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Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the bank’s 2018 financial statements and other tabled resolutions closing another year of growth and success for the bank.
The strong financial performance has placed DIB amongst the top 3 most profitable banks in the UAE today with 2018 net profit at a record number of over AED 5.0 billion. Other agenda items concluded at the AGM included the dividend payout of 35 fils per share, the review of the Fatwa and Sharia Supervisory Board Report and the appointment of the bank’s external auditors.
Commenting on a fifth consecutive 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: “Once again, DIB’s perseverance has contributed to a successful 2018, and we are very proud and grateful that our persistence and hard work is producing exceptional results. Despite global economic volatility, DIB continues to shine and boost its profitability. Our bank’s journey started in the UAE, and we strongly believe in the country’s distinctive nature as an attractive global hub for Islamic Finance. With UAE leading the way, DIB will strive to maintain its position as a global pioneer in Islamic Banking.”
In the last five years, DIB has witnessed a remarkable evolution in the size and scale of its franchise. The bank’s balance sheet has risen to AED 223.7 billion, showcasing a significant growth of 8% this year. Consequently, with DIB’s market share moving into double digits, the bank is now squarely placed amongst the large, dominant and systemically important players in the UAE.
Dr. Adnan Chilwan, Group CEO, DIB, commented: “We have witnessed another exceptionally successful year for the largest Islamic bank in UAE. Our focus on returns to shareholders continues with ROE at 18.1% despite the rights issuance in 2018. The bank’s profitability remains robust as we cross another milestone taking DIB’s market share to 10%. 2019 will welcome an increased integration of technology in our banking operations with digitalization being the key driver of growth. As we continue expanding the bank’s legacy in Indonesia, Pakistan and Kenya, we remain focused on introducing the Islamic finance model in new markets cementing DIB’s role as a pioneer and global leader in the industry. I want to thank all of our shareholders and employees for their relentless support and commitment to DIB’s pursuit of success and look forward to celebrating many more achievements in 2019.”
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