Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Download our Media Kit

 





Home / News / Company News
Company News
   

Dubai Islamic Bank Group Profit Up By 63 Percent
(25 January 2015)

 

Dubai Islamic Bank, the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its results for the year ended December 31st, 2014.

The report says that Net Profit for the year 2014 increased to AED2.80 billion, up 63% compared to AED1.70 billion for 2013. Gross Revenue increased to AED6.3 billion, up 20% from AED5.3 billion for the year 2013. Net operating revenue increased to AED5.6 billion, up 32% from AED4.2 billion for 2013 on account of growth in core business. Net operating profit before impairment stood at AED3.52 billion, up 38% from AED2.55 billion for 2013. Cost to income ratio improved from 39.9% in 2013 to 36.7% in 2014.

The report says that net revenue for the period ended 2014 amounted to AED5,569 million, an increase of 31.5% compared with AED4.2 billion in the same period of 2013. The increase in net revenue is mainly due to growth in core business coupled with savings achieved due to early settlement of high cost funding using bank's surplus liquidity. Despite intense competition and aggressive pricing seen in the market, the bank was able to improve the net funded income margin to 3.57% from 3.34%.

Speaking on the report's contents, Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said, "2014 has been an exceptional year for the bank as evidenced by its strongest results in the bank's history with full year net profits reaching AED 2.8 billion, an increase of 63% compared to 2013. The strong results have been achieved despite challenging conditions in the latter part of the 2014 around oil price and equity market volatility. Dubai is strongly positioned to withstand the current volatilities in the oil market given its diversified economy and infrastructure and DIB's 2014 performance echoes the bank's strategic alignment to support the growth agenda of the Emirate as well as its ambitions to become the global capital of Islamic economy.

DIB Managing Director, Abdulla Al Hamli, said, "The strong positive results for the year 2014 is a testament to the bank's capabilities in the current macro-economic and business landscape. Throughout the year, DIB have continued to progress in the industry through launching award winning products and services focused on benefitting our customers. The bank's successful and active participation in supporting this year's high level summit "The 10th World Islamic Economic Forum" in Dubai has further strengthened the institution's franchise in the Islamic world and DIB is now seen as one of the leading Islamic banks with a growing international footprint.

DIB Chief Executive Officer, Dr. Adnan Chilwan, said, "We started 2014 with a well-defined growth agenda marking the end of the consolidation phase running from 2009 to 2013. The successful execution of this consolidation phase resulted in a robust platform allowing the bank to seamlessly switch gears. Despite the relatively subdued market, the bank has witnessed a 63% hike in net profit and 32% jump in financing book compared to the same period last year, and all stemming from regular, core and normal banking activities.

"We are now looking beyond just the financials. Our deliberate and focused growth strategy and unconventional approach has led to an organizational transformation where every employee strongly believes that our potential is limitless. Customer centricity and relentless innovation forms the core of our strategic agenda providing us with an unparalleled edge in the industry, and setting the standard for others to follow.
 

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear


  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
2110
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Daily Guide

 



Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance