Dubai
UAE’s largest Islamic bank reported a 2% increase in net profit to 5.103 billion dirhams ($1.39 billion) compared to 5.004 billion dirhams in 2018. Asset growth for Dubai Islamic Bank was 4% for 2019 to 231.9 billion dirhams, the bank said in a statement on Thursday (Feb 13). This beat UAE’s overall Islamic banking sector asset growth of 1.75%, according to Salaam Gateway calculation of preliminary data from the central bank. However, it is down from the 7.9% growth in assets DIB reported for 2018. Similarly, DIB’s net profit growth of 2% for 2019 is a plunge from its 11.1% growth in 2018 when it first crossed the 5b dirhams mark. DIB’s assets make up 40.51% of UAE’s aggregate Islamic banking assets, according to Salaam Gateway calculation. The bank’s profit growth was driven by a 17% rise in total income to 13.684 b dirhams from 11.73b dirhams in 2018.—Agencies
