Dubai Islamic Bank

A meeting of the Board of Directors of Dubai Islamic Bank was held on Tuesday, 30 January 2024 at 03:00 pm. During the meeting, the board discussed normal business activities that do not have an impact on the share price. The information was shared with Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, as well as Dr. Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

The text is a letter from Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, dated 25th January 2024. The letter informs about a meeting of the Board of Directors of Dubai Islamic Bank scheduled for 30th January 2024 at 3:00 pm. The letter also states that the meeting will discuss normal business topics that will not affect the share price. A copy of the letter is sent to Dr. Maryam Buti Al Suwaidi, the CEO of Securities and Commodities Authority in Abu Dhabi, United Arab Emirates. The letter is signed by Mohamed Wahb, the Board Secretary of 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.