Dubai
Dubai Islamic Bank has said it provided support worth nearly AED9 billion ($2.5 billion) to customers in retail and corporate during the coronavirus pandemic. More than 54,000 customers were helped to “ensure business continuity” as part of the central bank’s TESS Program, said the banking major as it announced a 38 percent fall in net profit for 2020. Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said:
“The UAE continues to lead the world in responding quickly to this pandemic and ensuring that its people are provided with the necessary healthcare and safety services to overcome this unprecedented event. “We are grateful for the strong leadership of this nation in championing the fight against the pandemic as we successfully navigate ourselves through this crisis.”
The bank said total income in 2020 reached AED13.1 billion vs AED13.7 billion in 2019, a marginal decline despite significantly subdued economic activity. Group net profit declined by 38 percent to AED3.2 billion which DIB said was “primarily driven by a deliberate and pointed prudent approach to provisioning”.
Total assets grew by 25 percent to AED289.6 billion while customer deposits increased to AED205.9 billion, also up by 25 percent. Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank (left), and Adnan Chilwan, Group CEO of Dubai Islamic Bank Dr Adnan Chilwan, Dubai Islamic Bank group CEO, said: “DIB has remained steadfast and continuously provided a counterbalance against the impact that pandemic presented.—Agencies
