Dubai Islamic Bank

Dubai Islamic Bank

DIB

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Dubai Islamic Bank

Logotype for Dubai Islamic Bank
Ticker/ISIN
DIB
AED000201015
Market/Country
Dubai Financial Market
United Arab Emirates

About Dubai Islamic Bank

Country of Origin: United Arab Emirates (U.A.E)

Dubai Islamic Bank (Public Joint Stock Company) (the “Bank”) was incorporated by an Amiri Decree issued on 29 Safar 1395 Hijri, corresponding to 12 March 1975 by His Highness, the Ruler of Dubai, to provide banking and related services based on Islamic Sharia’a principles. It was subsequently registered under the Commercial Companies Law number 8 of 1984 (as amended) as a Public Joint Stock Company.

Latest Pressrelease Summaries from Dubai Islamic Bank

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, reported its financial results for the first nine months of 2024, showing significant growth. The bank's balance sheet expanded by nearly 5% year-to-date (YTD) to AED 329 billion. Total income increased by 17% year-over-year (YoY) to AED 17 billion, while pre-tax profit grew by 23% YoY to AED 6 billion. The bank's viability and ESG ratings were upgraded. Net financing and sukuk investments rose to AED 286 billion, a 7% increase YTD. Customer deposits reached AED 237 billion, up 6.7% YTD, with a notable rise in CASA deposits. Impairment charges decreased significantly by 62% YoY, and the non-performing financing ratio improved to 4.27%. The cost-to-income ratio increased slightly to 28.1% as the bank strengthened key areas. The liquidity coverage ratio remained strong at 140.1%, and the bank's capital adequacy ratios indicated a well-capitalized position, with CET1 at 13.9% and CAR at 18.3%.
The document is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C., covering the nine-month period ending on September 30, 2024.
Dubai Islamic Bank (DIB) has issued a USD 500 million Additional Tier 1 Sukuk with a profit rate of 5.25% per annum. This Basel III-compliant Sukuk aims to enhance DIB's capital adequacy ratio and optimize its balance sheet. The issuance attracted a diverse group of investors, including banks and fund managers from Europe, Asia, and the Middle East. The transaction achieved a reset spread of 133.4 basis points over the US Treasury rate, marking the lowest for an AT1 instrument globally since the 2009 financial crisis. High investor interest allowed DIB to adjust the pricing from an initial 5.75% to 5.25%. Dr. Adnan Chilwan, DIB's Group CEO, expressed satisfaction with the transaction, noting it as the lowest yield achieved by an Emerging Markets Bank since April 2022. The Sukuk will be listed on Euronext Dublin and NASDAQ Dubai, and DIB holds credit ratings of A3 Stable from Moody's and A Stable from Fitch.
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced its financial results for the first half of 2024. Key highlights include: - The balance sheet expanded to AED 323 billion, up 2.7% year-to-date (YTD). - Total income increased by 21% year-over-year (YoY) to AED 11.3 billion. - Pre-tax profit grew by 18% YoY to AED 3.72 billion. - Group net profit rose 8.6% YoY to AED 3.378 billion. - Net financing and sukuk investments reached AED 278 billion, up 3.8% YTD. - Customer deposits increased by 5.4% YTD to AED 234 billion, with CASA deposits now at 42%. - Impairment charges decreased by 32% YoY to AED 652 million. - Non-performing financing improved to 4.99%, down 41 basis points YTD. - The cost-to-income ratio increased by 140 basis points YoY to 27.8%. - Liquidity coverage ratio remains robust at 145.9%. - Return on assets (ROA) and return on tangible equity (ROTE) remained stable at 2.2% and 18%, respectively. - Common equity tier 1 (CET1) ratio stood at 13.7% and capital adequacy ratio (CAR) at 18.1%, indicating a well-capitalized entity. These results demonstrate DIB's strong financial performance and growth in various key metrics.
Dubai Islamic Bank P.J.S.C. has released a review report and condensed consolidated interim financial information for the six-month period ending on June 30, 2024.
A letter dated 28 May 2024, addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, informs him of an upcoming Board of Directors meeting for Dubai Islamic Bank. The meeting is scheduled for Tuesday, 4 June 2024, at 3:30 PM. The board will discuss routine business matters that do not impact the share price. The letter is signed by Mohamed Wahb, Board Secretary of Dubai Islamic Bank, and a copy is sent to H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has reported its Q1 2024 results. The bank's balance sheet expanded by 4% year to date (YTD) to AED 327 billion. Total income increased by 27% year on year (YoY) to AED 5.6 billion, and net profit (pre-tax) was AED 1.85 billion, up 22% YoY. Asset quality improved, with net financing and sukuk investments reaching AED 277 billion, up 3% YTD. The bank also recorded a net operating profit of AED 2.15 billion, a 6.7% YoY increase. Customer deposits grew to AED 236 billion, up 6% YTD. Impairment charges were down by 40% YoY to AED 299 million. A settlement was reached between DIB and NMC Healthcare.
The document is a review report and condensed consolidated interim financial information for Dubai Islamic Bank P.J.S.C. for the three-month period ending on 31st March 2024. This report is of interest to those involved in finance and investing.

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News Update From Dubai Islamic Bank

Disclosure: Press Release

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%.

1. Attached Document

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News Update From Dubai Islamic Bank

Disclosure: Financial statements for the year of 2023

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.

1. Attached Document

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News Update From Dubai Islamic Bank

Disclosure: Earnings Call Meeting

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News Update From Dubai Islamic Bank

Disclosure: BOD 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.

1. Attached Document

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News Update From Dubai Islamic Bank

Disclosure: Notification Appointment Chief of Treasury

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.

1. Attached Document

JohnnyDebt

JohnnyDebt

Commented on AkSharesKumars Transaction regarding Dubai Islamic Bank

Ahoy mate! Felt a bit of a sting on DIB, didn't we? My experience says patience is key in Financials. Keep a weather eye on the horizon.
BondSharesBond

BondSharesBond

Commented on FinanceBroAEDs Transaction regarding Dubai Islamic Bank

A risky move with Dubai Islamic Bank shares, I see. Remember, even in finance, not all that glitters is gold. Keep an eye on the market's volatility.
BondSharesBond

BondSharesBond

Commented on AkSharesKumars Transaction regarding Dubai Islamic Bank

A daring move, AkSharesKumar. Dubai Islamic Bank, quite exotic. Diversification in Financials, eh? Let's hope it pays off.
FinDiesel

FinDiesel

Commented on FinanceBroAEDs Transaction regarding Dubai Islamic Bank

Rough seas make good sailors, bro. Dubai Islamic Bank, bold move. Remember, it's not about the car (stock), it's the driver (investor). Keep pushing.
DFM News

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News Update From Dubai Islamic Bank

Disclosure: Results of BOD Meeting

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.

1. Attached Document

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