DIB posts net profit of AED2.1bn in H1

DIB posts net profit of AED2.1bn in H1

Admin 6 hours ago Local News, Uncategorized

Dubai / WAM

Dubai Islamic Bank (DIB) on Wednesday announced its net profit reached AED 2.12 billion during the first half of the year, as it continues to demonstrate healthy profitability whilst ensuring prudence in growing the balance sheet. According to financial results for the period ending June 30, the bank's total income reached AED 6.82 billion whilst net operating revenue grew to AED 4.72 billion. Despite a subdued quarter, the bank continues to deliver broadly stable total income and net operating revenues in comparison to the same period in 2019. The net financing & sukuk investments now increased to AED 237.1 billion in H1 2020 from AED 184.2 billion at the end of 2019, a robust rise of 29 percent. Around AED 20 billion were deployed in new financing growth driven by the realignment of a strategy focusing on lower-risk sectors, particularly sovereigns. Gross new consumer financing amounted to AED 6.1bn during the period. Customer deposits grew to AED 207 billion from AED 164 billion at year-end 2019 reflecting a growth of 26 percent YTD, reaffirming the bank's strength to mobilise deposits despite the challenging environment. Capital adequacy ratios remain healthy with overall, Capital