Dubai Islamic Bank

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.

The Board of Directors of the Dubai Islamic Bank held a meeting on 23 April 2024. During this meeting, they approved the Consolidated Financial Statements for the first quarter of 2024, ending on 31 March, which reported a net profit of AED 1,664.4 million. They also discussed normal business activities that do not affect the share price. The meeting was communicated to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, and Dr. Maryam Buti Al Suwaidi, the Chief Executive Officer of the Securities and Commodities Authority in Abu Dhabi.

The letter, dated 17th April 2024, 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 about a Board of Directors meeting of Dubai Islamic Bank scheduled for 23rd April 2024 at 3:30 pm. The Board plans to discuss the financial statements for the three-month period ending on 31st March 2024 and other normal business topics that do not affect the share price. A copy of the letter has also been sent to Dr. Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

NMC Healthcare and Dubai Islamic Bank (DIB) have reached an out-of-court settlement to resolve all ongoing and pending litigation between them. The agreement includes a global settlement that addresses disputes arising from NMC Healthcare's previous administration and restructuring process. Under the terms of the settlement, DIB will receive cash and Holdco notes, making it an economic owner of NMC's new holding company, NMC Holdco SPV LTD. All parties will cease current proceedings without any admission of liability. The terms of the deal, including the settlement value, remain confidential.

Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has concluded its Annual General Assembly (AGA) with the approval of a 45% cash dividend for 2023. The bank's 2023 financial statements showed a record growth in profitability, including a 43% rise in total income to AED 20 billion, leading to the highest net profit in the bank's history of over AED 7 billion, a year-on-year increase of 26%. The bank's balance sheet also expanded to AED 314 billion. The AGA also approved the election and appointment of the bank’s Internal Sharia Supervision Committee for a three-year term ending in February 2027, the appointment of external auditors for 2024, and representatives for shareholders.

The Dubai Islamic Bank (P.J.S.C.) held its Annual General Assembly meeting on 27th February 2024. During this meeting, the shareholders approved several resolutions. They approved the Board of Directors’ report on the bank’s activities and financial position for the financial year ended 31st December 2023. The Auditor’s report for the same period was also approved. The Internal Sharia Supervision Committee's report regarding the bank's activities during the financial year ended 31st December 2023 was ratified. Finally, the bank's balance sheet and profit and loss statement for the year ended 31 December 2023 were approved as well.

The Board of Directors of Dubai Islamic Bank (DIB) has invited all shareholders to attend the Annual General Assembly Meeting (AGM) on 27 February 2024. If a quorum is not reached, a second meeting will be scheduled for 5 March 2024. Shareholders can attend the AGM in person or remotely through a virtual platform. The agenda includes reviewing and ratifying the bank's activities, financial position, and auditor's report for the financial year ended 31/12/2023. Other items include the approval of cash dividends, the remuneration of the board, and the appointment of the External Auditors and members of the Internal Sharia Supervision Committee. Special resolutions to be considered include authorizing the board to issue senior Sukuk and other similar instruments, approving the issuance of Tier 2 and additional Tier 1 Sukuk, and amending the Articles of Association of the bank.