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Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has concluded its Annual General Meeting (AGM), which approved a 30% cash dividend for 2022 totaling approximately AED 2.2 billion (US$ 600 million).
The strong financial results posted this year are further evidence of DIB’s role as a leader in the development of Islamic finance in a year of exceptional global uncertainty.
Backed by steady growth in total revenue, the bank’s net profit will reach an all-time high in 2022, growing by 26%, and its balance sheet will reach AED 288 billion, representing a five-year CAGR of 7%.
Board of Directors
Other agenda items ending at the AGM include the announcement of the next three-year term of the bank’s board of directors, and the reappointment of the internal Shariah oversight committee and external auditors in 2023.
Mohammad Ibrahim Al Shabani, Director General of the Dubai Ruler’s Court and Chairman of Dubai Islamic Bank, said: “DIB’s extraordinary progress reflects the continued pace of growth across the UAE economy, to which DIB is proud to contribute.
“Through its role as a leading Islamic financial institution, the bank remains committed to transforming and growing the industry in the UAE and other key markets around the world. Looking ahead, we are confident we will continue to deliver breakthrough customer experience, revenue growth to our valued shareholders and sustainable returns.”
amazing results
Dr. Adnan Chilwan, DIB Group Chief Executive Officer, commented: “DIB has delivered yet another impressive performance with a net profit of AED 5.6 billion, the highest in the bank’s history. Given the interest rate environment and excess liquidity, we intend to Tactical moves focused on business quality and structured procurement were taken. This led us to support large corporate and public sector entities in aligning and aligning their balance sheets to the new medium-term environment, a win-win combination for customers, banks and the national economy.
“I would like to take this opportunity to thank our shareholders for their confidence and support, which has been critical to the bank’s performance in a very uncertain global environment, and I look forward to working closely with colleagues and partners to further drive continued growth and the future years of value creation.”
Looking to 2023 and beyond, the bank’s work as a leading Islamic financial institution, its award-winning digital platform and strong commitment to sustainable finance further strengthens DIB’s position in the UAE and in the global banking sector.
In line with the UAE’s 2050 Net Zero Agenda, the Bank will remain committed to contributing to the country’s sustainable development by not only leading by example but also positively influencing and influencing the progress made in ESG in other economic sectors. — trade arab news agency
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