Dubai Islamic Bank, the largest Sharia-compliant lender in the UAE by assets, reported a 19 per cent drop in its third-quarter net profit as impairment charges and operating expenses rose amid the coronavirus pandemic.
Net profit attributable to owners of the bank for the three month period ending September 30 declined to about Dh1 billion ($274 million), the lender said in a statement to the Dubai Financial Market, where its shares trade. Impairment charges for the period rose 60 per cent to Dh530.4m from the year-earlier period while operating expenses increased 16 per cent to Dh663.5m.
“The global environment remains uncertain with geographies around the world yet to fully recover," Mohammed Al Shaibani, director-general of the Ruler’s Court of Dubai and chairman of Dubai Islamic Bank, said.
"At home, the UAE remains committed towards economic development with a strong focus on precautionary safety measures as we witness the gradual recovery of trade and business services,” he added.
The country's proactive policies have supported the domestic banks to continue to operate profitably whilst also servicing customers during these trying times, Mr Al Shaibani said.
The bank’s nine-month net profit fell 21 per cent to Dh3.1bn from the year earlier period as impairment charges increased 151 per cent to Dh2.65bn. Total operating expenses during the period rose 23.5 per cent to Dh2.1bn.
Banks globally have reported falling profits and higher provisions in the wake of the pandemic, which disrupted global trade and slowed economic activity as countries implemented lockdowns to contain the coronavirus.
The world economy is in its deepest recession since the Great Depression and is set to shrink 4.4 per cent this year, before it rebounds unevenly in 2021, according to the International Monetary Fund.
In the first nine months DIB customer deposits grew nearly 31 per cent to Dh214.6bn, while net financing and sukuk investments during the period rose 27 per cent to Dh234.5bn.
Earlier this year, the Dubai-based lender completed its acquisition of rival Noor Bank to create one of the largest Islamic banks in the world, with more than Dh275bn in assets.
“The anticipated synergies have already started to materialise which will pave the way for robust growth and greater returns for our shareholders in the years to come,” Mr Al Shaibani, added.
match info
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Willian (13'), Ross Barkley (64')
Liverpool 0
The years Ramadan fell in May
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The five pillars of Islam
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
The%20specs
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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