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Dubai Islamic Bank 1st Half 2022 Group Financial Results
Dubai Islamic Bank 1st Half 2022 Group Financial Results
o Significant increase in profitability of 45% YoY to reach to AED 2.7 billion.
o Substantial rise in total income by more than 7% YoY to AED 6.3 billion.
o Strong growth on core assets of 6% YTD to reach to AED 241.3 billion.
o Strong underlying performance has led to upward revisions on 2022 guidance metrics
Dubai, July 27, 2022
Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending June 30, 2022.
First Half 2022 Highlights:
• Substantial growth in Group Net Profit of 45% YoY to AED 2,700 million vs AED 1,864 million in same period last year. The strong growth was driven by rising core revenues and sustained lower impairments.
• Gross new financing and sukuk investments saw a remarkable increase by AED 33 billion during the period. Excluding regular repayments and maturities, the bank saw an incredible AED 20 billion growth.  
• Net financing and sukuk investments grew by 6% YTD to AED 241.3 billion compared to AED 228.5 billion in 2021 indicating a strong rebound in 2022, despite regular repayments and sukuk settlements of AED 13 billion as well as early repayments of AED 7 billion.
• Net Operating Revenues showed a robust growth of 9% YoY and 4% sequentially to reach AED 5,039 million.
• Total income reached to AED 6,265 million compared to AED 5,842 million, substantially up by 7% YoY and 8% sequentially.
• Net Operating Profit now at AED 3,684 million, a strong increase of 9% compared to AED 3,382 million in H1 2021.
• Balance sheet remains robust at AED 282.2 billion, up 1% YTD.  
• Customer deposits now at AED 202.2 billion with CASA comprising 44% of the deposit base.
• Significantly lower impairments of AED 948 million against AED 1,498 million in previous year, down by 37% YoY, demonstrate continued improvement in asset quality.
• NPF ratio continues its downward momentum now at 6.5% lower by 30bps YTD compared to 6.8% in 2021.
• Cost to income ratio amongst the best at 26.9%, lower by 140bps sequentially. 
• Liquidity remains healthy with finance to deposit ratio of 96% and LCR of 117%.
• Continued healthy improvement on ROA now at 2.0% up by 47bps YTD and ROTE at 17.0% up by 400bps YTD.
• Capitalization levels remain robust with CET1 at 13.2% (+80bps YTD) and CAR at 17.9% (+80bps YTD), both well above the minimum regulatory requirement. Total equity now stands at AED 41.9 billion.
Management’s comments for the period ending 30th June 2022:
His Excellency Mohammed Ibrahim Al Shaibani
Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank
• Global growth has been moderate during the first half of the year due to events that have led to trade and supply chain disruptions. Despite these occurrences, the GCC region and the UAE remain strong building on the economic foundations and reforms implemented earlier. Dubai’s progressive economic recovery remains on track and DIB’s momentous first half results reflect the improving macro economic conditions. 
• With a comprehensive and integrated sustainability strategy, the bank is fully aligned towards the vision of the UAE President and is committed towards enhancing the nation’s economic competitiveness, while simultaneously advancing the sustainability objectives of the country. 
• Despite global headwinds, the bank’s total income rose strongly by 7% YoY to more than AED 6.3 billion. This clearly demonstrates the bank’s robust fundamentals and the strength of the balance sheet to navigate the uncertainties in the market. 
Dr. Adnan Chilwan
Group Chief Executive Officer • Another remarkable set of results with net profit reaching AED 2.7 billion, a 45% YoY rise, on the back of a strong economic rebound.  This significant jump primarily stems from core business growth with net operating revenues rising by 9% YoY and 4% QoQ to AED 5 billion, while a fall in the impairments charges by 37% YoY reflects the fast improving asset quality. 
• The improving profitability trend has had a positive impact on shareholder returns with ROA now at 2% (+47bps YTD) and ROTE at 17% (+400bps YTD).
• Our net financing and sukuk investments expanded strongly by nearly 6% YTD to reach AED 241 billion supported by increasing volumes across all businesses. The first 6 months have already seen new gross financing and sukuk investments to the tune of AED 33 billion, and normal repayments and early settlements aside, we are left with AED 13 billion of growth, which is remarkable achievement. 
• The bank’s asset quality has continued to improve sequentially over the past few quarters with a 30bps YTD improvement in NPF ratio which now stands at 6.5%. The bank remains persistent in its efforts to strengthen credit underwriting and manage asset quality with a proactive and cautious approach to growth amidst the current operating environment. Consequently, the declining cost of risk now down to 76bps further evidences the success of the strategy.

Posted by : Editorial Team
Viewed 4928 times
PR Category : Banking & Investments
Posted on : Wednesday, July 27, 2022  5:00:00 PM UAE local time (GMT+4)
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