Social workers have strongly urged all overstayers to take immediate steps to regularise their status within the stipulated time frame
Dubai Islamic Bank announced on Wednesday a 58 per cent year-on-year surge in first-quarter net profit to Dh1.3 billion, which was driven by lower impairments and stronger top-line growth.
The largest Islamic bank in the UAE and the second-largest Islamic bank in the world said net operating revenues showed robust growth of 11 per cent YoY to Dh2.467 billion compared to Dh2.226 billion in the same 2021 period.
In a statement, the bank said a steady growth of six per cent YoY led to total income growing to Dh3.016 billion from Dh 2.847 billion in Q1 2021. Net operating profit reached Dh1.770 billion, a strong increase of 10 per cent compared to Dh1.614 billion in the same 2021 period.
The bank’s net financing and sukuk investments grew by three per cent to Dh235.1 billion compared to Dh228.5 billion in 2021. Gross new financing of nearly Dh16 billion was driven by strong growth of wholesale bookings on the back of an improved economic outlook.
The bank recorded a balance sheet growth of 3.0 per cent to Dh 287.2 billion supported by significant volume growth and new underwriting against improved operating conditions and recovering economic environment while customer deposits remained steady at Dh204.5 billion with CASA increasing by 3.2 per cent to Dh 92 billion.
The bank posted a significantly lower impairment loss of 44 per cent YoY to Dh417 million against Dh751 million in the previous year demonstrating the improving asset quality.
Mohammed Ibrahim Al Shaibani, director-general of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said despite ongoing unpredictable economic and international market conditions that are impeding progress, the bank’s total income of more than Dh3 billion reflects a six per cent YoY growth and the balance sheet rising by three per cent YTD reflecting its alignment towards the expansionary agenda of the UAE’s economy.
“DIB continues to transform into a more digital-focused and sustainable financial institution to future proof its business and unlock further growth opportunities in the market that will deliver stronger shareholder value in the years to come.”
Dr Adnan Chilwan, group chief executive officer, said DIB’s strong set of first-quarter results is a demonstration of the bank’s ability to navigate through economic headwinds.
“I am pleased to state that we have successfully redefined our priorities in the post-Covid world with the launch of our new five-year strategy at the beginning of the year. Supported by stronger operating revenue growth of 11 per cent YoY and significant decline in impairments of -44 per cent YoY, the bank’s financial position clearly denotes the resilience of the franchise and its inherent capability of withstanding market challenges,” said Chilwan.
He said the increase in net financing and sukuk investments was supported by strong new underwriting and bookings during the quarter as part of the bank’s strategy to deliver balance sheet growth and target previously untapped customer segments.
“Our excess liquidity continues to be utilised in building a high-quality sukuk book earning a strong average return of around four per cent. The improving macro environment with higher oil prices coupled with rising rates will continue to benefit DIB where the majority of earning assets are in a floating rate book, aiding the bank in reaching its targeted margin guidance for the year,” said Chilwan.
— issacjohn@khaleejtimes.com
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