DIB board recommends foreign ownership increase as lender reports rise in full-year profit – The National

DIB board recommends foreign ownership increase as lender reports rise in full-year profit – The National

DIB board recommends foreign ownership increase as lender reports rise in full-year profit. The lender is now looking to fully integrate Noor Bank into its operations as it pursues growth opportunities. The board of Dubai Islamic Bank, the largest Sharia-compliant lender in the UAE, recommended an increase in the foreign ownership limit of its shares, as the bank reported a 2 per cent rise in full-year net profit for 2019 on higher revenue and assets.. Net profit for the 12-month period ending December 31 climbed to Dh5.1 billion, the lender said in a statement to the Dubai Financial Market, where its shares trade.. The bank's total income last year rose an annual 17 per cent to Dh13.7bn.. Net revenue surged 13 per to Dh9.27bn as the lender remained focused on "optimal cost management".. The board recommended an increase in the foreign ownership limit of its shares to 40 per cent from 25 per cent, subject to regulatory and corporate approvals, DIB said.. In July, First Abu Dhabi Bank, the biggest lender in the country, proposed removing a cap on foreign ownership.. Emirates NBD and Abu Dhabi Islamci Bank are among the other lenders seeking the same.. The bank's total assets