, it said.
Mohammad Ebrahim Al Shaibani, Director-General of The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said the year 2015 was crucial for the bank as it witnessed significant growth across all the key businesses.
The lender’s total assets grew 21 per cent to AED149.9bn at the end of 2015 in comparison with AED123.9bn a year ago.
“The full year 2015 results demonstrated the strength of and commitment to our strategic growth agenda built around a transformed and new-look DIB. With total income reaching AED 7.5bn and net profits reaching to AED 3.84bn, we have managed another record-breaking year and a historic landmark as the bank joins the billion-dollar profit club in the UAE,” remarked Dr Adnan Chilwan, CEO of DIB.
Dr Chilwan also said the bank will look into untapped opportunities both regionally as well as internationally in 2016.
Global Islamic finance has seen a surge over the past five years to clock $2 trillion in assets, with the UAE being one of the fastest growing markets.
Originally published on www.ameinfo.com