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Dubai Islamic Bank Q3 profit rises YOY

Dubai Islamic Bank (PJSC) reported consolidated third-quarter unaudited net profit attributable to owners of the bank of 1.23 billion United Arab Emirates dirhams, up from 1.11 billion dirhams a year ago.

EPS for the quarter decreased to 15 fils from the year-ago 16 fils.

Net income was 2.02 billion dirhams, compared to 2.00 billion dirhams a year earlier. Net income from Islamic financing and investment transactions increased on a yearly basis to 2.48 billion dirhams from 2.01 billion dirhams. Income from commissions, fees and foreign exchange totaled 330.7 million dirhams, compared to 342.2 million dirhams a year ago.

Net impairment charges amounted to 177.9 million dirhams in the third quarter, down from 263.1 million dirhams a year ago. Total operating expenses declined to 566.9 million dirhams from 579.1 million dirhams a year earlier.

For the nine months ended Sept. 30, the Dubai-based lender's attributable profit rose year over year to 3.62 billion dirhams from 3.17 billion dirhams. EPS for the period was 53 fils, compared to 49 fils a year earlier.

Return on average equity amounted to 18.2% as of Sept. 30.

The bank's common equity Tier 1 capital ratio stood at 13.3% at the end of September, up from 11.5% at Dec. 31, 2017 and above the minimum requirement of 9.25%. The total capital adequacy ratio was 18.6% as of Sept. 30, compared to 17.2% at the end of December 2017, and above 12.75% minimum requirement.

As of Oct. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.