Dubai Islamic Bank reports AED4.5bn net profit in 2016

Dubai / Emirates Business

Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly approved the distribution of 45 fils per share as cash dividend for 2016, maintaining the strong return to shareholders since it embarked on a growth agenda three years ago.
The assembly also approved the bank’s 2016 financial statements. For the year 2016, DIB reported a net profit of AED4.5 billion, an increase of 6 percent compared to AED 3.839 billion in 2015. Other agenda items were also concluded at the AGM including the election of the members of Board of Directors for the period 2017-2019, the review of the Fatwa and Sharia Supervisory Board Report and the reappointed of the bank’s external auditors.
Commenting on another successful financial year, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “In line with the UAE and Dubai’s growth, I am proud to say that DIB’s 2016 fiscal performance also exceeded expectations. DIB consistently outperformed the banking sector, registering record profits whilst simultaneously delivering significant value to all of its stakeholders. The profit for the year reached over AED 4 billion, up by 6% compared to AED 3.8 billion in 2015, and allowed us to maintain our unique position in the “Billion Dollar” profit club in the United Arab Emirates”.
As an indication of the robust financial position and strong risk management practices, Moodys recently upgraded the outlook of the Bank from “Stable” to “Positive”, a key achievement given the challenging global
economic environment.
“DIB has been amongst the top performers in the market over the recent past.” said Dr Adnan Chilwan, Group CEO, DIB. “Clearly, the growth strategy outlined three years ago has been followed up with exemplary execution, not only in terms of the financial performance yielded over the defined period but also because it has led to the re-creation of the platform that allowed us to spring-board from in 2014. We remain committed to continue our leading performance in the coming years and ensure
strong and robust returns for all stakeholders.”
The bank received numerous local and international accolades last year, ranging from ‘Best Islamic Bank’ to ‘Best Islamic Retail Bank’, and ‘Best Islamic Corporate Bank’, alongwith a number of ‘deal of the year’ awards, to name few.