Press releases, Reports & Disclosures for Dubai Islamic Bank

On January 23, 2024, the Board of Directors of Dubai Islamic Bank held a meeting. They ratified the Consolidated Financial Statements of the Group for the financial year ended on December 31, 2023, recording a net profit of AED 7,009.9 million. The Board proposed a cash dividend of 45 fils per share to shareholders, subject to approval from the General Assembly. The General Assembly Meeting is scheduled for February 27, 2024, and a second meeting is planned for March 5, 2024, if the quorum is not achieved in the first meeting. The Board has delegated the Group Executive Officer of Dubai Islamic Bank to execute all necessary actions and procedures and to obtain necessary approvals from the competent regulatory authorities. The Board also discussed normal business activities that do not affect the share price.

Dubai Islamic Bank (DIB) has reported a 43% YoY increase in total income to AED 20 billion for the full year 2023. The bank's net profit grew by 26% YoY to AED 7 billion, while its balance sheet expanded by 9% YoY to AED 314 billion. Asset quality improved to 5.4%, down 110 bps YoY. Shareholder returns also saw growth, with RoTE at 20%, up 300 bps YoY. The bank proposed a dividend of 45%, pending shareholder approval at the AGM. Other highlights include a 12% YoY increase in net financing and sukuk investments to AED 268 billion, and a 34% decrease in impairment charges to AED 1,396 million. The bank's liquidity remains healthy with LCR at 188.7%.

The Auditor's report and consolidated financial statements for Dubai Islamic Bank P.J.S.C. for the year ending 31 December 2023 are currently pending approval from the Central Bank of UAE and adoption by shareholders at the Annual General Meeting.

The letter, dated 17th January 2024, is from Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market. He informs that the Board of Directors of the Dubai Islamic Bank will hold a meeting on Tuesday 23rd January 2024 at 03:30 pm. The main items on the agenda will be the financial statements for the financial year ended 31st December 2023, the date of the Annual General Meeting for the shareholders of the Bank, and other normal business topics that do not affect the share price. The letter is also copied to Dr. Maryam Buti Al Suwaidi, the Chief Executive Officer of the Securities and Commodities Authority in Abu Dhabi, United Arab Emirates.

On January 2, 2024, Dubai Islamic Bank (DIB) announced the appointment of Mr. Saeed Ahmad Abdulwahed Wajdi (UAE National) as the Bank’s Chief of Treasury. He will report directly to the DIB Group CEO. The announcement was made in a letter signed by the Board Secretary of Dubai Islamic Bank, Mohamed Wahb, and addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of Dubai Financial Market. A copy of the letter was also sent to Dr. Maryam Buti Al Suwaidi, the Chief Executive Officer of the Securities and Commodities Authority in Abu Dhabi, United Arab Emirates.

The Board of Directors of the Dubai Islamic Bank held a meeting on 22nd December 2023. The board discussed normal business activities that do not affect the share price. The information was relayed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market. A copy of the information was also sent to Dr. Maryam Buti Al Suwaidi, the Chief Executive Officer of the Securities and Commodities Authority in Abu Dhabi, United Arab Emirates.

The letter, dated 19th December 2023, is addressed to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, from Mohamed Wahb, the Board Secretary of Dubai Islamic Bank. The letter informs Mr. Ali that the Board of Directors of Dubai Islamic Bank will hold a meeting on 22nd December 2023 at 3:00 pm. The letter also notes that the Board will discuss normal business topics that will not affect the bank's share price. A copy of the letter is also sent to Dr. Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority in Abu Dhabi, United Arab Emirates.

Dubai Islamic Bank (DIB) reported a strong 3rd quarter in 2023, with a total income rise of 47% YoY to AED 14.5 billion and a net profit of AED 4.8 billion, marking an 18% YoY growth. The bank's balance sheet reached a new milestone of AED 313 billion, up 9% YTD. Asset quality improved to 6.0%, beating guidance. Other highlights include a continued improvement in RoTE (return on tangible equity) registering 18.4%, up 140 bps YTD, and net financing and sukuk investments rising by 11.3% YTD to AED 265 billion. The bank also noted a robust increase in net operating revenues and customer deposits, with a reduction in impairment charges. The bank's capitalization levels remained strong, well above the minimum regulatory requirement.

The text is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C. The report covers the financial performance of the bank for the nine-month period ending on 30th September 2023.