Dubai Islamic Bank, the UAE's biggest Sharia-compliant lender by assets, reported a 33 per cent rise in second-quarter net income, as revenue rose and impairment charges for loan losses declined amid continued economic recovery in the UAE.
Net profit attributable to shareholders of the bank for the three months to the end of June climbed to Dh1.34 billion ($369 million), the lender said in a regulatory filing on Wednesday to the Dubai Financial Market, where its shares are traded.
Total income for April-June period climbed more than 8 per cent to Dh3.25bn on an annual basis. Provisions for bad loans during the reporting period fell almost 29 per cent to Dh530m, the lender said.
“Global growth has been moderate during the first half of the year due to events that have led to trade and supply chain disruptions," said Mohammed Al Shaibani, chairman of DIB.
"Despite these occurrences, the GCC region and the UAE remain strong, building on the economic foundations and reforms."
The UAE economy, the Arab world's second largest, bounced back strongly from the Covid-driven slowdown last year and has continued momentum into this year, despite global geopolitical headwinds and pandemic-related uncertainties.
The country's economy is set to expand by an annual 5.4 per cent this year, driven by its success in containing the health and economic impact of the pandemic, according to the Central Bank of the UAE.
For the first six months of the year, DIB reported a net profit of Dh2.66bn, up 44 per cent on a yearly basis.
Net income during the period rose nearly 9 per cent to Dh5bn, with financing and sukuk investments rising almost 6 per cent to Dh241.3bn, indicating a strong rebound in loan growth in 2022, the bank said.
“Significant jump in the first half profits primarily stems from core business growth,” said Adnan Chilwan, group chief executive of DIB.
The lender continued to maintain strong asset quality and reported a 30 basis points year-to-date improvement in non-performing financing ratio, which now stands at 6.5 per cent.
"The bank remains persistent in its efforts to strengthen credit underwriting and manage asset quality with a proactive and cautious approach to growth amid the current operating environment," Mr Chilwan said.
“A fall in the impairments charges by 37 per cent in the first half, year-on-year, reflects the fast improving asset quality,” he added.
At the end of the second quarter, DIB’s capitalisation levels remain robust with common equity tier 1 ratio at 13.2 per cent and capital adequacy ratio at 17.9 per cent.
Total assets increased to Dh282.2bn at the end of June, up 1 per cent from the end of December 2021.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
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Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
