DUBAI, 27th January, 2016 (WAM) — Dubai Islamic Bank (DFM: DIB) today announced its results for the year ended December 31, 2015 reporting an increase in the net profit to AED 3,839 million, up 37 percent compared with AED 2,804 million for the year 2014.
DIB Board of Directors has recommended the distribution of a cash dividend of 45 percent , subject to Central Bank of UAE and AGM approval.
Total income increased to AED 7,546 million, up 21 percent compared with AED 6,231 million for the year 2014. Whereas net revenue increased to AED 6,489 million, up 19 percent compared with AED 5,432 million for the year 2014.
The impairment losses declined to AED 410 million, down 42 percent compared with AED 703 million for the year 2014. Cost to income ratio improved to 34.3 percent from 35.1 percent for the year 2014, according to the results which say that net funded income margin improved to 3.76 percent from 3.57 percent for the year 2014. Similarly net fees and commission increased by 23 percent to AED 1,295 million from AED 1,052 million in 2014.
Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “2015 has once again been a remarkable year for DIB with significant growth seen across all the key businesses. Despite very challenging times in the global markets, the UAE economy still grew by about 3 percent and remains the most diversified amongst GCC countries.
He added, “The strong leadership of the nation has continued to support the growth of the domestic banking industry as DIB now joins the select few banks which form the “Billion Dollar” profit club in the UAE.”
The global Islamic finance has seen a surge over the past 5 years now reaching to USD $2 trillion in assets with the UAE being one of the fastest growing markets. The bank continues to be the undisputed leader in the industry through consistent product innovation and unparalleled customer service, he further stated.
Dubai Islamic Bank Managing Director, Abdulla Al Hamli, said: “Dubai Islamic Bank’s solid 2015 year performance is a demonstration of the bank’s superior capabilities in providing quality and customer focused banking products and services in the market.
‘As a leading Islamic financial institution, the bank continuous to play an important role in the development of the local community through corporate and social responsibility programs catered to support the society whilst progressing the government and leadership’s vision for Islamic finance and economy.”
Dubai Islamic Bank, Group Chief Executive Officer, Dr. Adnan Chilwan, said: “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 7.5 billion (+21 percent ) and net profits reaching to AED 3.84 billion (+37 percent ), we have managed another record-breaking year and a historic landmark as the bank joins the billion dollar profit club in the UAE.
“The bank continues to be a premier financial institution within the global Islamic finance space leading and closing significant deals whilst also launching many new and innovative products during the year,” he added.