Extreme prudence required as headwinds remain: Dubai Islamic Bank CEO

SourceZawya
SectorFinancial Services
CountryUAE

Dubai Islamic Bank (DIB), the largest Islamic lender in the UAE, will continue to run its business with extreme prudence this year, as the “headwinds” of the pandemic remain, its top official said.

The bank, which has recently completed the integration with Noor Bank, reported on Wednesday a net profit of 853 million dirhams ($232 million) for the first quarter of the year, lower than in the same period in 2020 but a rebound from the previous quarter.

“As significant headwinds remain in the current environment, we continue to approach the year with extreme prudence, with focus on low-risk sectors and those showing consistent signs of recovery as the market improves,” said Adnan Chilwan, chief executive officer of DIB.

Chilwan maintained that liquidity remains strong and that business momentum is still positive. However, he said efficiency build up is critical to attaining stability and profitability in light of the challenging conditions. “A focused and disciplined approach to managing OPEX has...read more...