Dubai Islamic Bank, the UAE's biggest Sharia-compliant lender by assets, reported a 14 per cent rise in third-quarter net profit, driven by lower impairment charges, higher operating revenue and income from financing and investing transactions.
Net profit attributable to the owners of the bank for the three months to the end of September climbed to Dh1.38 billion ($375 million) from the same quarter last year, the lender said in a filing on Tuesday to the Dubai Financial Market, where its shares are traded. The results were in line with the estimates of EFG Hermes.
Total income for the third quarter increased by about 4 per cent annually to Dh2.6bn while impairment charges during the period narrowed 26 per cent to Dh502m.
“Business and operating conditions in the UAE continue to strengthen despite moderating global growth, driven by [a] recovery in travel and tourism, retail business spending and the implementation of new residency reforms,” said Mohammed Al Shaibani, director general of The Ruler’s Court in Dubai and chairman of DIB.
Net profit attributable to the owners of the bank for the first nine months of the year surged 32 per cent to Dh4.05bn from the same period a year earlier, on higher revenue and lower provisioning.
Total income in the nine-month period increased 10 per cent to Dh9.87bn from the same period a year earlier while impairment charges narrowed 33 per cent to Dh1.45bn during the period.
Net operating revenue increased 7 per cent to Dh7.65bn.
Net financing and sukuk investments grew 3.3 per cent to Dh236 billion in the year to date. The bank had about Dh43bn in gross new underwriting since the start of the year.
Customer deposits stood at Dh187bn, with current account savings accounts accounting for 42 per cent of the lender's deposit base.
“The strong improvements in our asset quality has been gaining momentum over the past few quarters, with significantly lower impairments,” said group chief executive Adnan Chilwan.
“DIB continues to demonstrate resilience, with strong capital and liquidity ratios which are expected to remain robust over the upcoming period.”
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
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- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
