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Dubai Islamic's Q3 profit rises YOY to 1.25B dirhams, hits guidance targets

Dubai Islamic Bank (PJSC), the largest Islamic bank in the United Arab Emirates by assets, reported a third-quarter profit attributable to owners of the bank of 1.25 billion UAE dirhams, up from 1.23 billion dirhams a year earlier.

Despite a subdued economic climate, the bank's headline results were in line with its guidance for the year.

Cost-to-income ratio improved to 27.9% at the end of September from 28.3% at 2018-end and 29.0% a year earlier, leaving it on track to achieve its full-year guidance for a cost-to-income ratio of around 30%. The bank attributed this result to efficiencies across operations and strict cost discipline.

DIB has guided for return on equity of between 17% and 18% for the year and said its ROE for the quarter was 17.6%, down from 18.1% in the prior-year period.

Solid 9-months figures

For the nine-month period ended Sept. 30, DIB reported a net profit attributable to owners of the bank of 3.97 billion dirhams, up from 3.62 billion dirhams a year earlier.

"Net profit margin at 3.16% has now surpassed the highest end of the guidance and remains amongst the top in the domestic banking sector," Group CEO Adnan Chilwan said.

For the first nine months, sukuk holders' share of profit amounted to 3.37 billion dirhams, compared to 2.48 billion dirhams a year earlier.

Consumer and wholesale growth

The bank's total income amounted to 3.27 billion dirhams in the quarter, compared to 2.96 billion dirhams a year earlier, while its commissions, fees and foreign exchange income increased on a yearly basis to 336.0 million dirhams from 330.7 million dirhams. New consumer and wholesale businesses supported the strong income growth, the bank said.

Total operating expenses stood at 570.5 million dirhams in the quarter, compared to 566.9 million dirhams a year earlier, while net impairment charges increased year over year to 331.5 million dirhams from 177.9 million dirhams.

Return on average assets amounted to 2.36% at Sept. 30, compared to 2.32% at 2018-end.

The bank's common equity Tier 1 capital ratio stood at 13.1% at the end of September, compared to 12.4% at 2018-end.

EPS for the quarter was 16 fils compared to 15 fils a year ago.

As of Oct. 15, US$1 was equivalent to 3.67 United Arab Emirates dirhams.