Dubai Islamic Bank

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, reported its financial results for the first nine months of 2024, showing significant growth. The bank's balance sheet expanded by nearly 5% year-to-date (YTD) to AED 329 billion. Total income increased by 17% year-over-year (YoY) to AED 17 billion, while pre-tax profit grew by 23% YoY to AED 6 billion. The bank's viability and ESG ratings were upgraded. Net financing and sukuk investments rose to AED 286 billion, a 7% increase YTD. Customer deposits reached AED 237 billion, up 6.7% YTD, with a notable rise in CASA deposits. Impairment charges decreased significantly by 62% YoY, and the non-performing financing ratio improved to 4.27%. The cost-to-income ratio increased slightly to 28.1% as the bank strengthened key areas. The liquidity coverage ratio remained strong at 140.1%, and the bank's capital adequacy ratios indicated a well-capitalized position, with CET1 at 13.9% and CAR at 18.3%.

The document is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C., covering the nine-month period ending on September 30, 2024.

Dubai Islamic Bank (DIB) has issued a USD 500 million Additional Tier 1 Sukuk with a profit rate of 5.25% per annum. This Basel III-compliant Sukuk aims to enhance DIB's capital adequacy ratio and optimize its balance sheet. The issuance attracted a diverse group of investors, including banks and fund managers from Europe, Asia, and the Middle East. The transaction achieved a reset spread of 133.4 basis points over the US Treasury rate, marking the lowest for an AT1 instrument globally since the 2009 financial crisis. High investor interest allowed DIB to adjust the pricing from an initial 5.75% to 5.25%. Dr. Adnan Chilwan, DIB's Group CEO, expressed satisfaction with the transaction, noting it as the lowest yield achieved by an Emerging Markets Bank since April 2022. The Sukuk will be listed on Euronext Dublin and NASDAQ Dubai, and DIB holds credit ratings of A3 Stable from Moody's and A Stable from Fitch.

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced its financial results for the first half of 2024. Key highlights include: - The balance sheet expanded to AED 323 billion, up 2.7% year-to-date (YTD). - Total income increased by 21% year-over-year (YoY) to AED 11.3 billion. - Pre-tax profit grew by 18% YoY to AED 3.72 billion. - Group net profit rose 8.6% YoY to AED 3.378 billion. - Net financing and sukuk investments reached AED 278 billion, up 3.8% YTD. - Customer deposits increased by 5.4% YTD to AED 234 billion, with CASA deposits now at 42%. - Impairment charges decreased by 32% YoY to AED 652 million. - Non-performing financing improved to 4.99%, down 41 basis points YTD. - The cost-to-income ratio increased by 140 basis points YoY to 27.8%. - Liquidity coverage ratio remains robust at 145.9%. - Return on assets (ROA) and return on tangible equity (ROTE) remained stable at 2.2% and 18%, respectively. - Common equity tier 1 (CET1) ratio stood at 13.7% and capital adequacy ratio (CAR) at 18.1%, indicating a well-capitalized entity. These results demonstrate DIB's strong financial performance and growth in various key metrics.

Dubai Islamic Bank P.J.S.C. has released a review report and condensed consolidated interim financial information for the six-month period ending on June 30, 2024.

A letter dated 28 May 2024, addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, informs him of an upcoming Board of Directors meeting for Dubai Islamic Bank. The meeting is scheduled for Tuesday, 4 June 2024, at 3:30 PM. The board will discuss routine business matters that do not impact the share price. The letter is signed by Mohamed Wahb, Board Secretary of Dubai Islamic Bank, and a copy is sent to H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has reported its Q1 2024 results. The bank's balance sheet expanded by 4% year to date (YTD) to AED 327 billion. Total income increased by 27% year on year (YoY) to AED 5.6 billion, and net profit (pre-tax) was AED 1.85 billion, up 22% YoY. Asset quality improved, with net financing and sukuk investments reaching AED 277 billion, up 3% YTD. The bank also recorded a net operating profit of AED 2.15 billion, a 6.7% YoY increase. Customer deposits grew to AED 236 billion, up 6% YTD. Impairment charges were down by 40% YoY to AED 299 million. A settlement was reached between DIB and NMC Healthcare.

The document is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C. for the three-month period ending on 31st March 2024. This report is of interest to those involved in finance and investing.